by Nate Jackson
We know that Wells Fargo devotes a lot of energy evading taxes, paying more to lobbyists than they do in Federal Income Taxes. A recent report from Citizens for Tax Justice shows Wells Fargo's Federal income tax bill was less than nothing — they got a $681 million refund since 2008. You’ve likely paid a larger percentage of your income in Federal Income Taxes than Wells Fargo did.
Here in Washington State, Wells Fargo has lobbied their way out of paying millions in taxes while legislators are still talking about slashing education, health care and social service budgets. We can’t afford to continue handing out tax refunds to big banks while our communities continue to see overcrowded schools, crumbling infrastructure and social services gutted.
At the same time as they spent millions on lobbying to avoid billions in taxes, Wells Fargo awarded record compensation to their executives last year.
It’s just their way of doing business: avoid paying their fair share by putting money in the hands of a few lobbyists, and then rewarding themselves with big bonuses.
They think they can get away with evading their responsibilities. They’re wrong.
If the big banks like Wells Fargo and others paid their fair share we could provide our schools the funding they need, invest in quality healthcare, and rebuild our weakened infrastructure.
But Wells Fargo would rather wheel and deal with our elected officials to pay less taxes and grant themselves larger and larger “compensation packages,” unless we do something about it.