Welcome to Middle WisconsinNews. Three weeks have passedsince we published our last issue,and we are once again highlightingtaxation because it relates to thegovernment austerity measuresharming families all across America.Along with introductions to excellentwebsites on the subject, we arerepublishing the ―Tax TalkingPoints” document (see last 2 pages
of newsletter) developed by the MWResearch Committee in April. Alsoincluded in this edition is an articleon the status of the senatorial re-calls. As we are all aware, this is thenext critical battle in overcomingGovernor Scott Walker’s attack onunions and working families. We arepleased to have the work of severalMiddle Wisconsin members in thisissue, and we feel sure you willappreciate their contributions.
We are continuing to learn anddevelop at Middle WI News, andwe expect to have a more estab-lished format for the next edition of
the newsletter. Sarah Thurs hasdone extraordinary work designingthese first publications to get us upand running, but her true expertiseis as an editor. To help her stepback into that role, Tom Michlig hasgraciously agreed to provide us withhis graphic design time and talentsfor future issues, and we are excitedabout the new doors this will open.We are also grateful to Wix Coveyfor sharing his ideas, enthusiasm,and connections with us. It’s excitingto see our group grow.
As always, it is the goal of thenewsletter to represent all of the
members of the Middle Wisconsincommunity. This is our newspaper.If you are interested in joining theMiddle WI News committee or inwriting an op-ed, essay, or article,please see our ―Call for Submis-sions‖ info on page 4.
We hope you enjoy this 3 rd editionof Middle WI News.
Editorial Committee
Dave & Paul Svetlik, Jim Mattes,Sarah Thurs, Wix Covey,
The deadline for paying income taxes (April 18) has come and gone for another year, but fof us have more than a vague idea of where our tax dollars actually go. This leads to misinmation about government waste or the percent of revenue used for unpopular programs.
The following websites have been designed to provide taxpayers with a detailed receiptshowing exactly how their tax dollars are used:
In his State of the Union Address, President Obama promised that this year, for the first timeever, taxpayers would be able to go online & see exactly how federal tax dollars are spenIt’s easy:
1. Visit www.whitehouse.gov/taxreceipt
2. Enter 3 pieces of information from your 2010 tax return—
Social Security Tax, Medicare Tax, & Income Tax.
3. Click Calculate Receipt.
You will instantly get a breakdown of how your specific tax dollars are spent on over 40programs and services, like education, veterans’ benefits, and health care. It’s that simple.
When people have the correct facts and figures, they can more wisely participate in democra
If the Government Accountability Board (GAB) has its way, all 9
potential recall elections for state senate will be held on the sameday, July 12, pending approval of the signatures submitted by therecall petitioners. A Dane County judge Monday struck down aruling that had set an early deadline for reviewing the recall peti-tions that have been filed against the 9 senators. The GAB will nowhave until the end of May to validate signatures and determinewhich petitions trigger a recall election.
Democrats are outraged, feeling that the extra time provided the GAB gives out-of -statespecial interest groups more time to ―protect their investments,‖ according to Democratic Partyspokesman Graeme Zielinski. He feels that the delay benefits candidates like Hopper andKapanke, who are benefiting from out-of -state corporate cash. Democrats are alsoconcerned that during this delay, Republicans may try to fast-track bills suiting their agenda, such as the Voter ID bill and Carry and Conceal.
The Court’s ruling affects the 8 recall petitions filed prior to last Thursday. The one recall thatis not affected is that filed against Robert Cowles, R-Green Bay, which will follow the normalreview deadline process.
Projections have been made regarding the prospects of each of these recalls in terms of theirpotential ―success.‖ While it is still early to assign categories of ―Toss-up,‖ ―Lean,‖ or ―Likely‖ratings, we can group these senators in terms of ―opportunities for takeover.‖ Taken together,they suggest that Democratic gains are more likely than not and that a Democratictakeover of the chamber, while a long shot, is still a distinct possibility. The projectionslisted below include the percentages of the 2004 and 2008 Presidential elections, as well asthe 2010 Governor’s race and the incumbent Senator’s 2008 race.
Democratic Opportunities
First Tier
Randy Hopper—(Bush 57%, McCain 47%, Walker 58%, Hopper 50.1%)Hopper’s district, near Oshkosh, would normally point to a ―somewhat vulner
able‖ rating, but his recent scandal involving his residence and an alleged mistress put thisseat into the ―very vulnerable‖ category. His opponent will be Jessica King, the current deputmayor of Oshkosh.
Dan Kapanke—(Bush 46%, McCain 38%, Walker 50%, Kapanke 51.4%) Kapanke’s district iLaCrosse County showed one of the largest swings away from Scott Walker of any in thestate, and Walker barely carried this district in 2010. Add in the fact that Tuesday saw SteveDoyle win the Assembly seat in the most Republican section of the district, and the indicatorspoint to this seat being ―very vulnerable.‖ His opponent will be Rep. Jennifer Shilling, the
same opponent who nearly beat Kapanke in 2008.
Second Tier
Sheila Harsdorf–—(Bush 51%, McCain 48%, Walker 58%, Harsdorf 56.4%) Harsdorf’sdistrict is in the far northwest bulge of the state, which swung heavily against Prosser in April’sSupreme Court election. She did win handily in 2008, so she will be a formidable opponent.The Democrats have selected Shelley Moore, an Ellsworth high school teacher and NEABoard Member to oppose her. Expect lots of anti-union, anti-teacher advertising to be hurled aMoore in this race.
Luther Olson—(Bush 56%, McCain 47%, Walker 57%, Olson–Unopposed) Olson’s districthas a distinctly Republican tilt, with Walker and Prosser both winning there handily. Olson hashad little or no opposition in years, so he appears to be in substantially better position thanKapanke or Hopper. His opponent will be Rep. Fred Clark of Baraboo.
Middle Wisconsin News
M a y 5 , 2 0
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May 13 & 14
DevelopingSustainable Communities
8 groups unite to presentan idea forum at theUWMC Center for Civic
Engagement. The eventbegins at 9 a.m. and wrapsup at 3:30 p.m. each day.
Learn about the ―NaturalStep‖ program, a frame-work used by organizationsand communities to movetoward economic, social,and environmental sustain-ability.
Following the speakerseach morning are lunch &networking, 2 breakoutsessions, & a wrap-upsession.
For more information or toregister, visit: http:/gogreencentralwiscon-sin.com/content/sustainable-forum-2011-schedule
Alberta Darling—(Bush 53%, McCain 47%, Walker 54%, Darling 50.5%) Dems areexcited about this race largely because of Darling’s near loss in 2008 and her recentcomments during the Joint Finance Committee’s public hearings that ―she doesn’t reallylisten to the people who come to these hearings.‖ Former state lawmaker SheldonWasserman is considering entering the race against her. He lost to her by less than1,000 votes in 2008. This district is in the highly Republican Milwaukee suburbs, so thisseat will still be a tough win for the Dems.
Robert Cowles—(Bush 47%, McCain 46%, Walker 57%, Cowles–Unopposed) Thisdistrict comprises the Green Bay suburbs, and he has established himself with solidcredentials prior to his budget repair vote. He will be tough to unseat.
Republican Opportunities
First Tier
Jim Holperin—(Bush 53%, McCain 46%, Walker 57%,Holperin 51%) This district is in a northern district that gaveProsser nearly the same margin as Walker. Recall supporters have chosen Tea Partyfavorite Kim Simac to oppose Holperin, who has already begun running ads touting his
service to the district. He will have his hands full retaining his seat.
Dave Hansen—(Bush 52%, McCain 42%, Walker 54%, Hansen 54.6%) Hansen’sdistrict in Green Bay was won by Prosser last month. His opponents are looking for achallenger who can put together a credible campaign. Hansen is vulnerable butprobably has a slight edge against whoever is chosen.
Second Tier
Bob Wirch–—(Bush 48%, McCain 41%, Walker 53%, Wirch 52.4%) Based inKenosha, this district is as close to evenly divided politically as any in the state. Wirchcould have a tough race if opponents can find an attractive challenger.
Julie Lassa—(Bush 47%, McCain 39%, Walker 51%, Lassa 68%) Recall supportershave not produced sufficient signatures yet and have until May 16 to do so. However,her district is solidly Democratic. She should be safe, barring a complete collapse for theDems.
Meanwhile, state Republican leaders said on Wednesday that if the courts do not takeaction by early June, they could re-pass the anti-union parts of the budget repair law aspart of the state budget. As it should be noted, this was always a legal option given theparticular nature of this fight. This potential action begs activists to get out to make their votes count in these upcoming recall elections. July 12 will be a key date in determin-ing the eventual fate of the budget bill and other pending legislation.
Below are just 4 paragraphs reprinted from an Open Letter that JoyceLeudke sent to Gov. Walker. The original letter was much longer. Joyhas approved of this shortened version to be included in this newslette
Dear Gov. Walker: Your proposed budget does not reflect the values of Wisconsin or the values of Wis
consinites. We believe in working together: helping our neighbor, sacrificing for ou
state and country, caring for the poor, the disadvantaged, the vulnerable, the veteran
the elderly, and the disabled. We believe in advocating for people who do not have voice, or have lost their voices because they do not have the political clout that com
with money. We believe in pulling together for the good of all people in good times
and especially so in hard times. We believe in giving to charities—with money and/time. We come together to celebrate the beauty of our state and the goodness of its
people. We work tirelessly in our occupations to produce quality goods and serviceeducate our citizenry, and protect the environment.
Our elected officials have, for the most part, been honest and have a vision to impro
our state in every way they can. We are probably some of the hardest working peopin the United States. We have pride in our students’ high achievements (usually wit
the top 5 in standardized test scores). We cheer for and encourage our sports teams.
Best of all, we LOVE OUR STATE because we know for the most part we maintaihigh quality of life. And for those who do not share this same quality of life for wha
ever reason, we take care of them and sacrifice for them. To be honest, what is happening in our great state is absolutely heartbreaking. I havto admit, I have cried! I have mourned hearing neighbor vs. neighbor attacks, hearin
public servants being singled out as the “haves” and the rest of the citizens the “havnots.” It hurts to see our state divided with such hateful rhetoric. It causes me to gri
over what have lost in this short three months’ time. I worry about how our state is
going to heal from the harm that has been done to us by pitting one group against an
other. What is happening in my once proud state is not the vision I have for us. I believe we are Wisconsinites first and Americans next. We are proud. We have a “cdo” spirit that has carried us through worse times than this. I do not believe in your di
mal, pessimistic vision for the state of Wisconsin. I do not share your vision of “We a
broke.” I share President Obama’s vision of hope and resilience. We will get throughthis somehow, but you need to lead us in a way that unites us—not divides us. Youneed to show us that you are a leader who unites—not someone who pits us against ea
other. You need to show us that you are not beholden ONLY to your campaign contri
tors, but that you owe your allegiance to each person in this great state. You can start fresh today. I suggest you start immediately and change your course a
your rhetoric. Be a leader worthy of the people of Wisconsin. I believe in hope and
that you can, by changing your course, bring healing to this state. Sincerely, Joyce Luedke
An Open Letter to Gov. Walker Middle Wisconsin News
Middle Wisconsin News isseeking submissions. We arelooking for letters to the edi-tor, articles on relevant top-ics, and reports from peopleon the street (rallies, visitswith politicians, school boardand city council meetings,etc.) We ask that letters belimited to 600 words and thatreferences be cited where
appropriate.
Please provide author name,municipality, and phone num-ber for purposes of verification.
Feel free to contact us withyour ideas for articles. Weare seeking people who wishto submit occasional workand those who would like tobe regular contributors. Top-ics can include politics, socialissues, economics, educa-tion, local business, unions,events, and other appropriate
topics. We hope to representthe broad spectrum of people:blue collar and white collar workers, public and privateemployees, union and non-union members, businessowners, farmers, and more.
Submissions may be editedfor length, clarity, accuracy,and taste, but we will seekthe author’s approval beforepublication.
Emailed submissions should
be sent in plain text or asMicrosoft Word attachments.If you would like to contribute,[email protected].
Hedge Fund Managers Set NewPayout Records in 2009 Excerpt from Reuters magazine | BOSTON | Thu Apr 1, 2010 11:39am EDT
―Seven of the world's top hedge fund managers earned 10 -figure paychecks and one set arecord for the highest-ever payout last year due to a stock market rally that pushed returns their highest levels in a decade.
Together, the industry’s 25 best-paid managers collected a record $25.33 billion, more thandouble the amount they took home in 2008 when the financial crisis left many prominent funnursing heavy losses.
In 2007, the top 25 set a record by taking home $22.3 billion.‖
FACT:
Pay of Hedge Fund ManagersRoared Back Last Year By NELSON D. SCHWARTZ and LOUISE STORY Excerpt from the New York Times | Business | March 31, 2010
―But in a startling comeback, top hedge fund managers rode the 2009 stock market rally torecord gains, with the highest-paid 25 earning a collective $25.3 billion, according to the suvey, beating the old 2007 high by a wide margin.
The minimum individual payout on the list was $350 million in 2009, a sign of how richlycompensated top hedge fund managers have remained despite public outrage over the paypackages at big banks and brokerage firms.‖
A billionaire, a tea partier,and a union member wereseated at a table that had
a plate of 12 deliciouscookies.
The billionaire reachedover and took 11 cookies.
He then looked at the teapartier and said, ―watch outfor that union guy; he’strying to take your cookie.‖
Taken from a recent articleby Les Leopold, author of “The Looting of America.”
A BIT OF HUMOR
COMMENTARY:
Some of the top 25 hedge fund managers made more than $1 billionin 2009. Some made less, but on average they made $1 billion each.
Assuming a teacher is paid $50,000 plus $18,000 in benefits
for a total of $68,000, a single hedge fund manager earns as much as 14,705 teachers.
Additionally, the hedge fund manager pays a lower tax rate than theteachers (15%) because his/her income is treated as capital gains.
Milwaukee currently has about 5,475 public school teachers,Madison 1,938, Minneapolis 3,302, and St. Paul 3,304, for a total of 14,019 teachers. One hedge fund manager makes more than all of
independent, citizens’ coalitionworking to evaluate and sup-port political candidates andmeasures that promote just
and transparent government,healthy communities,social responsibility,
thriving local economies,
environmental stewardship,and quality education.
The ―Future of Public Higher Education‖ Forum, held at theUniversity of Wisconsin–Marathon County on April 18, 2011,covered the impact of Governor Scott Walker’s Budget onWisconsin higher education. An intriguing part of this discus-sion compared how Minnesota and Wisconsin, with similar demographics, differ in their approach to crime.
Minnesota has about 10,000 inmates in their prisons, whileWisconsin has over 23,000. Minnesota uses alternativesto incarceration with parole and probation plans, and as a result, is able to invest momoney in education. According to a recent Pew study, nearly half of Wisconsin prisonerscommit repeat offenses and return to prison, and Wisconsin now spends more on prisons thon higher education.
A correlation has been made between one’s level of education and the chances of being incarcerated. Studies show a large return on investments in pre -school and helping at-risk stdents. We either ―pay now or pay later.‖ A community that is focused on education, rather thprisons, is likely to be a more positive place to live.
Unfortunately, the ―politics of crime‖ have led to prisons as a growth industry in Wisconsin.The ―get tough on crime‖ policies of Tommy Thompson increased prison costs by raising thnumbers of incarcerations. In 1987, Wisconsin spent $185 million annually on prisons. By thyear 2003, $1 billion was spent. Gov. Walker’s budget shows $1.3 billion for prisons in 2012012.
When Walker was in the State Assembly in 1997, he authored the bill that became the Trutin-Sentencing Law. This law increased the maximum sentences for felony convictions andeliminated parole, thereby increasing the number of prisoners and their length of stay. Wis-consin now has one of the strictest prison laws in the nation.
Governor Jim Doyle tried to weaken ―truth-in-sentencing‖ by allowing early release of non-
violent offenders. This saved thousands of dollars. By developing new methods of correctioDoyle had hoped to stop prisons as a growth industry. Governor Walker now wants a returntougher sentencing.
Research shows that Wisconsin does not use prisoners for cheap labor to the extent foundother states. Badger State Industries was formed in 1913 to provide prisoners with vocationtraining and to develop work skills. It also provides products and services for state, county,and municipal agencies. Making license plates is a well -known function, however other indtries in the state prisons are making wood furniture, detention furniture, new and recycledsignage, and doing laundry. There is also a dairy farm, feedlot, and cash crops for prisonerslearn agricultural skills. Another industry is recycling computers and recycling wheel chairs.There is no evidence of private companies using prisoners for cheap labor.
Questions often arise about the prison in Stanley, Wisconsin. This facility was built by a pri-vate company on speculation (anticipating an increase in prisoners). Wisconsin bought theprison and Stanley welcomed the new industry. The prison, with 1500 inmates, created 400 jobs which local people needed. However, an excellent report by Tracy Huling shows thatusing prisons to solve the problem of unemployment in small rural towns is not all positive.Living in a town with a prison-town identity creates its own set of problems.
SOURCES
―Building a Prison Economy in Rural America,‖ by Tracy Huling www.prisonpolicy.org(This is an excellent article with an in-depth look at what prisons do to small rural towns.)
―Big House on the Prairie‖ (Impact of Prison in Stanley, WI) www.minneapolisfed.org
―The Cost of Corrections: Wisconsin and Minnesota‖ www.wistax.org
The Politics of Crime in Wisconsin Middle Wisconsin News
A Poet's Advice A poet is somebody who feels, and who expresses his feelings through
words.
This may sound easy. It isn't.
A lot of people think or believe or know they feel—but that's
thinking or believing or knowing; not feeling. And poetry is
feeling—not knowing or believing or thinking.
Almost anybody can learn to think or believe or know, but not a single
human being can be taught to feel. Why? Because whenever you think
or you believe or you know, you're a lot of other people: but the
moment you feel, you're nobody-but-yourself.
To be nobody-but-yourself—in a world which is doing its best, night
and day, to make you everybody else—means to fight the hardest
battle which any human being can fight; and never stop fighting.
As for expressing nobody-but-yourself in words, that means working
just a little harder than anybody who isn't a poet can possible
imagine. Why? Because nothing is quite as easy as using words like
somebody else. We all of us do exactly this nearly all of the
time—and whenever we do it, we are not poets.
If, at the end of your first ten or fifteen years of fighting and
working and feeling, you find you've written one line of one poem,
you'll be very lucky indeed.
And so my advice to all young people who wish to become poets is: do
something easy, like learning how to blow up the world—unless you're
not only willing, but glad, to feel and work and fight till you die.
Does this sound dismal? It isn't.
It's the most wonderful life on earth.
Or so I feel.
— e. e. cummings
“There are two novelsthat can change abookish fourteen- year - old’s life: The Lord of the Rings and AtlasShrugged.
One is a childishfantasy that oftenengenders a lifelong obsession with itsunbelievable heroes,leading to an emotion-ally stunted, socially crippled adulthood,unable to deal with thereal world.
All across America we are being told that government spend-ing is out of control, and we must sacrifice to rein in debt. Wehave accepted this as fact, but the actual record paints a dif-ferent picture.
Government spending as a percent of gross domestic prod-uct has changed little in 4 decades. Using statistics availableat www.usgovernmentspending.com , we find that federalspending was 18.84% of GDP in 1970, rose to a high of 22.92% in 1982, andsettled at 20.65% in2008. If we includestate and localspending, a similar pattern emerges.Total governmentspending was 31%of GDP in 1970, roseto a high of 37.22%in 1991, and sank to36.94% in 2008.
Because of bankbailouts and stimulusfunding, federalspending rose to24.57% of GDP in2009 and 25.44% in2010. However,these years must beviewed as anomaliesresulting from the economic collapse. The critical issue iswhat occurred with government debt from 1970 to 2008,even though spending remained relatively constant.
Federal debt was 35.72% of GDP in 1970 and remained near this level until ending 1982 at 35.10%. At this point (not coin-cidentally at the same time that the Ronald Reagan presidencywas ushering in the era of ―trickle down‖ economics), webegin to see a dramatic change. Federal debt rose to 38.96%in 1983 and, with minor reductions at the end of the Clintonyears, climbed steadily to 69.15% in 2008. If we include stateand local government debt, the pattern is the same. Totalgovernment debt was 49.55% in 1970 and closed out 1982at 47.52%. In 1983, total debt rose to 51.81% and it contin-ued rising to end 2008 at 86.81%. The graph above com-pares total government (combined federal, state, and local)spending and debt as a percent of GDP for the years 1970 to
2008. (Note the rise of both debt and spending in Reaganand Bush years and the leveling or drop in Clinton years.)
This discussion is obviously simplistic given the complexity o
America’s economic problems, but the claim that our nationadebt is the result of runaway government spending is thegreatest oversimplification of all. Government has largelybeen doing what government is intended to do (i.e., provid-ing the services, regulations, and infrastructure required for a
healthy society). If we are tounderstand what causedAmerica’s growing debt, wemust look elsewhere.
Much has been written to ex-plain the economic collapseand the growth of governmendebt, but two factors standout; deregulation (especially o
the financial industry), and taxcuts for corporations and theultra-wealthy. Deregulationbegan with President Carter and continued through everyadministration thereafter.Largely harmful to averageAmericans, it enabled thepredatory banking practicesresponsible for the economiccrash. The dismantling of cor-porate and progressive taxes
on the wealthy over the past 30 years has resulted in historiclevels of concentrated wealth and the loss of revenue re-quired for government to meet its normal obligations. Makingmatters worse, the high unemployment caused by the eco-nomic collapse has further reduced revenue.
Orwell’s prescient words are more applicable to each of usthan we realize. When we unthinkingly agree that govern-ment has overspent, we become complicit in the myth—webecome the ―all others‖ who accepted the lie. Unfortunately,this is just one of many myths oppressing ―middle‖ Ameri-cans. If we ever hope to regain control of the message, weneed to be aware of how we may inadvertently be part of theproblem.
For two excellent articles on controlling the message see―What Conservatives Really Want‖ and ―Untellable Truths byGeorge Lakoff, Professor of Linguistics at UC—Berkeley.
By Dave Svetlik
Middle Wisconsin News
M a y 5 , 2 0
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CHALLENGING THE MYTH... “And if all others accepted the lie which the party
imposed—if all records told the same tale— then the lie passed into history and became the truth.”
Throughout the country, the discussion surrounding tax breaks for the wealthy and corporations have become the center of a heated debate.
In Wisconsin, proponents of corporate tax cuts say they boost economic growth and corporate investment. Would Governor Walker’s proposed cuts be good for Wisconsin’s economy?
According to Nick Johnson, Vice President from State Fiscal
Policy, “The evidence does not support that argument. Here’s
why: states have to balance their budget. So the revenue that
states lose from say, corporate tax cuts, has to be made up for
by greater cuts in public services. The services that states
provide, education, health care, public safety, transportation, are
critical to, not only quality of life, but also to making this state
attractive to businesses that want to invest and grow. Every
dollar that you cut out of education, because of a corporate
tax cut, is a dollar that can’t be spent on creating the high
quality, 21st
century workforce that we know, from business
executives, is what they really need.”
Johnson also states, “There’s another issue with corporate income
tax cuts. A lot of the benefit from a corporate income tax cut
will go to multi-state corporations and there’s no guarantee at
all that they will spend that money in-state. Much of it could go
to out of state shareholders, or to increase their investments in
other states. So from a state perspective, it’s particularly not
helpful to cut corporate taxes.”
“…the reality is that in most states
corporate income taxes make up too small a share of overall state and local taxes to really affect corporate investment decisions in the long run.”
Source: Center on Budget and Policy Priorities, www.cbpp.org
Top 10 Worst Tax Avoidance
Corporations
1. Exxon Mobil made $19 billion in profits in2009. Exxon not only paid no federal incometaxes, it actually received a $156 millionrebate from the IRS, according to its SECfilings.
2. Bank of America received a $1.9 billion taxrefund from the IRS last year, although it made $4.4 billion in profits and received abailout from the Federal Reserve and theTreasury Department of nearly $1 trillion.
3. Over the past five years, while GeneralElectric made $26 billion in profits in theUnited States, it received a $4.1 billionrefund from the IRS.
4. Chevron received a $19 million refund from
the IRS last year after it made $10 billion inprofits in 2009.
5. Boeing, which received a $30 billion contrafrom the Pentagon to build 179 airbornetankers, got a $124 million refund from theIRS last year.
6. Valero Energy, the 25th largest company in America with$68 billion in sales last yearreceived a $157 million tax refund check from the IRS and, over the past three years, itreceived a $134 million tax break from the
oil and gas manufacturing tax deduction.
7. Goldman Sachs in 2008 only paid 1.1% of iincome in taxes even though it earned a profof $2.3 billion and received an almost $80billion from the Federal Reserve and U.S.Treasury Department.
8. Citigroup last year made more than $4 billioin profits but paid no federal income taxesreceived a $2.5 trillion bailout from theFederal Reserve and U.S. Treasury.
9. ConocoPhillips, the fifth largest oil companyin the United States, made $16 billion inprofits from 2007 through 2009, but receive$451 million in tax breaks through the oiland gas manufacturing deduction.
10. Over the past five years, Carnival CruiseLines made more than $11 billion in profitsbut its federal income tax rate during thoseyears was just 1.1%.
Source: Senator Bernie Sanders' floor speech, 3/27/11, visit
