The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and Get $33 Billion in Refunds
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Journalist David DeGraw has put together a devastating report detailing how Wall Street continues to pillage the economy with the government's help. "The staggering level of theft continues unabated," writes DeGraw. "Our future is going up in flames and our government isn’t even making the slightest effort to put out the fire. In fact, they are purposely pouring gasoline all over it." DeGraw'sinvestigation is a follow up to his previous report The Economic Elite Vs. The People of the United States of America -- check that one out to get caught up. AlterNet will run in a series of articles based on DeGraw's investigation. Here is part one.
The first thing people need to understand is that the economic crash wasn’t a crash for the people who caused it. In fact, these financial terrorists are now doing better than ever. In a recent report, titled “ Social Inequality in America: Widening Income Disparities,” more evidence of the unprecedented transfer of wealth was revealed:
“As of late 2009, the number of billionaires soared from 793 to 1,011, and their total fortunes from $2.4 trillion to $3.6 trillion…. Despite the crisis, the list of billionaires has grown by 218 people and their aggregate capital has expanded by 50%. This may seem paradoxical, but only at first glance. This result was predictable, if we recall how governments all over the world have dealt with the economic crisis.”
The inequality of wealth in the United States between the economic top 0.5% and the remaining 99.5% of the population is now at an all-time high. The economic top 1% of the population now controls a record 70% of all financial assets. The point here is that while the economic crisis has been devastating for 99% of America, the Wall Street elite are awash in record breaking profits. The most profitable firm in Wall Street history, Goldman Sachs, just had their most profitable quarter in their 140-year history and Wall Street firms issued an all-time record breaking amount in bonuses.
All of this is occurring after giving these firms $14 TRILLION in taxpayer support - that works out to be $46,662 of your hard-earned money. That’s $46,662 for every man, woman and child in this country. If you have a family of four, sorry, your future just got robbed and you and your children just lost $186,648!
So what are all these firms doing with these record-breaking profits? Are they returning them into the tax system in which they came from, the tax system that was looted just to keep their scam running?
Let’s start with Wells Fargo. After being bailed out with our money in 2008, their top five executives DOUBLED their compensation and each one of them made over $11 million in 2009. Wells Fargo CEO John Stumpf made off with a cool $21.3 million last year.
And now comes news that Bank of America and Wells Fargo will pay zero, yes ZERO in federal taxes for 2009. Bank of America will net a $3.6 BILLION benefit from the federal government in 2009. Wells Fargo, after $8 BILLION in earnings for 2009, will net $4 BILLION from the federal government.
So you and I are working our asses off just to make ends meet, paying 30% of our limited income in taxes, and gizillionaire John Stumpf’s company is paying ZERO in taxes so that he can personally swipe another $21.3 million of tax payer funds.
Al Capone is a dime store thief compared to this guy!