Immanuel
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- May 15, 2007
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You Have More Money in Your Wallet Than Bank of America Pays in Federal Taxes:
"But it wasnt teachers, fire fighters, policemen, and college students that caused the economic recession that has devastated government budgets it was Wall Street.
"And as middle class workers are being asked to sacrifice, the rich continue to rig the system, dodging taxes and avoiding paying their fair share.
"In an interview with In These Times, Carl Gibson, the founder of US Uncut, which is organizing some of todays UK-inspired massive demonstrations against tax dodgers, explains that while ordinary Americans are being asked to sacrifice, major corporations continue to use the rigged tax code to avoid paying any federal taxes at all.
"As he says, if you have 'one dollar' in your wallet, youre paying more than the 'combined income tax liability of GE, ExxonMobil, Citibank, and the Bank of America'
ThinkProgress>>
You and ThinkProgress make it sound as if BofA never pays any taxes. Funny thing is that a quick look at the financial statements of said company shows that to be incorrect.
BAC Income Statement | Bank of America Corporation Com Stock - Yahoo! Finance
Bank of America, Wells Fargo might not pay federal taxes for 2009 | McClatchy
"Oh, yeah, this happens all the time," said Robert Willens, an expert on tax accounting who runs a New York firm with the same name. "Especially now, with companies suffering such severe losses."
In 2007 and 2008 BofA paid their share of taxes, nearly $6.5 Billion. In 2009, they had some kind of adjustment that affected their tax situation which allowed them to regain nearly $2 Billion of that. I did not bother to look for what that adjustment was.
Obviously, ThinkProgress wanted its readers to get the picture that large corporations do not pay income taxes. They expected people just to take their word for it. I am certain that for what ever reason BofA took that adjustment it was legal to do so and I highly doubt there was anything illegal in their actions.
I would not hesitate that guess that you and I and everyone else reading this thread, do our best to legally reduce our taxes year by year... yet ThinkProgress seems to want to make BofA and other corporate giants out to be evil based on one year's tax filings that most likely were completely legitimate
Most corporations are small and can legally reduce their tax liability to nothing or almost nothing. The larger ones such as BofA, Wells Fargo, GM, Exxon etc. etc. etc. need extraordinary occurrences to do so and then when they enter those situations they are portrayed as villains.
Immie