I stumbled upon this awesome infographic on the website for the Rainforest Action Network. It was created in 2010, so some of the numbers will be different from today’s numbers, but if anything, I think we can assume (without doing a lot of research) that the numbers today are similar, or more likely, worse.
Rainforest Action Network reviewed the top corporate tax dodgers — four banks and oil and coal companies — and found them all to be “gaming the system.” They also reviewed the 12 “dirtiest corporate tax dodgers” –?Bank of America, Citi, JPMorgan, Wells Fargo, Chevron, BP, Shell, Exxon, Massey Energy, Alpha Natural Resources, Peabody Energy and Arch Coal — and their negative impact on our country,?taxpayers, and our society.?
From the article:
If just the top banks, oil and coal companies actually paid the IRS corporate tax rate of 35%, they would be giving back $62 billion this tax season. That is almost double the current $38 billion proposed federal budget cuts.
To add insult to injury, while these multi-billion dollar industries are raking in the profits and evading their taxes they were also paying millions in CEO compensation and lobby dollars.?These corporations are happy to pay large sums to manipulate our democracy but aren’t so interested in paying to support that democracy.
So, let’s get one thing straight: America is not broke, and these dirty corporations don’t need any more handouts, bailouts, or subsidies. We don’t have a money problem, we have a priorities problem. We’re slashing billions from our budget, much of which will come out of?social services and environmental protections, while allowing corporate giants to slip ever-increasing profits into offshore accounts.
By reversing years of tax giveaways to the largest corporations, Congress could raise trillions in revenue not only covering our budget deficit but also enhancing education, health and environmental programs that safeguard our families and our future.
The information on this infographic isn’t news to us. It simply provides a good visual so that we can try to wrap our minds around?the horrific impact that these corporate tax dodgers have on our society — with stats and data. It’s really hard for me to understand why more hard-working people on the right don’t freak out about this. I can only think that they’re so brainwashed by their leaders that they can’t see straight.
Which makes more financial sense: going after welfare moms or going after these big corporations? This answer should be easy. Which one would save the national debt?
Tiffany Willis is the founder and editor-in-chief of Liberal America. An unapologetic member of the Christian Left, she has spent most of her career actively working with ?the least of these? and disadvantaged and oppressed populations. She’s passionate about their struggles. To stay on top of topics she discusses,?subscribe to her public updates on Facebook,?follow her on Twitter, or?connect with her via LinkedIn. She also has?a?grossly neglected personal blog?and a?literary quotes blog that is a labor of love. Find her somewhere and join the discussion.
