Sanders blasts U.S Corporations for Dodging Taxes
Loopholes allow companies to avoid taxes
BURLINGTON, Vt., April 9 – Sen. Bernie Sanders (I-Vt.), the Senate Budget Committee ranking member, today issued the following statement on new data showing the extent to which some American companies are avoiding taxes:
“I applaud Citizens for Tax Justice for releasing new data today revealing the unfairness of our tax system and the fact that a number of the biggest and most-well known corporations in America continue to pay little or nothing in taxes.
At a time when we have massive wealth and income inequality, and when corporate profits are soaring, it is an outrage that many large, profitable corporations not only paid nothing in federal income taxes last year, but actually received a rebate from the IRS last year.
Instead of balancing the budget on the backs of the elderly, the children, the sick and the poor, as the Republicans in Congress have proposed, we need a tax system that demands that large, profitable corporations and the wealthy start paying their fair share in taxes. I look forward to working with my colleagues in the coming months to make certain that happens.”
Top Ten Corporate Tax Dodgers from Citizens for Tax Justice’s Report
1. Not only did media giant Time Warner pay nothing in federal income taxes last year, it received a rebate of $26 million from the IRS even though it made $4.3 billion in U.S. profits.
2. CBS made $1.8 billion in U.S. profits last year, but instead of paying federal income taxes it received a rebate from the IRS of $235 million.
3. Xerox made $629 million in U.S. profits in 2014, but received a tax rebate of $16 million from the IRS.
4. Prudential Financial made $3.5 billion in U.S. profits last year, but instead of paying federal income taxes, it received a tax rebate of $106 million from the IRS.
5. The toy maker Mattel made $268 million in profits last year, but received a tax rebate of $46 million from the IRS.
6. Priceline.com not only paid nothing in federal income taxes last year, it received a tax rebate of $9 million, even though it made $73 million in profits last year
7. Pacific Gas and Electric not only paid nothing in federal income taxes last year, it received a tax rebate of $84 million from the IRS even though it made $1.8 billion last year.
8. Wireless technology maker Qualcomm made $3.2 billion in U.S. profits last year, but instead of paying federal income taxes, it received a refund from the I.R.S. of $98 million.
9. General Electric made over $5.8 billion in profits in the U.S. last year, but paid just 0.9 percent of that amount — less than one percent — in federal income taxes.
10. Jetblue Airways made $615 million in U.S. profits last year, but paid just 0.4 percent of that amount — less than half of one percent — in federal income taxes.
Contact: Vince Morris (202) 224-3728
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