Inside the SC Johnson vs. David Cay Johnston dispute on corporate taxes. By Dave Umhoefer Published on Sunday, September 11th, 2011 at 10:00 p.m.
When a Pulitzer Prize-winning journalist bumped heads with S.C. Johnson, one of the nation’s largest private companies, the collision renewed a tax-fairness debate that flared with reports that General Electric had no U.S. tax bill despite billions in profits last year. Reuters columnist David Cay Johnston questioned the corporate tax strategies he said allowed the company to avoid paying even one dollar of Wisconsin corporate income tax -- not just for one year, but nine years running. An Investment Manager's View on the Top 1% This article was written by an investment manager who works with very wealthy clients. him from decades ago, but in 2011 he e-mailed me with some concerns he had about what was happening with the economy.
What he had to say was informative enough that I asked if he might fashion what he had told me into a document for the Who Rules America Web site. He agreed to do so, but only on the condition that the document be anonymous, because he does not want to jeopardize his relationships with his clients or other investment professionals. Make no assumptions about the investment manager with respect to race, ethnicity, political perspective, or views on government economic policy; he may or may not fit readers' preconceptions concerning some of these categories. NOTE: The investment manager has also written an update for 2014. Corporate Tax Holiday in Debt Ceiling Deal: Where's the Uproar?
Rupert Murdoch's News Corp made 'profit' of $4.8bn in US gov income tax refunds. CORRECTIONThis story was based on a Reuters piece by David Cay Johnston, which he has since retracted and correctedHis full explanation can be read by clicking here By Daily Mail Reporter Updated: 17:59 GMT, 14 July 2011 Rupert Murdoch's News Corp. collected $4.8 billion in income tax refunds in the last four years, an investigation has uncovered.
The payback means Murdoch's U.S. How News Corp. Received Billions In Tax Refunds. Editor's Note: Reuters issued an advisory indicating that the column written by David Cay Johnston, on which this interview with Johnston was based, was wrong:
US Uncut. iLove Apple but iHate the Tax Cheat.
I can sync my iPhone to my MacBook Why can't I sync it to my Values? Apple is lobbying congress for a "Tax Holiday" so they can dodge $4 billion in taxes. Do we want $4 billion for Apple OR salaries for 90,000 teachers? US Uncut Demands Apple: Leave the Tax Cheat Lobbying Group and Stop Lobbying Congress for More Tax Loopholes Congress: No More Budget Cuts – No $80 Billion Tax Holiday For Corporate Tax Cheats. Goldman Traders Tried to Manipulate Derivatives Market in '07, Report Says. Goldman Sachs Group Inc.
(GS) mortgage traders tried to manipulate prices of derivatives linked to subprime home loans in May 2007 for their own benefit, according to a U.S. Senate report. Company documents show traders led by Michael J. Swenson sought to encourage a “short squeeze” by putting artificially low prices on derivatives that would gain in value as mortgage securities fell, according to the report yesterday by the Permanent Subcommittee on Investigations. The idea, abandoned after market conditions worsened, was to drive holders of such credit-default swaps to sell and help Goldman Sachs traders buy at reduced prices, according to the report. Top 10 US Corporate Tax Avoiders Named on Senate Floor. Despite complaints about the U.S.’s burdensome 35% corporate tax rate, two-thirds of American corporations pay no taxes in a given year.
In a speech last week on the Senate floor, Senator Bernie Sanders (I) of Vermont called out the top 10 corporate tax avoiders: Among those actually getting money back from the Feds: ExxonMobil made $19 billion in profits in 2009, paid no federal income taxes, received a $156 million rebateBank of America received a $1.9 billion IRS refund despite $4.4 billion of profitsGeneral Electric had $26 billion in profits, and $4.1 billion refund (GE made it onto another top 10 list of top corporate lobbyists in 2010, spending $39 million)Chevron nabbed a $19 million refund after making $10 billion in profits. The Double Irish - How Companies Bypass the US High Income-Tax Rate. Tim DeChristopher: A Monkey Wrencher comes to Trial. Bank of America to pay $137M in state fraud cases.
Bank of America will pay $137.3 million to settle allegations that it defrauded schools, hospitals and dozens of other state and local government organizations, federal officials said Tuesday.
The settlement stems from a long-running investigation into misconduct in the municipal bond business that raises money for localities to pay for public services. Bank of America is accused of depriving local organizations of millions of dollars by engaging in illegal behavior when investing the proceeds of municipal bond sales. The bank is paying $107.8 million to these organizations in restitution, $25 million to the Internal Revenue Service for abuses related to the tax-free status of municipal bonds and $4.5 million to state attorneys general for costs related to their investigations. The government showed Bank of America leniency in the settlement because the bank first disclosed the illegal conduct that launched the investigation. Subscribers Have Been Ripped off for $5 a Month Since 2000. November 7, 2010 | Like this article?
Join our email list: Stay up to date with the latest headlines via email. Guest Post: Mortgages Were Pledged to Multiple Buyers at the Same Time. By George Washington Bank of America alleged in a court filing this June:
Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes. Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda. Google’s income shifting -- involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” -- helped reduce its overseas tax rate to 2.4 percent, the lowest of the top five U.S. technology companies by market capitalization, according to regulatory filings in six countries. “It’s remarkable that Google’s effective rate is that low,” said Martin A. Sullivan, a tax economist who formerly worked for the U.S. Treasury Department. “We know this company operates throughout the world mostly in high-tax countries where the average corporate rate is well over 20 percent.” The U.S. corporate income-tax rate is 35 percent. Google, the owner of the world’s most popular search engine, uses a strategy that has gained favor among such companies as Facebook Inc. and Microsoft Corp.
Countless Companies. Banking malfeasance Inside the fraud factory. Home | About Us | Our Advertisers | Contact | Subscribe Inside the fraud factory An unwitting foot soldier inthe Wall Street mortgage mega-scam The biggest financial fraud in history. G.E.’s Strategies Let It Avoid Taxes Altogether. Drew Angerer/The New York Times <strong>A PRESIDENT’S BUSINESS LIAISON</strong>In January, President Obama named Jeffrey R. Immelt, General Electric’s chief executive, to head the President’s Council on Jobs and Competitiveness.
“He understands what it takes for America to compete in the global economy,” Mr. Obama said. Shocking Fraud from Financial Scum : Good Math, Bad Math. Against my better judgement, I’ve ended up writing a lot about the financial mess that we’re currently going through. If you’ve read that, you know that my opinion is that the mess amounts to a giant pile of fraud. But even having spent so much time reading and studying what was going on, the latest news from the financial mess shocks me. Even knowing how utterly sleazy and dishonest many people in the financial world have been, even knowing about the stuff they’ve been doing, the kinds of out and out fraud that they’ve perpetrated, the latest news makes them look even more evil than I could have imagined. Let’s start by reviewing a bit. The basic thing at the root of the problem is something called acollateralized debt obligation – CDO.
Whistle Blower Comes Forward With Solid Proof The Price Of Gold And Silver Is Being Manipulated By Major Financial Institutions. Pentagon Paid Billions To Contractors Suspended For Fraud. WASHINGTON -- The military paid a total of $285 billion to more than 100 contractors between 2007 and '09, even though those same companies were defrauding taxpayers in the same period, according to a new Defense Department report. Servicer-Driven Foreclosures: The Perfect Crime?