This, my friends, is an excellent question.
Why are America's largest corporations paying no tax?
Inspired by the UK Uncut movement, Americans are taking to the street, asking why they're being asked to tighten their belts when the largest corporations in the country are paying no tax at all:
- 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."
This is beyond insane. Yet with the partisan gridlock paralyzing Congress, can you possibly imagine that we can revise the tax code? I'll give you a hint: the answer is NO.
The link to Ultrarunning? I spend more on my running shoes than several of America's largest corporations together spend in corporate taxes.
(Gary note: I take Cory and the source blog, Think Progress, at their word as careful and respected blogs. I have not fact-checked this article)