Published on Monday, April 18, 2011 by CommonDreams.org
US Uncut: The New Movement against Austerity and Corporate Tax Cheats
by Brian Tierney
Recent reporting that some of the largest U.S. corporations have paid little to nothing in federal income taxes in the past few years hasn’t stopped the upside-down debate in Washington. The beltway budget battle remains focused on one blunt question: how much of a beating should be given to workers and the poor in order to bring down the deficit while leaving the corporate bottom line unscathed?
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Thanks to tax breaks, creative accounting schemes, loopholes and off-shore havens, these companies are raking in billions and getting away with systematic tax-evading operations that would land ordinary people in jail.
Launched back in February, US Uncut has so far made Bank of America and Verizon the primary targets of its actions. According to US Uncut, Bank of America’s 2009 pre-tax income was $4.4 billion. As the fifth largest corporation in the world, Bank of America received $45 billion in bailout funds in 2008 and 2009 but didn’t pay a single dime in federal income taxes in 2009. In the same year, Bank of America received up to $1.9 billion in tax refunds.
How did they get away with it? Bank of America has 115 foreign tax-havens where it keeps its income in order to avoid taxes. And Bank of America is not alone. Roughly 25 percent of the largest U.S. corporations don’t pay any federal income taxes.
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When asked why US Uncut is focused on tax-dodging companies rather than the lawmakers who enable them, Taghi pointed to the corporations as the real source of power in Washington:
“US Uncut has focused on bringing protests to companies’ storefronts, instead of lawmakers, because that is where the true powers lie. On the whole, for companies to claim ignorance or deny responsibility for our lopsided tax code – that legalizes off-shoring of profits and accounting gimmicks – is a farce. These companies have lobbied Congress for such privileges and donate to representatives to enact loopholes.??
check this out and USUncut's action map at:
http://www.commondreams.org/view/2011/04/17-6?print?du