Friday, October 26, 2012

Of Course Our Tax Code Sucks, They Like It That Way

Congress writes the tax code. It is beyond complex and simply ridiculous. It hoses the middle class because we don't make enough to qualify for big exemptions and loopholes.

I kind of giggle when I hear people talk about the mortgage deduction. At 4% interest- the standard deduction provides more tax relief than itemizing. For me, the mortgage interest deduction is a waste of time.

It has been that way for years. It doesn't change because Congress and their cronies- like it just the way it is. Check out this list of government assisted tax dodgers. Don't expect it to change with Obama or Romney in. It won't.

I don't call these folks tax dodgers- tax cheats per se- because Congress created these loopholes for their corporate benefit. I am trying to fact check this list. Please don't be confused by the inclusion of CEO names...these are not individual returns, they are corporate.


1). 1. Bank of America CEO Brian Moynihan
Amount of federal income taxes paid in 2010? Zero. $1.9 billion tax refund.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? Over $1.3 trillion.
Amount of federal income taxes Bank of America would have owed if offshore tax havens were eliminated? $2.6 billion.
2). Goldman Sachs CEO Lloyd Blankfein
Amount of fed
eral income taxes paid in 2008? Zero. $278 million tax refund.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $824 billion.
Amount of federal income taxes Goldman Sachs would have owed if offshore tax havens were eliminated? $2.7 billion
3). JP Morgan Chase CEO James Dimon
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $416 billion.
Amount of federal income taxes JP Morgan Chase would have owed if offshore tax havens were eliminated? $4.9 billion.
4). General Electric CEO Jeffrey Immelt
Amount of federal income taxes paid in 2010? Zero. $3.3 billion tax refund.
Taxpayer Bailout from the Federal Reserve? $16 billion.
Jobs Shipped Overseas? At least 25,000 since 2001.
5). Verizon CEO Lowell McAdam
Amount of federal income taxes paid in 2010? Zero. $705 million tax refund.
American Jobs Cut in 2010? In 2010, Verizon announced 13,000 job cuts, the third highest corporate layoff total that year.
6). Boeing CEO James McNerney, Jr.
Amount of federal income taxes paid in 2010? None. $124 million tax refund.
American Jobs Shipped overseas? Over 57,000.
Amount of Corporate Welfare? At least $58 billion.
7). Microsoft CEO Steve Ballmer
Amount of federal income taxes Microsoft would have owed if offshore tax havens were eliminated? $19.4 billion.
8). Honeywell International CEO David Cote
Amount of federal income taxes paid from 2008-2010? Zero. $34 million tax refund.
9). Corning CEO Wendell Weeks
Amount of federal income taxes paid from 2008-2010? Zero. $4 million tax refund.
10). Time Warner CEO Glenn Britt
Amount of federal income taxes paid in 2008? Zero. $74 million tax refund.
11). Merck CEO Kenneth Frazier
Amount of federal income taxes paid in 2009? Zero. $55 million tax refund.
12). Deere & Company CEO Samuel Allen
Amount of federal income taxes paid in 2009? Zero. $1 million tax refund.
13). Marsh & McLennan Companies CEO Brian Duperreault
Amount of federal income taxes paid in 2010? Zero. $90 million refund.
14). Qualcomm CEO Paul Jacobs
Amount of federal income taxes Qualcomm would have owed if offshore tax havens were eliminated? $4.7 billion.
15). Tenneco CEO Gregg Sherill
Amount of federal income taxes Tenneco would have owed if offshore tax havens were eliminated? $269 million.
16). Express Scripts CEO George Paz
Amount of federal income taxes Express Scripts would have owed if offshore tax havens were eliminated? $20 million.
17). Caesars Entertainment CEO Gary Loveman
Amount of federal income taxes Caesars Entertainment would have owed if offshore tax havens were eliminated? $9 million.
18). R.R. Donnelly & Sons CEO Thomas Quinlan III
Amount of federal income taxes paid in 2008? Zero. $49 million tax refund.
Eighteen of the 80 CEOs who signed the call for deficit action are actually some of the biggest outsourcers and tax cheats in America. First, they crashed the economy in 2008. They followed that up by taking billions in taxpayer bailout dollars. Their next step was to outsource jobs and evade taxes. Now they are calling for action on a deficit that they helped create over the past four years.


3 comments:

Anonymous said...

Taxes? Why the hell should I or anyone else pay taxes, especially income taxes, ever again? The Fed, in cahoots with the political prostitutes in DC, is already monetizing the deficits an/or debt with its endless printing of fiat, so what's to stop them from printing a bit more, thus allowing me to keep more of what is mine? Oh, because it would be inflationary, is that it? Good, then it would expose the debt-based, fiat ponziconomy for what it is, a monstrosity which enriches the few at the expense of the many. But at least it would be fairer in that it would devalue each dollar equally, rather than allowing the powerful few and well-connected to hide their ill gotten gains offshore. And such a choice need not be inflationary, provided government could restrain itself from printing too much, but that's like putting a pedophile in charge of a day care and expecting nothing but good to emerge.

Anonymous said...

One more thing, did you know that the tax code contains at least twice as many words as the bible and the complete works of Shakespeare combined? What kind of bullshit is that? Yeah, the tax code sucks, but not in a way I find pleasurable.

Brian said...

Excellent. You are preaching to the choir. Only the people with something left to lose still pay taxes. Think about the consequences of that when the taxpayers have nothing left to lose.