Ten Companies Whose Tax Lawyers You Should Want to Hire

  1. Exxon Mobil‘s 2009 profit totaled $19 billion. According to its SEC filings, the company received a $156 million rebate from the IRS. It did not pay any federal taxes.
  2. Bank of America made $4.4 billion in profit last year.  It received a $1 trillion bailout from the Federal Reserve and the Treasury Department and a $1.9 billion tax refund from the IRS.
  3. General Electric made $26 billion in profit in the U.S. during the past five years. It received a $4.1 billion tax refund from the IRS. GE has cut a fifth of its American jobs in the past nine years and is boosting jobs overseas, where tax rates are lower.
  4. Chevron‘s IRS refund last year totaled $19 million. Its 2009 profit came to $10 billion.
  5. Boeing received a $30 billion contract from the Pentagon to build 179 airborne tankers. It received a $124 million refund from the IRS.
  6. Valero Energy made $68 billion in sales and received $17 million tax refund from the IRS. Over the past three years, it has received a $134 million tax break.
  7. Goldman Sachs paid 1.1% of its 2008 income in taxes. It made a profit of $2.3 billion. It received $800 billion from the Federal Reserve and U.S. Treasury Department.
  8. Citigroup profits last year totaled more than $4 billion. It paid no federal income tax and received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
  9. ConocoPhillips‘ profits from 2007 through 2009 totaled $16 billion. It received $451 million in tax breaks because of the oil and gas manufacturing deduction.
  10. Carnival Cruise Lines made $11 billion in profits over the last five years. Its federal income tax rate came to 1.1%.

Via MoveOn.

1 Comment

Filed under Business, Economy, National

One response to “Ten Companies Whose Tax Lawyers You Should Want to Hire

  1. A lot more of this please

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