Next time you wonder about why the country is facing record deficits, look no further:
1.) Exxon Mobil- With profits totaling $19 billion, the multinational behemoth of Big Oil received a $156 million rebate from the IRS and didn't pay ANY FEDERAL TAXES.
2.) Bank of America- $4.4 billion in profits last year alone, along with receiving a hefty chunk of the $1 TRILLION TARP bailout from the Federal Reserve and Treasury Department. Yet despite all this, they STILL received a $1.9 billion IRS refund. Don't you wish you had their accountant?!
3.) General Electric- $26 billion in profits over the last 5 years earned them a $4.1 billion tax refund, even after cutting 1/5th of its American jobs since 2002. True patriotism, right there.
4.) Chevron- The oil company's 2010 refund topped $19 million even after posting profits of $10 billion in 2009.
5.) Boeing- After receiving a lucrative contract from the Pentagon worth some $30 billion, they were also rewarded with a $124 million IRS refund.
6.) Valero Energy- $68 billion in sales and $159 million in tax refunds from the IRS. Sounds about right.
7.) Goldman Sachs- With profits totaling $19 billion, the multinational behemoth of Big Oil received a $156 million rebate from the IRS and didn't pay ANY FEDERAL TAXES.
8.) Citigroup- Even after being one of the beneficiaries of a $2.5 TRILLION federal bailout, and yielding more than $4 billion in profits last year alone, the bank paid exactly $0 in federal income tax.
9.) ConocoPhillips- Because of their oil and gas manufacturing deductions, a company that has taken in over $16 billion between 2007 and 2009 was still awarded $451 million in tax breaks.
10.) Carnival Cruise Lines- With profits of more than $11 billion over the past half decade, it's astounding-yet-absolutely-true that they pay a federal income tax rate of just 1.1%!!!
Ah, screw it...let's just cut benefits to the elderly, that should take care of all our problems!
HAPPY NEW YEAR AMERICA!!!