17.
Pro Se Plaintiff Slave Negro Louis Charles Hamilton II USN # 2712, “Plaintiffs Slaves et al” Further appearances Affirm, State and fully declare all allegation, contention, disputes, disputation, argument, conflict and disharmony, fully furtherance’s cause of action as follows:
Third Party” U.S. Sues Wells Fargo: Yet Another Bailed-Out Bank Accused of Fraud as described by The ”Third Party” on
U.S. Attorney in the Southern District of New York brought a case against banking giant seeking 'hundreds of millions of dollars' in damages for what it says is a decade of mortgage market fraud direct at among others
“PLANTIFFS” criminally herein as factual further before the “Honorable Court Justice” “Plaintiffs” argument “Chief Defendant(s) “Negro Slave Trade Corporations et al”1000% (Defendant) being criminal/civil (RICO) enterprising “Slave Traders” herein being
Most of America's largest publicly traded corporations -- including several that are receiving billions of dollars from Plaintiffs” U.S. taxpayers to finance “Chief Defendant(s) “Negro Slave Trade Corporations et al” own crooked (RICO) “Slave Trading “Whites Only” recovery –
“Chief Defendant(s) “Negro Slave Trade Corporations et al” have set up offshore operations that could help them avoid paying U.S. taxes on their profits
“Chief Defendant(s) “Negro Slave Trade Corporations et al” American International Group, Bank of America, Citigroup and Morgan Stanley are among the (Defendant) companies that are getting bailed out by “PLANTIFFS” U.S. taxpayers while
“Chief Defendant(s) “Negro Slave Trade Corporations et al” having subsidiaries in locations where they can avoid paying “Third Party” U.S. taxes, and leaving “PLANTIFFS” taxes for squandering as you “Whites Only” wishes in (RICO) enterprising fraudulent endeavors
Of the 100 largest “Chief Defendant(s) “Negro Slave Trade Corporations et al” public companies,
Official namely “Chief Defendant(s) “Negro Slave Trade Corporations et al” 83 (Defendants) do business in tax-haven hotspots like the Cayman Islands, Bermuda and the British Virgin Islands, where they can move their
“Slave Trade Loot, and plundering (RICO) PLANTIFFS monetary income into tax-free accounts in favor of “Whites Only” Constitution and
White (KKK) controlled Congress profiting and living off “Negro Slave Trade” since 1619 – 2016 (December), as by example of (RICO) enterprise “Chief Defendant(s) “Negro Slave Trade
Corporations et al”
1. Defendant 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.”
2. Defendant Boeing
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.
3. Defendant Verizon
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. Defendant 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.
5. Defendant Citigroup
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.
6. Defendant Pfizer
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.
7. Defendant FedEx
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.
8. Defendant Honeywell
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.
9. Defendant Merck
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.
10.Defendant Corning
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
18.
Pro Se Plaintiff Slave Negro Louis Charles Hamilton II USN # 2712, “Plaintiffs Slaves et al” Further appearances Affirm, State and fully declare all allegation, contention, disputes, disputation, argument, conflict and disharmony, fully furtherance’s cause of action as follows:
The Third Party” (USA) government ended its $80 billion bailout of the “Chief Defendant(s) “Negro Slave Trade Corporations et al” U.S. auto industry on or about December 18, 2014.
That's when the “Third Party” Treasury Department sold its last remaining shares of Ally Financial (formerly GMAC) for $19.6 billion of (RICO) Plaintiffs monetary taxes.
As scheming By selling when the stock market was high, “Third Party” Treasury made a $2.4 billion “Slave Trade RICO racket profit” on its stolen “PLANTIFFS” $17.2 billion monetary taxes initial (RICO)
enterprising “Whites Only” forevermore investment in “Chief Defendant(s) “Negro Slave Trade Corporations et al”
GM's former financing arm. (Source: "Bank Bailouts Approach Final Reckoning," WSJ, December 19, 2014)
19.
Pro Se Plaintiff Slave Negro Louis Charles Hamilton II USN # 2712, “Plaintiffs Slaves et al” Further appearances Affirm, State and fully declare all allegation, contention, disputes, disputation, argument, conflict and disharmony, fully furtherance’s cause of action as follows
:
“Chief Defendant(s) “Negro Slave Trade Corporations et al” US
corporate tax cheats hiding $1.4 trillion in profits in offshore accounts
As described
By Patrick Martin
15 April 2016
A report issued Thursday by the British charity Oxfam found that the 50 largest US corporations are hiding $1.4 trillion in profits in overseas accounts to avoid US income taxes, much of it in tax havens like Bermuda and the Cayman Islands.
The biggest tax dodger is technology giant Apple, with $181 billion held offshore. General Electric had the second-largest stash, at $119 billion, enough to repay four times over the $28 billion GE received in federal guarantees during the 2008 Wall Street crash.
Microsoft had $108 billion in overseas accounts, with companies like Exxon Mobil, Pfizer, IBM, Cisco Systems, Google, Merck, and Johnson & Johnson rounding out the top ten.
Overseas tax havens have been the focus of recent revelations about tax scams by wealthy individuals, based on the leak of the “Panama Papers,” documents from a single Panama-based law firm, Mossack Fonseca, involving 214,000 offshore shell companies. The firm’s clients included 29 billionaires and 140 top politicians worldwide, among them a dozen heads of government.
But the sums involved in corporate tax scams dwarf those hidden away by individuals. According to the Oxfam report, the offshore manipulations by the 50 largest US corporations cost the US taxpayer $111 billion each year, while robbing another $100 billion annually from countries overseas, many of them desperately poor.
The $111 billion a year in US taxes evaded would be sufficient to eliminate 90 percent of child poverty in America, effectively wiping out that social scourge. It is more than the annual cost of the food stamp program, or unemployment benefits, or the total budget of the Department of Education.
Oxfam timed the release of its report for the April 15 income tax deadline in the United States (actually Monday, April 18 this year), when tens of millions of working people must file their income tax returns or face federal penalties.
Working people could face additional tax penalties of up to 2 percent of household income, to a maximum of $975, under the Obamacare “individual mandate,” if they have not purchased private health insurance.
There is a stark contrast between the IRS hounding of working people for relatively small amounts of money—but difficult or impossible to pay for those on low incomes—and the green light given to corporate tax cheats who evade taxation on trillions in income.
Federal Tax Paid vs Federal Loans, Bailouts, Loan Guarantees Received by 50 largest US companies 2008-2014
“As Americans rush to finalize tax returns, multinational corporations that benefit from trillions in taxpayer-funded support are dodging billions in taxes,” said Raymond C. Offenheiser,
President of Oxfam America. “The vast sums large companies stash in tax havens should be fighting poverty and rebuilding America’s infrastructure, not hidden offshore in Panama, Bahamas, or the Cayman Islands.”
The Oxfam report, titled “Broken at the Top,” expresses concern that “tax dodging by multinational corporations…contributes to dangerous inequality that is undermining our social fabric and hindering economic growth.”
It continues: “This inequality is fueled by an economic and political system that benefits the rich and powerful at the expense of the rest, causing the gains of economic growth over the last several decades to go disproportionately to the already wealthy.
Among the most damning examples of this rigged system is the way large, profitable companies use offshore tax havens, and other aggressive and secretive methods, to dramatically lower their corporate tax rates in the United States and developing countries alike.”
Oxfam collected figures available from the 10-K reports and other financial documents issued by the 50 largest US companies, covering the period since the Wall Street crash, 2008 through 2014, and presented them in an interactive table.
The figures included total profits, federal taxes paid, total US taxes paid (including state and local), lobbying expenses, tax breaks, money held in offshore accounts, and benefits received from the federal government, including loans, loan guarantees and bailouts.
Among the most important findings:
* The top 50 companies made nearly $4 trillion in profits globally, but paid only $412 billion in federal income tax, for an effective tax rate of barely 10 percent, compared to the statutory rate of 35 percent.
* The 50 companies spent $2.6 billion to influence the federal government, while reaping nearly $11.2 trillion in federal support, for an effective return of 400,000 percent on their lobbying expenses.
* The overseas cash stashed by the 50 companies, nearly $1.4 trillion, is larger than the Gross Domestic Product of Russia, Mexico, Spain or South Korea.
* US multinationals reported 43 percent of their foreign earnings from five tax havens, countries that accounted for only 4 percent of their foreign workforce and 7 percent of foreign investment.
All told, US companies shifted between $500 billion and $700 billion in profits from countries where economic activity actually took place to countries where tax rates were low.
* In the year 2012 alone, US firms reported $80 billion in profits in Bermuda, more than their combined reported profits in the four largest economies (after the US itself): China, Japan, Germany and France.
This figure was nearly 20 times the total GDP of the tiny island country.
The Oxfam report also pointed to an estimated $100 billion in taxes evaded in foreign countries, many of them rich in natural resources extracted by such global giants as Exxon, Chevron and Dow Chemical.
According to the report, “Taxes paid, or unpaid, by multinational companies in poor countries can be the difference between life and death, poverty or opportunity.
$100 billion is four times what the 47 least developed countries in the world spend on education for their 932 million citizens
. $100 billion is equivalent to what it would cost to provide basic life-saving health services or safe water and sanitation to more than 2.2 billion people.”
The report cited former UN Secretary-General Kofi Annan’s assessment that “Africa loses more money each year to tax dodging than it receives in international development assistance.”
Oxfam offered no solution to the growth of inequality and the systematic looting by big corporations that its report documents, except to urge governments around the world to close tax loopholes.
The group also pleads with the corporate bosses themselves not to be quite so greedy.
Neither capitalist governments nor the
CEOs will pay the slightest attention. But the working class should take note of these figures, which provide ample evidence of the bankrupt and reactionary nature of capitalism, and the urgent necessity of building a mass movement, on a global scale, to put an end to the profit system.
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