California Democratic Party Chairman John Burton Backs President's Strong Stand on Ending Tax Giveaways

President Obama is absolutely right: the time has come to take away the sweetheart corporate tax breaks that allow mega corporations like Exxon Mobil, Bank of America, General Electric, Chevron and Valero Energy to make billions of dollars without paying any taxes.

The corporate tax rate is the lowest it has been since the 1950s and many of these corporations and wealthy individuals have never had it so good.

Meanwhile, Republicans shamelessly demand more cuts to Social Security, Medicare, and education programs without asking their corporate backers to sacrifice even a dime.

Just last year,

  • Exxon Mobil made $19 billion in profits and didn't pay a dime in taxes. They did however receive a $156 million tax rebate, courtesy of the American taxpayer.
  • Bank of America made $4.4 billion in profits and didn't pay a dime in taxes. They did however receive a $1.9 billion tax rebate, courtesy of the American taxpayer.
  • General Electric made $26 billion in profits and received a $4.1 billion tax rebate, courtesy of the American taxpayer.
  • Chevron made $10 billion in profits and received a $19 million tax rebate, courtesy of the American taxpayer.
  • Valero Energy made $68 billion in sales and received a $157 million tax refund check, courtesy of the American taxpayer.

The American people can no longer afford to subsidize oil companies, mega corporations and the millionaires and billionaires who have private jets to keep.

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