Bank of America, the largest bank and 5th largest corporation in America is reported to have paid zero federal income tax in 2009, funneling its income through 115 foreign tax-haven subsidiaries.
The $3 in my wallet is more than ExxonMobil, GE and Bank of America paid in taxes last year, combined,” said Carl Gibson, founder of US Uncut Mississippi. “There’s a direct connection between corporate tax dodging and what’s happening to real people’s lives. Because of overseas tax havens and other tax loopholes, US corporations are making profits in America but barely paying taxes here. If we close those loopholes, we wouldn’t have to be cutting back on firefighters, library hours and student loans.”
BofA and other large financial institutions take billions in bailouts from the government yet pay little or no taxes. This is regulatory capture. Our tax laws have been corrupted by special interests so that big corporations can avoid taxes thus dumping the burden on the rest of us. Sounds like financial terrorism to me.