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."
Lax enforcement from the SEC has allowed the biggest companies in America — 90 percent of the companies in the S&P 500, led by the faltering energy sector — to ignore the “Generally Accepted Accounting Principles” (GAAP) in presenting their financial information to investors, manufacturing nonexistent profits in quarters where they suffer punishing losses.
Reuters reports that VW is about to tell the federal judge in San Francisco in charge of its case that it will offer to buy back nearly half a million of its diesel vehicles from owners who were deceived about the cars’ emission standards and performance when the company engineered its cars so that they […]
Isn’t it about time to stretch what your Mac can do? I mean, you’ve got plenty of great programs now…but don’t you think you could use some new tools to get your creative, analytical and organizational juices really flowing? It’s spring, so we cleaned up a whole bunch of super-cool apps lying around and packaged […]
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Unless you’re a programmer or webmaster, the term SQL probably doesn’t mean much to you. But for those looking to understand more about how and why the web works the way that it does, know this – SQL and its process of managing and presenting large data sets is everywhere…and it’s the most in-demand programming […]