To protest the fact that Bank of America, like many large corporations, does not pay its fair share of taxes, about 75 people staged a demonstration yesterday at a major BofA branch in Fresno, California. Using information from US UNCUT and other sources, the protesters handed out this information to passers by:
WE PAY OUR TAXES—WHY NOT B of A?
Instead of cutting essential services, the US needs to crack down on corporate tax dodgers who pretend their profits are earned in other countries like the Cayman Islands! Before one more cut to education and college tuition assistance, public safety, or vital help to the poor is made, we need to pass laws to end this ruse and bring home over $100 billion a year!
• BofA is the largest bank and 5th largest corporation in America—holding $2.2 trillion in assets.
• BofA received $45 billion in taxpayer bailout funds in 2008 and 2009.
• BofA earned pretax income of $4.4 Billion in 2009.
• BoA paid ZERO federal income tax in 2009— instead receiving $1.9 billion tax benefit!
• BofA funneled its income through 115 foreign tax-haven subsidiaries.
• GAO says 83/100 largest US corporations pay zero federal income tax
TAX AVOIDANCE IS IMMORAL; THERE IS A CORPORATE CULTURE
OF GREED. IF CORPORATIONS PAID THEIR FAIR SHARE, WE COULD
SOLVE EVERY STATE’S BUDGET CRISIS, BALANCE THE FEDERAL
BUDGET WITHOUT CUTTING SOCIAL SECURITY, AND BRING DOWN
UNEMPLOYMENT BY PUTTING AMERICANS BACK TO WORK.
There were many different signs, some homemade, some downloaded from US UNCUT. This man came in a wheelchair by bus (a one-hour trip) to hold a sign in his first demonstration since the Vietnam war:
Another sign plus yellow "crime scene" tape made the point:
The signs were informative:
There were children:
The Raging Grannies sang, and a "Swiss banker" handed out fake $100 bills:
BANK OF AMERICA (to the tune of God Bless America)
Bank of America,
investments galore,
wrote off losses,
won't pay taxes.
Its greed is depriving the poor.
Chorus:
For the people, hard to bear
If BofA just cannot share!
Bank of America,
you must be fair!
Bank of America
hides profits offshore,
in Bermuda
to the tune of
gazillions of dollars, we're sure.
(Chorus)
Bank of America
Should pay its share!
Cuts in schools
are so cruel
Families suffer and you don't care!
(Chorus)
The organizer of the event came with many signs.
In addition to organizing the sign-making, she contacted various progressive organizations in the area, posted an advertisement in a local newspaper, and sent a press release to three local TV stations. At one point, with no news people in sight, she called the stations to say there were 75 people demonstrating in front of BofA and where were the reporters and cameramen? They soon arrived.
The hard work that went into preparing the demonstration proved worthwhile. It took place along a busy street, and many drivers honked in support. Some of the information on the press release was used in the evening newscasts, and participants in the demonstration learned more about the egregious tax avoidance that corporations practice.