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Tuesday, December 30, 2014

How the Wealthy and Corporations are Cleaning our Collective, Financial Clocks

We know the wealthy and corporations are fat and getting fatter and we know it's because, with campaign contributions, they can buy their--our, yours and my--legislators and so, their legislation, our laws and finally, our government.

But how about some details? We know they're doing it but who are some of them and what are they doing?

Fortunately, a terrific article at Alternet right now, tells who's doing what and what, more exactly, they're doing here:

Main Street is going broke. Wall Street is cashing in.

---Exxon has almost 80% of its productive oil and gas wells in the U.S. but declared only 17% of its income here. The company used a theoretical tax to account for 83% of last year's income tax bill, and paid less than 2% of its total income in current U.S. taxes.
---Chevron has about 75% of its oil and gas wells and almost 90% of its pipeline mileage in the United States, yet the company claimed only 13% of last year's income in the U.S., and paid almost nothing (less than 1/10 of 1%) in current U.S. taxes.
---Pfizer had 40% of last year's sales in the U.S., but claimed losses in the U.S. and $17 billion in profits overseas.
---Bank of America, despite making 84% of its 2011-2013 revenue in the U.S., declared just 31% of its profits in the United States.
---Citigroup had 43% of its 2011-2013 revenue in North America but declared less than 3% of its profits in the United States.
---Apple still does most of its product and research development in the United States. Yet the company moved $30 billion in profits to an Irish subsidiary with no employees, with loopholes in place to avoid establishing residency in any country. The subsidiary files no returns and pays no taxes. Apple CEO Tim Cook said, "We pay all the taxes we owe."
---Google's business is based on the Internet, the Digital Library Initiative, and the geographical database of the U.S. Census Bureau. Yet the company has gained recognition as one of the  world's biggest tax avoiders.
This doesn't even mention GE, General Electric paid a NEGATIVE AMOUNT in taxes. That is, we paid them to be in business and reap their profits.
We think of them as American countries--and they, likely, no doubt, too. And they do the vast majority of their business here in the US, in our own country, but contribute a fair amount so the country works and works  well? Contribute so our schools and roads and highways and airports and  bridges and all our infrastructure is supported?
We have got to kill campaign contributions, folks. We have to. And it has to come from us.

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