US Uncut - against corporations that avoid paying taxes

US Uncut is an organisation that wants to end tax loop-holes for big corporations. They believe corporations should pay their fair share of taxes, and heighten their stance by relating it to budget cuts aimed at public services.

"...Enjoying record profits and taxpayer-funded bailouts as the economy slowly recovers from a financial crisis, nearly two-thirds of US corporations don't pay any income taxes, instead opting to abuse tax loopholes and offshore tax havens. According to this study from the non-partisan Government Accountability Office, 83 of the top 100publicly traded corporations that operate in the US exploit corporate tax havens...."

..."In 2009, Bank of America didn’t pay a single cent in federal income taxes. Other corporate offenders include Citigroup, Boeing, Exxon, Wells Fargo and General Electric. In fact, all kinds of massively wealthy corporations pay very little, or no, taxes at all. Additionally, Bank of America received $20 billion in TARP cash AKA taxpayer money, which is why US Uncut views BoA’s relationship with citizens as being parasitic. The giant bank sucks taxpayers dry, but then refuses to contribute back to the society that facilitated its lavish profits..."

Source: US Uncut

They are campaigning against Bank of America, Verizon, FEDEX, GE, BP, and Apple.

Thoughts?

 

Noble cause, no doubt.. Question: Backed by noble people with noble intentions?

 

I don't know that much about US Uncut, as far as I'm aware - yes. If you know otherwise, post it here.

 

If I knew otherwise I would have posted it already, instead of putting up as question. Also, wasn't Bank of America one of those getting a huge bail out from Obama administration in 2009?

 

Lol. I didn't know. I thought you might be hinting at something. Anyway, --

I wasn't sure how much. According to this site they are saying they received bail out money of 45 billion.

 

This is an interesting read about that - http://www.businessinsider.com/2009...merica-bailout-paid-merrill-lynch-bonuses-bac
Well at least for those who play by book and pay their taxes!

 

I remember that, it caused quite an uproar. At least, the B of A has paid the 45 billion in bailout money back. Now, if they could pay taxes...

 

The US needs a more unified tax and identity system . Right now the situation is a bit ridiculous from this side of the ocean . No national ID , 10% identity theft on child identities , state taxes raging from zero to over 25% , ease of financial and legal fraud and a general lack of interest for anything but becoming a billionaire in the elite sector . Those who aren't making tons of money are busy being offended 24/7 .

The US needs more unity and a powerful new leader , a Machiavelli with the wisdom of da Vinci . Just my opinion .

 

The House Republicans would have Americans believing the Corporations are over-Taxed, not under-Taxed.....If their rate is 28% and they are paying no taxes as seems to be the case Uncut might be prudent and expect taxes of ~15% and demand full payment.

The Republicans scream to lower the tax rate when no taxes are being paid knowing full well lowering the rate and not changing the laws will have a net effect of 0 revenue and will have paid off their political contributors and won a victory without a change.

Bottom line is US Uncut recognizes Corporations are not paying their fair share and is undercutting those who do....lots of luck educating a recalcitrant public beyond Republican demagoguery. Maybe Uncut can find some magic.

 

laws and governments are made by the rich to protect their interests not the interests of tax cattle...

claiming that the government would do ANYTHING that is not in their best financial interest is like claiming "the US Army will give weapons to Alquaida to make things more fair"

 

Yes, I found it strange that it's the huge shareholders that were given the task of deciding on whether bailouts would be needed or not in order to save the sharemarkets. You'd have to be silly to assume there was a question on whether they would go ahead with them or not.

Hmm, let's see now "do I vote to wipe out my shareholdings or vote to spend other people's money so I can stay well off?". What would you do? Did you really believe they would vote to send themselves broke when there were other tricks to be tabled?

We only gave out 40 billion but it was the major shareholders that were telling us we had to do that. I think that's why there's so much negativity around bailouts, as it was always looking like the rich will be keeping themselves rich. As if there would ever have been a doubt about it happening.

 

Do you think Republicans with their wealth pay equal taxes ? I don't think so. George Bush, Dick Cheney, Donald Trump ? These pricks at the WH whether Reps or Dems have their own ways of enriching themselves. The working class are being whipped.

 

Everyone minimizes their tax burden. Politicians who do so excessively normally don't get elected, though Charlie Rangle proved you can break the law and evade taxes and still get re-elected. In 2004, a study came out showing Dubya paid 24% while John Kerry, who made way more, paid something like 7%. Probably had something to do with the outcome of that election.

If lowering or raising the tax rate has no effect on revenue, you should have no issues with lowering the tax rate to zero.

@Rebecca: The 2/3 number of corporations that pay no income tax is somewhat misleading. Most corporations don't turn a profit, opting instead to distribute any profits as wages rather than paying the double tax that comes from holding revenues over the end of the tax year. I'm definitely on board with getting the big boys who buy their way into expensive but legal offshore tax havens to pull their share, though the cynical side of me says, "fat chance that will happen".
.

 

The deficit from the 07-09 Republican Recession is what Republicans themselves created that Uncut is trying to address.

 

@Breeze: It seems you don't understand the difference between a tax rate and tax loophole. Not sure I can help you with that.

 

What you need help in understanding O is how to control the Republican national deficit without pillaging women and children.

US Uncut is an organization that wants to end tax loop-holes for big corporations. They believe corporations should pay their fair share of taxes, and heighten their stance by relating it to budget cuts aimed at public services.


Corporate Agriculture is the priority for O...nation, US Uncut hopefully will broaden its agenda.

 

You off your meds today Breeze? Did you want to finish talking about corporate tax rates and their effects, a point you both lost, and lost track of, or would you rather talk about transforming Uncut from a corporate greed watchdog, something most people can get behind, into an organization that promotes government run social welfare , something only fools get behind. Either way, it would be my pleasure to entertain you.

 

The point of the Thread is simple O, its practicle effect as I point out is a void in your capabilities.

 

2/3 of fortune 500 companies are incorporated in delaware....

 

They still pay federal taxes AFAIK .