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Citigroup hasnít paid taxes in 4 years, got $2.5 TRILLION in bailouts

 
Hollow Bones
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User ID: 24574162
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02/11/2013 04:15 PM
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Citigroup hasnít paid taxes in 4 years, got $2.5 TRILLION in bailouts
Until people wake up, close their accounts with these companies, NOTHING will change.


"In 2010, Bank of America set up more than 200 subsidiaries in the Cayman Islands (which has a corporate tax rate of 0.0 percent) to avoid paying U.S. taxes. It worked. Not only did Bank of America pay nothing in federal income taxes, but it received a rebate from the IRS worth $1.9 billion that year. They are not alone. In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens to avoid paying some $4.9 billion in U.S. taxes. That same year Goldman Sachs operated 39 subsidiaries in offshore tax havens to avoid an estimated $3.3 billion in U.S. taxes. Citigroup has paid no federal income taxes for the last four years after receiving a total of $2.5 trillion in financial assistance from the Federal Reserve during the financial crisis. On and on it goes."
To conquer fear is the beginning of wisdom.
Hollow Bones (OP)

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02/11/2013 04:21 PM
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Re: Citigroup hasnít paid taxes in 4 years, got $2.5 TRILLION in bailouts
Until people wake up, close their accounts with these companies, NOTHING will change.


"In 2010, Bank of America set up more than 200 subsidiaries in the Cayman Islands (which has a corporate tax rate of 0.0 percent) to avoid paying U.S. taxes. It worked. Not only did Bank of America pay nothing in federal income taxes, but it received a rebate from the IRS worth $1.9 billion that year. They are not alone. In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens to avoid paying some $4.9 billion in U.S. taxes. That same year Goldman Sachs operated 39 subsidiaries in offshore tax havens to avoid an estimated $3.3 billion in U.S. taxes. Citigroup has paid no federal income taxes for the last four years after receiving a total of $2.5 trillion in financial assistance from the Federal Reserve during the financial crisis. On and on it goes."
 Quoting: Hollow Bones





Sorry- here's the link to the full story

[link to americablog.com]
To conquer fear is the beginning of wisdom.
Anonymous Coward
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02/11/2013 04:33 PM
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Re: Citigroup hasnít paid taxes in 4 years, got $2.5 TRILLION in bailouts
That is why our country has to borrow money. Greedy people that like the perks of our country, but don't pay taxes. They should not be allowed to get away with this.
Anonymous Coward
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02/11/2013 05:01 PM
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Re: Citigroup hasnít paid taxes in 4 years, got $2.5 TRILLION in bailouts
bump

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