The deficit we are struggling with right now has been caused by unpaid-for wars, tax breaks for the rich, a Medicare Part D prescription drug program written by the insurance companies, the bailout of Wall Street, a declining economy, and less revenue coming into our Treasury. The Republican ''solution'' is to balance the budget on the backs of the sick, the elderly, the children, and the poor, to cut back on environmental protection, to cut back on transportation, while providing even more tax breaks to those who do not need it. That is unacceptable, and that is what the American people have to stop.
It is not just wealthy individuals who are making out like bandits. As hard as it may be to believe, some of the largest, most profitable corporations in this country are not only avoiding paying any Federal income taxes whatsoever, but they are actually receiving tax rebates from the IRS. The Republican response to this reality is to provide even more tax breaks to these corporate freeloaders. That may make sense to someone. It does not make sense to me.
What I want to do, Mr. President -- and I ask unanimous consent to do so -- is to have printed in the Record a list of a number of corporations that are making huge profits and are paying virtually nothing in taxes and in some cases getting a rebate.
There being no objection, the material was ordered to be printed in the RECORD, as follows:
(1) Exxon Mobil. In 2009, Exxon Mobil made $19 billion in profits. Not only did Exxon avoid paying any federal income taxes that year, it actually received a $156 million rebate from the IRS, according to its SEC filings.
(2) Bank of America. Last year, Bank of America received a $1.9 billion tax refund from the IRS, even though it made $4.4 billion in profits and just a couple of years ago received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
(3) General Electric. Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
(4) Chevron. In 2009, Chevron received a $19 million refund from the IRS after it made $10 billion in profits.
(5) Boeing. Last year, Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS.
(6) Valero Energy. Last year, Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
(7) Goldman Sachs. In 2008, Goldman Sachs paid only 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion bailout from the Federal Reserve and U.S. Treasury Department.
(8) Citigroup. Last year, Citigroup made more than $4 billion in profits but paid no federal income taxes, even though it received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
(9) ConocoPhillips. ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction during those years.
(10) Carnival Cruise Lines. Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
(Signed) Mr. SANDERS.
Let me briefly read from this list of corporate freeloaders.
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