What is wrong with letting people who are successful keep more of their money?
If you want more money just take the refund checks of those who get money from the IRS. Don't let these losers get any tax deductions. Deductions are only for those who make millions of dollars a year.
- itsamini1Lv 79 years agoFavorite Answer
Below is a list of the top 10 companies that did not pay income tax and many received a refund.
1) ExxonMobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings. [Note: Our post last April reported that ExxonMobil was owed $46 million by the IRS.]
2) 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.
3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
- ndmagicmanLv 79 years ago
The talk is about raising the highest individual tax bracket rate from the current 35% to 39%. That extra 4% affects only individual income over about $3.2 million dollars. So say you make $4 million a year. That extra 4% means you pay an extra $32,000 in taxes (and that is before any deductions). So that means you are paying an extra .8% (that's 8 tenths of 1%) of your total income to taxes. Oh those poor rich people how will they ever survive?
- Anonymous9 years ago
In a recession, why do Cons ask the people who have the least to sacrifice the most, by cutting their social programs and other benefits?
Yet, ask a multimillionaire to pay a slightly higher tax rate, and you don't want them sacrificing at all.
- 9 years ago
Oh you're a greedy little pig aren't you.
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- BrittanyLv 59 years ago
Blasphemy, you greedy swine!
- Anonymous9 years ago
liberals don't get the concept of working hard.