Wells Fargo Pays Less Tax Than You Do
Posted by Phoenix Woman on January 20, 2012
While unrepentant silver-spoon trustafarian one-percenters like Alan Simpson keep telling the rest of us that our Grandmas must starve in the name of deficit before any rich people are forced to give their second summer homes in the Hamptons, some decent civic-minded souls are asking why Wells Fargo pays
a much smaller percentage of their income in less taxes than you or I do (corrected because of the confirming information that Wells Fargo actually paid less than zero tax in recent years):
The recent Citizens for Tax Justice report, “Corporate Taxpayers & Corporate Tax Dodgers, 2008-‐10,” lists 249
corporations that paid less than their fair share in federal corporate income taxes in 2010. In other words, 249 of the
country’s largest and most profitable corporations paid less than the U.S. statutory corporate tax rate of 35% in 2010.
Instead. these 249 companies got a 2010 federal tax subsidy totaling over $87.27 billion.
One of these corporations, Wells Fargo, got a 2010 federal tax subsidy of OVER $4.42 BILLION.
Minnesota’s share of this massive corporate tax giveaway comes to OVER $76 MILLION.
That’s $76 million that could have, had it gone into Federal coffers and then into Minnesota’s share of Federal programs, done the following in 2010:
– Provided over $8 million for Medicaid, enough for 1,100 Minnesota Medicaid recipients
— Provided over $1.5 million for anti-hunger programs, distributed as follows:
* Over $1 million in food stamp benefits (enough to feed 720 people)
* Over $160,000 in WIC benefits (enough to feed 320 low-income mothers and children)
* Over $376,000 in nutritional assistance for low-income school-age children (enough to provide over 288,000 meals to
over 1,510 children)
And that’s just a start.
If this sickens you as much as it does me, I suggest that you, if you’re a Minnesotan, make your voice heard at the March and Rally for the 99% in Saint Paul next Tuesday, January 24.
The event starts at 4:00 pm in front of the Wells Fargo offices at 430 Wabasha Street North; from there, the rally participants will march to 175 West Kellogg Boulevard and the St. Paul RiverCentre, wherein will be held the Minnesota Chamber of Commerce’s “2012 Session Priorities” gala where folks from Wells Fargo and other fat cats will engage in ritual back-patting and congratulations at having avoided taking up their share of the civic responsibilities we are all allotted.
Be there and have fun!
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