A Quote by Bernie Sanders
In 2008, Goldman Sachs only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
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In 2013 Citigroup had profits of $6.4 billion in the United States. They paid no federal income tax and, in fact, received a rebate from the IRS of $260 million. That same year J.P. Morgan had $17.2 billion in profits in the U.S. They also paid no federal income tax. Do you think it's time for tax reform?
Goldman Sachs was fundamentally responsible for the crash of 2008, but by that time its former Chairman and Chief Executive Officer, Henry 'Hank' Paulson, had been installed as US Treasury Secretary to begin the bank bail out policy, with enormous benefit to Goldman Sachs, in the closing weeks of the Bush administration. Goldman Sachs was also instrumental in the collapse of the economy in Greece that started the 'euro panic' that later engulfed Ireland.
Wall Street is perhaps the most powerful economic and political force in this country. You have companies like Goldman Sachs, who just recently paid a settlement fine with the federal government for $5 billion for defrauding investors.
Ford's federal income tax rate was just 2.3 percent in 2009 even though it made $3 billion in profits.
The U.S. only has 20 billion barrels of oil in reserve. It seems as though there is no more oil around. Venezuela has 300 billion barrels of oil in reserves. Iraq has, like, 150 billion barrels of oil. Iran, close to 300 billion barrels of reserve. Oil for 200 years, of course.
As far as income tax payments go, sources vary in their accounts, but a range of studies find that immigrants pay between $90 billion and $140 billion in Federal, State, and local taxes.
We're going to fix [trade deals].You know, last year [2015] we lost almost $800 billion in trade deficits. We have trade deficit with other nations of almost $800 billion.
Goldman Sachs was one of those companies whose illegal activity helped destroy our economy and ruin the lives of millions of Americans. But this is what a rigged economy and a corrupt campaign finance system and a broken criminal justice is about. These guys are so powerful that not one of the executives on Wall Street has been charged with anything after paying, in this case of Goldman Sachs, a $5 billion fine.
Regarding the Economy & Taxation: America's most successful achievers do pay a higher share of the total tax burden. The top one percent income earners paid 18 percent of the total tax burden in 1981, and paid 25 percent in 1991. The bottom 50 percent of income earners paid only 8 percent of the total tax burden, and paid only 5 percent in 1991. History shows that tax cuts have always resulted in improved economic growth producing more tax revenue in the treasury.
For the last 50 years, the federal government has taken out of the Gulf Coast $165 billion in taxes that came from oil and gas off of our coast that went to the federal Treasury, to rebuild all places in America except the place that it came from.
The Justice Department needs to investigate how Goldman Sachs was able to steer things in such a manner through their former employees in the Bush administration, so that in the end Goldman's competitors have disappeared and Goldman is left standing.
In early 2008, before the criminal greed of America's mortgage and investment bank industry nearly destroyed the world's economy, the balance sheet of the U.S. Federal Reserve stood at about $870 billion.
If you can't figure out how to make money on three billion in revenue, when exactly will the profit magic be found? Ten billion? Fifty billion?
Undocumented immigrants produced $1.58 billion in state revenues, which exceeded the $1.16 billion in state services they received. However, local governments bore the burden of $1.44 billion in uncompensated health care costs and local law enforcement costs not paid for by the state.
During the fiscal year ending in 1861, expenses of the federal government had been $67 million. After the first year of armed conflict they were $475 million and, by 1865, had risen to one billion, three-hundred million dollars. On the income side of the ledger, taxes covered only about eleven per cent of that figure. By the end of the war, the deficit had risen to $2.61 billion. That money had to come from somewhere.
Net result [of the Dept. of Agriculture's Payment in Kind - PIK - program]: total farm income, now expected to be around $25 billion, this fiscal year, will exceed total federal subsidies by only a couple of billion. You could argue that those fellows out there on the fruited plain are in effect working for the federal government and that, therefore, the U.S. now has socialized agriculture under the Reagan Administration. Rich, eh?
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