by John Grooms
Before the government slashes everything in sight in order to cut into the deficit, maybe they could get the fat cats to pony up their share especially the fat cats who got the country into its current financial mess to begin with. Im talking specifically about big banks that pay no federal taxes no, as in Zero Federal Tax. Theres a great study by Think Progress that is a must-read for everyone here in Bank City. The headline of the report is: "You Have More Money In Your Wallet Than Bank of America Pays In Federal Taxes." Here are a couple of excerpts about Bank of America and Wells Fargo:
BANK OF AMERICA: In 2009, Bank of America didnt pay a single penny in federal income taxes, exploiting the tax code so as to avoid paying its fair share. Oh, yeah, this happens all the time, said Robert Willens, a tax accounting expert interviewed by McClatchy. If you go out and try to make money and you dont do it, why should the government pay you for your losses? asked Bob McIntyre of Citizens for Tax Justice. The same year, the mega-banks top executives received pay ranging from $6 million to nearly $30 million.
WELLS FARGO: Despite being the fourth largest bank in the country, Wells Fargo was able to escape paying federal taxes by writing all of its losses off after its acquisition of Wachovia. Yet in 2009 the chief executive of Wells Fargo also saw his compensation more than double as he earned a salary of $5.6 million paid in cash and stock and stock awards of more than $13 million.