Walter’s Perspective: When Do We Get A Break?

April 12, 2011 11:04 PM

Walter Jacobson (CBS)

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If it’s not on your calendar and you don’t happen to know it, April 12 is Tax Freedom Day, which means that between January 1st and April 12, every penny we’ve earned in three months and two weeks of work, we’ll have to pay in taxes.

Now that’s a pinch. So, what’s the pinch on Wall Street, on the corporations? Here are some of their recent numbers:

Citigroup: $4 billion in profits and zero taxes.

Bank of America: $4.5 billion in profits and no taxes.

Chevron: $10 billion in-profits and no taxes.

ConocoPhillips: $16 billion in profits, zero taxes.

Exxon Mobile: $19 billion in profits, no taxes.

Over the past five years, General Electric has raked in $26 billion dollars in profits, and paid no taxes. In fact, General Electric got $3 billion in tax credits from the IRS.

Big, big, breaks for the guys on Wall Street.

When do we get a break?

KEN

MAYOR DALEY, AREN’T YOU IN SUPPORT OF THE AMERICAN PEOPLE? YOU KNOW…..THE ONES WHO WORK FOR A LIVING AND GET LITTLE PAY! THE ONES THAT GET ROBBED BY POLITICIANS. WHY DON’T THE POLITICIANS TAKE THE RAYNES AND TAKE A CUT IN THEIR PAY? THEIR RETIREMENT SHOULD BE LIKE THE AVERAGE PERSONS RETIREMENT. THEY SHOULD ALSO SHOULD HAVE THE SAME HEALTH CARE. THEY SHOULD LIVE ON 35 TO 40,000 DOLLARS A YEAR! BE A MAN MR. DALEY AND GET THIS THROUGH CONGRESS, THE HOUSE, ECT, ECT.
Centurion

You will get a break when you contribute MILLIONS to the re-election campaigns of those who are giving you the tax breaks. Until then…PAY UP
Arlington

Walter has lost any amount of credibility he might have had with this latest diatribe. When he has an understanding of FAS109, the US Tax Code and Treasury Regulations, then he can hold himself out as someone able to intelligently comment on the tax status of corporations. Until then, he’s just spreading more mis-information.