Tea Bagger Guv Baker couldn't wait to promote a Republican SCAM with the GE GIVEAWAYS!
Check out GE CEO Jeffrey Immelt's history.
Where's the COST/BENEFIT ANALYSIS of this SCAM?
Boston Mayor Marty Walsh was dumb enough to follow like a Bobble Head, as he slashes Public Education Funding.
America’s Top 10 Corporate Tax Avoiders
1. General Electric
From 2008 to 2013, while GE made over $33.9 billion in United States profits, it received a total tax refund of more than $2.9 billion from the Internal Revenue Service.
G.E.’s effective U.S. corporate income tax rate over this six year period was -9 percent.
In 2012, GE stashed $108 billion in offshore tax havens to avoid paying income taxes. If this practice were outlawed, GE would have paid $37.8 billion in federal income taxes that year.
During the financial crisis, the Federal Reserve provided GE with $16 billion in financial assistance, at a time when its CEO Jeffrey Immelt was a director of the New York Federal Reserve.
GE has been a leader in outsourcing decent paying jobs to China, Mexico and other low-wage countries.
Mr. Immelt has a retirement account at General Electric worth an estimated $59 million and made $19 million in total compensation last year.
He is a member of the Business Roundtable, a group that wants to raise the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, increase taxes on working families, and cut corporate taxes even further.
On December 6, 2002, Jeffrey Immelt said at an investors’ meeting, “When I am talking to GE managers, I talk China, China, China, China, China. You need to be there. You need to change the way people talk about it and how they get there. I am a nut on China. Outsourcing from China is going to grow to $5 billion. We are building a tech center in China. Every discussion today has to center on China. The cost basis is extremely attractive. You can take an 18 cubic foot refrigerator, make it in China, land it in the United States, and land it for less than we can make an 18 cubic foot refrigerator today, ourselves.”
2. Boeing
From 2008 to 2013, while Boeing made over $26.4 billion in U.S. profits, it received a total tax refund of $401 million from the IRS. Boeing’s effective U.S. corporate income tax rate over this six-year period was -2 percent.
Boeing is one of the top recipients of corporate welfare in the United States and has outsourced tens of thousands of decent paying jobs to China and other low-wage countries.
Boeing even has its own taxpayer-funded bank known as the Export-Import Bank of the United States. Boeing has received so much corporate welfare from this bank that it has been dubbed “the Bank of Boeing.”
Boeing CEO W. James McNerney, Jr. made $23.3 million in total compensation last year. Mr. McNerney, as a memberof the Business Roundtable, wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security.
3. Verizon
From 2008 to 2013, while Verizon made over $42.4 billion in U.S. profits, it received a total tax refund of $732 million from the IRS.
Verizon’s effective U.S. corporate income tax rate over this six-year period was -2 percent.
In 2012, Verizon stashed $1.8 billion in offshore tax havens to avoid paying U.S. income taxes. Verizon would owe an estimated $630 million in federal income taxes if its use of offshore tax avoidance was eliminated.
In 2013, Lowell McAdam, the CEO of Verizon made $15.8 million in total compensation. He wants to raise the eligibility age for Medicare and Social Security to 70, and make significant cuts to Social Security as a member of the Business Roundtable.
4. Bank of America
Bank of America received a $1.9 billion tax refund from the IRS in 2010, even though it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of more than $1.3 trillion.
In 2012, Bank of America operated more than 300 subsidiaries incorporated in offshore tax havens like the Cayman Islands, which has no corporate taxes.
In 2012, Bank of America stashed $17.2 billion in offshore tax havens to avoid paying U.S. income taxes. Bank of America would owe an estimated $4.3 billion in federal income taxes if its use of offshore tax avoidance strategies were eliminated.
Last year, Bank of America CEO Brian Moynihan made $13.1 million in total compensation, but he wants to raise the eligibility age for Medicare and Social Security to 70, and make significant cuts to Social Security as a member of the Business Roundtable.
5. Citigroup
Citigroup made more than $4 billion in profits in 2010, but paid no federal income taxes. Citigroup received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury during the financial crisis.
Citigroup has established 427 subsidiaries incorporated in offshore tax havens.
In 2012, it stashed $42.6 billion in offshore tax havens to avoid paying U.S. income taxes. Citigroup would owe an estimated $11.5 billion in federal income taxes if its use of offshore tax avoidance strategies were eliminated.
Michael Corbat, the CEO of Citigroup, made more than $17.6 million in total compensation last year.
6. Pfizer
Pfizer, one of the largest prescription drug companies in America, not only paid no federal income taxes from 2010 to 2012, it received $2.2 billion in tax refunds from the IRS at the same time it made $43 billion in profits worldwide.
In 2012, Pfizer stashed $73 billion in profits offshore and has used aggressive offshore tax strategies to avoid paying U.S. income taxes.
Ian Read, the CEO of Pfizer, made $17.7 million in total compensation last year.
Hank McKinnell, Jr., who was Pfizer’s CEO from 2001 to 2006, received a golden parachute from Pfizer worth anestimated $188 million.
7. FedEx
In 2011, Federal Express received a $135 million tax refund from the IRS even though it made more than $2.7 billion in U.S. profits that year.
FedEx receives more than $1 billion a year from the U.S. Postal Service to provide air service for all express mail and priority mail shipments.
Frederick Smith, the CEO of FedEx, made more than $12.6 million in total compensation last year.
8. Honeywell
From 2009 to 2010, not only did Honeywell pay no federal income taxes, it received a $510 million tax refund from the IRS even though it made a combined profit in the U.S. of almost $3 billion.
In 2012, Honeywell stashed $11.6 billion in offshore tax havens to avoid paying U.S. income taxes. Honeywell would owe an estimated $4.06 billion in federal income taxes if its use of offshore tax avoidance were eliminated.
David Cote, the CEO of Honeywell, made more than $25.4 million in total compensation last year.
Mr. Cote wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.
9. Merck
In 2009, not only did Merck pay no federal income taxes, it received a $55 million tax refund from the IRS, even though it earned more than $5.7 billion in U.S. profits.
In 2012, Merck stashed $53.4 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $18.69 billion in federal income taxes.
Fred Hassan, the CEO of Merck from 2003 to 2009, received a golden parachute worth an estimated $189 million.
Merck’s current CEO, Kenneth Frazier, has a retirement account worth an estimated $14.4 million. He wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.
10. Corning
From 2008 to 2012, not only did Corning pay no federal income taxes, it received a $10 million tax refund from the IRS, even though it earned more than $3.4 billion in U.S. profits during those years.
Corning has stashed $11.9 billion in offshore tax havens to avoid paying U.S. income taxes. Corning would owe an estimated $4.165 billion in federal income taxes if its use of offshore tax avoidance were eliminated.
Wendell Weeks, the CEO of Corning, has a retirement account worth an estimated $22.8 million. Mr. Weeks wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.
FROM:
Bernie Sanders' Top 10 Tax Avoiders
| Tue Mar. 29, 2011
So, without further ado, here's Bernie's tax-avoiders list. In this case, one of his staffers informed me, "refund" means "negative federal income tax liability." If you have any quibbles with his facts, let us know in the comments.
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.
Friday, April 8, 2016
By Jay Fitzgerald and Keith Regan
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Today: Kennedy meets media, MBTA tour of Kenmore station, Gov. Baker is leaving the state
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U.S. Rep. Joseph Kennedy will be available for brief media interviews prior to speaking at a NAMI-Massachusetts event, Great Hall, State House, 10:45 a.m.
MBTA General Manager Frank DePaola and other T officials will tour the newly renovated Kenmore Station, a portion of which was recently painted with actual paint from Fenway Park's Green Monster, Kenmore Station, 500 Commonwealth Avenue at 1 Brookline Avenue, 1 p.m.
U.S. Rep. Seth Moulton, Housing and Economic Secretary Jay Ash, Energy and Environmental Affairs Secretary Matthew Beaton, Transportation Secretary Stephanie Pollack and others hold a press conference regarding economic development in Lynn, Lynn Museum, 590 Washington Street, Lynn, 2:30 p.m.
Gov. Charlie Baker holds a morning a cabinet meeting and then travels to Las Vegas to attend the Republican Jewish Coalition's annual meeting.
Charter compromise bill passes Senate, but still faces rocky future
Some wondered whether a compromise charter school bill recently unveiled by leading senators had enough support to pass even the Senate. That conjecture was proven dead wrong on Thursday. In fact, the controversial legislation - which would increase the cap on charter schools in Massachusetts in exchange for significant funding increases for all public schools - easily passed the chamber on Thursday and is now headed to the House, where its future is not quite as rosy, reports Matt Murphy of the State House News Service. http://bit.ly/1UMUi2P (pay wall)
But most observers continue to believe that, no matter what happens on Beacon Hill, the issue of expanding charter schools in Massachusetts will ultimately be decided in a ballot-question showdown in November. So that raises the question: Why do some opponents of charter schools say they welcome a November showdown?
As Garrett Quinn of Boston Magazine notes, a new poll shows overwhelming support in Boston for lifting the cap on the number of charter schools. Granted, the poll was sponsored by the Massachusetts Charter Public School Association. But a recent WBZ and UMass Amherst statewide poll found 51 percent of likely voters supporting a ballot question that would lift the cap on charter schools, while 23 percent oppose the proposal, Quinn notes. So why the confidence by some opponents that they can prevail in November? Maybe it's all part of the game of political chicken. http://bit.ly/1SUuQVt
Campaign office says Baker can accept huge sums from outsiders
The state Office of Campaign and Political Finance has concluded that the Massachusetts Republican Party can give federally raised donations to Gov. Charlie Baker's campaign committee, in a decision some critics say is a blow to state control of campaign finances, the Globe's Frank Phillips reports.http://bit.ly/1oIpkL5
First GE, now ... Aetna?
Public records released in connection with General Electric's relocation to Boston show the city and state may be after another prize from the Nutmeg State, Jessica Bartlett of the Boston Business Journal reports. Emails reference officials noting that Boston is likely one of several locations trying to entice insurance giant Aetna, a Fortune 500 company, to move its headquarters from Hartford.http://bit.ly/25OYBy0
'We've never been a big hit with socialists'
Back to the topic of GE, it was sort of refreshing to see General Electric chief executive Jeff Immelt firing back at Bernie Sanders for recently saying companies like GE are tearing apart the "moral fabric of America." Why? Because moralists who tend to see life in simplistic good-versus-evil terms need to be pushed back now and then when they make grossly over-simplified and unfair statements about who is and isn't moral. From Immelt's Washington Post op-ed: "GE has been in business for 124 years, and we've never been a big hit with socialists. We create wealth and jobs, instead of just calling for them in speeches. We take risks, invest, innovate and produce in ways that today sustain 125,00 U.S. jobs." And he notes that, yes, GE does pay taxes and it employs 1,000 people at an aviation plant in Rutland, Vermont, a facility Sanders has "never bothered" to visit, Immelt says. http://wapo.st/1SEptqV
Meanwhile, Warren unloads on Republican senators ...
While Immelt unloads on Bernie, Massachusetts Senator Elizabeth Warren unloads on right-wing Republican senators who she says have "laid the foundation for their presidential front-runners," Donald Trump and Ted Cruz. Writing in the Globe, she says Republicans have been obstructionists from day one of President Obama's presidency, right up to the current fight over Supreme Court nominee Merrick Garland. "Show some courage and put that oath ahead of party politics. Do your job - and start by considering the president's nomination to the Supreme Court." http://bit.ly/1YiDfDQ
GE launches local media blitz
OK, one last GE item, from the Herald's Matt Stout: "General Electric Co. isn't done pitching itself as a good bet for Boston.The multinational behemoth - which is fending off criticism of the plum $145 million package of city and state perks it took to relocate its headquarters to the Hub - has launched a two-week radio blitz that lavishes praise on Boston and declares itself ready to begin a 'world-changing digital industrial revolution.'" The ads are running on 98.5 The Sports Hub, WBZ NewsRadio 1030, and WBUR. http://bit.ly/1Vd6bij
Gay rights group to Baker: Stop behaving like a Republican
The National Gay & Lesbian Chamber of Commerce has disinvited Gov. Charlie Baker from a gala in which it planned to honor the Republican governor, saying it can't and won't honor Baker unless he cancels a weekend trip to a conservative Republican Jewish Coalition gathering in Las Vegas and embraces a state bill that would protect transgender people's rights, the Globe's Joshua Miller reports. Apparently, U.S. Rep. Joe Kennedy III, a Democrat who objects to Baker's refusal to take an immediate stand on the transgender bill, had some sort of role in Baker's disinvite. Baker, who has won wide praise for his stands on gay and lesbian issues, dismissed the group's move as "partisan politics."http://bit.ly/1Whnm1Q
Globe launches a 'reinvention initiative'
Dan Kennedy at Media Nation reports that Globe editor Brian McGrory has issued a challenge to his staff members to completely rethink how the Globe newsroom operates, amidst a continuing revenue decline hitting all newspapers. The Globe is also bringing in some outside consultants "who have thought long and hard about these issues and are deeply knowledgeable about what's been tried at other news organizations and how it's worked," McGrory writes in a staff memo. http://bit.ly/1TFJKBe
Solar compromise bill sails through Senate
Either the solar compromise bill was really good - or lawmakers were really sick of hearing about solar issues. No matter what the reason (or combination of reasons), the state Senate yesterday overwhelming approved the compromise solar legislation, a day after the House overwhelmingly OK'd the same measure, as reported by State House News Service's Matt Murphy in the Boston Business Journal. http://bit.ly/1SUveDA
DeLeo pledges no new taxes
Speaker Robert DeLeo says the House version of the proposed fiscal year 2017 budget will contain no new taxes when it's released next week, Peter Francis of the Eagle-Tribune reports. DeLeo addressed a business expo audience on Thursday and said the entire state would see ripple effects of the relocation of GE to South Boston. http://bit.ly/1NaP8po
Lawmaker targets cash-out windfalls for state retirees
Rep. Colleen Garry plans to file legislation that would set a cap on how much unused time off the state will buy back from retirees, a move spurred by reports of blockbuster payouts to retiring public college chiefs, Christopher Scott of the Lowell Sun reports. Garry's legislation may place a salary-based cap on how many unused days the state will buy back. http://bit.ly/1SEkSFe
New Bedford councilor suggests licensing panhandlers
New Bedford City Councilor Ian Abreu is proposing the city require all panhandlers to obtain a free license from the city, Kathleen McKiernan of the Standard-Times reports. Abreu said the proposal would enable the city to offer services to the individuals who seek the licenses and is just the latest effort by the city to address the issue of downtown panhandling. Officials briefly considered a law similar to the one Worcester adopted, but that law has since been struck down by courts after a challenge from the ACLU. http://bit.ly/1Xl1dho
State says Brewster can't withhold video
The Supervisor of Public Records has rejected an argument from the town of Brewster, which said it didn't have to release a video-which may show the town moderator criticizing voters after Town Meeting-because it was produced by a third-party vendor, reports K.C. Myers of the Cape Cod Times. The town is still declining to release the video, citing privacy concerns. In the reported disparaging comments, the moderator allegedly calls one of the voters an alcoholic. http://bit.ly/1SiUO1O
Sunday public affairs TV
Keller at Large, WBZ-TV Channel 4. Guests Darnell Williams of the Urban League of Eastern Massachusetts and Marcela Garcia of the Boston Globe, 8:30 a.m.
DC Dialogue, NECN, with Jim Brett of the New England Council, Rep. Niki Tsongas and HHS Regional Director Rachel Kaprielian, 10 a.m.
This Week in Business, NECN, with Shirley Leung of the Boston Globe and Doug Banks of the Boston Business, 12:30 p.m.
CEO Corner, NECN, with Feld Entertainment CEO Ken Feld, who company owns Ringling Brothers Barnum & Bailey Circus, Disney on Ice and Monster Jam, 8:30 p.m.
On the Record, WCVB-TV, with guest Doug Rubin, head of Northwind Strategies and a Democratic advisor, 11 a.m.
Matter of Fact, WCVB-TV, with Fernando Espuelas, 11:30 a.m.
CityLine, WCVB-TV, with host Karen Holmes Ward, 12 p.m.
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