<br><br><div class="gmail_quote">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Dante-Gabryell Monson</b> <span dir="ltr"><<a href="mailto:dante.monson@gmail.com">dante.monson@gmail.com</a>></span><br>
Date: Mon, Feb 28, 2011 at 5:20 AM<br>Subject: Article : You Have More Money in Your Wallet Than Bank of America Pays in Federal Taxes<br>To: <a href="mailto:econowmix@googlegroups.com">econowmix@googlegroups.com</a>, <a href="mailto:sustainable_solidarity@yahoogroups.com">sustainable_solidarity@yahoogroups.com</a>, <a href="mailto:hc_ecology@yahoogroups.com">hc_ecology@yahoogroups.com</a><br>
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<a href="http://www.truth-out.org/you-have-more-money-your-wallet-than-bank-america-pays-federal-taxes68094" target="_blank">http://www.truth-out.org/you-have-more-money-your-wallet-than-bank-america-pays-federal-taxes68094</a></p>
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<p style="margin: 0px;">Saturday 26 February 2011</p></span><span style="color: rgb(204, 0, 0); font-size: 12px; font-style: italic; line-height: normal;"><a href="http://thinkprogress.org/2011/02/26/main-street-tax-cheats/" style="color: rgb(204, 0, 0); text-decoration: none; margin: 0px 0px 20px; letter-spacing: 0px; font-style: italic;" target="_blank"><span style="margin-bottom: 20px; letter-spacing: 0px;">by: Zaid Jilani ��|��</span><b style="color: rgb(204, 0, 0); font-weight: bold; text-decoration: none; margin: 0px 0px 20px; letter-spacing: 0px; font-style: italic;">ThinkProgress | News Analysis</b></a></span><p>
</p><p style="text-align: left; width: 490px; font-size: 1.1em; margin: 0px 0px 1em; padding-left: 0px;"><span style="color: rgb(204, 0, 0); font-size: 12px; font-style: italic; line-height: normal;"><a href="http://thinkprogress.org/2011/02/26/main-street-tax-cheats/" style="color: rgb(204, 0, 0); text-decoration: none; margin: 0px 0px 20px; letter-spacing: 0px; font-style: italic;" target="_blank"><b style="color: rgb(204, 0, 0); font-weight: bold; text-decoration: none; margin: 0px 0px 20px; letter-spacing: 0px; font-style: italic;"></b></a></span>excerpt :</p>
<p style="text-align: left; width: 490px; font-size: 1.1em; margin: 0px 0px 1em; padding-left: 0px;">... as politicians are asking ordinary Americans to sacrifice their education, their health, their labor rights, and their wellbeing to tackle budget deficits, some of the world�s richest multinational corporations are getting away with shirking their responsibility and paying nothing. ThinkProgress has assembled a short but far from comprehensive list of these tax dodgers � corporations which have rigged the tax system to their advantage so they can reap huge profits and avoid paying taxes:</p>
<blockquote><p style="text-align: left; width: 410px; font-size: 1.1em; margin: 0px 0px 1em; padding-left: 0px;">-�<b>BANK OF AMERICA</b>: In 2009, Bank of America<b>�didn�t pay a single penny in federal income taxes,</b>�exploiting the tax code so as to avoid paying its fair share. �Oh, yeah,�<a href="http://www.mcclatchydc.com/2010/03/26/91119/bank-of-america-wells-fargo-might.html" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">this happens all the time</a>,� said Robert Willens, a tax accounting expert interviewed by McClatchy. �If you go out and try to make money and you don�t do it,�<b>why should the government pay you for your losses?</b>� asked Bob McIntyre of Citizens for Tax Justice. The same year, the mega-bank�s top executives received pay �ranging from�<a href="http://www.charlotteobserver.com/2010/02/27/1276388/bofa-exec-pay-remains-hot-button.html#ixzz1F0IqvuVq" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">$6 million to nearly $30 million.�</a></p>
<p style="text-align: left; width: 410px; font-size: 1.1em; margin: 0px 0px 1em; padding-left: 0px;">-�<b>BOEING:</b>�Despite�<b>receiving billions of dollars from the federal government every single year</b>�in taxpayer subsidies from the U.S. government, Boeing didn�t �<a href="http://www.ctj.org/pdf/boeing0211.pdf" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">pay a dime</a>of U.S. federal corporate income taxes� between 2008 and 2010.</p>
<p style="text-align: left; width: 410px; font-size: 1.1em; margin: 0px 0px 1em; padding-left: 0px;">-<b>�CITIGROUP:�</b>Citigroup�s deferred income taxes for the third quarter of 2010 amounted to a�<a href="http://www.wikinvest.com/stock/Citigroup_%28C%29/Data/Deferred_Income_Taxes/2010/Q3" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">grand total of $0.00</a>. At the same time, Citigroup has continued to pay its staff lavishly. �John Havens, the head of Citigroup�s investment bank, is expected to be the bank�s highest paid executive for the<a href="http://www.nytimes.com/2010/09/25/business/25citi.html" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">�second year in a row</a>,�<b>with a compensation package worth $9.5 million.�</b></p>
<p style="text-align: left; width: 410px; font-size: 1.1em; margin: 0px 0px 1em; padding-left: 0px;">-�<b>EXXON-MOBIL:</b>�The oil giant<a href="http://wonkroom.thinkprogress.org/2010/04/06/exxon-zero-taxes/" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">�uses offshore subsidiaries</a>�in the Caribbean to avoid paying taxes in the United States. Although Exxon-Mobil paid $15 billion in taxes in 2009,<b>�not a penny of those taxes went to the American Treasury.</b>This was the same year that the company�<a href="http://www.autoblog.com/2009/04/20/exxon-mobil-topples-wal-mart-to-sit-atop-fortune-500-list/" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">overtook Wal-Mart</a>�in the Fortune 500. Meanwhile the total compensation of Exxon-Mobil�s CEO the same year was�<a href="http://www.companypay.com/executive/compensation/exxon-mobil-corp.asp?yr=2010" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">over $29,000,000.</a></p>
<p style="text-align: left; width: 410px; font-size: 1.1em; margin: 0px 0px 1em; padding-left: 0px;">-�<b>GENERAL ELECTRIC:�</b>In 2009, General Electric � the world�s�<a href="http://www.richestpersons.net/top-10-biggest-companies-in-the-world/" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">largest corporation</a>�� filed more than 7,000 tax returns and�<b>still paid nothing to U.S. government.�</b>They managed to do this by a<a href="http://wonkroom.thinkprogress.org/2009/04/22/corporate-tax-offshore/" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">�tax code�</a>that essentially subsidizes companies for losing profits and allows them to set up tax havens overseas. That same year GE CEO Jeffery Immelt � who recently�<a href="http://www.bloomberg.com/news/2011-01-21/obama-taps-ge-s-immelt-for-economy-panel-replace-volcker.html" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">scored a spot�</a>on a White House economic advisory board � �earned total compensation of�<a href="http://online.wsj.com/article/SB10001424052748704869304575103960593817310.html" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">$9.89 million.�</a>�In 2002, Immelt displayed his lack of economic patriotism, saying, �When I am talking to GE managers, I talk�<a href="http://www.youtube.com/watch?v=suN-9FrBi7E" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">China, China, China, China, China</a>�.I am a nut on China. Outsourcing from China is going to grow to 5 billion.�</p>
<p style="text-align: left; width: 410px; font-size: 1.1em; margin: 0px 0px 1em; padding-left: 0px;"><b>- WELLS FARGO:�</b>Despite being the�<a href="http://www.americanconsumernews.com/2010/03/no-taxes-for-bank-of-america-nyse-bac-and-wells-fargo-nysewfc.html" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">fourth largest bank in the country</a>, Wells Fargo was<b>�able to escape paying federal taxes</b>�by writing all of its losses off after its acquisition of Wachovia. Yet in 2009 the�<b>chief executive of Wells Fargo also saw his compensati</b><b>on �more than double��</b>as he earned �a salary of�<a href="http://www.reuters.com/article/2010/03/03/us-wellsfargo-stumpf-idUSTRE6225P020100303" style="color: rgb(187, 13, 16); text-decoration: none;" target="_blank">$5.6 million paid in cash�</a>and stock and stock awards of more than $13 million.�</p>
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