Its the end of tax week in the U.S., perhaps the most dreaded week where we file our tax returns and either recieve some money back from the government (a refund indicates an interest free loan to the government) or we have to send in a nice check based on the money we made last year. This month is also the month where we finally get to start to start keeping the money we earn. For all those who don't know, based on the current tax brackets, the income that the average American makes until the middle of April will go to pay taxes for this year, or approximately 30%. If we don't pay our taxes, the IRS goes hunting and starts looking for all those that didn't and forces them to pay up. This will include penalties, intrusion into bank accounts, levies placed on income, jail time for the worst offenders, and more. Yet, while the average American and the small business are subject to the IRS, an elite power force in its own right, large corporations often sqeek by getting enormous deductions from the IRS and in some cases not paying taxes at all with seemingly no penalties. I stumbled across a link that I will now share with everyone that highlights the 10 largest tax dodgers in the United States.
If you didn't automatically click the link to find out who is number one, I will tell you now that it is ExxonMobil with profits for 2009 reported at $19 billion, a rebate of $156 million and no federal taxes paid. Are there any executives at that company getting penalized or sent to jail? Not to my knowledge. The second worst offender happens to be one of my most personally hated banks, Bank of America. This bank, which should have failed in the industry collapse back in 2008 but was saved with $1 trillion of our taxpayer dollars, made $4.4 billion last year and guess what, recieved a $1.9 billion dollar refund. How the hell does that work? I am not going to go through the whole list because to be honest with you, I might have to run to the bathroom and vomit by the time I finish typing. The average American works his butt off to make an honest dollar, pay his taxes on time, and support his/her family. If we are even 1 day late filing, we face penalties. The Bank of America incident sickens me the most because they were not able to be fiscally responsible and needed saving by the American public.
We all must pay our taxes, yet it seems that loopholes are created for the companies that make the most money in this country, allowing them to essentially put more money in their own pockets. Most Americans don't consider what happens to the larger corporations because they are too worried about being able to make ends meet themselves. It seems that the middle America takes the brunt of the tax burden while those that profit the most pay the least percentage wise. Tax codes and percentages are also way to complicated for the average American to figure out or fight against. It would take way to much of our precious time to figure out all the nitty gritty details. Hence most of us just pay our taxes and go on our way. What we do need to consider and take a stand against is the large corporations that are dodging the proverbial bullet and elluding their tax responsibilities, although according to the IRS they aren't.
Its Friday, Earth Day today, and a time to celebrate the environment and all that it has to offer us. Lets once again forget about taxes till next year but keep in mind that there will always be large corporations that somehow elude the IRS and find their own special loopholes unavailable to the average American. If you feel so inclined, take a stand and start writing letters to your elected officials asking them why these corporations get such large refunds and pay so little in actual taxes. If enough people take a stand, something could get done. We must look at the larger picture and take a stand on the most important issues. Today, lets start with the environment and fight for saving it, then lets move to tax dodgers. Enough is enough. Today, I am going on a hike with my dogs and will try to enjoy the outdoors while it still exists. Before our state and local governments decide to let every inch of open space be developed, I urge others to do the same. Sieze the day, the sunlight, and your humanity.
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