General Electric : In 2010; $14.2Billion in profits, paid zero taxes and actually received tax-credits totaling $3.2Billion. The prior year (2009) GE made $10.3Billion and paid no taxes, yet received $1.1Billion in tax rebates. Over the past 5-years, GE average tax rate was 3.4%. GE holds $84Billion in overseas income, untouchable. [President Obama has appointed GE CEO Jeff Immelt to head the President's Job Creation Commission . GE shed 4,000 jobs in 2008; 16,000 jobs in 2009; 19,000 job were shed in 2010.]
Exxon : $45Billion in world-wide income (2009); paid zero US taxes.
Citigroup : 4-quarters of Billion-dollar profits; zero taxes paid. Citigroup has $17.5Billion in tax-credits to offset paying any taxes in future years. Citigroup maintains 427 offshore tax-haven subsidiaries.
Wells Fargo : Tax law prevents any company from claiming the tax losses of an acquired company, however the IRS exempted banks. Wells purchased Wachovia and was allowed to use their $19Billion tax credit against it's $12.3Billion profits. Wells paid zero taxes.
Hewlett-Packard : Allowed to defer taxation on $14.4Billion of foreign earnings in 2004; lowering it's tax rate to 12%. According to Dailyfinance.com. HP's tax rate for 4.3% in 2008; 2.3% in 2009.
Verizon : Due to it's joint venture with Vodaphone, Verizon's tax rate is 10.5%.
Chevron : Paid $19Billion income tax in 2008 (globally), but only paid $220M to the US treasury. Tax rate in 2008 was 1%.
Boeing : $4Billion income in 2010; paid zero taxes and got $124M back.
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