The Progressive media is in a tizzy because Donald Trump declared a $916 million loss on his 1995 income tax returns as reported by the New York Times (NYT.) Hypocritically, the NYT recieved a tax refund of $3.6 million despite having a $29.9 million pretax profit in 2014 and Hillary Clinton used the same federal law to “avoid” paying taxes on nearly $700,000 in 2015.
And there are a lot more companies that have done the same — and all of them have either donated to the Clinton campaign, her family foundation and/or have received money from the ‘Emergency Economic Stabilization Act of 2008:’
- Bank of America got a whopping $1.9 billion refund from the IRS despite making $4.4 billion in profit in 2010.
- Boeing made over $20 billion in profits between 2008 and 2012 and paid an overall income tax rate of negative one percent during those years.
- Citigroup paid $0 in federal income taxes in 2010 despite making profits in excess of $4 billion.
- Corning made over $3.4 billion in profits and got a $10 million tax refund, paying a 0.1 percent federal tax rate in 2008 and 2012.
- FedEx made $2.7 billion in profit, yet they were given a $135 million tax refund from the IRS in 2011.
- General Electric posted $33.9 billion in U.S. profits, yet somehow got $2.9 billion in refunds in 2008 and 2012.
- Honeywell paid $0 in federal income taxes and got roughly $510 million in refunds in 2009 and 2010.
- Merck pocketed $5.7 billion in profits, yet paid $0 in federal taxes in 2009.
- Pfizer paid $0 in federal income tax between 2010 and 2012 and getting a $2.2 billion tax refund despite posting $43 billion in global profits.
- Verizon pocketed over $30 billion in profits and paid a tax rate of -1.8 percent, between 2008 and 2012.
The fact that the NYT published part of the tax returns of a private citizen to score political points for Hillary Clinton, whom they endorse, should be the real headline.