Thursday, October 21, 2010

Bank of America and GE Paid $0 in Taxes

In 2009, Bank of America's reported net income was over $6.2 Billion. GE's net income was $11 Billion. However, because tax loopholes, they paid a net of $0 in taxes. They aren't the only corporations that move their money offshore and exploit various loopholes to do this...or even to get a net refund.

For as much as Republicans and other conservatives talk about needing to lower the corporate tax rate...companies like Bank of America and GE seem to be doing better than fine. How does it feel, as an individual, to find that you personally have paid more in taxes than one of the larger companies in the U.S.?

Check out Rachel Maddow's take on this issue: