Some of my conservative friends are having difficulty understanding why those “smelly” people all over the country are demonstrating to “Occupy” Wall Street. Perhaps the following facts from the conservative Washington Times may help clarify the situation.
Bank of America, which has 115 offshore tax havens, accepted $336 billion in bailouts in 2009 and enjoyed $4.4 billion in profits in 2010, but paid no taxes. Newt Gingrich says it’s a good thing when corporations don’t pay taxes, because all those savings are used to create jobs. Bank of America got rid of 30,000 employees during this time.
Citicorp accepted $476 billion in bailout, made monster profits in 2010, and yet paid no taxes, thanks to 427 subsidiaries outside the U.S.
Exxon/Mobil received billions in subsidies, earned $44 billion in 2010 and paid no taxes.
Pharmaceuticals like Merck ($9 billion in profits in 2010) paid no taxes that year.
News Corporation, Rupert Murdoch’s media monolith that owns Fox News, pays no American taxes by having 152 tax havens outside the U.S.
Thanks to offshore subsidiaries, Verizon made $24 billion in pre-tax U.S. income the past two years. Not only did this corporation pay no taxes, but it claimed a federal refund of $1.3 billion, thanks to offshore subsidiaries.
Wells Fargo accepted $107 in bailouts, wrote off all its losses by acquiring Wachovia, and as a result paid no taxes. Wells Fargo and Bank of America are now in the process of charging its debit card customers a monthly fee, because their no-tax profits aren’t high enough.
There are many other similar situations, and yet the Republicans continue to protect wealthy corporations and seek to impose fiscal restraint on the poor and the middle class.