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Corporate tax dodgers: 10 companies and their tax loopholes

Sarah Anderson, Scott Klinger, and Javier Rojo
Institute for Policy Studies
Mon, 15 Apr 2013 17:46 UTC
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A new report looks at 10 U.S. corporations that have used an array of tax loopholes and corporate subsidies to slash their tax bills: Bank of America, Citigroup, ExxonMobil, FedEx, General Electric, Honeywell, Merck, Microsoft, Pfizer, and Verizon.

HIGHLIGHTS OF 10 CORPORATE TAX DODGERS

Bank of America
Had $17.2 billion in profits offshore in 2012 on which it paid no U.S. taxes. Reported it would owe $4.3 billion in U.S. taxes if profits are brought home.

Citigroup
Had $42.6 billion in profits offshore in 2012 on which it paid no U.S. taxes. Reported it would owe $11.5 billion in U.S. taxes if profits are brought home.

ExxonMobil
Paid just a 15% federal income tax rate from 2010-2012, less than half the official 35% corporate tax rate - a tax subsidy of $6.2 billion. Had $43 billion in profits offshore in 2012 on which it paid no U.S. taxes.

FedEx
Made $5.7 billion from 2010-2012 and didn't pay a dime in federal income taxes. Got a tax subsidy of $2.1 billion. Received $10.3 billion in federal contracts from 2006-2012.

General Electric
Made $88 billion from 2002-2012 and paid just 2.4% in taxes for a tax subsidy of $29 billion. Paid no taxes in 4 years. Had $108 billion in profits offshore in 2012 on which it paid no U.S. taxes. Received $21.8 billion in federal contracts from 2006-2012.
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Bomb

FBI releases images of suspects in Boston Marathon bombing

Lee Ferran, Brian Ross, Rhonda Schwartz, Martha Raddatz, Cindi Galli, Megan Chuchmach
ABC News
Thu, 18 Apr 2013 17:26 UTC
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© FBI
FBI has released images of the suspected bombers in the investigation of the explosions near the Boston Marathon finish line, April 18, 2013, in Boston.
The FBI today released images of two suspects in the Boston Marathon bombing the bureau still considers to be "armed and extremely dangerous."

At a press conference, FBI special agent in charge Richard DesLauriers referred to the two men as Suspect 1 and Suspect 2 and said Suspect 2 was spotted dropping a bag before a bomb exploded at the second bomb site. The two men appear to be "associated," DesLauriers said.

DesLauriers asked the public for their help identifying the suspects, but asked the public not to approach them. Though the men are considered armed and dangerous, the FBI said they still do not believe there is an imminent danger in the area.
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Eye 1

New York psychiatrists served with subpoenas for patient records in New York gun confiscation

Dan Roberts
Ammo Land
Mon, 15 Apr 2013 15:42 UTC
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NY Governor Andrew Cuomo's Machiavellian Plot to ignore and subvert the Rights of potentially millions of NY State residents developed another layer late Sunday.

After breaking the story of Amhurst NY Area Resident David Lewis having his lawfully purchase and legally owned firearms confiscated by order of the State Police after a flagrantly illegal and Un-Constitutional review of his medical records , Word came to me in my capacity as in journalist late Sunday that NY Officials have apparently doubled down on their sinister plot and blatant abuse of power.

My sources revealed that two prominent and well regarded Buffalo Area Psychiatrists received subpoenas from State Officials, possibly on Friday April 12th 2013, commanding them to turn over all of their patient files to the State. Details are sketchy at this early stage, but I have been told that both Doctors have in house counsel as well as potentially consulting with the Law Firm of Jim Tresmond, Firearms Law Specialist and the Attorney of Record for Mr Lewis.

What is clear is that those subpoenas would have to have been issued by someone in the State's Attorney's Office. What remains unknown at this point is whether the order or request for the subpoenas originated with the Superintendent of the NY State Police, Joseph D'Amico or from the Office of the the Commissioner of the NY State Division of Criminal Justice Services or one of his lieutenants.
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Pistol

Gun background check compromise, assault weapon ban fail in Senate

Ed O'Keefe
Washington Post
Wed, 17 Apr 2013 15:00 UTC
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Sen. Joe Manchin (D-W.Va.).
As the Senate began voting Wednesday on nine proposed changes to a gun control bill, the centerpiece proposal on background checks quickly failed to win enough support, despite broad public backing.

The vote on the so-called Manchin-Toomey amendment was 54 in favor, 46 against - failing to reach the 60-vote threshold needed to move ahead. Four Republicans supported it, and four Democrats voted no.

A controversial Democratic plan to ban dozens of military-style assault weapons was also defeated by a vote of 40 to 60.

The votes were a setback for President Obama, who angrily blasted Republicans for defeating the background check compromise, saying, "The gun lobby and its allies willfully lied about the bill."

"All in all, this was a pretty shameful day for Washington," Obama said, promising that "this effort is not over."
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Dominoes

What's next for the 'Monsanto Protection Act'?

Steve Holt
Takepart.com
Thu, 04 Apr 2013 14:51 UTC
Despite the passage of the Monsanto Protection Act, food safety and transparency groups vow, 'We will not be stopped.'
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© Win McNamee/Getty Images
Protesters of Monsanto demonstrate against the so-called 'Monsanto Protection' rider that was attached to a budget bill and signed into law last week. They held signs that said, 'Obama! Congress! Monsanto! We're Not Going Away!'
Despite loud public outcry, President Barack Obama signed into law a continuing budget resolution that included the controversial biotech rider that critics call "The Monsanto Protection Act." The rider requires the United States Department of Agriculture to approve the harvest and sale of crops from genetically modified seed even if a court has ruled the environmental studies on the crop were inadequate.

Since the President signed the bill last Tuesday, outrage has continued to echo, with dissent comming from environmental groups and the Tea Party alike. Critics say the provision coddles multinational companies like Monsanto and ultimately threatens the health of farmers and consumers who will be exposed to further bioengineered crops.
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Sheriff

Secret Service and local law enforcement "ready" for dedication

Bud Gillett
CBS Dallas/Fort-Worth
Wed, 17 Apr 2013 14:46 UTC
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Monday's bombings of the Boston Marathon raised questions about security for the upcoming dedication of the George W. Bush Presidential Center on April 25.

All five living Presidents are scheduled to participate. Security planning started months, maybe even a year ago for the event.

Officially, agencies aren't saying much. But at least four police departments and the secret service are planning for it.

"You're always in a state of re-assessment," said Danny Defenbaugh, and he should know.

The former head of the Dallas FBI also led that agency's investigation of the bombing of the Alfred P. Murrah Federal Building in Oklahoma City. He said physical security procedures and planning (that were evident today with Dallas police officers) are usually spot on.
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Sherlock

Kerry 'not aware' of State Dept. impeding Congressional probe into Benghazi

Susan Jones
cnsnews.com
Wed, 17 Apr 2013 14:39 UTC
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© AP
Secretary of State John Kerry
Secretary of State John Kerry reminded the House Foreign Affairs Committee Wednesday that he was "on the other side of the podium" when U.S. interests came under attack in Benghazi on Sept. 11, 2012, and he said if the State Department is trying to impede the committee's investigation into embassy security, he's "not aware" of it.

"There's certainly no position by me to delay anything," Kerry said, "and I was not aware that -- you know, if there's anything that is appropriate to turn over." Kerry said he wants to check "historical precedent" regarding investigative and FBI documents relating to the terror attack.

Rep. Ed Royce (R-Calif.) told Kerry that instead of handing over documents and records requested by the committee, as has happened in the past, the State Department "has insisted that the committee staff sift through thousands of pages of materials in a room in which they are monitored by the Department. And they can't remove any or make electronic copies of those documents," Royce said.

"Mr. Secretary, these are unclassified documents that relate to the critical issue of embassy security. And the Department is literally spending thousands of taxpayer dollars a week to slow the progress of the committee's review. So this has resulted in a great deal of wasted time and money. I think it runs contrary to the administration's promise of increased transparency. And I hope you will reconsider the department's position on this issue," Royce concluded.
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Bizarro Earth

Authoritarian Rep. Pete King: Merchants selling ball bearings, beauty products 'should notify police'

Susan Jones
cnsnews.com
Thu, 18 Apr 2013 14:31 UTC
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© AP
Rep. Pete King (R-N.Y.)
Rep. Pete King (R-N.Y.), a member of both the House Homeland Security Committee and the House Intelligence Committee, wants retailers to tell police about people who buy innocuous items that could be used to make a bomb.

This follows reports that the Boston Marathon bomber used pressure cookers packed with nails and ball bearings to kill three people and maim dozens of others at the finish line on Monday.

"Obviously there's always certain ways that security can be stepped up at an event," King told MSNBC's Andrea Mitchell on Tuesday.

"But the fact is that if someone is a terrorist, that they can construct a bomb and put it together. If they can carry it that far, chances are they're going to make it to the event. That's why the intelligence is so important, to be aggressive, to be out front, and why it's important (for) people, if they see something, say something.

"For instance, merchants, if they're selling any components that can be used for a bomb, everywhere from ball bearings to beauty products, they can all be used to make bombs. They should notify the police."
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Vader

Russia's Putin threatens to sack officials over social spending

Alexei Anishchuk
Reuters
Wed, 17 Apr 2013 14:26 UTC
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© Reuters/Aleksey Nikolskyi/RIA Novosti/Pool
Russia's President Vladimir Putin speaks to ExxonMobil and Rosneft officials in the Pacific island of Sakhalin via a video link, as Putin visits Ulan-Ude in the Republic of Buryatia April 11, 2013 in this picture provided by RIA Novosti.
President Vladimir Putin threatened to sack senior officials over a failure to carry out his orders on social spending in a warning to Prime Minister Dmitry Medvedev's government.

Unofficial video footage released on Wednesday showed Putin berating officials at a meeting on housing attended by several ministers including Finance Minister Anton Siluanov and Deputy Prime Minister Dmitry Kozak.

In the footage, published online shortly before Medvedev started a speech to parliament on the economy, Putin called for more action to fulfil his pledges on social spending intended to improve the lives of millions of Russians.

"If we don't do it, we will need to acknowledge that either I work inefficiently or you work badly and you will need to resign," he was seen telling Tuesday's meeting in the southern town of Elista.

"I would like to draw your attention to the fact that I am currently inclined towards the second scenario," he said. "I don't want any misunderstandings and I want us to talk honestly."
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Cowboy Hat

Putin foe Navalny defiant as trial opens in Russia

Gabriela Baczynska
Reuters
Wed, 17 Apr 2013 14:19 UTC
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© Reuters/Maxim Shemetov
Russian opposition leader and anti-graft blogger Alexei Navalny (C) looks on surrounded by journalists after arriving for a court hearing in the city of Kirov April 17, 2013.
Protest leader Alexei Navalny accused Russian authorities of fabricating charges against him at the start of a trial on Wednesday that he says is intended to crush opposition to Vladimir Putin.

The anti-corruption blogger, 36, was calm and defiant during a 40-minute appearance in court in the provincial city of Kirov before Judge Sergei Blinov adjourned proceedings until April 24 to give the defense more time to prepare its case.

Navalny could face 10 years in jail if convicted of stealing 16 million roubles ($510,000) from a timber firm in Kirov that he was advising in 2009 while working for the liberal regional governor.

The most prominent opposition leader to be tried in post-Soviet Russia, Navalny has suggested Putin ordered the trial to sideline him as a potential presidential rival.
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