In fact, each of the these multi-billion dollar corporations have set up offshore accounts to avoid their taxes:
* American Express
* Bank of America
Yet, these are just nine of the numerous companies that have set up an offshore subsidiary to avoid paying their taxes.
They are not in the minority.
In all, 83 of the 100 biggest corporations in America have set up off-shore tax shelters, costing the rest of us as much as $100 billion a year.
President Obama has proposed a budget that will close the loopholes that allow corporations to set up off-shore tax havens, and now it’s in the hands of Congress.
But, as Senator Dick Durbin recently admitted, “The banks—hard to believe in a time when we’re facing a banking crisis that many of the banks created—are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
This is our reality, America. We live in a Corporatocracy where the richest and most powerful corporations play by their own set of twisted, self-serving rules.
Of those, 47 are U.S.-based.
The overall share of federal taxes paid by U.S. corporations is now less than 10 percent, down from 21 percent in 2001 and 50 percent during World War II.
According to Forbes magazine, one-third of America's largest and most profitable corporations paid zero taxes -- or actually received credits -- in at least one of the previous three years.
Our government is plainly for sale: In the 10-year period beginning in 1998, financial companies spent $1.7 billion on federal campaign contributions and another $3.4 billion on lobbyists.
And there are 185 former members of the House and Senate registered as Washington lobbyists. Congress simply serves as a gateway to the money and influence-peddling of these lobbyists.
In America, you get what you pay for with campaign contributions and political donations -- not taxes.
That's how money talks.