Tag Archives: war

If We’re So Broke How Come Billionaire Companies Pay No Taxes?

So, you keep hearing the GOP and the Tea Party types tell us how broke we are. GOP is trying to convince us that taking money from Meals on Wheels, Medicare, Social Security, Planned Parenthood, WIC, Unemployment, etc. in order to pay down the debt and reduce the deficit.

They fought Obama hard demanding he leave George Bush’s tax cut for the wealthiest 2% in the country for another two years. They forced him to make a deal with them so he could actually pass legislation that helps the average American household. Keep in mind, President Obama is the person you have to fear. I mean seriously I’d be scared too if there was a guy in the White House telling the wealthy and the corporations that the free ride they’ve gotten used to since the Supreme Court appointed George Bush to the position of President of The United States.

Before G.W. and his handlers took over the top 2% in the country were paying close to 36% in taxes under Bill Clinton. Refresh your memories if you need to but that helped to create the BUDGET SURPLUS that G.W. quickly squandered away. Problem is he also cut their taxes so low there was no way to replace that, so they cooked the books. The left the cost of the wars and countless other things from the budget, so it didn’t look too bad to Americans.

Then American got a new President. One that told us almost immediately the deficit was actually much higher than reported by the previous administration because they omitted things like the cost of war.

But here we have a list of who has all the money and why the middle class, women, seniors and the poor are now being told it is up to them to share the sacrifice but what about these people?

When do share they begin sharing the sacrifice?

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.

Vermont Senator Bernie Sanders was nice enough to put the list above together for Americans so they can see just who really matters in this country now. It isn’t us folks, it’s them.

Sanders has called for closing corporate tax loopholes and eliminating tax breaks for oil and gas companies. He also introduced legislation to impose a 5.4 percent surtax on millionaires that would yield up to $50 billion a year. The senator has said that spending cuts must be paired with new revenue so the federal budget is not balanced solely on the backs of working families.

“We have a deficit problem. It has to be addressed,” Sanders said, “but it cannot be addressed on the backs of the sick, the elderly, the poor, young people, the most vulnerable in this country. The wealthiest people and the largest corporations in this country have got to contribute.

Will we sit by and continue allowing the Koch funded Tea Party and GOP to lie to us while bashing the President so they can continue rewarding the wealthiest in this country with the money they are stealing from us?

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President’s Suprise Afghanistan Visit; President and The Troops Cheer Each Other On

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BAGRAM AIR FIELD, Afghanistan — In a rousing holiday-season visit, President Barack Obama on Friday told cheering U.S. troops in Afghanistan they’re succeeding in their vital mission fighting terrorism. But after he flew in secrecy for 13 hours to get here, foul weather kept him from nearby Kabul and a meeting to address frayed relations with Afghan President Hamid Karzai

Obama’s surprise visit to the war zone, his second as president, came 10 days before he is to address the nation about a new review of U.S. strategy to defeat the Taliban and strengthen the Afghan government so American troops can begin leaving next year.

The trip also came at a particularly awkward moment in already strained U.S. relations with Afghanistan because of new and embarrassing leaked cables alleging widespread fraud and underscoring deep American concerns about Karzai.

There was no mention of that as the president spoke to more than 3,500 service members packed into a huge airplane hangar. After his remarks, he spent more than 10 minutes shaking hands, going around the hangar three times as they grabbed his hand and held cameras and cell phones high to take photos.

Obama stayed on this U.S. military base, the headquarters of the 101st Airborne Division, the entire time he was here, just under four hours. He huddled with U.S. Gen. David Petraeus, the top NATO commander in Afghanistan and U.S. Ambassador Karl Eikenberry. And he visited wounded soldiers at a base hospital, personally dispensing five Purple Hearts to wounded service members.

“Because of the progress we’re making, we look forward to a new phase next year, the beginning of the transition to Afghan responsibility,” Obama told the troops. He thanked them for their efforts, noting the difficulty in being away from home during the holidays, and they repeatedly cheered him in return.

He said the U.S. was continuing “to forge a partnership with the Afghan people for the long term.” And he said, “we will never let this country serve as a safe haven for terrorists who would attack the United States of America again. That will never happen.”

Read More Here

Pictures courtesy of White House Photographer Pete Souza


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