With Help From Trump-GOP Law, At Least 88 Big US Corporations Paid $0 in Federal Income Tax Last Year

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Original article by Stephen Prager republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Speaker of the House Mike Johnson (R-La.) is congratulated by his fellow Republicans after signing the One Big Beautiful Bill Act during an enrollment ceremony in the Rayburn Room at the US Capitol on July 3, 2025, in Washington, DC. (Photo by Chip Somodevilla/Getty Images)

Dozens of America’s most profitable corporations avoided paying any federal income taxes in 2025, according to an analysis out on Tuesday from the Institute on Taxation and Economic Policy.

The 88 companies—which include Tesla, Southwest Airlines, Live Nation, Palantir, Citigroup, and many others listed in the S&P 500—brought in a collective $105 billion in pretax income last year.

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ITEP found that 2025 saw a spike in corporate tax avoidance, enabled in part by new loopholes created by the One Big Beautiful Bill Act signed by President Donald Trump and by his 2017 Tax Cuts and Jobs Act, which reduced the corporate tax rate to 21% from its previous 35%.

The One Big Beautiful Bill Act is expected to hand the wealthiest 1% of Americans $117 billion in tax cuts this year, while those in the bottom 95% are set to pay more in taxes while facing across-the-board cuts to social safety net programs like Medicaid and the Supplemental Nutrition Assistance Program.

It also allowed multimillion- and billion-dollar corporations to find new ways to avoid paying taxes. More than half of the tax-avoiders listed in the report used a provision in the new tax law allowing companies to immediately write off capital investments, reducing their collective taxes by $11.4 billion.

Pharmaceutical and tech companies, meanwhile, were able to take advantage of tax write-offs for research and development, exempting them from approximately another $4.4 billion.

In total, the corporate tax avoidance documented in 2025 by the researchers helped to rob the public coffers of yet another $26.7 billion, enough to give every public school student a free lunch for a year, according to a University of Missouri analysis of the National School Lunch Program.

The researchers said that the full scale of corporate tax avoidance remains unclear, since corporate tax returns are not publicly available. Some companies were also excluded because they are not part of the S&P 500 or have not yet reported their 2025 taxes.

“These findings are not isolated cases—they reflect systemic deficiencies in the corporate tax code,” said Amy Hanauer, the executive director for ITEP. “Without meaningful reform, profitable corporations will continue to pay less than their fair share.”

Original article by Stephen Prager republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Orcas discuss how Trump was re-elected and him being an obviously insane, xenophobic Fascist.
Orcas discuss how Trump was re-elected and him being an obviously insane, xenophobic Fascist.

Continue ReadingWith Help From Trump-GOP Law, At Least 88 Big US Corporations Paid $0 in Federal Income Tax Last Year

Analysis Reveals Wall Street Titans Behind Big Oil Profiteering Push in Venezuela

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Original article by Stephen Prager republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

In an aerial view, the ExxonMobil Baytown Refinery is seen on January 13, 2026, in Baytown, Texas. (Photo by Brandon Bell/Getty Images)

Since 2021, top Wall Street banks have committed more than $124 billion in investments to the nine companies set to profit most from the toppling of Venezuela’s government.

As oil industry giants are being set up to profit from President Donald Trump’s invasion of Venezuela, a new analysis shows the ample backing those companies have received from Wall Street’s top financial institutions.

Last week, Bloomberg reported that stock traders and tycoons were “pouncing” after Trump’s kidnapping of President Nicolás Maduro earlier this month, after having pressured the Trump administration to “create a more favorable business environment in Venezuela.”

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dataset compiled by the international environmental advocacy group Stand.earth shows the extent to which these interests are intertwined.

Stand.earth found that since 2021, banks—including JPMorgan Chase, HSBC, TD, RBC, CitigroupWells Fargo, and Bank of America—have committed more than $124 billion in investments to the nine companies set to profit most from the toppling of Venezuela’s government.

More than a third of that financing, $42 billion, came in 2025 alone, when Trump launched his aggressive campaign against Venezuela.

(Graphic from Stand.earth)

Among the companies expected to profit most immediately are refiners like Valero, PBF Energy, Citgo, and Phillips 66, which have large operations on the Gulf Coast that can process the heavy crude Venezuela is known to produce. These four companies have received $41 billion from major banks over the past five years.

Chevron, which also operates many heavy-crude facilities, benefits from being the only US company that operated in Venezuela under the Maduro regime, where it exported more than 140,000 barrels of oil per day last quarter.

At a White House gathering with top oil executives on Friday, the company’s vice chair, Mark Nelson, told Trump the company could double its exports “effective immediately.”

According to Jason Gabelman, an analyst at TD Cowen, the company could increase its annual cash flow by $400 million to $700 million as a result of Trump’s takeover of Venezuelan oil resources.

Chevron was also by far the number-one recipient of investments in 2025, with more than $11 billion in total coming from the banks listed in the report—including $1.78 billion from Barclays, another $1.78 billion from Bank of America, and $1.32 billion from Citigroup.

According to Bloomberg, just weeks before Maduro’s removal, analysts at Citigroup predicted 60% gains on the nation’s more than $60 billion in bonds if he were replaced.

Even ExxonMobil, whose CEO Darren Woods dumped cold water on Trump’s calls to set up operations in Venezuela on Friday, calling the nation “uninvestable,” potentially has something major to gain from Maduro’s overthrow.

Exxon and ConocoPhillips each have outstanding arbitration cases against Venezuela over the government’s 2007 nationalization of oil assets, which could award them $20 billion and $12 billion, respectively.

The report found that in 2025, ExxonMobil and ConocoPhillips received a combined total of more than $12.8 billion in investment from major financial institutions, which vastly exceeded that from previous years.

Data on these staggering investments comes as oil companies face increased scrutiny surrounding possible foreknowledge of Trump’s attack on Venezuela.

Last week, US Senate Democrats launched a formal investigation into “communications between major US oil and oilfield services companies and the Trump administration surrounding last week’s military action in Venezuela and efforts to exploit Venezuelan oil resources.”

Richard Brooks, Stand.earth’s climate finance director, said the role of the financial institutions underwriting those oil companies should not be overlooked either.

“Without financial support from big banks and investors, the likes of Chevron, Exxon, ConocoPhillips, and Valero would not have the power that they do to start wars, overthrow governments, or slow the pace of climate action,” he said. “Banks and investors need to choose if they are on the side of peace, or of warmongering oil companies.”

Original article by Stephen Prager republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

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Continue ReadingAnalysis Reveals Wall Street Titans Behind Big Oil Profiteering Push in Venezuela

Governments, arms companies and banks urged to end weapon sales to Israel

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https://morningstaronline.co.uk/article/governments-arms-companies-and-banks-urged-end-weapon-sales-israel

Palestinian children sit at the edge of a crater after an Israeli airstrike in Khan Younis, southern Gaza Strip, June 21, 2024

‘By sending weapons, parts, components and ammunition to Israeli forces,’ the above risk being ‘complicit in serious violations of international human rights laws,’ UN experts warn

STATES and companies must end arms sales to Israel immediately or risk responsibility for human rights violations, UN experts have warned.

The transfer of weapons and ammunition to Israel may “constitute serious violations of international humanitarian laws and risk complicity in international crimes, possibly including genocide,” UN Special Rapporteurs for the Human Rights Council said in a statement on Thursday night.

The experts also called on BAE Systems, Boeing, Caterpillar, Lockheed Martin, Rolls-Royce Power Systems, and many other arms firms to end sales to Israel even if they have been granted licences to do so.

“These companies, by sending weapons, parts, components and ammunition to Israeli forces, risk being complicit in serious violations of international human rights and international humanitarian laws,” the experts said.

“This risk is heightened by the recent decision from the International Court of Justice ordering Israel to immediately halt its military offensive in Rafah, having recognised genocide as a plausible risk, as well as the request filed by the prosecutor of the International Criminal Court seeking arrest warrants for Israeli leaders on allegations of war crimes and crimes against humanity,” the statement said.

“In this context, continuing arms transfers to Israel may be seen as knowingly providing assistance for operations that contravene international human rights and international humanitarian laws and may result in profit from such assistance.”

The experts also warned that financial institutions investing in arms companies could also be held accountable, and called on Bank of America, BlackRock, Citigroup, JP Morgan Chase, Morgan Stanley, and many others to take urgent action.

https://morningstaronline.co.uk/article/governments-arms-companies-and-banks-urged-end-weapon-sales-israel

Continue ReadingGovernments, arms companies and banks urged to end weapon sales to Israel

Why I Was Arrested for Protesting Citigroup’s Funding of Climate Chaos

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Original article by SANDRA STEINGRABER republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Scientist Sandra Steingraber is arrested outside Citigroup’s New York City headquarters on June 12, 2024.
 (Photo: Alec Connon)

I am here today to say to Citi that if you won’t listen to the data of scientists, you will need to listen to the bodies of scientists blocking your doors.

Editor’s note: The following is a speech read by Sandra Steingraber before being arrested outside Citigroup’s New York City headquarters on June 12, 2024.

My name is Sandra Steingraber. I have a PhD in biology, and I’ve worked as a scientist my whole adult life.

Here are two things biologists are worried about.

The first thing is happening in the ocean. When fossil fuels are burned and CO2 fills the atmosphere, some of it falls into the sea.

When carbon dioxide touches water, it turns into carbonic acid: H2CO3.

Acid makes calcium carbonate (CaCO3) dissolve. Seashells are made of calcium carbonate. So fossil fuels are turning our oceans into pits of acid, and animals made of shells are starting to dissolve.

I did not become a biologist to write eulogies for the species I study.

All together, the babies of animals with shells are called zooplankton.

Zooplankton are the basis of the marine food chain.

If you dissolve their parents, zooplankton disappear—along with the fish who eat them.

One half of the world’s human population depends on fish for protein. The pH of the oceans is now on track to crash the world’s fish stocks. As a biologist I worry about that.

Now let’s go on land and look at bees. Bumblebees also have babies, and they need to stay cool. So adult bees beat their wings like a thousand little ceiling fans to cool the bee nursery. But they can’t keep up due to more intense heatwaves. Baby bees are dying. Populations are crashing.

Bees help plants have sex. Bees turn flowers into fruits, nuts, vegetables. One-third of the food we eat is made for us by bees. And they do it for free. It’s called an ecosystem service.

If we lose the bees, crops fail. This is how the ecological crisis becomes a human rights crisis. Biologists are worried about this

I have studied climate change since 1982. I’ve testified. I’ve sent letters to the White House. I’ve met with the science adviser. I went to the Paris climate talks. But CO2 levels just reached a new high, and Citigroup is financing the arsonists.

Citi has poured $396 billion dollars into the fossil fuel industry just since 2016.

So, I am here today to say to Citi that if you won’t listen to the data of scientists, you will need to listen to the bodies of scientists blocking your doors. Today my body is a data point. And all together, all these data points on this blockade line make a trend. The trend is that when extinction rates accelerate, scientists get louder.

My message to Citi CEO Jane Fraser: I did not become a biologist to write eulogies for the species I study. I am morally obligated to use my knowledge to defend life against extinction and oppose those who finance it.

Original article by SANDRA STEINGRABER republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Experienced climbers scale a rock face near the historic Dumbarton castle in Glasgow, releasing a banner that reads “Climate on a Cliff Edge.” One activist, dressed as a globe, symbolically looms near the edge, while another plays the bagpipes on the shores below. | Photo courtesy of Extinction Rebellion and Mark Richards
Experienced climbers scale a rock face near the historic Dumbarton castle in Glasgow, releasing a banner that reads “Climate on a Cliff Edge.” One activist, dressed as a globe, symbolically looms near the edge, while another plays the bagpipes on the shores below. | Photo courtesy of Extinction Rebellion and Mark Richards
Continue ReadingWhy I Was Arrested for Protesting Citigroup’s Funding of Climate Chaos

‘Financing the Arsonists’: Scientists Arrested During Citigroup Climate Protest

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Original article by EDWARD CARVER republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

Police arrest a climate protester at Citigroup’s headquarters in New York City on June 12, 2024. (Photo: Bank On Our Future/X)

“I invite you to join us, at any level of risk tolerance,” said one participant in the New York demonstration. “It feels deeply meaningful—even joyful—to be a part of this movement and to stand on the right side of history.”

Police arrested 28 people, including several scientists, protesting outside Citigroup’s headquarters in New York City on Wednesday as climate campaigners continued a series of actions targeting the bank for financing oil and gas projects.

Dozens of scientists and allies, some wearing white lab coats, marched to the bank’s entrances holding signs and banners with messages like “The Science Is Clear,” as they condemned Citigroup for financing nearly $400 billion in fossil fuel extraction in the eight years after the 2015 Paris agreement was signed.

Several scientists gave speeches before or as they were being arrested.

“I have studied climate change since 1982,” Sandra Steingraber, a biologist and retired scholar in residence at Ithaca College, said in a speech outside the Wall Street giant’s entrances. “I’ve testified. I’ve sent letters to the White House. I’ve met with the science advisor. I went to the Paris Climate talks. But carbon dioxide levels just reached a new high, and Citi here is financing the arsonists.”

Police arrested Steingraber, who, as she was being taken away in handcuffs, declared: “I’m not interested in writing eulogies for the species that I study!”

The scientists’ protest was part of a series of climate actions undertaken as part of the Summer of Heat, a program organized by Climate Defenders, Climate Organizing Hub, New York Communities for Change, Planet Over Profit, and Stop The Money Pipeline (STMP).

A total of 28 people were arrested Wednesday, including several scientists, Alec Connon, STMP co-director, told Common Dreams. Dozens of campaigners were also arrested at Citigroup’s headquarters on both Monday, in a highly-attended kickoff to the summer activism series, and Tuesday, in an orca-themed follow-up.d

During Wednesday’s protest, the scientists delivered a joint letter, published Monday by the Union of Concerned Scientists and addressed to Citigroup’s leadership, urging the bank to stop financing fossil fuel projects scientists delivered a letter addressed to Citigroup’s leadership urging the bank to stop financing fossil fuel projects.

Activist pressure on major banks has risen in recent years following revelations—notably in the annual Banking on Climate Chaos report, published by nonprofit groups—about the key role they’ve played in funding oil, gas, and coal projects. The most recent report found that the world’s 60 largest banks had provided $6.9 trillion in funding to the fossil fuel industry in the eight years after the Paris Agreement.

The pressure has had an effect on some banks: HSBC and, more recently, Barclays have declared that they would stop financing new oil and gas projects. However, the Bureau of Investigative Journalism has reported that HSBC remains involved in fossil fuel deals.

Bank loans to fossil fuel companies are used not just to continue extraction at existing sites but also to explore and develop new reserves, even though the International Energy Agency has said there can be no more such development if climate goals are to be met. Citigroup has funded more new extraction than any bank in the world, the Banking on Climate Chaos report found.

Yet in response to Monday’s action, Citigroup claimed it was part of the transition to a green economy.

“Citi respects the advocacy of climate activists, and we are supporting the transition to a low-carbon economy through our net zero commitments and our $1 trillion sustainable finance goal,” a bank spokesperson said a statement, according to media outlets. “Our approach reflects the need to transition while also continuing to meet global energy needs.”

The statement did not win over climate activists. “This is the sort of bald-faced corporate lie that could cost us our planet,” Peter Kalmus, a NASA climate scientist, wrote in a Newsweek op-ed published Wednesday.

Kalmus attended Wednesday’s protest. Standing outside Citigroup’s headquarters, he said, “We’ve written thousands and thousands of papers and they have not listened to us. They’re fools. They’re stupid. They’re being unwise. They have to start listening to scientists.”

Summer of Heat organizers have events planned throughout the summer. In the op-ed, Kalmus reached out to readers to join the effort.

“I invite you to join us, at any level of risk tolerance,” he wrote. “In my experience, and in the experience of many other climate activists I know, civil disobedience has been a very effective way to create social change. And a big change is happening: A transition from a profit-above-life, colonial-extractivist, genocidal mindset, to a loving, sharing, interconnected mindset. It feels deeply meaningful—even joyful—to be a part of this movement and to stand on the right side of history.”

Original article by EDWARD CARVER republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

Continue Reading‘Financing the Arsonists’: Scientists Arrested During Citigroup Climate Protest