DO IIT NOW DOSSIER; (anti)Verizon petitions to sign

	Virginia Simson, last weekend 45,000 Verizon workers went on strike. You only have to look at a few numbers to know why: $258 million—the compensation for Verizon’s top five executives over the past four years. $6 billion—Verizon’s annualized profits for 2011. $6,800—the increase in health care costs each worker could face if Verizon gets its way. While Verizon executives are swimming in oceans of cash, they are trying to kick their workers out of the middle class. Show your support for these workers by signing our solidarity petition. We'll deliver it to the folks on the picket lines. In solidarity, Laura Clawson Labor Editor, Daily Kos ALSO, from CWA:

http://action.cwa-union.org/c/1153/p/salsa/web/tellafriend/public/?tell_a_friend_KEY=8181

U.S. Corporations Paid Far Less Than Legally-Imposed Tax Rate: Study

Source: Huffington Post
By Kevin Drawbaugh

June 2, 2011

Twelve big U.S. companies paid far less than the statutory corporate tax rate from 2008 to 2010, despite making substantial profits in that period, said a report released on Wednesday.

With the Obama administration drafting a corporate tax reform plan, the report found General Electric Co, American Electric Power Co Inc, DuPont Co and nine other companies had a negative 1.5 percent tax rate on $171 billion in profits over the three years studied.

"Not a single one of these companies paid anything close to the 35 percent statutory tax rate," said the report from Citizens for Tax Justice, a left-leaning group based in Washington that promised more details later this year.

The White House and Congress are considering an overhaul of the corporate tax system as a partial solution to the federal deficit, projected to hit $1.4 trillion this year.

Critics say tax loopholes promoted by corporate lobbyists and enacted by Congress are to blame for a system that lets companies avoid taxes, usually in perfectly legal ways.

Some business leaders have said they could live with closing some of these loopholes, but in return, they have said they want the statutory tax rate lowered. It is among the highest rates in the industrialized world.

Both President Barack Obama and Republicans want to trim the rate. Obama has said he wants to end enough corporate tax breaks to compensate for the revenue that would be lost from a lower rate. Republicans have blasted that as "tax hikes."

The Business Roundtable, a lobbying group for corporate CEOs, issued a report in April that said U.S.-based companies faced an average effective tax rate of 27.7 percent in the 2006-2009 period, more than their non-U.S. competitors.

The debate promises to go on for months and possibly years. U.S. Treasury Secretary Timothy Geithner last week predicted movement on tax reform later in 2011.

Citizens for Tax Justice produced a report in the 1980s that helped lead to President Ronald Reagan's landmark 1986 tax reforms. Since then, the tax code has become riddled with exemptions, deferrals and other special breaks.

Companies singled out in Citizens for Tax Justice's newest report also included Verizon Communications, Boeing Co, Wells Fargo & Co, FedEx Corp and Exxon Mobil Corp.

'TIP OF ICEBERG'

"These 12 companies are just the tip of the iceberg of widespread corporate tax avoidance," said Bob McIntyre, director of Citizens for Tax Justice, which is working on a broader report covering the Fortune 500 companies.

Elected officials should make "reducing or eliminating the vast array of corporate tax subsidies the centerpiece of any deficit-reduction strategy," he said.

GE spokesman Andrew Williams said the company is "fully compliant with all tax laws. There are no exceptions."

He said GE's 2010 tax rate was low because the company lost billions of dollars in GE Capital, its financial arm, as a result of the global financial crisis. "GE's tax rate will be much higher in 2011 as GE Capital recovers," he said.

Citizens for Tax Justice said that in the 2008-2010 period, 10 of the dozen companies studied enjoyed at least one year in which they were profitable, but paid no taxes.

Exxon Mobil had a 14.2 percent effective tax rate over the 3-year period, the highest of the 12 companies cited in the report, according to the group.

Exxon Mobil spokesman Alan Jeffers said, "Our effective tax rate in this country over the past six years has averaged about 32 percent. Last year our total taxes and duties to the U.S. government were $9.8 billion, which includes an income tax expense of $1.8 billion."

American Electric Power and DuPont did not respond to requests for comment. DuPont effectively paid $258 million in taxes in the first quarter of 2011, a 15.2 percent tax rate.

(Additional reporting by Matthew Daily and Ernest Scheyder in New York, Anna Driver in Houston, Scott Malone in Boston; Editing by Richard Chang)

Copyright 2011 Thomson Reuters.

Verizon confronts Pirates in DC. Way to GO!

Event: Direct action against a corporate tax their doorstep. Bring your chants! Bring your signs! Bring IT ON! This is going to be a good time.
Target: Shhh... it's a secret. Hint: Can you hear us NOW? Pay your taxes.
Location: Union Station, meet up at the Center Cafe in the Main Hall.
Meet-up: 11:30 a.m. Time of Action: 12:00 p.m.
Bonus: Author Nick Shaxson, who recently wrote a book on tax dodging and tax havens, may be participating in a "guerilla book signing" at this event. Check out Nick Shaxson's website: http://treasureislands.org/
Theme: Full on creative action. If you can sing, sing! If you play a musical instrument, play a musical instrument! If you can get your hands on a pirate outfit (i.e. 'treasure islands'), then definitely dress up like a pirate (not required).
US Uncut Demonstration * Friday April 15 * Important Information
• This is a non-violent, non-destructive demonstration. It is also supposed to be light hearted, fun, and creative. We will not verbally or physically confront any employees or customers, they are not our enemies.
• There will be an “action” group that participates in an action inside the location and a “support” group with signs, banners, and music to demonstrate outside of the location.
• If there are security guards, police, or employees blocking the entrance to the location, we will not enter the location and instead sit-down outside.
• We will not comply with requests from employees to exit the location. However, we will comply with any requests from law enforcement.
• The support group outside of the location will have a large banner, signs, posters, etc. This group will play music, hand out flyers, sing and chant, etc.
• The support group will not block free access to the location doors and will not block free pedestrian access to the walkway.
• Each person must determine the level of her or his involvement and participation. There are risks involved with participation in either the action or support group. We have no leaders, no structure, no support lawyers, and no network to get bail money if you are arrested.

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RT nickshaxson: Just did amaaazing peaceful guerrilla book signing w. @usuncut at Verizon store, Union Station, Washington dc, before police came

Edit— Nick Shaxson (RT from Twitter)

What an incredible action. Our best yet! Over 50 DC Uncutters (some dressed as pirates), accompanied by documentary film makers, at least two news crews, CG (the co-founder of the US Uncut movement), and Nick Shaxson (author of the soon to be best seller on corporate tax havens, Treasure Islands) joined with at least 15 bystanders in occupying a branch of the notorious corporate tax dodger Verizon inside Union Station in Washington DC.

The action started ominously as police stumbled on our meeting spot in the main hall and ordered us to disperse. We immediately changed the meeting place to outside near the liberty bell. At the given time we infiltrated back into the station in groups of three, walking into the Verizon store talking on our phones, acting like customers. Bringing up the rear were our "pirates" and Nick Shaxson with a table to do a "guerrilla book signing." They arrived and immediately set up the table right inside the store, as others started passing out US Uncut signs.
The manager of the Verizon was shocked at the quick occupation, and as he was trying to figure out what was going on all those inside the Verizon (which is small, and was completely packed) yelled 1..2...3.."CAN YOU HEAR ME NOW VERIZON?!? PAY YOUR TAXES!!!!" several times. At this point the manager dragged the book signing table outside, where Shaxson reset himself and continued to sign copies of his book. In the meantime, inside and outside the Verizon, spurred on by CG's playing of a drum, we sang and danced drawing a huge crowd of onlookers on the ground level and balcony. This lasted until several police officers and security guards ordered us to disperse. We complied and regrouped back outside for more book signings, pictures, and dancing.
GREAT ACTION. THANKS TO ALL WHO PARTICIPATED AND HELPED ORGANIZE. THANKS TO NICK SHAXSON AND CG FOR HELPING MAKE THE EVENT TRUELY CREATIVE AND MEMORABLE. SOLIDARITY TO ALL THOSE AROUND THE WORLD WHO SENT MESSAGES OF SUPPORT. WE WILL NOT QUIT, ON TO SUNDAY AND A FUTURE WHERE THE PEOPLE OF THIS WORLD NO LONGER HAVE TO LIVE UNDER THE HAUNTNG SPECTRE OF CORPORATE CAUSED AUSTERITY AND CRISIS!!!!

Edit— US Uncut DC

Targets = Corporate Tax Cheats

If you have $1 in your pocket, then you have more than ExxonMobil, General Electric, & Bank of America paid in taxes last year, combined.

Big U.S. corporations dodge up to $100 billion in taxes every year, which equals $1 trillion every decade that is not invested in our country’s future. Because of overseas tax havens and other tax loopholes, U.S. corporations are making profits in America but barely paying taxes here.

Stop Corporate Tax Dodging: Talking Points and Background Information

There's a direct connection between corporate tax cheats and what's happening to real people’s lives. If we close those loopholes, we wouldn't have to be cutting back on firefighters, library hours, student loans, and valuable public services.

Our current corporate targets

• Bank of America (primary target)
• Verizon
• FedEx

Some general signs for our actions

Click right on the graphics below to download in pdf.

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The Top Seven Corporate Tax Evaders ... Print it !!

http://wallstcheatsheet.com/breaking-news/economy/the-top-7-corporate-tax-evaders.html

Want to hear something worth having a tea party about? Some of the largest US corporations have mastered the art of evading taxes by booking expenses in the US and profits in low-tax countries.

As you send off your taxes on today’s April 15th filing deadline, think about the multi-billion dollar corporations which Forbes reports had lower tax rates than you did:

7) Hewlett-Packard

Hewlett-Packard (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 (VZ) has a lovely 10.5% tax rate. That’s 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 (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 (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% tax rate.

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

3) ExxonMobil

ExxonMobile (XOM) did pay $17.6 billion in taxes on $37.3 billion in pretax income. However, unlike Chevron, none of Exxon’s taxes were paid in the US. That’s funny … I think they sell a fair amount of profitable gasoline here.

2) Bank of America

Bank of American (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), GE (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. Don’t 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, GE’s effective tax rate was 5.3% versus the marginal US corporate rate of 35%. In 2007, it was 15%. You’d 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? Let us know in the comments below …