TV News LIES

Sunday, Mar 29th

Last update04:24:42 AM GMT

You are here News Economy Bank of America posts loss, gets tax benefit

Bank of America posts loss, gets tax benefit

E-mail Print PDF
Bank of America posts losses

After another money-losing year, Bank of America Corp. got the upper hand with Uncle Sam in 2010.

The Charlotte-based bank had no federal income tax expense for a second straight year and actually reported a tax "benefit" of nearly $1 billion. Also, the bank's billions in accumulated losses could reduce its taxes in future years, a tax expert said.

The bank says the reason is simple: Corporations pay taxes on their profits, and Bank of America posted a pre-tax loss of $5.4 billion in the U.S. in 2010.

"Bank of America takes its role as a corporate citizen very seriously, and pays taxes in accordance with all applicable laws and regulations," bank spokesman Jerry Dubrowski said.

That doesn't satisfy a group that has been staging protests at Bank of America branches around the country and crashed the bank's New York investor conference this month. The bank is an "aggressive tax dodger," said Ryan Clayton, a Washington-based organizer of U.S. Uncut. "We pay our taxes. Why don't they?"

Clayton's group suggests Bank of America and other large U.S. companies are using subsidiaries in offshore tax havens to eliminate their taxes.


Most Recent Related Stories...


Exposing America's Billionaire Welfare Ranchers

billionaire welfare ranchersAmericans love ranchers: Gritty ranchers, mom-and-pop ranchers, renegade ranchers — especially those who raise livestock on...

$10 Million Subsidy Allows Time Inc. To Cut Over 900 Jobs With No Penalty

Time, Inc.Despite being given a $10 million job-creation subsidy by New York State, Time Inc. will still...

AIG investors' $970.5 million settlement wins U.S. court approval

AIG settlementAmerican International Group Inc (AIG.N) shareholders won approval on Friday of a $970.5 million settlement resolving...

Obama to announce changes for student loan repayment

Obama to change student loan repaymentsPresident Barack Obama is slated to speak to students at Georgia Tech on Tuesday about how...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!