Clear Stream Media: Tax Dodging Corporations Hear from the 99%!

Thursday, April 26, 2012

Tax Dodging Corporations Hear from the 99%!


Hundreds of protesters chant 'Pay your fair share" outside the Marriott Renaissance Center where the General Electric annual shareholders meeting was being held in Detroit, Mich. on Wednesday.From MSNBC

The 99% Spring has sprung! The 99% are targeting tax dodging corporations all over our nation and occupying shareholder's meetings. Many buy one share to gain access and then chant "Pay your fair share." once inside.

One activist who traveled 6 hours with nine others said, "Basically (we are) citizens who are mistreated by corporations, by which I mean corporations moving jobs overseas, not paying taxes ... just so they can get richer."

A spokesman for GE said they paid taxes of $2.6 billion. He lied.

"The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States. Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion." (New York Times, March 24, 2011) The article went on to say that they use "an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore."

The fact is that most corporations, many with record profits, pay NOTHING in taxes and in many cases get huge refunds. This is happening while the 99% struggle everyday to keep their jobs, or find one, to keep their homes, to put food on the table, and to keep up with rising costs. People are also mad as hell that Wall Street used bailout money to give themselves multimillion dollar bonuses and to ramp up lobbying and political contributions to expand the unfair advantage they get from tax shelters, tax credits and subsidies.

There are more than 30 actions planned at other shareholder meetings, plus hundreds of other events planned for this 99% Spring.

In the 1950's, corporate taxes accounted for 30% of all revenue- In 2009 it accounted for 6.6%. And we wonder why times are so tough. End corporate welfare!

The day before the GE protest, 500 showed up at Wells Fargo calling for a moratorium on foreclosures
Photo: Lisa Pickoff -White/KQED

.And on May 1 Occupy Wall Street is calling for a general strike!
"For the first time, workers, students, immigrants, and the unemployed from over 125 U.S. cities will stand together for economic justice."

May Day Rally and March