If it’s not on your calendar and you don’t happen to know it, April 12 is Tax Freedom Day, which means that between January 1st and April 12, every penny we’ve earned in three months and two weeks of work, we’ll have to pay in taxes.
Now that’s a pinch. So, what’s the pinch on Wall Street, on the corporations? Here are some of their recent numbers:
Citigroup: $4 billion in profits and zero taxes.
Bank of America: $4.5 billion in profits and no taxes.
Chevron: $10 billion in-profits and no taxes.
ConocoPhillips: $16 billion in profits, zero taxes.
Exxon Mobile: $19 billion in profits, no taxes.
Over the past five years, General Electric has raked in $26 billion dollars in profits, and paid no taxes. In fact, General Electric got $3 billion in tax credits from the IRS.
Big, big, breaks for the guys on Wall Street.
When do we get a break?