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."
REPORT: You Have More Money In Your Wallet Than Bank Of America Pays In Federal Taxes
Reason's December issue celebrates the magazine's 50th anniversary with a series of commissioned pieces on the past and future of the magazine's subjects: freedom, markets, property rights, privacy and similar matters: I contributed a short story to the issue called Sole and Despotic Dominion, which takes the form of a support chat between a dishwasher […]
At times this week, wildfires made San Francisco's air the worst in the world, and the city's stores have largely sold out of the N95 filter masks that make the air barely breathable, leading to at least one enterprising Uber driver selling the masks out of his car (at a substantial markup: $5 each, compared […]
Amazon is already known for providing dangerous working conditions, anti-union activities and treating their blue collar workforce like a disposable commodity. Since they’re already screwing folks at work, it must have seemed like a natural progression to screw them at home too. From Politico: Amazon’s plans to expand into Long Island City may cost Mayor […]
Ever wondered what it takes to make the transition from amateur photography to a full career? If you answered “a better camera,” you’re half right. Before you get the equipment, get the know-how to use it with the Hollywood Art Institute Photography Course & Certification. Taught by experienced pros, this course is geared towards shutterbugs […]
Anyone can learn piano, but don’t tell that to the bored kids who had to endure hours of “Chopsticks” and similar drills in their music lessons. Today, there’s a better way. Pianoforall lets you jump right in to discover what makes music fun, leaving you eager to learn more. In a simple but innovative approach, […]
There are two times you never want to just “eyeball” it: Conducting brain surgery and matching shades of paint for your walls. Whether you’re painting or repainting, make sure you’re never just “close enough” to the color you want. Not when the Nix Mini Color Sensor can scan and match any color perfectly. Small enough […]