State Street gets $885m tax refund...despite bailout, $1.6b profit

[joeunderdog]

Two years after receiving a $2 billion taxpayer-funded bailout, State Street Corp. expects to receive a federal tax refund of $885 million for 2010, the company confirmed, after taking losses on risky investments.

This It’s not that times were tough: Boston-based State Street reported a $1.6 billion profit last year. The company manages money for pensions and handles accounting for hedge funds and mutual funds, and its revenues were up amid strong markets. But, like many other banks and companies, State Street was able to offset its tax bill with big losses sustained during the financial crisis.

snip
As many as 30 percent of US corporations will pay no federal taxes this year, by Willens’s estimate. General Electric Co. has drawn sharp criticism for paying zero taxes, despite earning more than $14 billion last year. While ordinary Americans are rushing to file their tax returns by Monday and lawmakers in Washington are cutting budgets and resisting tax hikes, many of the nation’s largest companies are paying no taxes at all.

“Corporations like State Street paying zip despite $1.55 billion in profit is beyond an outrage,’’ said Rich Rogers, executive secretary-treasurer at the Greater Boston Labor Council. He is part of a consortium of groups that represent workers and low-income families planning a protest in the financial district today over banks and Wall Street firms failing to pay taxes, while foreclosing on homeowners and continuing to pay their executives generously.

http://www.boston.com/business/articles/2011/04/14/state_street_gets_885m_tax_refund/?p1=News_links

[RKP5637]

1. And many wonder WTF is wrong with this country. "We the people" are so

low on the ladder, we can't even reach the lowest rung of the ladder in USA, Inc.

[Bluenorthwest]

2. This means our govenment is corrupt to the core, period.

Corrupt.

[SoCalNative]

3. Time to change the tax laws

Show even $1 in profit, no writeoffs or deductions. Period.