OCCUPY AWARE
Sunday OCT 31st.- 7 arrested for sitting: Raleigh Record
FEED your brain
Nearly every citizen in this country pitched in and paid their taxes. This money went to
pay for critical social services – like the Fire Department, Hospitals, Police, and more.
Unfortunately, some of it went to subsidize industries and corporations that are hurting
our communities, our national security and our environment.
Large corporations, like oil companies, are moving their money to offshore banks to
avoid paying taxes. This phenomenon is egregious because these companies aren’t
paying their fair share. What’s worse is that they dodge taxes while taking federal
subsidies.
Earlier this year President Obama moved to eliminate $36.5 billion in subsidies to oil
companies over the next 10 years. That’s a good start for companies that do
everything they can to avoid pitching in.
The American Petroleum Institute (API), which lobbies for the fossil fuel industry in
Congress, immediately attacked the President’s idea – calling it a new energy tax
when ordinary Americans cannot afford new taxes.
Despite the rhetoric of API and the rest of the dirty energy lobby, however, what the
public really can’t afford is continuing to subsidize the most profitable companies in
the world with our tax dollars. Every dollar we give to oil companies is one less dollar
that can be used for innovation and new technologies that will move us into the 21st
century. According to a wide-range of research compiled by the Center for American
Progress, clean energy technology creates more jobs than staying with the fossil-
fueled status quo. In addition, eliminating
While oil companies continue to receive billions in subsidies, new energy technologies
like solar, wind and geothermal receive far less and yet, they remain the fastest
growing sectors of our economy. As young people, we understand the need for a
clean energy future – its time for the Senate to invest in the new technology and
innovation. More and more of us are graduating from school and entering the job
market, and we are excited about the opportunities of a clean energy job. We hope
the Senate is paying attention.
TOP 10 TAX EVADERS
1) Exxon Mobil 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. (Source: Exxon Mobil's 2009 shareholder report filed with the SEC here.)
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. (Source: Forbes.com here, ProPublica here
and Treasury here.)
3) General Electric made $26 billion in profits in the United States over the past five
years and, thanks to clever use of loopholes, paid no taxes.(Source: Citizens for Tax
Justice here and The New York Times here. Note: despite rumors to the contrary, the
Times has stood by its story.)
4) Chevron received a $19 million refund from the IRS last year after it made $10
billion in profits in 2009. (Source: See 2009 Chevron annual report here. Note 15 on
page FS-46 of this report shows a U.S. federal income tax liability of $128 million, but
that it was able to defer $147 million for a U.S. federal income tax liability of negative
$19 million.)
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. (Source: Paul
Buchheit, professor, DePaul University, here and Citizens for Tax Justice here.)
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, received a $134 million tax break from the oil and gas manufacturing tax
deduction. (Source: the company's 2009 annual report, pg. 112, here.)
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. (Source: Bloomberg News here, ProPublica
here, Treasury Department here.)
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.
(Source: Paul Buchheit, professor, DePaul University, here, ProPublica here,
Treasury Department here.)
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion
in profits from 2006 through 2009, but received $451 million in tax breaks through the
oil and gas manufacturing deduction. (Sources: Profits can be found here. The
deduction can be found on the company's 2010 SEC 10-K report to shareholders on
2009 finances, pg. 127, here.)
10) Carnival Cruise Lines made more than $11 billion in profits over the past five
years, but its federal income tax rate during those years was just 1.1 percent.
(Source: The New York Times here.)
pay for critical social services – like the Fire Department, Hospitals, Police, and more.
Unfortunately, some of it went to subsidize industries and corporations that are hurting
our communities, our national security and our environment.
Large corporations, like oil companies, are moving their money to offshore banks to
avoid paying taxes. This phenomenon is egregious because these companies aren’t
paying their fair share. What’s worse is that they dodge taxes while taking federal
subsidies.
Earlier this year President Obama moved to eliminate $36.5 billion in subsidies to oil
companies over the next 10 years. That’s a good start for companies that do
everything they can to avoid pitching in.
The American Petroleum Institute (API), which lobbies for the fossil fuel industry in
Congress, immediately attacked the President’s idea – calling it a new energy tax
when ordinary Americans cannot afford new taxes.
Despite the rhetoric of API and the rest of the dirty energy lobby, however, what the
public really can’t afford is continuing to subsidize the most profitable companies in
the world with our tax dollars. Every dollar we give to oil companies is one less dollar
that can be used for innovation and new technologies that will move us into the 21st
century. According to a wide-range of research compiled by the Center for American
Progress, clean energy technology creates more jobs than staying with the fossil-
fueled status quo. In addition, eliminating
While oil companies continue to receive billions in subsidies, new energy technologies
like solar, wind and geothermal receive far less and yet, they remain the fastest
growing sectors of our economy. As young people, we understand the need for a
clean energy future – its time for the Senate to invest in the new technology and
innovation. More and more of us are graduating from school and entering the job
market, and we are excited about the opportunities of a clean energy job. We hope
the Senate is paying attention.
TOP 10 TAX EVADERS
1) Exxon Mobil 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. (Source: Exxon Mobil's 2009 shareholder report filed with the SEC here.)
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. (Source: Forbes.com here, ProPublica here
and Treasury here.)
3) General Electric made $26 billion in profits in the United States over the past five
years and, thanks to clever use of loopholes, paid no taxes.(Source: Citizens for Tax
Justice here and The New York Times here. Note: despite rumors to the contrary, the
Times has stood by its story.)
4) Chevron received a $19 million refund from the IRS last year after it made $10
billion in profits in 2009. (Source: See 2009 Chevron annual report here. Note 15 on
page FS-46 of this report shows a U.S. federal income tax liability of $128 million, but
that it was able to defer $147 million for a U.S. federal income tax liability of negative
$19 million.)
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. (Source: Paul
Buchheit, professor, DePaul University, here and Citizens for Tax Justice here.)
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, received a $134 million tax break from the oil and gas manufacturing tax
deduction. (Source: the company's 2009 annual report, pg. 112, here.)
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. (Source: Bloomberg News here, ProPublica
here, Treasury Department here.)
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.
(Source: Paul Buchheit, professor, DePaul University, here, ProPublica here,
Treasury Department here.)
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion
in profits from 2006 through 2009, but received $451 million in tax breaks through the
oil and gas manufacturing deduction. (Sources: Profits can be found here. The
deduction can be found on the company's 2010 SEC 10-K report to shareholders on
2009 finances, pg. 127, here.)
10) Carnival Cruise Lines made more than $11 billion in profits over the past five
years, but its federal income tax rate during those years was just 1.1 percent.
(Source: The New York Times here.)
Enronomics- Corporate accountability.
In their 2002 report, ""Titans of the Enron Economy: The 10 Habits of Highly
Defective Corporations," United for a Fair Economy gave a "special
Lifetime Achievement Award" to General Electric "for scoring the highest
average rank across all 10 bad habits, the only company to outrank
second-place Enron. GE exceeds Enron’s score by an astonishing 45%."
Defense Contracting Fraud
On July 23, 1992, GE pled guilty in federal court to civil and criminal
charges of defrauding the Pentagon and agreed to pay $69 million to the U.
S. government in fines — one of the largest defense contracting fines ever.
The company said in a statement that it took responsibility for the actions
of a former marketing employee who, along with an Israeli Air Force
General, diverted Pentagon funds to their own bank accounts and to fund
Israeli military programs not authorized by the United States. Under the
settlement with the Justice Department over violations of the Foreign
Corrupt Practices Act, GE paid $59.5 million in civil fraud claims and $9.5
million in criminal fines.
GE’s civil and criminal transgressions stemming from the Israeli military
program are by no means isolated. GE is a repeat offender when it comes
to Defense Department fraud. The company has repeatedly violated the
False Claims Act — a measure originally proposed by Lincoln to protect
federal coffers. When the Project on Government Oversight surveyed
defense contractors, it found that General Electric was responsible for 15
instances of fraudulent activity in just a four year period (1990-1994) —
more than any other defense contractor.
On August 10, 1995 the U.S. Department of Justice announced (# 95-438)
that GE would pay $7.1 million to settle a contract fraud suit initiated by Ian
Johnson, an engineer at GE's Aircraft Engines plant in Evendale, Ohio in
1993. Johnson had alleged that GE "sold several thousand jet engines to
the military that did not comply with military electrical bonding and
electromagnetic interference testing requirements," according to DoJ.
(Subsequently, the Air Force tested the engines and found them to be
safe.) Johnson filed the suit on behalf of the United States under the qui
tam provisions of the False Claims Act.
On January 10, 1997, the U.S. Department of Justice announced (# 97-
012) that GE would pay $950,000 to settle allegations that it fraudulently
misrepresented that it had conducted certain test procedures on circuit
boards for hundreds of aircraft engine controls when in fact the tests were
not conducted.
GE paid $5.87 million (along with Martin Marietta) to settle a qui tam suit
associated with improper sales of radar systems to Egypt.
GE paid fines between 1990 and 1994 ranging from a $20,000 criminal
fine to a $24.6 million civil fine for a variety of defense contracting frauds,
including: misrepresentation, money laundering, defective pricing (2
incidents), cost mischarging (3 incidents), false claims, product
substitution, conspiracy/conversion of classified documents, procurement
fraud and mail fraud.
On July 22, 1992, GE "... [pled] guilty to diverting some $26.5 million from
the U.S. foreign military aid program used to finance General Electric's
sale of F-16 jet engines and support equipment to Israel ." (United States v
General Electric, Docket #90-CV-792, US DC SD OH, Cincinnati) (See:
Defense Contracting: Contractor Claims for Legal Costs Associated with
Stockholder Lawsuits, GAO/NSIAD-95-66 (July 1995) GE was convicted on
February 3, 1990 in U.S. District Court in Philadelphia of defrauding the
government out of $10 million for a battlefield computer system. GE pled
guilty on May 19, 1985 to charges of fraud and falsifying 108 claims on a
missile contract. GE was convicted of defrauding the Air Force out of
$800,000 on the Minuteman Missile Project.
GE was convicted of bribing the Puerto Rico Water Resources Authority.
In their 2002 report, ""Titans of the Enron Economy: The 10 Habits of Highly
Defective Corporations," United for a Fair Economy gave a "special
Lifetime Achievement Award" to General Electric "for scoring the highest
average rank across all 10 bad habits, the only company to outrank
second-place Enron. GE exceeds Enron’s score by an astonishing 45%."
Defense Contracting Fraud
On July 23, 1992, GE pled guilty in federal court to civil and criminal
charges of defrauding the Pentagon and agreed to pay $69 million to the U.
S. government in fines — one of the largest defense contracting fines ever.
The company said in a statement that it took responsibility for the actions
of a former marketing employee who, along with an Israeli Air Force
General, diverted Pentagon funds to their own bank accounts and to fund
Israeli military programs not authorized by the United States. Under the
settlement with the Justice Department over violations of the Foreign
Corrupt Practices Act, GE paid $59.5 million in civil fraud claims and $9.5
million in criminal fines.
GE’s civil and criminal transgressions stemming from the Israeli military
program are by no means isolated. GE is a repeat offender when it comes
to Defense Department fraud. The company has repeatedly violated the
False Claims Act — a measure originally proposed by Lincoln to protect
federal coffers. When the Project on Government Oversight surveyed
defense contractors, it found that General Electric was responsible for 15
instances of fraudulent activity in just a four year period (1990-1994) —
more than any other defense contractor.
On August 10, 1995 the U.S. Department of Justice announced (# 95-438)
that GE would pay $7.1 million to settle a contract fraud suit initiated by Ian
Johnson, an engineer at GE's Aircraft Engines plant in Evendale, Ohio in
1993. Johnson had alleged that GE "sold several thousand jet engines to
the military that did not comply with military electrical bonding and
electromagnetic interference testing requirements," according to DoJ.
(Subsequently, the Air Force tested the engines and found them to be
safe.) Johnson filed the suit on behalf of the United States under the qui
tam provisions of the False Claims Act.
On January 10, 1997, the U.S. Department of Justice announced (# 97-
012) that GE would pay $950,000 to settle allegations that it fraudulently
misrepresented that it had conducted certain test procedures on circuit
boards for hundreds of aircraft engine controls when in fact the tests were
not conducted.
GE paid $5.87 million (along with Martin Marietta) to settle a qui tam suit
associated with improper sales of radar systems to Egypt.
GE paid fines between 1990 and 1994 ranging from a $20,000 criminal
fine to a $24.6 million civil fine for a variety of defense contracting frauds,
including: misrepresentation, money laundering, defective pricing (2
incidents), cost mischarging (3 incidents), false claims, product
substitution, conspiracy/conversion of classified documents, procurement
fraud and mail fraud.
On July 22, 1992, GE "... [pled] guilty to diverting some $26.5 million from
the U.S. foreign military aid program used to finance General Electric's
sale of F-16 jet engines and support equipment to Israel ." (United States v
General Electric, Docket #90-CV-792, US DC SD OH, Cincinnati) (See:
Defense Contracting: Contractor Claims for Legal Costs Associated with
Stockholder Lawsuits, GAO/NSIAD-95-66 (July 1995) GE was convicted on
February 3, 1990 in U.S. District Court in Philadelphia of defrauding the
government out of $10 million for a battlefield computer system. GE pled
guilty on May 19, 1985 to charges of fraud and falsifying 108 claims on a
missile contract. GE was convicted of defrauding the Air Force out of
$800,000 on the Minuteman Missile Project.
GE was convicted of bribing the Puerto Rico Water Resources Authority.