With the April 17 deadline looming, many Americans are hurrying to file their income taxes. For some of the most profitable corporations in America, however, tax day never comes.
In fact, a new report issued by Citizens for Tax Justice (CTJ) and the Institute on Taxation and Economic Policy reveals that 26 of the most profitable Fortune 500 companies, paid no federal corporate income taxes for the past four years, despite making billions in profits. Among the most egregious of corporate tax dodgers are a host of companies with Massachusetts operations — General Electric, Verizon and Wells Fargo, to name a few.
Not only are these corporate heavy-hitters avoiding taxation, but they’re actually enjoying negative federal income tax rates — which means that despite $206 billion in profits, these corporations managed to draw in billions in taxpayer subsidies.
That’s why hundreds of Bay State taxpayers will take to the streets of Boston’s Financial District tomorrow to demand major corporations and the wealthiest 1% pay their fair share. The protests are part of a growing, nationwide wave of voter discontent against big corporations, the rich and politicians who have created an economic emergency for the 99% through rampant tax dodging.
Join us in the streets TOMORROW to make your voice heard. We’re meeting at 5:30 PM in Dewey Square across from South Station. For more information, visit www.TaxDayBoston.org and follow along on twitter with #99TaxDay.