TUESDAY: 99% to march peacefully to Wells Fargo, calling on bank to pay their fair share

***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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Even Mitt Romney paid more taxes than Wells Fargo!

***FOR IMMEDIATE RELEASE - JANUARY 24, 2012*** CONTACT: Sage Wilson: sage@workingwa.org

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.

More information:

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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Kemper Freeman is "The Grinch Who Stole Congress"

Nearly one hundred jobless people, students, and others attempt to Occupy Kemper Freeman's Bellevue Office

Grinch

Wearing Santa hats and singing Kemper Freeman themed Christmas carols, more than one hundred jobless people, students, and others sent a strong message at Bellevue Square Mall: We want our government back from Kemper Freeman and the other Grinches of the 1% who Stole Congress with their multimillion dollar campaign contributions.

Community members have named Kemper Freeman "the Grinch Who Stole Congress" because he has given almost $2 million in the past few years to politicians in Washington State and Washington DC who are backing severe cuts to unemployment, healthcare, education, and other programs which serve the 99%. In fact, Kemper Freeman has contributed so much to grinchy politicians that if his political contributions were a person, that person would easily be in the top 1%.

How the Grinch Cut Unemployment Benefits: Grinch Freeman gave $5,100 to Congressman Dave Reichert, who recently voted to cut unemployment insurance by 40 weeks. This would terminate benefits for more than 62,000 people across the state.

How the Grinch Cut Healthcare: Grinch Freeman invested $2,400 in Speaker of the House John Boehner, who is leading the fight in Washington DC to cut funding for Medicare, Medicaid, and other healthcare programs.

How the Grinch Cut Education: Grinch Freeman contributed more than $1 million to Tim Eyman initiatives which make it easier for the State Legislature to cut education funding than to close tax loopholes for big banks and corporate jets.

Local community members — joined by a version of Grinch Freeman in full costume — attempted to occupy Grinch Freeman's office but were blocked by Bellevue Square security and Bellevue police. Instead, they shared Grinch-themed carols and stories to try and grow this local grinch's heart a few sizes bigger — and then marched through Bellevue Square Mall to spread the word about Kemper Freeman's grinchy support of elected officials who may take away our unemployment benefits for Christmas.

How the Grinch Stole Congress!

Kemper Freeman and the other grinches of the 1% seem to have stolen Congress from the rest of us with millions in campaign contributions that back a grinchy all-cuts agenda. That's why the State Legislature has made $10 billion in cuts in the past few years. It's also why less than a week ago, the US House of Representatives voted in favor of HR 3630, a proposal which would reduce unemployment benefits for Washington workers by 40 weeks, cutting benefits entirely for 62,000 people in this state and more than 3 million across the country. Congressman Dave Reichert (R - Bellevue), who receives support from Grinch Freeman, voted in favor of this reduction in unemployment benefits.

According to the latest figures from the US Department of Labor:

  • Half of all unemployed workers have been out of work for more than six months
  • There is only one job opening for every 4 people looking for work
  • The unemployment rate has been above 8.5 percent for more than 31 months, longer than at any time since the Great Depression.

Song Lyrics:

Here Comes Kemper Freemam (to the tune of Here Comes Santa Claus)

"Here comes Kemper Freeman, Here comes Kemper Freeman, Right down Bellevue Way, Boehner and Reichert and all their cronies are pulling on the reins. Families crying, children screaming No one sleeps tonight. Hang your hopes and say your prayers 'Cause Freeman comes tonight"

Twelve Days of Working Poor (to the tune of 12 Days of Christmas)

"On my 12th day of working poor, Freeman gave to me: 12 months of suffering cuts in unemployment benefits 10 days to vacate fewer teachers 8 grocery coupons no health insurance a cut in my hours 5 past due bills cuts to Medicaid no hope for raises poverty wages and no presents under the tree"