Four Contemptible Examples of Corporate Tax Avoidance

http://www.commondreams.org/view/2013/07/08



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1. Just 32 companies avoided enough in 2012 taxes to pay the ENTIRE 2013 federal education budget.

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2. Bank of America: 82% of Revenue in U.S., $7 billion loss. (But big foreign profits.)

Bank of America CEO Brian Moynihan once complained that nobody understood "how much good" his employees do. But his company, with a whopping 82% of its 2011-12 revenue in the U.S., declared $7 billion in U.S. losses and $10 billion in foreign profits.


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3. Relative to workers' payroll tax, corporate taxes have dropped from $1.00 to 7 cents.

In 1953, as the most productive era in U.S. history was beginning, corporations contributed over a dollar for every 33 cents paid by workers. In 2011, the corporate contribution was about 7 cents for every 33 cents paid by workers.

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4. Sales tax on school supplies: 10%. Sales tax on $1,000,000,000,000,000 of financial securities: ZERO.

Estimates of the financial derivatives market vary, from $708 trillion to $1.2 quadrillion to $3 quadrillion to a gazillion. This money is a largely speculative and unproductive figment of the financial fantasy world. But speculative financial activity is so inflationary that the world's total wealth, according to the authors of the Global Wealth Report, has doubled in ten years, from $113 trillion to $223 trillion, and is expected to reach $330 trillion by 2017.