The power of money

March 01, 2011

Between 2006 and 2010, more than 900 of the most profitable U.S.-based corporations used our tax code at least once to avoid paying any federal tax whatever. Many did so in numerous years. Not only did they pay nothing in, they received billions – even trillions --in tax "refunds" from the Treasury.

The list includes such companies as Bank Of America, Price Waterhouse-Cooper, ITT, Bechtel, Boeing and GE.

And this does not even take into account the tax-exempt corporations such as the oil companies who still receive refunds based on monies they have never paid in. Exxon paid nothing in and received refunds. BP paid nothing in and received refunds. The list is a who's who of large and highly profitable entities that have paid nothing or only limited federal tax.

Even among those who did pay something, many of the one that claim billions in profits paid must 1.7 percent in taxes on average.

Might this be one reason for a deficit? And if so, who is really on welfare? Certainly not the working man.

We have to thank our career politicians for taking care of their special interests, which do not happen to be those of the American people.

Is this democracy, or has it become a cashocracy?

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