{"id":4795,"date":"2011-05-10T02:26:40","date_gmt":"2011-05-10T09:26:40","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=4795"},"modified":"2011-05-10T02:26:40","modified_gmt":"2011-05-10T09:26:40","slug":"the-whirlpool-spin-cycle","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2011\/05\/10\/the-whirlpool-spin-cycle\/","title":{"rendered":"The Whirlpool Spin Cycle"},"content":{"rendered":"<p><font color=\"#0000ff\">Stories abound about giant corporations raking in bug profits, but paying no taxes.&#160; Whirlpool will have to go into spin cycle to explain a big tax refund, big profits and no taxes paid in the last three years.<\/font><\/p>\n<blockquote>\n<p style=\"line-height: normal; margin: 0in; font-family: \" align=\"left\"><font style=\"font-size: 12pt\"><img loading=\"lazy\" decoding=\"async\" style=\"display: inline; float: right\" title=\"10whirlpool\" alt=\"10whirlpool\" align=\"right\" src=\"https:\/\/www.7thstep.org\/blog\/wp-content\/uploads\/2011\/05\/10whirlpool.jpg\" width=\"360\" height=\"400\" \/>As ThinkProgress has been reporting, Main Street America\u2019s services, investments, and jobs are under attack while many of the nation\u2019s wealthiest individuals and corporations are getting away with <a href=\"http:\/\/thinkprogress.org\/2011\/02\/26\/main-street-tax-cheats\/\" target=\"_blank\">paying little to nothing<\/a><font color=\"#0066cc\"><\/font> in federal income taxes. Today, BusinessWeek reports that Whirpool, the world\u2019s largest appliance maker, has been a major tax dodger. The company had negative income tax rates over the past three years, and reported a $64 million income tax benefit last year. It expects <a href=\"http:\/\/news.businessweek.com\/article.asp?documentKey=1376-LK9VGG0UQVI901-50H3SO7LMOD0H4E73ILLIQ095L\" target=\"_blank\">similar results this year<\/a><font color=\"#0066cc\"><\/font>:<\/font><\/p>\n<p style=\"line-height: normal; margin: 0in 0in 0in 0.375in; font-family: \" align=\"left\"><font style=\"font-size: 12pt\">Sales at the appliance maker rose 7 percent to $18.4 billion last year after dropping during the housing slump of the previous two years. In the year-earlier quarter, the company attributed a rise in revenue to increased productivity.<\/font><\/p>\n<p style=\"line-height: normal; margin: 0in 0in 0in 0.375in; font-family: \" align=\"left\"><font style=\"font-size: 12pt\">Whirlpool had negative effective income tax rates in 2010, 2009 and 2008. <span style=\"text-align: left\"><strong>Last year, the company reported an income tax benefit of $64 million and an effective tax rate of negative 10.9 percent, according to company filings. The company expects a similar tax benefit in 2011<\/strong><\/span>, corporate controller Larry Venturelli told analysts today.<\/font><\/p>\n<p style=\"line-height: normal; margin: 0in; font-family: \" align=\"left\"><font style=\"font-size: 12pt\">&#8230; [<em>emphasis original<\/em>]<\/font><\/p>\n<\/blockquote>\n<p>Inserted from &lt;<\/p>\n<p><font color=\"#0000ff\">Our clothes may get clean, but we, the taxpayers, are getting soaked!<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stories abound about giant corporations raking in bug profits, but paying no taxes.&#160; Whirlpool will have to go into spin cycle to explain a big tax refund, big profits and no taxes paid in the last three years. As ThinkProgress has been reporting, Main Street America\u2019s services, investments, and jobs are under attack while many <a href='https:\/\/www.politicsplus.org\/blog\/2011\/05\/10\/the-whirlpool-spin-cycle\/' class='excerpt-more'>[&#8230;]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4795","post","type-post","status-publish","format-standard","hentry","category-politics","category-5-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/4795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/comments?post=4795"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/4795\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=4795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=4795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=4795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}