Top 10 Worst Corporate Tax Avoiders

8 Jun

Bernie Sanders uncovers the worst corporate tax   avoiders in  no  particular order:  

      • Exxon Mobil
      • Bank of America
      • General Electric
      • Chevron
      • Boeing
      • Valero Energy
      • Goldman Sachs
      • Citigroup
      • Conoco Phillips
      • Carnival Cruise Lines 

Via disinfo.com:

‘Why is Congress giving tax cuts and refunds to America’s wealthiest corporations, whilst welfare families, low-income and middle class communities, teachers, children and the elderly are being asked to sacrifice basic rights and access to resources like education and medicaid?

Did you get your tax refund? These companies certainly did. On the Senate floor, Bernie Sanders tears into the ten worst corporate tax avoiders, including Bank of America, Exxon Mobil, Citibank, and Goldman Sachs. The numbers are simply staggering.’

7 Responses to “Top 10 Worst Corporate Tax Avoiders”

  1. Michael June 10, 2011 at 3:09 pm #

    Are you the same ‘cognitivedissonance’ who posts are zerohedge?

    I wouldn’t really put much stock in Sander’s allegations. Usually the political types will kick up a stink whenever a big company doesn’t pay up billions to fund their welfare-warfare spending.

    Sometimes the reason for paying no tax is a bunch of bs green subsidies/credits like in the case of GE but in the case of all the others it’s likely more to do with massive writedowns in asset values (the banks, tourist operators) or due to deriving most income from operations in foreign countries (the oil companies).

    • The Cognitive Dissonance.com June 10, 2011 at 9:17 pm #

      I am TheCognitiveDissonance.com on Zero Hedge. I’m frequently on Zero Hedge but I don’t post or comment there, I just read the great articles.

      Regarding Sanders I have no doubt that he would like to see more corporate profits funnelled into growing the non-productive sector of the economy and reducing the productive sector of the economy, but what’s right is right. If he has something truthful to say one should take from it and reject that which offers no good. There is clearly a disconnect between the large corporate companies and the average person. The exponential growth of corporate lobbyists is dangerous.

      Fannie Mae and Freddie Mac were Chris Dodd’s largest political donors. The rest of that story is history and the lessons learned should form core case study material at business schools (among academics who are aware).

      Appreciate the feedback, kind regards.

      • Michael June 11, 2011 at 1:30 pm #

        I had you confused with this cog dis:
        http://www.zerohedge.com/users/cognitive-dissonance

        Lobbyists anger me, that they can secure special priveledges the rest of us can’t is not right. Listening to the likes of Sanders on how to control them is worthless though, lobbyists are to statism as your brain is to your muscles, the former controls/directs the latter and they’re inseperable.

        Some people feel a disconnect in tax rates is bad, I feel the less paid in tax revenues by anyone the better, there are many more serious ‘special priveledges’ the big corps and unions tap into that negatively affect us, eg qe1, qe2, licensing regs, subsidies etc..

        I just feel Sanders views risk being seen as virtuous when they are largely a tantrum/grab to fund welfare-warfare spending, check out the truth about his disgraceful voting record here:
        http://dissidentvoice.org/Nov06/Smith15.htm

        They are not releated to this article but seeing you are in banking and seemingly of the misesian tradition you might want to check out this article and the book it references at mises.org:
        http://mises.org/daily/5352/What-Mises-Can-Teach-the-Quants

      • The Cognitive Dissonance.com June 11, 2011 at 2:50 pm #

        Thanks for the links, appreciated. I have saved the link at the Mises Institute. I tracked NYSE trading data in one of my posts: ‘High Frequency Trading represents more than 50% of total NYSE Volume’ to briefly highlight the egregious nature of Wall St. banks and their manipulative trading practices. In a word, fraud.

        As you have stated unions are also part of the same problem dragging businesses into unnecessary and costly ligitgations damaging international competitiveness: ‘How to destroy American manufacturing in 7 minutes.’

        Regarding Sanders, I am not touting him as a role model but when an individual in the media spotlight has a captive audience, and he says something good we should lend him an attentive ear.

        For example: Asking Ben Bernanke:

        Sanders: “Do you have to be a large, greedy, reckless financial institution to apply for these (no interest) loans?

        http://www.youtube.com/watch?v=kUJIG3JNPk0

        Thanks for the comments.

      • Michael June 11, 2011 at 2:55 pm #

        I was impressed that he stood up and posed some serious questions to Bernanke and also supported Ron Paul’s drive to audit the fed. That is one thing he has done that is admirable.

        Thanks for the other two links I will dig into them in the morning.

      • The Cognitive Dissonance.com June 11, 2011 at 3:02 pm #

        I would have loved to have seen Ron Paul at one of Bernanke’s press conferences and to ask some serious questions. The whole event was a non-event.

        I tried to gather some of Bernanke’s previous comments on the economy but they were frankly too many:
        Ben Bernanke Soundboard

Trackbacks/Pingbacks

  1. Top 10 Worst Corporate Tax Avoiders (via The Cognitive Dissonance.com) « Pilant's Business Ethics Blog - June 9, 2011

    […] Bernie Sanders uncovers the worst corporate tax   avoiders in  no  particular order:   Exxon Mobil Bank of America General Electric Chevron Boeing Valero Energy Goldman Sachs Citigroup Conoco Phillips Carnival Cruise Lines  Via disinfo.com: 'Why is Congress giving tax cuts and refunds to America’s wealthiest corporations, whilst welfare families, low-income and middle class communities, teachers, children and the elderly are being asked to sacrif … Read More […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: