corporation

What do you think the following profitable corporations paid in actual total federal income taxes in that period: American Electric Power, Boeing, Dupont, Exxon Mobil, FedEx, General Electric, Honeywell, International, IBM, United Technologies, Verizon Communications, Wells Fargo, and Yahoo? Nothing!

CTJ [Citizens for Tax Justice] reports that "from 2008 through 2010, these 12 companies reported $171 billion in pretax U.S. profits. But as a group, their federal income taxes were negative: $2.5 billion."

CTJ documents that "not a single one of the companies paid anything close to the 35 percent statutory tax rate. In fact, the 'highest tax' company on our list, ExxonMobil, paid an effective three-year tax rate of only 14.2 percent…and over the past two years, Exxon Mobil's net tax on its $9.9 billion in U.S. pretax profits was a minuscule $39 million, an effective tax rate of 0.4 percent."

... Should you have any doubts that the corporate state is in firm control of your government, try this test: If you paid a single dollar in federal income tax in any of the years 2008, 2009 and 2010, you paid more than the giant General Electric (GE) company. In that period GE made $7.722 billion in U.S. profit, paid no taxes and received $4.737 billion from the IRS. What do you think the following profitable corporations paid in actual total federal income taxes in that period: American Electric Power, Boeing, Dupont, Exxon Mobil, FedEx, General Electric, Honeywell, International, IBM, United Technologies, Verizon Communications, Wells Fargo, and Yahoo? Nothing!

A BP-led consortium is breaking international rules governing the human rights responsibilities of multinational companies in its operations on the controversial Baku-Tbilisi-Ceyhan oil pipeline, the UK Government ruled...

The ruling states that BP failed to investigate and respond to complaints from local people of intimidation by state security forces in Turkey guarding the pipeline. Local human rights defender Ferhat Kaya, for instance, has reported that he was detained and tortured by the paramilitary police for insisting on fair compensation. Villagers allege that they are routinely interrogated when they raise concerns over the pipeline.

The pipeline passes through an area of north-east Turkey with a substantial Kurdish minority who have been subject to state repression for decades. Since the pipeline's inception over a decade ago, human rights campaigners in Turkey and the UK have highlighted the risk of local people, particularly Kurdish minorities, being intimidated by state security forces. Today's ruling has found that, despite widespread awareness of this "heightened risk intimidation", BP failed adequately to respond to or investigate allegations of abuse that were brought to its attention.

The Complaint argued that such intimidation deterred local people from participating in BP's consultations about the pipeline's route and compensation negotiations for loss of land and livelihoods.

The 2,000-page piece of legislation, according to figures compiled by Physicians for a National Health Plan (PNHP), will leave at least 23 million people without insurance, a figure that translates into an estimated 23,000 unnecessary deaths a year among people who cannot afford care. It will permit prices to climb so that many of us will soon be paying close to 10 percent of our annual income to buy commercial health insurance, although this coverage will only pay for about 70 percent of our medical expenses. Those who become seriously ill, lose their incomes and cannot pay skyrocketing premiums will be denied coverage. And at least $447 billion in taxpayer subsidies will now be handed to insurance firms. We will be forced by law to buy their defective products. There is no check in the new legislation to halt rising health care costs. The elderly can be charged three times the rates provided to the young. Companies with predominantly female work forces can be charged higher gender-based rates. The dizzying array of technical loopholes in the bill—written in by armies of insurance and pharmaceutical lobbyists—means that these companies, which profit off human sickness, suffering and death, can continue their grim game of trading away human life for money...

The health care reform bill, to quote a statement released by PNHP, has instead “saddled Americans with an expensive package of onerous individual mandates, new taxes on workers’ health plans, countless sweetheart deals with the insurers and Big Pharma, and a perpetuation of the fragmented, dysfunctional, and unsustainable system that is taking such a heavy toll on our health and economy today.”

This legislation moves us further in the direction of the commodification of health care... It requires people to purchase health insurance. It takes public dollars to subsidize the purchase of that private insurance. It not only forces people to purchase this private product, but uses public dollars and gives them directly to these corporations. In return, there are no caps on premiums. Insurance companies can continue to raise premiums. We estimate that because they are required to cover people with pre-existing conditions, although we will see if this happens, they will argue that they will have to raise premiums.

We are still a nation full of health care hostages... We live in fear of losing our health care. Millions of people have lost their health care. We fear bankruptcy. The inability to pay medical bills is the No. 1 cause of bankruptcy. We fear not being able to afford medications. Millions of people skip medications. They skip these medications to the detriment of their health. We are not free. And we won’t be free until health care is a human right, until health care is not tied to a job, because we still have an employment-based system, and until health care has nothing to do with immigration status. We don’t care if you are documented or undocumented. It should not matter what your health care status is, if you have a disease or you don’t. It should not matter how much money you have or don’t, because many of our programs are based on income eligibility rules. Until we abolish the private, for-profit health insurance industry in this county we are not free. Until we take the profit motive out of health care we cannot live in the way we want to live. This legislation doesn’t do any of that. It doesn’t change those basic facts of our health care system.

Capital throughout its history has long sought to evade certain costs, to treat them as "externalities" as the economists like to say. Environmental costs and the costs of social reproduction (everything from who takes care of grandmother and the disabled to child rearing) are the two most important categories that capital prefers to ignore. Two hundred years of political struggle in the advanced capitalist world forced corporations to internalise some of these costs either through regulation and taxation or through the organisation of private and public welfare systems...

Since the 1970s, there has been a concerted effort on the part of businesses to divest themselves of the financial and political burdens of dealing with these costs. This was what Reaganism was all about. Simultaneously, the high mobility of capital (encouraged by the deregulation of finance and capital flows) permitted capital to move to parts of the world (Asia in particular) where such costs had never been internalised and where the regulatory environment was minimalist.

Meanwhile, the preferred means for seeking solutions to the key problems of environmental degradation and global poverty – the liberalised markets, free trade and rapid growth and capital accumulation favoured by the IMF, the World Bank and leading politicians in the most powerful countries – are precisely those which produce such problems in the first place. The problem of global poverty cannot be attacked without attacking the global accumulation of wealth. Environmental issues cannot be solved by a turn to green capitalism without confronting the corporate interests and the lifestyles that perpetuate the status quo.