February 27, 2011
US Uncut organized a nation wide protest against Bank of America yesterday. Hundreds of thousands were expected to participate in sit-ins and protests at banks in 50 cities around the country. The reason?
“The $3 in my wallet is more than ExxonMobil, GE and Bank of America paid in taxes last year, combined,” said Carl Gibson, founder of US Uncut Mississippi. “There’s a direct connection between corporate tax dodging and what’s happening to real people’s lives. Because of overseas tax havens and other tax loopholes, US corporations are making profits in America but barely paying taxes here. If we close those loopholes, we wouldn’t have to be cutting back on firefighters, library hours and student loans.”
- BANK OF AMERICA: In 2009, Bank of America didn’t pay a single penny in federal income taxes, exploiting the tax code so as to avoid paying its fair share.
- BOEING: Despite receiving billions of dollars from the federal government every single year in taxpayer subsidies from the U.S. government, Boeing didn’t “pay a dime of U.S. federal corporate income taxes” between 2008 and 2010.
- EXXON-MOBIL: The oil giant uses offshore subsidiaries in the Caribbean to avoid paying taxes in the United States. Although Exxon-Mobil paid $15 billion in taxes in 2009, not a penny of those taxes went to the American Treasury.
- GENERAL ELECTRIC: In 2009, General Electric — the world’s largest corporation — filed more than 7,000 tax returns and still paid nothing to U.S. government.
- WELLS FARGO: Despite being the fourth largest bank in the country, Wells Fargo was able to escape paying federal taxes by writing all of its losses off after its acquisition of Wachovia.
These are the people our elected officials and biased news media are protecting, in particular the GOP. But what are they doing to try to make up for the lost money? Attack public workers and destroy their bargaining rights. It’s time to kill the “bargaining rights” of corporate America.
Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky