Sunday, February 27, 2011

Presented Without Comment

- 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. "Oh, yeah, this happens all the time," 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, why should the government pay you for your losses?" asked Bob McIntyre of Citizens for Tax Justice. The same year, the mega-bank's top executives received pay "ranging from $6 million to nearly $30 million."

- 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.

- CITIGROUP: Citigroup's deferred income taxes for the third quarter of 2010 amounted to a grand total of $0.00. 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 second year in a row, with a compensation package worth $9.5 million."

(Via ThinkProgress)

1 comment:

Ian Thal said...

Even more ridiculous is that not only does BoA not pay taxes but they charge while checking accounts do not bear interest (once upon a time, industry practice was that checking accounts did!) So these profits aren't passed on to the customers!