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10 companies that make money but pay no taxes

Any time that the system to rigged that you can make millions, and and some cases billions, of dollars in profits yet pay no US taxes, there is a problem. We have to fix this problem.

From Mother Jones:

Between 2008 and 2011, 26 major American corporations paid no net federal income taxes despite bringing in billions in profits, according to a new report (PDF) from the nonprofit research group Citizens for Tax Justice. CTJ calculates that if the companies had paid the full 35 percent corporate tax rate, they would have put more than $78 billion into government coffers.

Here’s a look at the 10 most profitable tax evaders and the politicians their CEOs, employees, and PACs give the most money to.

Verizon Communications
Profits: $19.8 billion    Effective tax rate: -3.8%

Top recipients, 2011-2012
President Barack Obama: $51,493
Sen. Robert Menendez (D-N.J.): $24,450
Sen. Mitch McConnell (R-Ky.): $23,700
Rep. John Boehner (R-Ohio): $22,500
Sen. Kirsten Gillibrand (D-N.Y.): $15,000

General Electric
Profits: $19.6 billion    Effective tax rate: -18.9%

Top recipients, 2011-2012
Mitt Romney: $53,750
President Barack Obama (D): $30,493
Sen. Scott Brown (R-Mass.): $23,900
Rep. Howard Berman (D-Calif.): $21,860
Rep. Chris Murphy (D-Conn.): $19,750

Profits: $14.8 billion    Effective tax rate:-5.5%
Top recipients, 2011-2012
Rep. Buck McKeon (R-Calif.): $31,750
Rep. Adam Smith (D-Wash.): $25,000
Former Sen. George Allen (R-Va.): $23,500
Sen. Maria Cantwell (D-Wash.): $23,125
Rep. Ron Paul (R-Texas): $20,986

NextEra Energy: North America’s largest solar and wind power operator, based in Florida
Profits: $8.8 billion    Effective tax rate:-2%
Top recipients, 2011-2012
George LeMieux (R-Fla.): $9,500
Mike Haridopolos (R-Fla.): $4,800
Sen. Maria Cantwell (D-Wash.): $2,000
Rep. Ron Paul (R-Texas): $2,000
Rep. Tom Rooney (R-Fla.): $2,000

American Electric Power: Electric utility based in Columbus, Ohio
Profits: $8.2 billion    Effective tax rate: -6.4%
Top recipients, 2011-2012
Rep. John Boehner (R-Ohio): $34,750
Rep. Steve Stivers (R-Ohio): $34,050
Rep. Bob Gibbs (R-Ohio): $21,700
Sen. Joe Manchin (D-W. Va.): $19,750
Sen. Sherrod Brown (D-Ohio): $18,450

Pacific Gas & Electric: California electrical utility
Profits: $6 billion    Effective tax rate: -8.4%
Top recipients, 2011-2012
President Barack Obama (D): $6,250
Rep. Jim Costa (D-Calif.): $5,000
Rep. Kevin McCarthy (R-Calif.): $5,500
Rep. Fred Upton (R-Mich.): $5,000
Rep. Jeff Denham (R-Calif.): $3,500


By |2013-11-03T17:14:30-04:00April 15th, 2012|Taxes|Comments Off on 10 companies that make money but pay no taxes

Domestic Terrorism – Rep. Giffords shot (Updated)

Yesterday, I was talking with Brian Katulis from the Center for American Progress about the Pakistani governor who was shot by his body guard. We talked about the political violence that seems to always dominate Pakistani politics. Salman Taseer, a liberal, was speaking out against some religious laws in their secular society. Now, the exact kind of thing happens here. Gabrielle Giffords spoke out against targeting, which is so popular on the right. This is so sad.

Surgeon’s press conference below:

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Update: I have added the shooter’s rambling You Tube video. I don’t know if I should have added it or not. For now, I’m going to leave it on this post. (I removed the creepy music.)

From RS:

Congresswoman Gabrielle Giffords (D-AZ) was shot Saturday during a public event outside a Tucson, Arizona grocery store.

Giffords, 40, took her seat in Congress in 2007 and has advocated for immigration reform, among other Democratic-led issues. She was among 20 members of Congress who were on former Alaska Governor Sarah Palin’s so-called “hit list,” depicted in a graphic online with targeting crosshairs over their individual districts, still viewable on her Facebook page.

“Palin has crosshairs on our district; people have to realize there are consequences to that,” Giffords told MSNBC.

In a statement hours after the shooting, Rep. John Boehner (R-Ohio), newly-elected Speaker of the House, said: “I am horrified by the senseless attack on Congresswoman Gabrielle Giffords and members of her staff. An attack on one who serves is an attack on all who serve. Acts and threats of violence against public officials have no place in our society. Our prayers are with Congresswoman Giffords, her staff, all who were injured, and their families. This is a sad day for our country.”

President Barack Obama released this statement:

“This morning, in an unspeakable tragedy, a number of Americans were shot in Tuscon, Arizona, at a constituent meeting with Congresswoman Gabrielle Giffords. And while we are continuing to receive information, we know that some have passed away, and that Representative Giffords is gravely wounded.

“We do not yet have all the answers. What we do know is that such a senseless and terrible act of violence has no place in a free society. I ask all Americans to join me and Michelle in keeping Representative Giffords, the victims of this tragedy, and their families in our prayers.”

Update: From TPM – Federal Judge John Roll was shot and killed in this morning’s attack in Tucson. He had earlier been under protective custody because of threats tied to case tied to the illegal immigration issue in the state.

By |2011-01-08T17:01:24-04:00January 8th, 2011|Congress, Domestic Issues|Comments Off on Domestic Terrorism – Rep. Giffords shot (Updated)

Listening to the American people

I love this. Listen to Congressman Schock as he starts out by qualifying who he needs to listen to.

From TP:

One of the Republican Party’s main electoral themes was that it was going to “listen to the American people,” as its “America Speaking Out” campaign claimed to do. In an op-ed published following the election, the incoming Speaker of the House, Rep. John Boehner (R-OH), exclaimed that “current representatives have an obligation to listen to the American people” during the “lame duck” legislative session.

Last night, Rep. Aaron Schock (R-IL) was asked about listening to the American people during an appearance on CNN’s The Situation Room With Wolf Blitzer. Blitzer informed the congressman about a “brand new poll” from CNN that surveyed Americans about the Bush tax cuts. Blitzer explained that the poll found that only 35 percent of Americans want to extend the tax cuts across the board, including for the wealthiest Americans. Meanwhile, 49 percent of Americans want to extend the tax cuts just for Americans who make less than $250,000, and 15 percent want to extend them for no one. Having explained the poll results, Blitzer asked “So only a third according to this poll want all the tax rates to continue as is. You’re not listening to the American people right?”

Schock responded by saying he can only speak for the people in his district. He said “the message we heard in this election was we don’t want anyone’s taxes going up in a down economy.” Blitzer then adopted a mocking tone and asked, “And when you said do you want millionaires and billionaires to continue get the same tax rate, they said yes please make sure they get only 36 percent federal income tax rate as opposed to 39.6 percent?” Schock responded by saying that the president made that argument and that the American people “reject” it:

By |2013-10-27T20:25:15-04:00November 18th, 2010|Party Politics, Taxes|Comments Off on Listening to the American people
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