Senator Bernie Sanders’ Guide to Corporate Freeloaders

Image via Think Progress

And it’s not like they’re creating jobs

Bernie Sanders has a great idea:

Under Sanders’ legislation, a 5.4 percent tax on income of more than $1 million a year would yield up to $50 billion annually for the U.S. Treasury.

The same legislation would end tax breaks for big oil and gas companies. That provision would yield about $3.5 billion a year in new revenue.

Sanders voted yesterday against a House-passed spending bill that slashed Head Start, Pell grants, community health centers, LIHEAP, the Social Security Administration and many other programs that are vitally important to millions of middle-class families.

“The Republicans wanted to move toward a balanced budget solely on the backs of the middle class and some of the most vulnerable people in this country, but didn’t ask the wealthiest people, who are becoming much wealthier, to contribute one penny in shared sacrifice.”

I don’t think it’s out of line to ask the wealthy to start contributing their fair share.They’ve been raking it in at the expense of everyone else for over a decade.

Do you think this is something the Teaparty ‘patriots’ teabaggers will address at their rally on Capitol Hill today? Me neither.

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10 thoughts on “Senator Bernie Sanders’ Guide to Corporate Freeloaders

  1. Thank you for sharing this vital information about where the nation is headed. When there are no jobs or money rolling in on the home front, there’ll be no spending locally or otherwise. If it keeps up the pace, America the beautiful will become a 3rd world country at the demise of it’s own greed. Wake up! Vote for people who make better sense and listen to what the folks you support are standing up for. That’s education in a nutshell.

  2. although it made me want to vomit reading these big rip off co. i am so glad to see it put out there !! we need to take back america from the greedy and make them be accountable if they want to continue there business in this country !!

  3. Pingback: American Companies Have 6th Highest Effective Tax Rate

  4. This is a pack of lies. Please research the data. If you believe it without checking you deserve the leaders you get. For instance:

    http://www.exxonmobil.com/Corporate/Files/news_release_earnings4q09.pdf — This is the 2009 financial statement for Exxon.

    Going to page 9 of this summary, you will notice $310 Billion in revenues for 2009, $275 for costs. Income of $34 Billion and INCOME TAXES of $15 Billion. Net income, $19 Billion. To say they paid no taxes is flat out false. Don’t forget something else, when a corporation claims income taxes, that tax figure doesn’t include PAYROLL taxes of 7.25% of the total outlay to individuals. It also doesn’t include anything they pay in taxes for capital equipment, etc. If they buy a pod from Dril-Quip, they get to pay sales tax on that pod. They also get to pay royalties for any oil recovered in the GOM which is another tax.

    Looking at page 9 toward the bottom, their TOTAL tax for 2009 was $78.626 Billion, -vs- their $19 Billion net profit. For 2008 it was $116.261 Billion in total taxes -vs- a $45 Billion net profit. So in essence, they paid 4 X the taxes than they made in net profit in 2009 and for 2008 it was almost 3 X the taxes than they made in net profit.

    The rest of these lies track similar, but please research them, don’t take my word for it.

    • Beg to differ.

      Senator Sanders gives the source on his webpage: (Source: Exxon Mobil’s 2009 shareholder report filed with the SEC here.) And if you don’t feel like downloading the two-page Word doc, you can find the same information on the SEC website: http://www.sec.gov/Archives/edgar/data/34088/000119312510042929/d10k.htm#fin94192_43

      Look at the first column where the first total for “Total federal and non-U.S.” is (156) … the parenthesis mean it’s negative! What Senator Sanders said: “Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.”

      • Beg to differ all you want. Exxon paid Billions in taxes, I provided the link. In addition to that, they paid with holding taxes that are registered as individual income taxes, yet paid by Exxon. They paid royalties on the oil they recovered.

        I am 100% against corporations receiving money for nothing but this is just a flat out pack of lies.

        Seriously, they claim $3.5 Trillion in bailout money between BOA and Citi… when TARP was about $300 Billion. Where the hell did $3.5 Trillion come from when both of the bailouts were $1 Trillion combined?

        There are too many lies in this to take it seriously.

        Other points of note: What the hell does a tax return have to do with anything? I got a refund because I over paid my taxes due. I still ended up paying the Feds almost $20,000, AFTER the tax return. Does that mean that I should have just turned over the extra $3,000 to make it a cool $23,000? A tax return isn’t a company getting something for free, it’s a company getting back something they over paid.

  5. By the way, how does a corporation get a $2.5 Trillion bailout when TARP was less than $300 Billion? It just doesn’t add up. They are putting out lies in a feeble attempt at winning supporters. Guess it’s working, this lie is being spread like fire.

    • Senator Sanders statement from his website (with sources): 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. (Source: Forbes.com here, ProPublica here and Treasury here.)

      • The numbers here reflect the cumulative amount a bank borrowed. Banks often rolled loans over from one into another, so the amount outstanding any given time would be far lower.

        An item of note from your link that I guess ole Bernie missed……

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