You are hereTruthout: Pay Up Now, Corporations: We're Organized, Aware of Your Tax Havens and Ready to Boycott

Truthout: Pay Up Now, Corporations: We're Organized, Aware of Your Tax Havens and Ready to Boycott


April 23, 2011- PayUpNow.orgis an online effort to "uncut" the cutbacks by promoting boycotts of corporations who pay little or no federal income tax.

According to a US Senate subcommittee report, eliminating tax havens could save $100 billion a year. That's a conservative estimate. The Internal Revenue Service (IRS) calculated that companies and individuals are holding up to $5 trillion in foreign tax havens.

Some of the worst offenders include General Electric (GE), which had $10 billion in profits and received a tax rebate; Bank of America, whose financial statements, according to a Bloomberg report, were "so delusional that they invite laughter"; oil giant Exxon, which paid no US taxes; and Citigroup, with an astounding 427 foreign tax havens.

The list goes on and on. In scanning the Government Accountability Office's list of tax abusers, one is struck by the absence of companies WITHOUT tax havens, euphemistically referred to as "financial privacy jurisdictions." Indeed, only 17 of the 100 largest US companies were listed as tax-haven-free.

The $100 billion per year lost to the taxpayers would cover most of the $140 billion budget deficit faced by the 50 states.

Several of the tax evaders are featured at PayUpNow.org, with brief summaries of their recent tax escapades, products to avoid and links to online forms or email addresses to corporate management. The web site was developed by US Uncut members. A Facebook "Pay Up Now" page has also been created.

FULL STORY HERE:

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