Same Big Banks which got bailout skipped out on taxes
Five banks that received federal bailout funds during the financial crisis didn’t pay income taxes for one or more years between 2008 and 2010, according to an iWatch News analysis of a new study of tax dodgers.
All five financial institutions named were profitable, but still received funds in the form of stock purchases from the Treasury Department’s Troubled Asset Relief Program (TARP).
Wells Fargo & Co., Goldman Sachs Group, PNC Financial Services Group, Capital One Financial Inc. and State Street Corp. were among 78 of America’s largest and most profitable corporations that managed to avoid paying income tax in at least one of the years between 2008 and 2010.
The study was released by nonpartisan advocacy groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Robert McIntyre, director of Citizens for Tax Justice and the report’s lead author said tax breaks enjoyed by the companies that paid less than 35 percent amounted to “wasted money that could have gone to protect Medicare, create jobs and cut the deficit.”