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05/18/2012 02:46 PM ID: 91993 Permalink   

Senators Introduce "Ex-Patriot Act" to Go After Tax Dodgers, to Target Facebook´s Eduardo Saverin


Democratic Sens. Charles Schumer of New York and Bob Casey Jr. of Pennsylvania said at a press conference Thursday that they plan to introduce new legislation to punish tax dogers like Facebook´s Eduardo Saverin.

The co-founder of the social network relinquished his U.S. citizenship last year in an attempt to save him an estimated $67 million to $100 million in U.S. taxes.

Schumer was outraged about Saverin´s actions and said Saverin "wants to de-friend the United States of America just to avoid paying taxes. We aren´t going to let him get away with it."

    WebReporter: edie Show Calling Card      
ASSESS this news: BLOCK this news. Reason:
  Land of the free  
Now you can´t leave.
  by: DRK   05/18/2012 03:39 PM     
He´s guilty of economic treason. He should be shot.
  by: Lurker     05/18/2012 11:27 PM     
  I wonder  
how many Senators there are that find loop holes or work the system to pay smaller or no amount of taxes.
  by: landocommando   05/19/2012 02:24 AM     
  North Cuba  
Honestly? All those people care about are taxes.
  by: H. W. Hutchins   05/19/2012 08:00 AM     
Somebody has to pay for immoral war.
  by: Lurker     05/19/2012 03:14 PM     
  The [second] biggest tax cheat  
is BONO from Ireland
  by: mcink2   05/20/2012 02:58 AM     
  What about ......  
THe top Tax evaders in the USA?

7) Hewlett-Packard

Hewlett-Packard (NYSE:HPQ) earned pretax income of $9.4 billion, but managed to keep their tax rate the same as someone earning less than $33,950 a year. Their trickery? Book profits at lower-tax foreign subsidiaries.

6) Verizon

Verizon (NYSE:VZ) has a lovely 10.5% tx rate. Thats better than a long term capital gain. Although Verizon earned $11.6 billion in pretax income, they have diverted much of their income through foreign wireless partner Vodafone.

5) Chevron

Chevron (NYSE:CVX) paid $8 billion in taxes on $18.5 billion in pretax income. So why did they make the list? Chevron only sent Uncle Sam a check for $200 million. The rest was paid abroad in lower-tax countries. I think they should change their logo colors from red, white and blue to something more representative of the Caymans.

4) Ford Motors

We all know Ford (NYSE:F) and other car makers have been skidding since the recession began. The struggling car maker still managed to earn $3 billion in pretax income. The beauty? Ford only plunked down $69 million in taxes  a 2.3% tx rate.

Not bad considering all the other subsidies, bailouts, and cash for clunkers weve already given as gifts to one of the oldest car manufacturers in the world.

3) ExxonMobil

ExxonMobile (NYSE:XOM) did pay $17.6 billion in taxes on $37.3 billion in pretax income. However, unlike Chevron, none of Exxons taxes were paid in the US. Thats funny & I think they sell a fair amount of profitable gasoline here.

2) Bank of America

Bank of America (NYSE:BAC) earned pretax income of $4.4 billion in 2009, yet the financial services super market tallied up a $1.9 billion tax benefit.

How could such a travesty occur? Bank of America scoured the tax code for deductions like $860 million in tax-exempt income, $670 million in low-income housing credits, and a $600 million loss on shares of foreign subsidiaries.

Making matters worse for the US Treasury, Bank of America has a provision for credit losses of $49 billion which will carry over for a long, long time.

1) General Electric

Like those who received an Earned Income Credit (EIC), General Electric (NYSE:GE) actually made money on their tax filing this year! Although the industrial behemoth generated $10.3 billion in pretax income, they recorded a tax benefit of $1.1 billion. Dont we all wish we could be in that bracket.

But big tax breaks are nothing new for the 12th largest company in the world. In 2008, GEs effective tax rate was 5.3% vrsus the marginal US corporate rate of 35%. n 2007, it was 15%. oud think GE would at least pay a little more for paper and administration costs considering their tax filing to the IRS is an astounding 24,000 pages when printed out.

Do you think these companies should be paying more in taxes?

[ edited by smgordon1259 ]
  by: smgordon1259   05/20/2012 06:45 AM     
As far as ford, I think because it´s an "American icon" and as you said oldest car maker in the world. They get perks, in Russia, Izmash arms manufacture got a bail out from the government. They are the prolific manufacture of AK rifles and variants for decades. So of course the state won´t let certain companies that come off as a symbol of that nation to flunk.

  by: DRK   05/20/2012 06:40 PM     
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