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ShovelbabyMay 24, 2011Submitter
When you or I, the average worker owes hundreds or thousands the IRS, we gets our wages garnished until we have paid every last cent or we go to jail. When a corporation who donates to the proper politicians' campaign fund owes millions in taxes to IRS, they get stimulus funds from Fed and from our taxes. That's the ultimate pay-to-play.
The knee-jerk reaction is to blame the companies, but they are not the ones facilitating this. The sad reality is that most of these corporations probably feel that they cannot survive without these tactics and our politicians foster this kind of environment. We could stop this from happening by simplifying our tax system and making it attractive to businesses to be here so that they do not feel the need to hide money in other countries. Whether we do a flat tax or a fairtax or something else that stops the exemptions, that would be a start.
According to another article I found that lists out the companies and their tax shelters, here are some of the suspects:
Bank of America
Citigroup
Goldman Sachs Group (now a bank holding company with access to Federal Reserve funding)
JPMorgan Chase & Co.
Merrill Lynch (now part of BofA, which received $20 bn in TARP money to buy the brokerage)
Morgan Stanley (now a bank holding company with access to Federal Reserve funding)
Wachovia Corp. (acquired by Wells Fargo)
Washington Mutual (acquired by JPMorgan Chase)
Wells Fargo
American Express (now a bank holding company)
American International Group (AIG)
Prudential Financial
General Motors
http://www.foxbusiness.com/markets/2009/06/01/bailed-companies-tax-cheats#ixzz1NEbutZmE
1TexasPatriotMay 24, 2011
Ironically, manyof those banks weren't really on the brink of disaster either. They just moved up to a teet and got a sip.
ricksiteMay 24, 2011
If they weren't being bailed out, these banks would have "found" the funding to go on. If the some banks couldn't survive, other banks would have "found" the money to buy them. TARP was just a power play by the government.
casacooperMay 24, 2011
holy cow- something we agree on!
ninhMay 24, 2011
In a way they had to as a matter of staying competitive with the bailed-out ones. If you distort the market by not letting it clean itself from failed enterprises, that's the kind of thing you get as a side effect.
ShovelbabyMay 24, 2011Submitter
Oops, the story I linked to is not related to this story and those financial institutions are not the ones named in the report. Please disregard. My apologies.
spc4May 24, 2011
Don't digg me down for sounding cynical, but this should be no surprise to any one.
blessed7677May 24, 2011
y does this not surprise me!
spider_manMay 24, 2011
Why is this a surprise? Obama has shown a pattern of rewarding tax cheats. Does Tim Geithner ring a bell to name only one of many?
casacooperMay 24, 2011
geez, don't you know this started long before Obama was elected? Let's try with another administration. HMM, who do you think of?
ect5150May 24, 2011
Another administration was responsible for Obama's personal appointments?
uTanksMay 24, 2011
Typical government FAIL!
ren1999May 25, 2011
I agree with all this but once again, don't confuse Obama's stimulus package that helped teachers, police and firefighters keep their jobs and Bush's bailout that gave banks free money even though they didn't need it.
Now as a Democrat, I agree with the Republicans that we do need to cut down on the waste of non-profits.
ShovelbabyMay 24, 2011Submitter
The other amazing thing is that tax cheats also get to decide where the stimulus money goes. Birds of a feather...
cupofkonaMay 24, 2011
Throw taxpayer money into the wind and...who was in charge when this was done?.....
ShovelbabyMay 24, 2011Submitter
FTA: "Thousands of companies that cashed in on President Barack Obama's economic stimulus package owed the government millions in unpaid taxes, congressional investigators have found."
countess666May 24, 2011
tax cheats?
it's a recession for crying out load. that means most companies dont have loads of money laying around, so of course some of them will have some back-logs, and are going to delay paying as long as possible.
the percentage of clients that pay their supplies late will most likely be far higher then the 6% seen here.Comment is buried, click here to see the rest.
casacooperMay 24, 2011
true, but what supplies or physical products do financial companies offer? and, did you mean "suppliers"
hchargerMay 24, 2011
I wonder if these delinquent companies will realize that they will be partially responsible for the collapse of the United States economy from their direct actions.
The stimulus packages are borrowed revenue from future generations without gold backing reserves. if the loans are called, then goodbye greenback on the currency markets.Comment is buried, click here to see the rest.