Bank Of America Paid Nothing In Federal Income Taxes Last Year And Got Almost $1 Billion

[cal04]

Bank Of America Paid Nothing In Federal Income Taxes Last Year And Got Almost $1 Billion From Taxpayers

(snip)
Now, with many companies releasing their financial reports for 2010, it appears that Bank of America — the nation’s largest bank — has gone a second year in a row paying absolutely no federal corporate income taxes. In fact, not only did the company use its losses to avoid paying taxes last year, but it actually reported a tax benefit of almost a billion dollars:

After another money-losing year, Bank of America Corp. got the upper hand with Uncle Sam in 2010.

The Charlotte-based bank had no federal income tax expense for a second straight year and actually reported a tax “benefit” of nearly $1 billion. Also, the bank’s billions in accumulated losses could reduce its taxes in future years, a tax expert said.

“Bank of America takes its role as a corporate citizen very seriously, and pays taxes in accordance with all applicable laws and regulations,” bank spokesman Jerry Dubrowski said

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Over the weekend, the UK-inspired movement US Uncut held demonstrations at Bank of America branches all over the country to protest the bank’s egregious tax dodging. In Washington, D.C., US Uncut protests shut down a major Bank of America branch in the Columbia Heights neighborhood.

Watch it:


http://thinkprogress.org/2011/03/28/bank-of-america-taxes/#

[valerief]

1. Executive salaries and bonuses don't grow on trees, you know.

If the taxpayers don't pay for them, who will?

:sarcasm:

[Pacifist Patriot]

2. I have a debt with them I am desperately trying to pay off.

Every time I send a payment I just about puke. But I'm too much of a goody two shoes to risk my credit rating. Fuckers

[Scuba]

3. But it's those greedy teachers who... oh, never mind. n/t

[yodermon]

4. too big to fail and takes takespayer money.

BofA *is* a governmental institution then. It wields the power of a government, at taxpayer expense, but is a private for-profit institution.

There's a word for this, what was it again..?

[Blue Owl]

5. Herein lies a BIG, BIG problem

This is the cause of America's budget crisis, not union's collective bargaining rights.

[Rex]

6. Capitalism? We don't need no stinkin capitalism!

Argg avast ye scurvy taxpayer...hand over the money and no one gets hurt, yet!!! Yarggg!!!!!

[gkhouston]

7. I wonder how many auditors and lawyers the IRS could employ investigating this.

Not to mention admins, wrangling all the paperwork. We could have a mini-jobs program centered around auditing the corporations. :evilgrin: