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These seven corporations make billions in profit — and have tax rate of negative 2.5 percent

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Seven of the 30 largest U.S. corporations paid their CEOs more last year than they paid in federal income taxes, according to a new report.

The study found that those seven companies — Boeing Co, Ford Motor Co, Chevron Corp, Citigroup Inc, Verizon Communications Inc, JPMorgan Chase & Co and General Motors Co. — reported a tax rate of -2.5 percent despite claiming more than $74 billion in combined pre-tax profits.

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They paid their chief executives an average of $17.3 million, according to the study by two Washington think tanks — the Institute for Policy Studies and the Center for Effective Government.

The number of American companies that pay their chief executives more than they pay Uncle Sam is growing, researchers found.

The recently released report, “Fleecing Uncle Sam,” found that 29 of the 100 highest-paid CEOs were paid more in 2013 than the corporations they oversee paid in federal income tax.

That’s up from 25 of the top 100 in 2010 and 2011 surveys.

“Our corporate tax system is so broken that large, profitable firms can get away without paying their fair share and instead funnel massive funds into the pockets of top executives,” said Scott Klinger, co-author of the study.

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Those 29 corporations operated 237 subsidiaries in tax havens, and only 12 of those corporations reported U.S. losses last year.

CEO pay at those unprofitable firms averaged $36.6 million — more than three times the national average for CEOs of large companies.

Representatives for the corporations cited in the report told Reuters they abided by all tax laws, but they claimed some tax obligations were deferred due to refunds, developmental investments or carry-forwards from heavy losses several years ago.

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They also stressed the corporations paid taxes worldwide.

“Corporations are quick to complain that the U.S. tax rate – 35 percent – is the highest among industrialized nations, but they neglect to mention that the average large corporation paid only slightly more than half that rate – just 19.9 percent – between 2008-2012,” the researchers found.

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The study’s authors found that job creation remained anemic, with more than 9 million Americans still out of work, while corporations were repurchasing their own stock at record levels and buying out competitors through mergers.

Citigroup — which exists only because of a taxpayer bailout during the financial meltdown — received the largest tax refund.

The firm paid its CEO, Michael Corbat, $18 million last year while claiming $260 million in IRS refunds, the report found.

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Lara Trump’s lie about Biden family business deals demolished by conservative: ‘You could look it up’

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On Fox News Thursday, ahead of the final presidential debate, President Donald Trump's daughter-in-law Lara Trump repeatedly claimed that Joe Biden was allowing his family to use his name "while he was vice president" to secure profitable business deals.

Lara Trump just murdered irony pic.twitter.com/aBSQjLUp32

— Aaron Rupar (@atrupar) October 22, 2020

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Trump supporters linked to Steve Bannon pushing ‘fantastical rumors’ to try to ‘pizzagate’ Joe Biden: report

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NBC News on Thursday published a blockbuster report on efforts to smear former Vice President Joe Biden.

"Some of the same people who pushed a false conspiracy theory about Hillary Clinton that first emerged in 2016 are now targeting Hunter Biden, Joe Biden's son, with similar falsehoods. Their online posts are garnering astronomical numbers of shares on social media," NBC News correspondents Ben Collins and Brandy Zadrozny reported Thursday.

"The fantastical rumors, which NBC News is declining to repeat verbatim, echo specific plot points central to 'pizzagate,' a viral disinformation campaign that predates QAnon but also falsely alleges a vast conspiracy of child abuse," NBC News explained. "There is an important difference, however. The pizzagate-style rumors in 2016 were largely confined to far-right message boards like 4chan and parts of Reddit. But the Hunter Biden iteration of the same conspiracy theory took off last weekend with the help of speculation from conservative TV hosts and members of Congress. Their theorizing can be traced back to a new website that has been promoted by President Donald Trump and his surrogates."

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2020 Election

Pennsylvania AG warns Trump campaign poll watchers to stop videotaping voters

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On Thursday, The Daily Beast reported that the attorney general of Pennsylvania is warning Trump campaign surrogates to stop videotaping voters dropping off mail-in ballots.

"In a statement, Josh Shapiro, the Democratic state attorney general, said, 'Pennsylvania law permits poll watchers to carry out very discrete and specific duties — videotaping voters at drop boxes is not one of them,'" reported Blake Montgomery.

"The campaign has filed complaints with Philadelphia officials based on the videos, alleging fraud on the part of several voters who submitted two or three ballots, according to The New York Times," continued the report. "The Trump campaign initially said the purpose of the videotaping was to catch voters who dropped off a large number of fraudulent ballots rather than one or two, according to the Times."

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