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Mobilize to restore the American Dream Posted by on

Union members in the Greater Boston area are gathering this week to send a message that they aim to defend and promote the American Dream. A rally is being held TODAY at 4:00 PM in Boston's Financial District to call on corporate CEOs and those who have prospered to create good jobs and pay their fare share for essential government services. The rally will be held at 125 High Street, near the intersection of High and Oliver Street. More than 30 labor and community groups will be attending.

It's time for middle-class Americans to be treated with the respect and dignity they deserve. You may have heard that despite more than $5 billion in profits, General Electric is paying $0 in taxes this year. Did you know that State Street Bank is also paying nothing in taxes, despite making $1.55 billion in profits? Their CEO, Joseph Hooley made $12.9 million while laying off hundreds of Massachusetts workers. Banks and financial institutions need to stop stockpiling profits and start investing in projects that create jobs and get the economy moving again.


It's always the best and the worst of times...for some Posted by on

When Wall Street drove the American economy into a ditch, the federal government stepped in to help companies that were deemed "too big to fail." Regardless of the complicated, reckless schemes that seemed destined to collapse, the corporate heads kept their stock bonuses. How could these companies recover, after all, if the excessive salary and bonus system was denied the "best" talent?

As for the companies, they enjoyed the luxury of putting off their tax obligations. Now, after TARP money and stimulus money has been spread around and profits for banks and investment companies are headed back through the roof (along with salaries and bonuses) those companies are using the tough times to avoid paying taxes.

A few weeks ago, it became public that GE had made $5.2 billion in domestic profits, but paid no tax. Similar stories about other companies followed.

Today, the Boston Globe is reporting that State Street Bank used accounting strategies to get a $885 million tax refund only two years after getting a $2 billion taxpayer funded bailout. That's an $885 million REFUND in a year when their CEO, Jay Hooley, was paid $12.9 million.

So when they were in trouble, State Street got taxpayer money and paid no tax. Now that they're doing well, they claim past losses and pay no tax. Nice system, huh?