Republicans in the House want to balance the budget by denying more than 200,000 little children the opportunity to receive an early education through Head Start;Pell Grants for 9.4 million college students; eliminating primary health care services to 11 million Americans; andSocial Security benefits to half a million eligible Americans, among other things.
Before Congress cuts funding for Head Start, Social Security, and financial aid for college, we have got to make sure that large, profitable corporations are paying their fair share of taxes.
At a time when we have a $14.2 trillion national debt and a $1.6 trillion federal deficit, it is unacceptable that Exxon Mobil, General Electric, Bank of America, Chevron, Boeing, and other large, profitable corporations are not only avoiding paying any federal income taxes at all but have actually received huge refund checks from the IRS.
Loopholes in the tax code, offshore tax havens, tax breaks to companies that export American jobs to China, and other tax breaks have allowed giant corporations in America to receive billions in refunds from the IRS.
Meanwhile corporations are sitting on nearly $2 trillion in cash on hand, and big banks have nearly a trillion dollars in excess reserves parked at the Federal Reserve.
In 2005, one out of four large corporationsat all even though they collected $1.1 trillion in revenue over that one-year period.
In 2009, Exxon Mobilin profits.Not only did Exxonany federal income taxes, it actually received a $156 million rebate from the IRS, according to SEC filings.
Bank of Americafrom the IRS last year, even though it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
Boeing,from the Pentagon to build 179 airb
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