Think that the country is in dire financial shape? Don’t look at the poor people collecting welfare, the unemployed receiving benefits, the elderly cashing in the social security checks or the public employees simply doing their jobs and getting paid for it for causing the problem. Take a closer look at the large corporations who fight tooth and nail to keep tax loopholes open so they don’t have to pay their fair share.
Via Think Progress:
Last week, National People’s Action and the Public Accountability Initiative, both of whom are organizing the Make Wall Street Pay protests, put out a report, “Big Bank Tax Drain.” The report lays out the costs that average Americans — who are being asked to sacrifice their education, their health, and their pensions — incur from the egregious tax dodging by the big banks.
In one particularly shocking statistic, the report notes that the six biggest banks in the United States together paid “income tax at an approximate rate of 11″ percent in 2009 and 2010. If they had paid 35 percent, which is the legally mandated rate without loopholes, the federal government would have received “$13 billion in tax revenue” — a sum which would cover the salaries, for two years, of every single one of the 132,000 teachers laid off since the beginning of the economic recession.
Schools are closing, children are being piled into classrooms with 40 to 50 students each in them, and more and more districts are struggling all so banking CEO’s can keep their bonuses for accomplishing something no better than basic tax evasion.
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