There are number of ways how we are being screwed by the Elites, some of which are the following:
- creation of debt and forced slavery;
- non-profit foundations, tax refunds and avoidance;
- creation of diseases and the subsequent manufacture of drugs and vaccines
- creation of terror organizations, arms productions and sales, mass surveillance.
Fear and scarcity are basic factors in all of the above formulas.
All of the above borders in what the mainstream media label as conspiracy theories except tax avoidance and refunds.
Sans conspiracy theories, here are the top companies in the list of verifiable tax evaders according to Sen. Bernie Sanders:
1. General Electric
From 2008 to 2013, while GE made over $33.9 billion in United States profits, it received a total tax refund of more than $2.9 billion from the Internal Revenue Service.
G.E.’s effective U.S. corporate income tax rate over this six year period was -9 percent.
In 2012, GE stashed $108 billion in offshore tax havens to avoid paying income taxes. If this practice were outlawed, GE would have paid $37.8 billion in federal income taxes that year.
During the financial crisis, the Federal Reserve provided GE with $16 billion in financial assistance, at a time when its CEO Jeffrey Immelt was a director of the New York Federal Reserve.
GE has been a leader in outsourcing decent paying jobs to China, Mexico and other low-wage countries.
Mr. Immelt has a retirement account at General Electric worth an estimated $59 million and made $19 million in total compensation last year.
He is a member of the Business Roundtable, a group that wants to raise the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, increase taxes on working families, and cut corporate taxes even further.
On December 6, 2002, Jeffrey Immelt said at an investors’ meeting, “When I am talking to GE managers, I talk China, China, China, China, China. You need to be there. You need to change the way people talk about it and how they get there. I am a nut on China. Outsourcing from China is going to grow to $5 billion. We are building a tech center in China. Every discussion today has to center on China. The cost basis is extremely attractive. You can take an 18 cubic foot refrigerator, make it in China, land it in the United States, and land it for less than we can make an 18 cubic foot refrigerator today, ourselves.”
From 2008 to 2013, while Boeing made over $26.4 billion in U.S. profits, it received a total tax refund of $401 million from the IRS. Boeing’s effective U.S. corporate income tax rate over this six-year period was -2 percent.
Boeing is one of the top recipients of corporate welfare in the United States and has outsourced tens of thousands of decent paying jobs to China and other low-wage countries.
Boeing even has its own taxpayer-funded bank known as the Export-Import Bank of the United States. Boeing has received so much corporate welfare from this bank that it has been dubbed “the Bank of Boeing.”
Boeing CEO W. James McNerney, Jr. made $23.3 million in total compensation last year. Mr. McNerney, as a member of the Business Roundtable, wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security.
From 2008 to 2013, while Verizon made over $42.4 billion in U.S. profits, it received a total tax refund of $732 million from the IRS.
Verizon’s effective U.S. corporate income tax rate over this six-year period was -2 percent.
In 2012, Verizon stashed $1.8 billion in offshore tax havens to avoid paying U.S. income taxes. Verizon would owe an estimated $630 million in federal income taxes if its use of offshore tax avoidance was eliminated.
In 2013, Lowell McAdam, the CEO of Verizon made $15.8 million in total compensation. He wants to raise the eligibility age for Medicare and Social Security to 70, and make significant cuts to Social Security as a member of the Business Roundtable.
4. Bank of America
Bank of America received a $1.9 billion tax refund from the IRS in 2010, even though it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of more than $1.3 trillion.
In 2012, Bank of America operated more than 300 subsidiaries incorporated in offshore tax havens like the Cayman Islands, which has no corporate taxes.
In 2012, Bank of America stashed $17.2 billion in offshore tax havens to avoid paying U.S. income taxes. Bank of America would owe an estimated $4.3 billion in federal income taxes if its use of offshore tax avoidance strategies were eliminated.
Last year, Bank of America CEO Brian Moynihan made $13.1 million in total compensation, but he wants to raise the eligibility age for Medicare and Social Security to 70, and make significant cuts to Social Security as a member of the Business Roundtable.
Citigroup made more than $4 billion in profits in 2010, but paid no federal income taxes. Citigroup received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury during the financial crisis.
Citigroup has established 427 subsidiaries incorporated in offshore tax havens.
In 2012, it stashed $42.6 billion in offshore tax havens to avoid paying U.S. income taxes. Citigroup would owe an estimated $11.5 billion in federal income taxes if its use of offshore tax avoidance strategies were eliminated.
Michael Corbat, the CEO of Citigroup, made more than $17.6 million in total compensation last year.
Pfizer, one of the largest prescription drug companies in America, not only paid no federal income taxes from 2010 to 2012, it received $2.2 billion in tax refunds from the IRS at the same time it made $43 billion in profits worldwide.
In 2012, Pfizer stashed $73 billion in profits offshore and has used aggressive offshore tax strategies to avoid paying U.S. income taxes.
Ian Read, the CEO of Pfizer, made $17.7 million in total compensation last year.
Hank McKinnell, Jr., who was Pfizer’s CEO from 2001 to 2006, received a golden parachute from Pfizer worth an estimated $188 million.
In 2011, Federal Express received a $135 million tax refund from the IRS even though it made more than $2.7 billion in U.S. profits that year.
FedEx receives more than $1 billion a year from the U.S. Postal Service to provide air service for all express mail and priority mail shipments.
Frederick Smith, the CEO of FedEx, made more than $12.6 million in total compensation last year.
From 2009 to 2010, not only did Honeywell pay no federal income taxes, it received a $510 million tax refund from the IRS even though it made a combined profit in the U.S. of almost $3 billion.
In 2012, Honeywell stashed $11.6 billion in offshore tax havens to avoid paying U.S. income taxes. Honeywell would owe an estimated $4.06 billion in federal income taxes if its use of offshore tax avoidance were eliminated.
David Cote, the CEO of Honeywell, made more than $25.4 million in total compensation last year.
Mr. Cote wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.
In 2009, not only did Merck pay no federal income taxes, it received a $55 million tax refund from the IRS, even though it earned more than $5.7 billion in U.S. profits.
In 2012, Merck stashed $53.4 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $18.69 billion in federal income taxes.
Fred Hassan, the CEO of Merck from 2003 to 2009, received a golden parachute worth an estimated $189 million.
Merck’s current CEO, Kenneth Frazier, has a retirement account worth an estimated $14.4 million. He wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.
From 2008 to 2012, not only did Corning pay no federal income taxes, it received a $10 million tax refund from the IRS, even though it earned more than $3.4 billion in U.S. profits during those years.
Corning has stashed $11.9 billion in offshore tax havens to avoid paying U.S. income taxes. Corning would owe an estimated $4.165 billion in federal income taxes if its use of offshore tax avoidance were eliminated.
Wendell Weeks, the CEO of Corning, has a retirement account worth an estimated $22.8 million. Mr. Weeks wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.
Sen. Bernie Sanders
George Soros $6.7 billion tax bill
Hedge Fund schemers are the modern version of robber barons. At the top of the list of unscrupulous manipulators is the Nazi collaborator, George Soros. With reports like in Forbes that George Soros May Owe Billions In Taxes, an alarm should go off to all investors.
“By the early 2000s, hedge funds were considered de rigeur for sophisticated investors willing to take a risk in exchange for potential wealth. As that potential wealth grew, so did the potential tax bill, and managers began looking at other options. The solution? Investing in offshore hedge funds. Hedge fund managers are generally taxed on income in the country where the fund is located making relocating to the usual offshore suspects such as the Caymans, Bermuda and Ireland attractive. Tax was essentially deferred on fees from these funds until it landed in the hands of those in the U.S.”
The 2008 financial meltdown had all the Wall Street elites scrambling to protect their investment, while avoiding the day of reckoning with the tax man. One such effort as Forbes cites allowed for another deferred work around.
The change was inserted into the Emergency Economic Stabilization Act of 2008 (Public Law 110-343) – and if that sounds familiar, you’re not imagining it. That law was also instrumental in the administration of the Troubled Assets Relief Program, or TARP. The new law essentially banned the deferral of fees and compensation by these offshore hedge funds.
Moving the domicile for the Soros fund to Ireland was an attempt to circumvent the intent of an ill-written law.
The Street lays out the basis for the enormous tax bill coming due.
“At the end of 2013, Soros—through Soros Fund Management—had amassed $13.3 billion through the use of deferrals, according to Irish regulatory filings by Soros.
Congress closed the loophole in 2008 and ordered hedge fund managers who used it to pay the accumulated taxes by 2017. A New York-based money manager such as Soros would be subject to a federal rate of 39.6 percent, combined state and city levies totaling 12 percent, and an additional 3.8 percent tax on investment income to pay for Obamacare, according to Andrew Needham, a tax partner at Cravath, Swaine & Moore. Applying those rates to Soros’s deferred income would create a tax bill of $6.7 billion.”
Now this background provides the business analysis but far more important is the relevance of the political clout that Soros has wheeled for decades and how that influence will effect if he will actually pay his tax bill.
Review the long laundry list of Organizations Funded Directly by George Soros and his Open Society Institute that have received direct funding and assistance from George Soros.
Note that the deadline for payment is 2017, just after the next election. Image the next puppet taking office using an executive order to further delay or water down the actual collection of the Soros tax obligation.
It should be self-evident that the weight of Wall Street influence will be enormous in the 2016 Presidential coronation.
Dismiss the obvious hypocrisy of advocating for higher taxes while avoiding your own tax payment and focus on the actual results.
“A manager with Soros’s track record who started with $12 million from investors, took 20 percent of the profits, and reinvested that money tax-free over 40 years, would end up with $15.9 billion. If that same manager paid federal, state, and local taxes on the fees and related investment gains before reinvesting them, the figure would shrink to $2.4 billion…”
This strategy is not unique but it is symbolic of the way the financial elites benefit from their extraordinary influence over the biased tax regulations that favors the politically well connected.
The difficulty for leftist supporters of the Soros mind numbing collectivist culture is that they are unable to separate between the rhetoric and the reality of actual actions.
Soros is a pied piper for the naïve and misguided. All the millions he spends on altering the political landscape have a financial component to protect his own fortune.
Restructuring tax law and regulations never reforms the system. This one example, how hedge funds circumvent taxes, should illustrate that inserting loopholes into statutes is the function of lobbying and providing campaign contributions.
George Soros has a long record of avoiding paying taxes, while undermining political regimes. But he is not alone in avoiding taxes. Bankers Anonymous outlines how the game is played.
“If you set up a traditional hedge fund, first things first: you’ll want to charge the traditional “2/20.”Embedded in this short-hand lingo of “2/20” for hedge fund fees are two types of income.
With the two types of income, you need the two entities to keep the income tracked separately. Entity #1 collects the “2,” which is taxed like regular business income, and Entity #2 collects the “20,” which collects your totally awesome income at a lower tax rate.
The “2” refers to an annual management fee of 2% of assets under management. On a small/medium-sized hedge fund of, for example, $500 million under management, you will collect $10 million in management fees per year.”
Since the standard format for a hedge fund treats fees as different tax rates, the hidden deception is why such hedge funds go unregulated by the SEC? The sweet heart tax treatment deal that allows circumvention of normal rates is a profound offence. Moving the venture offshore just adds to the outrage. Targeting 2017 for final settle up will be forgotten as the next deferment exception is adopted.
Unless people admit the elite as the real power behind the political charade, there will never be equitable tax accountability. Soros plots to overthrow governments. Ignoring the tax bill should be a cake walk. A better solution is to institute serious and comprehensive oversight over the 2-20 tax dodge and apply the same rules to the financial privileged that ordinary citizens must observe. If you agree, keep the pressure on Soros and demand a long overdue resolution.
James Hall – May 13, 2015
All of the above entities know that the Internal Revenue Service [IRS] is a private corporation originally used to fund the rise of Hitler and other activities of the Nazis that are still ruling the United States today.
The establishment of the IRS is a clear violation of the constitution of the US Republic.
Here are its incorporation papers…
One of the significant sources of funds for the Fascistic Nazionist Khazarian Mafia is the healthcare industry which registered a whopping $3.09 trillion in 2014, and is projected to soar to $3.57 trillion in 2017, in the US alone. We believe that this is just a conservative figure.
We can avoid using drugs, defeat any viral attack and scaremongering easily by knowing how to build our own comprehensive antiviral system. Find more about it here.
You can actually participate in the global efforts to cripple the Deep State organized criminal cabal's ability for genocide, while enjoying healthcare freedom at the same time, by boycotting Big Pharma for good.