We give tax credits to the most profitable industry in the nation and world

This could be a definition of insanity. It is most certainly a definition of gross unfairness.

On corporate tax dodgers (read: cheats)

From Alternet and Rainforest Action Network (RAN):

...12 of the dirtiest corporate tax dodgers: Bank of America, Citi, JPMorgan, Wells Fargo, Chevron, BP, Shell, Exxon, Massey Energy, Alpha Natural Resources, Peabody Energy and Arch Coal. These 12 banks, oil and coal companies are largely responsible for foreclosing on millions of people’s homes and polluting our air, water and climate. At the same time, we found that they pay next to nothing into a tax system that provides the very services that protect the homeless, the sick and our environment.   

Our new infographic, Dirty Corporate Tax Dodgers, shows that banks, oil and coal companies made billions in profits last year and paid much less than their fair share in taxes. In fact, we found that if these 12 banks, oil and coal companies actually paid the IRS corporate tax rate of 35% they would be giving back $62 billion this tax season. That is almost double the $38 billion in federal budget cuts. 

To add insult to injury, while these multi-billion dollar industries we raking in the profits and evading their taxes they were also paying millions in CEO compensation and lobby dollars. These corporations are happy to pay large sums to manipulate our democracy but aren’t so interested in paying to support it.   

We were shocked to find that:

• Chevron, Exxon, BP and Shell together made $1.26 trillion in gross revenues, but paid a paltry 2.04% average tax rate;
• Bank of America, Citi, JPMorgan and Wells Fargo collectively dished out $83.4 million in CEO compensation;  and, while the top 4 banks made $454.4 billion in gross revenue, the top 4 oil companies made $1.26 trillion (yes that’s a ‘t'), and the top coal corporations made $17 billion, they collectively only paid $8.74 billion in federal taxes.

...let’s get one thing straight. America is not broke, and these dirty corporations don’t need any more handouts, bailouts, or subsidies. We don’t have a money problem we have a priorities problem. We’re slashing billions from our budget, much of which will come out of social services and environmental protections, while allowing corporate giants to slip ever-increasing profits into offshore accounts.  

By reversing years of tax giveaways to the largest corporations, Congress could raise trillions in revenue not only covering our budget deficit but also enhancing education, health and environmental programs that safeguard our families and our future. 

Like the now old saying goes, "If you're not angry, you're not paying attention."

Link:  http://www.alternet.org/economy/150617/corporate_tax_dodgers%3A_the_dirtiest_dozen

Remember my oil "buy" recommendation?

I wrote on March 23 that we should have bought oil (and Halliburton) stocks BIG TIME if we were cynical and greedy, at the beginning of the George W. Bush administration, in 2000.

Of course I was right. (not assuming I always am, to be sure).

Well, here we are--an article in The New York Times today, saying that there are rising fears of an oil shock, since oil companies have reduced the number of refineries they have, due to the collapse in the price of oil.

You wouldn't think the oil companies would have reacted that far-reaching in this little bit of time but don't forget, it benefits the oil companies--all of them, world-wide--to reduce capacity as much as they can, again and again, over time. The less they can refine, boys and girls, the higher a price per barrel they can get for their precious commodity.

For stability in the United States and for the safety of both our residents, our homes and businesses, we should nationalize the oil companies and as soon as possible.

We never will, mind you. I know that.

As I've written before, we worship profit and profits and wealthy people and big wealth far too much to do what's right for the country.

We should nationalize Big Oil because they're going to do what's right for them--which is reduce capability and wring all they can out of a barrel of oil, in terms of price--and that goes in the face of what is right and good and sustainable for the country.

Screwing us is good business for Big Oil.

Buy oil stocks, folks.

It'll be good for you and your pocketbook, just not the country.


Link to original article here:
http://www.nytimes.com/2009/03/27/business/energy-environment/27oil.html?th&emc=th