News ArticlesExcerpts of Key News Articles in Major Media
Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.
An Air Force officer was arrested for sexual assault. The remarkable thing is the accused man was the chief of the Air Force sexual assault prevention unit. The mug shot of Lt. Col. Jeff Krusinski shows signs of struggle on his face. The police report alleges that a drunken Krusinski "approached a female victim in a parking lot and grabbed her breasts and buttocks." The victim fought the suspect off as he attempted to touch her again and alerted police. News of the incident in the Virginia suburbs of Washington broke the day before the Pentagon is scheduled to release new figures showing a continuing rise in sexual assaults in the military: A six-percent increase from 3,192 to 3,374 reports of sexual assault in fiscal year 2012 compared to the previous year. Estimates of the actual numbers of what is a notoriously underreported crime go much higher. According to the Pentagon figures, an estimated 26,000 servicewomen experienced unwanted sexual contact, up from 19,300 two years ago. Krusinski has been removed from his job, but that will not change the reality that the Pentagon's own figures show sexual assaults are on the rise in the military.
Note: For deeply revealing reports from reliable major media sources on sexual abuse scandals, click here.
George Ross is no longer an official member of the labor force. Out of work for the past two years, he didn't figure in the government's [latest] employment numbers. He's a "marginally attached" worker, although he doesn't see himself that way. Ross, 60, is among the 12.2 million Americans classified as "not in the labor force" by the Bureau of Labor Statistics, which compiles the monthly reports. Why? Because if they have been looking for a job for more than a year - but not in the past four weeks - they're considered "discouraged" - they just don't feel they can find a job. Or they're "marginally attached," those like Ross, who had to stop looking for other reasons, like family responsibilities. Or they're working fewer than 35 hours a week - their employer cut their hours, it's the best they can find - which means they're "part time for economic reasons" or "involuntary part time." None of them is counted, but if you added the 2.3 million "discouraged" and "marginally attached" to the 11.7 million officially unemployed, you'd have an unemployment rate closer to 9 percent - not the 7.5 percent reported [on May 3]. Add in the reluctant part-timers (7.2 million) and the rate jumps to 13.9 percent. For the long-term unemployed - those out of work for more than six months - like Ross and 4.4 million others, the prospects are especially daunting. The longer you're out of work the less likely prospective employers will even take a look at you. That goes double if you're older. A Government Accountability Office report last year found "employer reluctance to hire older workers as a key challenge" to reducing unemployment.
Note: For deeply revealing reports from reliable major media sources on extremes of income inequality, click here.
The movement demanding that public interest institutions divest their holdings from fossil fuels is on a serious roll. Chapters have opened up in more than 100 US cities and states as well as on more than 300 campuses, where students are holding protests, debates and sit-ins to pressure their [universities] to rid their endowments of oil, gas and coal holdings. Some schools [in the UK], including University College London, ... already have active divestment campaigns. Four US colleges have announced their intention to divest their endowments from fossil fuel stocks and bonds and, in late April, 10 US cities made similar commitments, including San Francisco [and Seattle]. To quote the mission statement of the Fossil Free movement: "If it is wrong to wreck the climate, then it is wrong to profit from that wreckage. We believe that educational and religious institutions, city and state governments, and other institutions that serve the public good should divest from fossil fuels." An important target is missing from the list: the environmental organisations themselves. Some of the most powerful and wealthiest environmental organisations have long behaved as if they had a stake in the oil and gas industry. They led the climate movement down various dead ends: carbon trading, carbon offsets, natural gas as a "bridge fuel" – what these policies all held in common is that they created the illusion of progress while allowing the fossil fuel companies to keep mining, drilling and fracking with abandon.
Note: For deeply revealing reports from reliable major media sources on global warming, click here.
Honestly, if the consequences weren’t potentially so dire, the ongoing struggles to clean up the Fukushima Daiichi nuclear plant in northern Japan would be the stuff of comedy. In March, an extended blackout disabled power to a vital cooling system for days. The cause: a rat that had apparently been chewing on cables in a switchboard. Another dead rat was found in the plant’s electrical works just a few weeks ago, which led to another blackout. The dead rats were just the latest screwups in a series of screwups by Tokyo Electric Power Co. (TEPCO). But it’s not funny, not really, because the consequences of the meltdown and TEPCO’s mismanagement are very real. The latest threat comes from nearby groundwater that is pouring into the damaged reactor buildings. Once the water reaches the reactor it becomes highly contaminated by radioactivity. TEPCO workers have to pump the water out of the reactor to avoid submerging the important cooling system. TEPCO can’t simply dump the irradiated groundwater into the nearby sea ... so the company has been forced to jury-rig yet another temporary solution, building hundreds of tanks, each able to hold 112 Olympic-size pools worth of liquid, to hold the groundwater. So TEPCO finds itself in a race: Can its workers build enough tanks and clear enough nearby space to store the irradiated water — water that keeps pouring into the reactor at the rate of some 75 gal. a minute? More than two years after the tsunami, TEPCO is still racing against time — and just barely staying ahead.
Note: For deeply revealing reports from reliable major media sources on the grave risks from the nuclear power industry, click here.
One of the world's most respected economists has said Wall St is full of "crooks" and hasn't reformed its "pathological" culture since the financial crash. Professor Jeffrey Sachs told a high-powered audience at the Philadelphia Federal Reserve earlier this month that the lack of reform was down to “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.” Sachs, from Columbia University, has twice been named one of Time magazine’s 100 Most Influential People in the World, and is an adviser to the World Bank and IMF. “What has been revealed, in my view, is prima facie criminal behavior,” he said. “It’s financial fraud on a very large extent. There’s also a tremendous amount of insider trading. We have a corrupt politics to the core, I am afraid to say, and . . . both parties are up to their neck in this. This has nothing to do with Democrats or Republicans." Sachs described an environment of Wall Street influencing politicians with growing campaign contributions. In the 2012 election cycle, political contributions by the securities and investment sector hit $271.5 million, compared with $176 million in 2008, according to the Center for Responsive Politics. “I am going to put it very bluntly: I regard the moral environment as pathological. They have no responsibility to pay taxes; they have no responsibility to their clients; they have no responsibility to people, to counterparties in transactions,” he said. “They are tough, greedy, aggressive and feel absolutely out of control in a quite literal sense, and they have gamed the system to a remarkable extent.”
Note: For deeply revealing reports from reliable major media sources on criminal practices of Wall Street corporations, click here.
Billionaire Dmitry Rybolovlev, Russia’s 14th-richest person, and his wife, Elena Rybolovleva, have been brawling for almost five years in at least seven countries over his $9.5 billion fortune. In a divorce complaint originated in Geneva in 2008, Rybolovleva accused her husband of using a “multitude of third parties” to create a network of offshore holding companies and trusts to place assets -- including about $500 million in art, $36 million in jewelry and an $80 million yacht -- beyond her reach. She has brought legal action against the 48-year-old Rybolovlev in the British Virgin Islands, England, Wales, the U.S., Cyprus, Singapore and Switzerland, and is seeking $6 billion. The suits provide a window into the offshore structures and secrecy jurisdictions the world’s richest people use to manage, preserve and conceal their assets. According to Tax Justice Network, a U.K.-based organization that campaigns for transparency in the financial system, wealthy individuals were hiding as much as $32 trillion offshore at the end of 2010. Fewer than 100,000 people own $9.8 trillion of offshore assets. More than 30 percent of the world’s 200 richest people, who have a $2.8 trillion collective net worth ...control part of their personal fortune through an offshore holding company or other domestic entity where the assets are held indirectly. These structures often hide assets from tax authorities or provide legal protection from government seizure and lawsuits.
Note: For deeply revealing reports from reliable major media sources on failure of governments to regulate great accumulations of wealth, click here.
Conspiracy theorists of the world, ... we skeptics owe you an apology. You were right. The world is a rigged game. The world's largest banks may be fixing the prices of, well, just about everything. You may have heard of the Libor scandal, in which ... perhaps as many as 16 ... banks have been manipulating global interest rates, in the process [manipulating] the prices of upward of $500 trillion ... worth of financial instruments. Now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps. Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. [It's] a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget. It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks – including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland – that serve on the Libor panel that sets global interest rates.
Note: For deeply revealing reports from reliable major media sources on the criminal practices of the financial industry, click here.
Socially Responsible Investing (SRI) is sometimes referred to as “sustainable”, “socially conscious”, “mission,” “green” or “ethical” investing. Socially responsible investors are looking to promote concepts and ideals that they feel strongly about. They accomplish this in 3 ways: 1-Investment in companies and governments that the investor believes best hold to values of importance to the investor. These include the environment, consumer protection, religious beliefs, employees’ rights as well as human rights, among others. 2-Shareholder advocacy; socially responsible investors proactively influencing corporate decisions that could otherwise have a large detrimental impact on society ... through various means including dialogue, filing resolutions for shareholders’ vote, educating the public and attracting media attention to the issue. 3-Community investing has become the fastest growing segment within SRI, with some $61.4 billion in managed assets. With community investing, investors’ capital is directed to those communities, in the U.S. and abroad, which are under served by more traditional financial lending institutions and gives recipients of low-interest loans access to not just investment capital and income but provides valuable community services that include healthcare, housing, education and child care. Over the last two years, SRI investing has grown by more than 22% to $3.74 trillion in total managed assets, suggesting that investors are investing with their heart, as well as their head.
Note: Interested in investing to reduce inequality? Check out the inspiring microcredit movement.
Two U.S. officials say Dzhokhar Tsarnaev, the surviving suspect [in the Boston Marathon bombings], was unarmed when police captured him hiding inside a boat in a neighborhood back yard. Authorities originally said they had exchanged gunfire with Dzhokhar for more than one hour Friday evening before they were able to subdue him. The officials tell The Associated Press that no gun was found in the boat. Boston Police Commissioner Ed Davis said earlier that shots were fired from inside the boat. Investigators also believe the brothers helped finance their plot through drug sales. Sources say Tamerlan Tsarnaev, who was unemployed, made money selling marijuana. Police think the brothers killed a Massachusetts Institute of Technology campus police officer for his weapon while they were the subjects of last week's massive manhunt. The brothers only had one real gun and one pellet gun when they were on the run Thursday. Investigators now believe that Officer Sean Collier was killed Thursday because the two bombing suspects wanted to take his gun. Investigators believe because the officer's holster had a locking system, they apparently couldn't get the gun out. Collier was shot in the head execution-style while sitting in his patrol car. In his questioning in the hospital, Dzhokhar Tsarnaev said they were self-taught and self-radicalized.
Note: Don't these details released by investigators sound odd? If Dzhokhar was not armed, why did authorities say they exchanged gunfire for an hour? And previous reports claimed Dzhokhar was shot in the throat, so that he could not speak about his version of what happened. High strangeness here. For powerful evidence from a respected researcher that the uncle of the Boston bombers was a top CIA official, click here. This is evidence supporting the theory that the brothers may have been CIA-controlled Manchurian Candidates. For more on this, click here.
Remember the Roller Babies craze in 2009? That Evian video has been viewed more than 65 million times. Now, Evian Natural Spring Water has just launched a follow-up video, Baby & Me, and it's already got nearly 30 million views on YouTube. The new video, which features adults walking on a busy street when they suddenly see their "inner babies" in a storefront window reflection, launched simultaneously in 14 countries on Friday. The adult characters interact with their baby selves, mostly through dance. "You can't not smile watching this," said GMA anchor Lara Spencer this morning during a piece on the video. "This type of commercial is about happiness and energy," the ad's director, Remi Babinet, told GMA. Produced by creative agency BETC, and directed by We are from LA, the Baby & Me video is remixed by electronic music producer, Yuksek, notes Evian in a release about the ad. And the music? The '90s dance hit Here comes the Hotstepper serves as the soundtrack.
Note: Click on the link above to watch the video. For a video diving deeper into this by ABC, click here. For a treasure trove of great news articles which will inspire you to make a difference, click here.
There are few cases that better illustrate why the military needs to create an independent office to investigate rape than that of Lt. Col. James Wilkerson. Wilkerson, a fighter pilot, was sentenced to a year in prison and dismissed from military service after being found guilty of aggravated sexual assault by a jury of his peers. His commanding officer then threw out the conviction and reinstated Wilkerson at full rank. Under the military code of justice ... the commanding officer's discretion and bias may overrule legal decisions. In this case, Lt. Gen. Craig Franklin, the commander of the 3rd Air Force, declined to approve Wilkerson's conviction by a jury of senior officers, all men. His decision suggests the Air Force doesn't take sexual assault seriously. Yet, an estimated 19,000 rapes or sexual assaults occur each year in the military, although just 8 percent of sexual assaults are referred to military court, according to a Department of Defense survey of active-duty members. That compares with 40 percent in the civilian court system. Rep. Jackie Speier, D-[CA], last week reintroduced legislation that calls for overhauling how the military justice system handles rape and sexual assault by taking prosecution, reporting, oversight, investigation and victim care out of the chain of command and putting it in an autonomous office housed in the military but staffed by both civilian and military personnel. "Victims of rape and sexual assault should not have to choose between career-ending retaliation and seeking judicial action against their attackers," said Speier.
Note: For deeply revealing reports from reliable major media sources on sexual abuse scandals, click here.
One of the two ethnic Chechens suspected by U.S. officials of being behind the Boston Marathon bombings had been under FBI surveillance for at least three years, his mother said. Zubeidat Tsarnaeva told the English-language Russia Today state television station in a phone interview, a recording of which was obtained by Reuters, that she believed her sons were innocent and had been framed. Tamerlan Tsarnaev, 26, was killed in a shootout with police and his 19-year-old brother Dzhokhar was captured after a day-long manhunt. "He (Tamerlan) was controlled by the FBI, like, for three to five years," she said, speaking in English. "They knew what my son was doing, they knew what sites on the Internet he was going to," she said. Tsarnaeva echoed the boys' father, Anzor, who said ... that he believed they had been framed. Tsarnaeva suggested FBI officers had visited her home when she still lived in the United States and told her that Tamerlan "was really an extremist leader and that they were afraid of him. It is really, really a hard thing to hear. And being a mother, what I can say is that I am really sure, I am, like, 100 percent sure, that this is a set-up," she said. U.S. government officials have said the brothers were not under surveillance as possible militants. But the FBI said in a statement on Friday that in 2011 it interviewed Tamerlan at the request of a foreign government, which it did not identify. The FBI statement was the first evidence that the family had come to security officials' attention after they emigrated to the United States from Dagestan about a decade ago.
Note: For a sharp analysis of unanswered questions raised by the official account of the bombings in Boston, click here. For the local NBC station report that bomb-sniffing dogs were present at the finish line of the Boston Marathon before the bombs exploded, watch this video clip. And for a Washington Times article raising more questions on the bombing, including government agents seen at the scene with suspicious backpacks, click here.
I’ve been detained at Guantánamo for 11 years and three months. I have never been charged with any crime. I have never received a trial. Last month, on March 15, I was sick in the prison hospital and refused to be fed. A team from the E.R.F. (Extreme Reaction Force), a squad of eight military police officers in riot gear, burst in. They tied my hands and feet to the bed. They forcibly inserted an IV into my hand. I spent 26 hours in this state, tied to the bed. During this time I was not permitted to go to the toilet. They inserted a catheter, which was painful, degrading and unnecessary. I was not even permitted to pray. I will never forget the first time they passed the feeding tube up my nose. I can’t describe how painful it is to be force-fed this way. As it was thrust in, it made me feel like throwing up. I wanted to vomit, but I couldn’t. There was agony in my chest, throat and stomach. I had never experienced such pain before. I would not wish this cruel punishment upon anyone. I am still being force-fed. Two times a day they tie me to a chair in my cell. My arms, legs and head are strapped down. When they come to force me into the chair, if I refuse to be tied up, they call the E.R.F. team. So I have a choice. Either I can exercise my right to protest my detention, and be beaten up, or I can submit to painful force-feeding. The only reason I am still here is that President Obama refuses to send any detainees back to Yemen. This makes no sense. I am a human being ... and I deserve to be treated like one.
Note: Samir Naji al Hasan Moqbel, has been a prisoner at Guantánamo Bay since 2002. For an illuminating analysis of this situation by the Washington Post, click here.
Fourteen years ago, Blanca Cecilia Lopez began combing the streets of [Bogota, Colombia] in search of sellable articles to feed her family. She typically earned only a few dollars a day scavenging bottles, cans, paper and any other reusable items that she could find. Two years ago, however, her life changed dramatically thanks to a grassroots organization that found her a position at a city recycling center with a monthly salary and health benefits. The 50-year-old mother of seven owes her new life to Nohra Padilla, who began organizing waste pickers like Lopez in 1990 into the Bogota Recyclers' Association. For her work, Padilla is one of six recipients of the [2013] Goldman Environmental Prize. Over the years, the association, which has 2,000 members, has battled city officials and private sanitation companies vying to monopolize trash collection from Bogota's 8 million inhabitants. In the 1980s and 1990s, Padilla and other organizers were threatened by right-wing paramilitaries who regarded organizing the poor as subversive. Several waste pickers were murdered in what the militias called "social cleansing." A talent for organizing and motivating others emerged, turning Padilla into a leader of an estimated 17,000 waste pickers who are a common sight on Bogota streets pushing hand carts or riding on horse carts piled high with scavenged trash. "If she (Padilla) weren't around, the recyclers would have to compete with the big trash companies," said Federico Parra, regional coordinator for a global nonprofit that helps improve conditions for the working poor.
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
Europe needs to recapitalise, restructure or shut down its banks as part of a vital clean-up of the industry, International Monetary Fund managing director Christine Lagarde said as she warned that the threat from world’s biggest lenders was “more dangerous than ever”. Speaking in New York ahead of next week’s IMF Spring meeting, Ms Lagarde launched a broadside against the financial services industry for resisting urgent reform. “In too many cases – from the United States in 2008 to Cyprus today – we have seen what happens when a banking sector chooses the quick buck ..., backing a business model that ultimately destabilizes the economy. We simply cannot have pre-crisis banking in a post-crisis world. We need reform, even in the face of intense pushback from an industry sometimes reluctant to abandon lucrative lines of business.” Almost five years since Lehman Brothers collapsed, she claimed: “The 'oversize banking’ model of too-big-to-fail is more dangerous than ever. We must get to the root of the problem with comprehensive and clear regulation.” Regulators have forced banks to increase significantly their loss-absorbing capital buffers since the crisis, but are still working on "resolution" mechanisms that will allow giant lenders to fail without hitting the taxpayer and threatening financial stability. Regulators must also work together, she added, amid evidence that some countries are caving into pressure from the banking lobby.
Note: For deeply revealing reports from reliable major media sources on financial corruption, click here.
The secret records obtained by ICIJ [International Consortium of Investigative Journalists] lay bare an extraordinary range of people using offshore hideaways. They include ... families of despots, Wall Street swindlers, eastern European and Indonesian billionaires, Russian executives, [and] international arms dealers. The leaks illustrate how offshore financial secrecy has aggressively spread around the globe. The records detail offshore holdings in more than 170 territories; this represents the biggest stockpile of inside information about the offshore system ever obtained by a media organisation. Eighty-six journalists from 46 countries used both hi-tech data crunching and traditional reporting to sift through emails and account ledgers covering nearly 30 years. "Everything is much more geared toward business," David Marchant, publisher of OffshoreAlert, an online journal, said. "If you're dishonest, you can take advantage of that in a bad way." ICIJ's 15-month investigation found that ... the secrecy and lax oversight offered by the offshore world appears to allow fraud, tax-dodging and political corruption to thrive. A study by James S Henry, former chief economist at McKinsey & Company [and a board member of the Tax Justice Network], estimates that wealthy individuals have $21-$32tn tucked away in offshore havens – roughly equivalent to the size of the US and Japanese economies combined.
Note: To learn more about how all of this incredibly revealing data was obtained and processed, click here. For a powerfully revealing documentary showing how huge corporations park profits offshore to avoid taxes, click here.
Millions of internal records have leaked from Britain's offshore financial industry, exposing for the first time the identities of thousands of holders of anonymous wealth from around the world, from presidents to plutocrats, the daughter of a notorious dictator and a British millionaire accused of concealing assets from his ex-wife. The leak of 2m emails and other documents, mainly from the offshore haven of the British Virgin Islands, has the potential to cause a seismic shock worldwide to the booming offshore trade. The naming project may be extremely damaging for confidence among the world's wealthiest people, no longer certain that the size of their fortunes remains hidden from governments and from their neighbours. As well as Britons hiding wealth offshore, an extraordinary array of government officials and rich families across the world are identified, from Canada, the US, India, Pakistan, Indonesia, Iran, China, Thailand and former communist states. The Caribbean micro-state has incorporated more than a million such offshore entities since it began marketing itself worldwide in the 1980s. Owners' true identities are never revealed. Even the island's official financial regulators normally have no idea who is behind them. The British Foreign Office depends on the BVI's company licensing revenue to subsidise this residual outpost of empire, while lawyers and accountants in the City of London benefit from a lucrative trade as intermediaries.
Note: For profiles of a few leading secret account holders, click here. For a powerfully revealing documentary showing how huge corporations park profits offshore to avoid taxes, click here.
Silver [tooth] fillings, commonly called dental amalgam, contribute mercury pollution to the environment. Recent developments suggest momentum is building against silver fillings based on environmental concerns: Norway, Denmark, Sweden, Japan and Finland have either banned dental amalgam or restricted its use within the last five years. Twelve states have mandatory dental amalgam reduction programs. About half the mercury entering municipal wastewater treatment plants, or about 3.7 tons annually, comes from dental amalgam waste. While treatment plants capture about 90 percent of amalgam, some mercury settles into sewage sludge that is deposited in landfills, incinerated, applied as fertilizer or flushed into waterways. Once in water, it can transform into methylmercury, a neurotoxin that builds up in fish, shellfish and animals that eat fish, including humans. Several studies have linked methylmercury to health and developmental problems, especially in pregnant women, fetuses, infants and children. High exposure to methylmercury has been linked to permanent damage in children's brains and nervous systems and to increased risk of kidney problems in adults. Research shows that the human body absorbs mercury vapor released from dental amalgam. Numerous studies raise concerns about mercury exposure from amalgam. In toxic doses, elemental mercury breathed in as vapor can cause symptoms including tremors, mood swings, neuromuscular changes and cognitive deficits.
Note: For a great report by Dr. Mercola and Dr. Oz on the risks of mercury-based dental amalgam, click here.
Forget about gangsters and bank robbers, the most popular document in old FBI case files has to do with UFOs. At "the vault," the FBI's digital reading-room, anyone can go online and view the bureau's most notorious cases. "Since we opened the vault, it's been this memo about flying disks or flying saucers, and it relates to an allegation that we heard from a third-hand, saying that the Air Force had found a couple of saucers out in the New Mexico desert," John Fox, FBI historian, said. The memo's all of two paragraphs. Agent Guy Hottel, then head of the FBI's Washington Field Office, writes that an Air Force investigator "...stated that three so-called flying saucers had been recovered in New Mexico. They were described as being circular in shape with raised centers, approximately 50-feet in diameter. ... Each one was occupied by three bodies of human shape but only 3 feet tall, dressed in metallic cloth of a very fine texture. Each body was bandaged in a manner similar to the blackout suits used by speed flyers and test pilots." It's not just the Guy Hottel memo that's a favorite. There are hundreds of other pages of memos and files in the FBI vault - in the "unexplained phenomenon" section, all about alien and UFO sightings - that are more popular online than the FBI's files on Bonnie and Clyde, serial killer Ted Bundy and other famous cases that have become part of FBI lore.
Note: For a three-minute CNN video of this amazing news, click here. You can view the declassified memorandum described above on the FBI website at this link. Or download this revealing document and view it on our website at this link. For lots more reliable information suggesting a major cover-up of the reality of ET visitation, click here.
According to a new report, most of the 30 companies listed on the Dow Jones industrial average are paying a far lower proportion of their profits in federal taxes - at a time when the Dow is reaching new highs - than they have in past decades. The main reason: not so much those yawning tax loopholes, but the multinationals' ability to stash more of their money overseas, where it's taxed at a lower rate and the feds can't touch it. Hewlett-Packard, according to the analysis, experienced the steepest percentage reduction in federal taxes - 47 percent since 1969. Intel's share of income paid in taxes has fallen by 29.6 percent since 1973, and Cisco Systems by 24.7 percent since 1989. U.S. multinationals ... often pay far less than the standard 35 percent corporate tax rate - a rate many of these companies are pushing to have significantly lowered. In its year-end report, Intel recorded $13 billion in profit - a record - and said its tax rate was approximately 29 percent. In 2010 HP paid $1.75 billion in income taxes on $9.4 billion of pretax income, a tax rate of 18.6 percent. As a share of the nation's GDP, U.S. corporate income tax has fallen by more than half, from 5.5 percent in 1946 to 2.6 percent in 2011.
Note: The statement about corporate income tax falling from 5.5 percent of GDP in 1946 to 2.6 percent in 2011 is quite misleading, making it appear that corporate taxes are a small percentage of total income. It is much more accurate to compare the total annual amount of corporate taxes to individuals' taxes. As this historical tax chart clearly shows, in 1946 corporate income tax receipts were 74% of the amount received from individual income taxes. By 2011, corporate taxes dropped to less than 17% of the amount paid in individual income taxes. That is a huge percentage drop in corporate taxes.
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