OK LET’S SHARE THE PAIN! RIGHT?
Just look at this pain sharing: 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.
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.
Over the past five years, while General Electric made $26 billion in profits in the
Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
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.
Valero Energy, the 25th largest company in
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.
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.
ConocoPhillips, the fifth largest oil company in the
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.
Did you know G.E. didn't pay any taxes? That's right, in 2010, G.E. made $14.2 billion in global profits, $5.1 billion inside the
Oh by lowering their tax rates. That is what is proposed.