Texans Protest on Tax Day

On April 18th, moveon is organizing tax protests all over the nation. The AFL-CIO is calling for their affiliated members to support. One of the events is in Austin, another is in Irving.

Monday, 18 Apr 2011, 10:00 AM
Tell B of A to Pay their Fair Share - 8 miles away 
Bank of America - Irving Blvd near Story 
2520 West Irving Boulevard 
Irving, TX 75061 
Directions: If you head south on Story Rd, from Hwy 183, you'll turn right on Irving Blvd and the Bank of America Building is on your left.

These are the "Deadbeat Dozen Tax Dodgers" Moveon names:
General Electric
Bank of America
British Petroleum
Wells Fargo
Goldman Sachs

Texas Oilmen Cash In

State Representative Lon Burnam's Campaign sent out an article he had printed in the Ft Worth newspaper. He decries the 330,000 layoffs anticipated from the budget being passed in the Texas House. He points out that a tremendous corporate subsidy called the "high-cost gas" tax exemption continues in Texas even though the federal government gave it up years ago. The innovative drilling practices it was supposed to protect have become common practice by the majority of producers, Burnam says, and consequently no longer need a big bite of our Texas tax money. Burnam wrote, "The exemption is no longer an incentive -- it's a handout. One Barnett Shale producer got a $114 million tax break last year while raking in $4.6 billion in net earnings.
Repealing the exemption would bring in $2.4 billion in the next two years. That's enough to keep all the nursing homes open, preserve financial aid for needy college students and fill 20 percent of the $8 billion hole in public school funding."

The AFL-CIO's outreach organization, Working America, says " Corporations get billions in tax refunds while working people bear the burden. Tell the top five tax avoiders you've had enough, and urge Congress to close corporate loopholes." They name these five:
1. ExxonMobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
2. Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
3. Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4. Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5. Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

The main Republican budgert proposal cuts some Americans and rewards others with additional tax breaks. The ones with the job and benefit cuts are us, the ones with the giant additional tax breaks are the extremely wealthy.