Monday, February 28, 2011
REPORT: You Have More Money In Your Wallet Than Bank Of America Pays In Federal Taxes
But it wasn’t teachers, fire fighters, policemen, and college students that caused the economic recession that has devastated government budgets — it was Wall Street. And as middle class workers are being asked to sacrifice, the rich continue to rig the system, dodging taxes and avoiding paying their fair share.
In an interview with In These Times, Carl Gibson, the founder of US Uncut, which is organizing some of today’s UK-inspired massive demonstrations against tax dodgers, explains that while ordinary Americans are being asked to sacrifice, major corporations continue to use the rigged tax code to avoid paying any federal taxes at all. As he says, if you have “one dollar” in your wallet, you’re paying more than the “combined income tax liability of GE, ExxonMobil, Citibank, and the Bank of America“:
[Gibson] explains, “I have one dollar in my wallet. That’s more than the combined income tax liability of GE, ExxonMobil, Citibank, and the Bank of America. That means somebody is gaming the system.”
Indeed, as politicians are asking ordinary Americans to sacrifice their education, their health, their labor rights, and their wellbeing to tackle budget deficits, some of the world’s richest multinational corporations are getting away with shirking their responsibility and paying nothing. ThinkProgress has assembled a short but far from comprehensive list of these tax dodgers — corporations which have rigged the tax system to their advantage so they can reap huge profits and avoid paying taxes:
- BANK OF AMERICA: In 2009, Bank of America didn’t pay a single penny in federal income taxes, exploiting the tax code so as to avoid paying its fair share. “Oh, yeah, this happens all the time,” said Robert Willens, a tax accounting expert interviewed by McClatchy. “If you go out and try to make money and you don’t do it, why should the government pay you for your losses?” asked Bob McIntyre of Citizens for Tax Justice. The same year, the mega-bank’s top executives received pay “ranging from $6 million to nearly $30 million.”
- BOEING: Despite receiving billions of dollars from the federal government every single year in taxpayer subsidies from the U.S. government, Boeing didn’t “pay a dime of U.S. federal corporate income taxes” between 2008 and 2010.
- CITIGROUP: Citigroup’s deferred income taxes for the third quarter of 2010 amounted to a grand total of $0.00. At the same time, Citigroup has continued to pay its staff lavishly. “John Havens, the head of Citigroup’s investment bank, is expected to be the bank’s highest paid executive for the second year in a row, with a compensation package worth $9.5 million.”
- EXXON-MOBIL: The oil giant uses offshore subsidiaries in the Caribbean to avoid paying taxes in the United States. Although Exxon-Mobil paid $15 billion in taxes in 2009, not a penny of those taxes went to the American Treasury. This was the same year that the companyovertook Wal-Mart in the Fortune 500. Meanwhile the total compensation of Exxon-Mobil’s CEO the same year was over $29,000,000.
- GENERAL ELECTRIC: In 2009, General Electric — the world’s largest corporation — filed more than 7,000 tax returns and still paid nothing to U.S. government. They managed to do this by a tax code that essentially subsidizes companies for losing profits and allows them to set up tax havens overseas. That same year GE CEO Jeffery Immelt — who recentlyscored a spot on a White House economic advisory board — “earned total compensation of $9.89 million.” In 2002, Immelt displayed his lack of economic patriotism, saying, “When I am talking to GE managers, I talkChina, China, China, China, China….I am a nut on China. Outsourcing from China is going to grow to 5 billion.”
- WELLS FARGO: Despite being the fourth largest bank in the country, Wells Fargo was able to escape paying federal taxes by writing all of its losses off after its acquisition of Wachovia. Yet in 2009 the chief executive of Wells Fargo also saw his compensation “more than double” as he earned “a salary of $5.6 million paid in cash and stock and stock awards of more than $13 million.”
The Intel Hub Radio Show, Five Days A Week On Oracle Broadcasting :
The Intel Hub Radio
February 27th, 2011
We are happy to announce that we have picked up the 8 to 10 pm EST Monday thru Friday slot on Oracle Broadcasting. The Intel Hub Radio will be hosted by Shepard Ambellas & Bob Tuskin, and produced by Alex Thomas.
We hope to bring you a jam packed news show with a unique twist. The Intel Hub Radio will be joined by multiple contributors who will join us on a bi weekly or weekly basis.
From the New World Order Report with Travinyle1 to What On Earth Is Happening with Mark Passio, to Sheree of Truth Frequency, our contributors will bring a fresh perspective week in and week out.
For our first and second week we will be joined by some of our favorite guests with information we deem vitally important.
First Week Schedule
Monday: Inauguarl Show with all hosts and contributors.
Tuesday: Cassandra Anderson of Morph City on Monsanto’s latest tyrannical move.
Wednesday: James Evan Pilato of MediaMonarchy and Paul Verge of Divergent Films
Thursday: Jack Blood of Deadline Live and Andrew Gavin Marshall of Global Research.
Friday: Michael Murphy on the Geo Engineering Budget and new chemtrail devolopments
Monday March 7th: Steve Quayle and Greg Evensen for a SPECIAL two hour broadcast.
Call In Number: 1 866 841 1065
You can listen here or at The Intel Hub Radio and Oracle Broadcasting.
The price of food is at the heart of this wave of revolutions - Africa, World - The Independent
Revolution is breaking out all over. As Gaddafi marshals his thugs and mercenaries for a last-ditch fight in Tripoli, several died as protests grew more serious in Iraq. Saudi Arabia's King Abdullah tried to bribe his people into docility by splashing out $35bn on housing, social services and education. Across the water inBahrain the release of political prisoners failed to staunch the uprising. In Iran, President Ahmadinejad crowed about chaos in the Arab world, but said nothing about the seething anger in his own backyard; in Yemen, the opposition gathers strength daily.
And it's not just the Middle East. This is an African crisis: Tunisia, where it started, is an African country, and last week in Senegal, a desperate army veteran died after setting fire to himself in front of the presidential palace, emulating Mohamed Bouazizi, the market trader whose self-immolation sparked the revolution in Tunisia. Meanwhile, the spirit of revolt has already leapt like a forest fire to half a dozen other ill-governed African nations, with serious disturbances reported in Mauritania, Gabon, Cameroon and Zimbabwe.
Nowhere is immune: dozens of activists in China are in detention or under other forms of surveillance, and the LinkedIn network was shut down as authorities seek to stamp out Middle East-style protests there. In what is arguably the most repressive state on the planet, North Korea, the army was called out and five died in the northern city of Sinuiju after violent protests erupted there and in two other cities. The generals who rule Burma under a trashy façade of constitutional government were keeping a close eye on the Middle East, ready to lock up Aung San Suu Kyi again at the first sign of copycat disturbances.