2/3rds of US Corporations Pay Zero Federal Taxes: US Uncut Movement Builds to Make Them Pay Up
By Allison Kilkenny, The Nation
Posted on March 27, 2011, Printed on March 29, 2011
The following article first appeared on the Nation.com. For more great content from the Nation, sign up for their email newsletters here.
Saturday marked US Uncut’s second big nationwide protest. From coast-to-coast, more than forty cities joined in a day of action protesting the tax-dodging practices of massive corporations that they see as the real source of the country’s deficit.
“I’m tired of people calling for shared sacrifice and it’s all coming from the workers and nothing’s coming from the top,” says protester Dave Sonenberg. “I’m sick of companies like Bank of America not paying their taxes.”
Bank of America hasn’t paid a nickel in federal income taxes for the past two years, and in fact raked in an additional $1 billion in tax “benefits.” The bank is enjoying these profits after accepting $45 billion from taxpayers, which the company then got to count as a deduction when they paid back the money.