This is economic treason
From Democracy Now!:
As many as half-a-million protesters marched in London Saturday to protest Britain’s deepest cuts to public spending since World War II. The protests come after officials estimated corporate taxes would be reduced, even as the government tackles a $235 billion deficit and plans to cut more than 300,000 public sector jobs.
But it’s happening here, too–with U.S. Uncut.
[P]rotesters in more than 40 U.S. cities also gathered Saturday to oppose tax cuts for the wealthy amidst budget cuts to public services. There was a demonstration in Washington, D.C., which targeted Bank of America, which protesters say has not paid federal income taxes for the past two years. Many of the protests were organized by activists with US Uncut, a sister organization to UK Uncut, whichs helped organize Saturday’s protest in London.
“Bank of America is a huge corporate tax dodger. You know, interestingly enough, they received $45 billion in taxpayer dollars during the bailout, yet they haven’t paid a cent in federal income taxes in the past two years. Now, if you or I did that, we would go to jail. But because Bank of America is a huge corporation, they get to play by a different set of rules. And it’s not just Bank of America, actually. Two-thirds of corporations within the United States don’t pay a nickel in federal income taxes….
“[The] whole tax haven scheme costs the United States $100 billion every year. Imagine what we could do with $100 billion, how many police, firefighters, teachers’ jobs we could save with that money. You know, in all of these states, we hear that we have to suffer under these austerity measures because there just isn’t enough revenue. But there isn’t a revenue problem, according to US Uncut; these corporations are just stealing from the country….”
The movement appeals to both the left and the right. Here is from Allison Kilkenny, co-host of the political radio show Citizen Radio. She’s a freelance journalist who’s blogging at The Nation magazine about the U.S. Uncut movement:
[T]his is probably the least controversial story I’ve ever covered. I’ve had very positive feedback from Republicans, from Tea Party members, because, you know, they really see it as a form of theft. You know, we always hear about the free market. But if the market was actually free, Bank of America would have failed, because they made really bad, shady mortgage deals. But instead, they got $45 billion in taxpayer money. So that’s done. But now that they’ve been bailed out, it’s time to contribute back to the society that facilitated their lavish wealth, and they’re just not willing to do that. It’s a form of economic treason. And, you know, Republicans, Democrats, independents, thus far, in my opinion, all see it that way.