Moral Outrage
Whew! God help us!

Corporate tax dodging amidst the US deficit

Two-thirds of corporations in America pay no federal income taxes.

Says protester Dave Sonenberg, “I’m tired of people calling for shared sacrifice and it’s all coming from the workers and nothing’s coming from the top.”

For example, Bank of America hasn’t paid a nickel in federal income taxes for the past two years, and in fact raked in an additional $1 billion in tax “benefits.” The bank is enjoying these profits after accepting $45 billion from taxpayers, which the company then got to count as a deduction when they paid back the money.

Big corporations get to play by a whole different set of rules, says tax expert Bob Willens of New York-based Robert Willens LLC: “It’s also not unusual for a company to pay no federal taxes”, Willens said.

[AlterNet]

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One Response to “Corporate tax dodging amidst the US deficit”

  1. General Electric –which made $14.2 billion in profits last year—paid NO federal taxes, according to the New York Times.

    Other big corporations, including ExxonMobil and Citigroup, have paid little to nothing in federal taxes—or gotten huge refunds—in recent years.

    Yet Republicans are insisting that workers, women, senior citizens, students, and children pay to balance the budget—while huge, wealthy corporations get away with this highway robbery.


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