Every Laid Off Teacher Could Be Rehired If Banks Paid Their Tax Bills

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.

photo from wikimedia commons


John S.
Past Member 6 years ago

Wouldn't it be easier to collect the $3 billion owed by government workers? You don't even have to change any laws.

Carmel Harrison
Carmel Harrison6 years ago

This is a global problem! The super rich with expensive lawyers manage to get out of paying their fair share, which they can more than afford, and every other hard working person gets hounded into submission. Its not fair!! Technicalities should be resolved, EVERYONE should pay their way!! If everyone paid a fair share, we would all pay less!!!

Lika S.
Lika P6 years ago

This is exactly the type of corporate greed that my hubby despises. Yet it's the teachers' responsibility to retain their jobs, according to the Republicans.

Anne Brabson
Anne B6 years ago

Great posting!

Joe L.
Joe Lade6 years ago

Not only did the American banks cause the global recession and take billions in gov't. tax dollars in bailouts, but then Wall Street paid itself $20 Billion dollars in 2009! Thats the equivalent of 500,000 jobs paying $40,000 a year.
And the Republicans are going after the workers? How many jobs do they want to kill???
Sure bankers can make big money, they always have. But it's time government and the banks get real.

Yvonne C.
Von D6 years ago

They hand out bonus' left and right but can't manage to pay their taxes. The government won't touch them and they know it because they already declared they were "to big to fail". So really what can we do about it?

James M.
James M6 years ago

Recently an irate Facebook conservative friend inquired where it at all I would cut back. I replied that I would cut back on tax breaks for the rich. I recently sat next to an immigrant from Argentina who left back in the Peron days. She stated that she is shocked by the Argentinization of America, which in her view began with Reagan. What is really shocking is the ability of demagogues to win poor people over to their side.

gerlinde p.
gerlinde p6 years ago

tax the big corporations and the billionares and a lot of problems would be solved.

Julie W.
Julie W6 years ago

This is beyond immoral! Banks are bas****ds!

Rachel H.
Rachel H6 years ago

But James D, I'm not sure what Progressive could do for us. I mean, sure: Flo's a GREAT speaker, and they do give GREAT insurance, I'll give you that. But what's their policy on immigration? Seems pretty shifty to me.