Citigroup hasn’t paid taxes in 4 years, got $2.5 trillion from feds
In 2010, Bank of America set up more than 200 subsidiaries in the Cayman Islands (which has a corporate tax rate of 0.0 percent) to avoid paying U.S. taxes. It worked. Not only did Bank of America pay nothing in federal income taxes, but it received a rebate from the IRS worth $1.9 billion that year. They are not alone. In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens to avoid paying some $4.9 billion in U.S. taxes. That same year Goldman Sachs operated 39 subsidiaries in offshore tax havens to avoid an estimated $3.3 billion in U.S. taxes. Citigroup has paid no federal income taxes for the last four years after receiving a total of $2.5 trillion in financial assistance from the Federal Reserve during the financial crisis.On and on it goes. Wall Street banks and large companies love America when they need corporate welfare. But when it comes to paying American taxes or American wages, they want nothing to do with this country. That has got to change.
Here are the lyrics to "Take Me Out to the Tax Game":
Take me out to the tax game.
Bail me out with the banks.
Buy me a bonus and tax rebates.
Never pay nuthin’ not fed’ral or state.
So it’s shoot, shoot, shoot for the loopholes.
It’s law, so you can’t complain.
For its one, two, three-trillion you’re out,
Since we rigged the game!
Take me out to the tax game.
Flip the bird to the crowd.
Losers pay taxes, we take rebates.
‘cuz we make the rules for the corporate state.
And it's wham, bam, slam through the loopholes.
We always win, what a game!
We’re the one, yes, the one percent,
And we have no shame!
Facts about Congressman Paul Ryan’s Budget
Congressman Ryan would raise the Medicare eligibility age from 65 to 67 over 12 years beginning in 2023 for people born in 1958 – devastating new generations of seniors. This would increase out-of-pocket health care costs for everyone, and force more people near retirement to live without even basic health insurance. It would represent an indirect Social Security cut of as much as 45 percent.
The Ryan Budget once again ends Medicare as we know it and replaces it with a voucher system. This system will increase out-of-pocket health care costs for seniors – directly taking money out of their pockets. As the health care costs exceed the value of the vouchers over time, seniors who are not wealthy will be forced to forego the care they need – and the dignity that they deserve.
Congressman Ryan’s budget would expand tax cuts for millionaires and billionaires, while pulling away critical Medicare and Social Security protections from the middle class.
By ending Medicare “as we know it,” Congressman Ryan’s plan would increase health care costs and undermine the economic security of seniors.
Social Security should not be part of any budget deliberations, and should only be changed through legislation that goes through “regular order,” that is, the full congressional review and debate as has been the case since 1935. The law makes Social Security separate from the budget – and Social Security is projected to have a $100 billion surplus in 2013. Including it in the budget is wrong. When it is reformed through regular order, Congress should follow the will of those they are elected to represent, who overwhelmingly oppose all benefit cuts and overwhelmingly support requiring the wealthiest to pay their fair share.