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Originally Posted by Cowboy89
Except for the fact that they have paid $4.6 Billion to the US Federal government specifically from 2008-2010. Look at their 10-K. Maybe this complexity part about corporate taxes is in fact above your head. Page 109 of their 10-K filing for 2010.
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Bank Of America also repaid taxpayers all of the $45 billion forwarded it by taxpayers in 2009, including $193 million in dividends.
The US Treasury earlier this year said taxpayers would make a $23.4 billion profit on TARP, the bailout program which helped BAC and Citigroup among others. In truth, most didn't want the loans and had them forced upon them and some were prevented from paying them back until recently. You are seeing the same circumstances developing in Europe right now.
http://mobile.bloomberg.com/news/201...ograms-1-.html
It would be more proper to say the chaos stemming from the circumstances of 2008, including the lead-in, ultimately cost taxpayers and for that a slackening of regulatory oversight begun under Clinton and continued by Bush was to blame.
Companies reporting net zero profits using losses accumulated in a recession is pretty normal.
And again, if you've got an argument against current tax law, the proper place to effect change is at the political level. Whining about corporations who pay no more than legally required is letting politicians off the hook.
A gallup poll a few days ago had twice as many Americans blaming politicians for the economic malaise than financial institutions, although Americans are cheezed at both.
Cowperson