Sen. Bernie Sanders, the self-described socialist, put out a list of 10 corporate giants that pay little or no income tax. With one exception, Carnival Cruise Lines, all 10 fall into three broad categories.
Government contractors (GE, Boeing)
Bailed-out banks (Bank of America, Citi, Goldman Sachs)
Energy firms that get assorted tax credits (Exxon Mobil, Chevron, ConocoPhillips, Valero).
So if you want to avoid corporate income taxes, the lesson is to either become an integral part of the government… or employ a massive lobbying force to secure favors for your industry.
That's a terrible lesson for the rest of us. For Cisco's John Chambers, the take-away is that he's better off casting his lot overseas. It's a shame, but we can hardly blame him. If capital goes where it's treated best, for many companies, the United States isn't currently the place.
We've grown as a blog and now occupy the two top floors of Sound Of Cannons Towers East. A wild and wooly bunch of editors and tech people service this blog with enough regularity to make us a force of the blogosphere!
This blog has concentrated on finance and government issues facing America. This blog was formed to include some personal items, but has grown mostly as a political machine.
Read, enjoy and pass it on!
If you are interested in providing an opinion or feedback for something you've read, please email us at the following email address:
We're Liberty and Freedom-minded, professional fellows; with a plethora of things to say and no fear in expressing them. One of our favorite sayings is:
"Oderint dum metuant" which translates, roughly, as "Let them hate as long as they fear." It was a favorite saying of the Roman emperor Caligula. He wasn't a particularly nice guy, but he had the world at his bidding and history will never forget him or his notoriety. That's power.