WICHITA, Kan. - As the very talented Ms. Stein recently wrote, major U.S. banking firms such as Citigroup and Bank of America despite making huge profits pay nothing in Taxes.
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.
Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
And of course we all heard in the debates leading up to bailout bills how all these banks were too big to fail and had to be saved. Even current Speaker John Boehner almost broke down and cried over the prospect that the TARP Bill might fail.
We know that the Big Banks gave themselves huge taxpayer funded bonuses, after crashing the economy and making millions. All this while millions of homeowners face foreclosure.