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INSTITUTE INDEX: The corporate tax dodge

Profits earned by Exxon Mobil in 2009: $19 billion

Amount the Texas-based oil giant paid that year in federal income taxes: $0

Amount Exxon got back from the IRS as a rebate: $156 million

Size of the tax refund Bank of America received last year: $1.9 billion

Profits earned by the Charlotte-based company that same year: $4.4 billion

Amount Texas-based Valero Energy made last year in sales: $68 billion

Size of its tax refund check that same year: $157 million

Amount ConocoPhillips earned in profits from 2007 through 2009: $16 billion

Amount the Houston-based oil company received in tax breaks through the oil and gas manufacturing deduction: $451 million

Size of the tax refund the Chevron received from the IRS last year: $19 million

Amount in profits the oil company earned in 2009: $10 billion

Rank of General Electric among the largest U.S. corporations: 1

Worldwide profits reported by the company last year: $14.2 billion

Amount it paid in taxes: $0

Amount it claimed in tax benefits: $3.2 billion

Date on which President Obama appointed G.E. CEO Jeffrey Immelt to head his Council on Jobs and Competitiveness: 1/21/2011

Portion of its U.S. work force G.E. has eliminated since 2002: 1/5

During that same period, increase in the company's accumulated offshore profits: $77 billion

Number of unionized workers that G.E. is expected to ask to make major concessions in wages and benefits this year: 15,000

Amount G.E. spent on outside lobbyists last year: $4.1 million

Number of boutique lobbying firms it hired that specialize in tax policy: 4

Portion of U.S. revenue that came from corporate tax receipts in the mid-1950s: 30 percent

Portion that came from corporations in 2009: 6.6 percent

(Click on figure to go to source.)


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re: INSTITUTE INDEX: The corporate tax dodge

In light of the debt ceiling negotiations, Is it possible for the government to suspend corporate tax rebates or refunds and can this be done unilaterally be the administration? What do think the total amount of refunds or rebates in hard cash is returned to corporations for this past fiscal year, or on average given the state of the economy in any given year?

Just an idea, Thanks, Harry