Congress is telling all of us that we need to tighten our belts and take one for the team. Slashed public programs, education funding, medical care for the elderly and the poor, public transit they are all to be gutted to solve the budget. Meanwhile big business got a taxpayer bailout and many pay $0 in US taxes. Many loopholes still exist in the US tax code and others just blatantly ignore the existing laws.
UK Uncut started as a few people in a pub who were fed up with important programs and services being cut while UK businesses were pulling this tax avoidance scam. They did something about it. Hundreds showed up to do sit-ins at high street retailers and banks. They hit them where it matters, sales. The companies took notice and now the UK government is starting to wake up to the public outcry. If the companies paid their taxes there would be no need for cuts to services and programs many depend on.
Uncut has come to the US and had already staged substantial protests and sit-ins. The shut down Bank of America branches in major cities in February.
Bank of America has avoided huge sums of taxes while taking bail out money from the taxpayers. More details on B of A’s obscene swindle of the people forthcoming. As are the names of other big corporate tax cheats.
Find out more at US Uncut
Facts about Bank of America
Despite ruining the economy with their reckless greed, Bank of America has consistently avoided any form of accountability to the American taxpayer. In fact, in 2009, Bank of America actually received a net tax benefit. Yes, last year, the federal government gave Bank of America $2.3 billion. That money alone could almost completely cover the proposed $2.5 billion cuts to the Low Income Home Energy Assistance Program (LIHEAP), which helps low-income families pay their heating and cooling bills and affects 34 million households. Bank of America is the largest bank and 5th largest corporation in the country, holding over $2.2 trillion in assets, and yet it pays less in taxes than the average American household, which made between $35,400 and $52,100 and had an effective tax rate of 14.2%.
This scam on the American people is repeated over and over again by big companies. 83 of the top 100 corporations are using tax havens to avoid our already very low corporate tax rates. 63 of the top 100 government contractors are doing the same. Source