***FOR IMMEDIATE RELEASE - JANUARY 24, 2012*** CONTACT: Sage Wilson: email@example.com
Wells Fargo Bank paid $0 in Federal income taxes despite billions in profits
Bank's effective tax rate of -1.4% among the lowest of all big companies — and far lower than Mitt Romney's 15%
As controversy swirls around Mitt Romney's low tax rate, a recent report from Citizens for Tax Justice shows that Wells Fargo has paid a far lower effective rate — in fact, their effective Federal tax rate was less than zero. As the report shows, the bank spent millions lobbying to secure $18 billion in special tax benefits over the past few years. That reduced their Federal income tax bill to less than nothing — they received a $681 million tax refund.
While the company avoids paying its fair share of taxes, Wells Fargo executives are doing better than ever: the total compensation pool at the bank hit an all-time high of $26.9 billion, according to the new "Pulling Back the Curtain" report from New Bottom Line. Remarkably, this record level of executive pay comes in a year when the company's stock price was down, and when the average front-line bank teller only earned about $25,000.
Working Washington believes it's time for Wells Fargo to pay their fair share of taxes before they pay out record bonuses to top executives. If Wells Fargo and other big companies would simply pay their fair share, our country would have the resources we need to invest in healthcare, education, and infrastructure programs which are now facing deep cuts.
When: Tuesday, January 31st at 12:00 noon. Click here to sign up.
Where: Rally at Westlake Park, followed by march to Wells Fargo
What: Taxpayers affected by state budget cuts calling on Wells Fargo to pay their fair share.
- Citizens for Tax Justice report "Corporate Tax Payers & Corporate Tax Dodgers" shows 30 big companies who paid less in Federal income tax than they spent on lobbying — despite making big profits.
- New Bottom Line report "Pulling Back the Curtain" shows record bank compensation pools:
Working Washington is bringing people together to fight for a fair economy. We are speaking out to demand that our political leaders do what it takes to invest in good jobs and move the economy forward. We need jobs — not cuts to funding for education, health care, and other services. For more information, visit WorkingWa.org