The representatives of the Ann Arbor wing of the 99% Spring movement , which is an Occupy-style citizen activist movement, present the manager of Chase bank on 125 South Main st. in Ann Arbor, MI with a tax bill. The Assistant Manager is there. She is not very cooperative and neither is the guard. The Assistant Manager angrily rips up the bill, ordering everyone to leave while threatening to call the police. What a shame! She could've sold it on eBay. (Anger blows out the light of intelligence.)
The event is part of a national day of action called 'tax the 1%', which includes hundreds of grassroots actions across the country. The events come the week after 100,000 people across the country were trained in non-violent direct action as part of the 99% Spring, in order to stand with the 99% and reshape the country. The events will seek to change a system in which Warren Buffett pays a lower tax rate than his secretary, Mitt Romney pays only a 14% tax rate, and Wall Street and Big Oil get billions in tax kickbacks. Wells Fargo alone has received tens of billions of dollars in tax giveaways over the last few years, and some giant corporations pay no U.S. taxes.
Though the corporate tax rate is 35%, in reality, Chase doesn't pay anything close to that. Along with nine other banks, as well as big oil and coal companies, JPMorgan Chase finds itself on the list of the top ten corporate tax evaders. Collectively, these ten corporations made a profit of
$189.178 billion but only paid $13.34 billion in taxes in 2011. Some paid nothing. Chase paid less than 15%. By paying their fair share, they could have put $52.87 billion back into the economy. At the same time that they foreclose on homeowners and pollute our air, land and water, they pay little into a tax system that bears the burden of providing services to ameliorate these problems.
This issue with these big corporations is MUCH worse than not paying taxes. These corporations have been involved in out-and-out fraud. And yet... the OBAMA ADMINISTRATION refuses to prosecute any of them. After the S&L crisis there were more than 1000 prosecutions, most of which were successful. Why haven't ANY of the banksters gone to jail? Why is Goldman Sachs chairman Lloyd Craig Blankfein not wearing bright orange in a high security prison?
This paraticular criminal CEO has a leading role in the Academy Award Winner Inside Job.
Here's an entire 4 minutes 48 seconds during which Sen. Carl Levin, then chairman of the subcommittee, cross-examines some Goldman Sachs guys that should be in jail. If you haven't seen this scene for awhile, or ever, it is funny and revealing: "How much of that @!$%#ty deal did you sell to your clients?" Goldman Sachs Hearing.
Given this rampant fraud by the big corporations that caused the economic medltdown, you might be inclined to ask: what's Obama doing about it?
Here's less than a minute about Obama: Wallstreet Government.