***MEDIA ADVISORY*** FOR JANUARY 31, 2012 | CONTACT: Sage Wilson: sage@workingwa.org
- Tax season is here, with W-2 forms appearing in mailboxes across the region and people getting ready to pay what they owe
- Wells Fargo has not paid their fair share: they have paid $0 in net Federal income tax since 2008
Tuesday, more than 200 workers, unemployed people, students, and others from the 99% will hold a peaceful rally and march to Wells Fargo, calling on the bank to pay its fair share of taxes. They will be carrying a giant check showing the $18 billion in special tax benefits Wells Fargo has received from the US Congress.
Wells Fargo has spent millions lobbying in Washington DC and Olympia, and has secured an astonishing $18 billion in special tax benefits since 2008. This has reduced the bank's Federal income tax bill to less than nothing — in fact, they got a $681 million refund. That means that every local resident who paid even a dollar of Federal income tax over the past few years paid a higher effective rate than Wells Fargo — at a time when executive compensation at the bank hit a record high.
When: Tuesday, January 31st, 12:00 noon
Where: Brief rally at Westlake followed by peaceful nonviolent march to Wells Fargo
What/visual: Hundreds in peaceful march and rally to Wells Fargo carrying a giant check from the US Treasury, calling on the bank to pay their fair share. Some in the crowd will be costumed as Uncle Sam and the Statue of Liberty.
A recent report by the non-partisan Citizens for Tax Justice showed that Wells Fargo has paid $0 in Federal income tax on more than $50 billion in profit in the last few years. The banks' executive compensation pool also hit a new record in 2011. And all this comes at a time when critical public services are being cut at all levels of government and tax fairness has become a key subject of public debate.
Working Washington believes it's time for big companies like Wells Fargo to pay their fair share. Then we'll have the resources we need to create good jobs by investing in the future of our communities.
More information:
Citizens for Tax Justice report "Corporate Tax Payers & Corporate Tax Dodgers" shows how Wells Fargo and other big companies 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 compensation pools at Wells Fargo and other big banks:
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
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