Wall Street financial corporations took every advantage of being American when times were tough in 2008. They just loved their country — and the $700 billion bailout gift to Wall Street — and $16 trillion in virtually zero interest loans. America. What a great country.
But just two years later, as soon as these financial giants started making record-breaking profits again, they suddenly lost their love for their native country. They did everything they could to avoid paying American taxes.
Here’s the record:
• In 2010, Bank of America set up over 200 subsidiaries in the Cayman Islands to avoid paying U.S. taxes. It worked. They even got a tax rebate from the IRS worth $1.9 billion.
• That same year JP Morgan Chase ran 83 subsidiaries incorporated in offshore tax havens to avoid a $4.9 billion tax bill.
• Goldman Sachs ran 39 subsidiaries in offshore tax havens to avoid a $3.3 billion tax bill.
• And Citigroup got $2.5 trillion in financial assistance and paid no federal income taxes for the last four years.
On and on it goes. Wall Street banks and large companies love America when they need corporate welfare. But when it comes to paying American taxes or American wages, they want nothing to do with this country. That has got to change.
It’s not just Wall Street. Every year corporations and the wealthy avoid more than $100 billion in U.S. taxes by sheltering their income offshore.
While pharmaceuticals Eli Lilly and Pfizer fight to make it illegal for the American people to buy cheaper prescription drugs from Canada, they shift drug patents and profits to the Netherlands and other offshore tax havens to avoid paying U.S. taxes.
Offshore tax schemes have become so absurd that one five-story office building in the Cayman Islands is now “home” to more than 18,000 corporations.
Here’s the simple truth. You can’t be an American company only when you want a massive bailout from us, the American people. You’ve also got to pay your fair share of taxes.
Our message to Wall Street and corporate America: If you don’t like it, the next time you need a bailout go to the Cayman Islands — or Bermuda — or the Bahamas and ask them for corporate welfare.