Bank of America, along with many major corporations, often don’t pay a cent in federal income taxes. And it’s actually a common practice. In a time when everyday American citizens are forced to give up more and more, corporations operating in the United States are paying less and less.
Carl Gibson, founder of US Uncut, told In These Times, “I have one dollar in my wallet. That’s more than the combined income tax liability of GE, ExxonMobil, Citibank, and the Bank of America. That means somebody is gaming the system.”
General Electric filed more than 7,000 income tax returns in hundreds of global jurisdictions last year, but when push came to shove, the company owed the U.S. government a whopping bill of $0.
How’d it pull off that trick? By losing lots of money.