Skip to main content

Top 10 corporate tax avoiders courtesy of Sen. Bernie Sanders:

1. General Electric

From 2008 to 2013, while GE made over $33.9 billion in United States profits, it received a total tax refund of more than $2.9 billion from the Internal Revenue Service.

G.E.’s effective U.S. corporate income tax rate over this six year period was -9 percent.

In 2012, GE stashed $108 billion in offshore tax havens to avoid paying income taxes. If this practice were outlawed, GE would have paid $37.8 billion in federal income taxes that year.

During the financial crisis, the Federal Reserve provided GE with $16 billion in financial assistance, at a time when its CEO Jeffrey Immelt was a director of the New York Federal Reserve.

GE has been a leader in outsourcing decent paying jobs to China, Mexico and other low-wage countries.

Mr. Immelt has a retirement account at General Electric worth an estimated $59 million and made $19 million in total compensation last year.

He is a member of the Business Roundtable, a group that wants to raise the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, increase taxes on working families, and cut corporate taxes even further.

On December 6, 2002, Jeffrey Immelt said at an investors’ meeting, “When I am talking to GE managers, I talk China, China, China, China, China. You need to be there. You need to change the way people talk about it and how they get there. I am a nut on China. Outsourcing from China is going to grow to $5 billion. We are building a tech center in China. Every discussion today has to center on China. The cost basis is extremely attractive. You can take an 18 cubic foot refrigerator, make it in China, land it in the United States, and land it for less than we can make an 18 cubic foot refrigerator today, ourselves.”

Check out the other nine: Boeing; Verizon; Bank of America; Citigroup; Pfizer; FedEx; Honeywell; Merck; and Corning.


Blast from the Past. At Daily Kos on this date in 2006An "Absurd" Defense of U.S. Torture Policy:

The U.S. launched a defense of its policy on human rights today at a hearing meant to evaluate American compliance with the U.N. Convention Against Torture. It marked the first time in six years that the U.S. has appeared before the U.N. panel. The panelists grilled the U.S. delegation on Guantanamo, the U.S. definition of torture, and more. In its written report to the committee, the U.S. delegation made the following statement:

"The US government does not permit, tolerate, or condone torture, or other unlawful practices, by its personnel or employees under any circumstances."
It is against that blunt denial of abuse that the committee is examining U.S. compliance with its international obligations. The committee is examining what one U.N. official called "the longest list of issues I have ever seen." Despite being pounded with report after report of detainee abuse, the U.S. delegation stuck to its blanket denial, repeatedly dismissing allegations of torture as "absurd."

Tweet of the Day:  

Hundreds died at the battle of Puebla to bring you happy hour specials on margaritas and Corona
@johntabin



On today's Kagro in the Morning show, Greg Dworkin rounds up good news & bad for the 2014 midterms, what voters care about, the future demographics of government-sponsored health care programs, and the giant drop in uninsured rates. BundyLand Cowchella has erupted into internecine cosplay warfare. New hot trend: "standing your ground" by lying in wait over baited traps. And Sean Hannity loves it because law and order. WSJ says judges should create new checks & balances, because Obama. Follow up on Chris Hamby's Pulitzer Prize-winning black lung reporting: new protections announced.


High Impact Posts. Top Comments.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site