Tax Day is a time when individuals and small businesses do our part to fund public education and healthcare, safe communities and reliable transportation systems, and so much more. It’s our patriotic duty. But while we’re paying our fair share of taxes, Wall Street banks are using a rigged system to avoid paying billions of dollars in taxes each year.
Between 2008 – 2015 the nine largest and most profitable U.S. banks avoided paying about $80 billion in federal income taxes by using various loopholes their lobbyists helped get put into the tax code. And Donald Trump’s tax plan would make it even worse.
Under Donald Trump’s tax plan:
*The corporate tax rate would be slashed from 35% to 15%―saving the six largest U.S. banks a combined $12 billion annually.
*Banks that stash huge profits offshore would be allowed to bring those profits home at a fraction of the price―saving the six largest U.S. banks an estimated $25 billion in taxes.
*Hedge fund managers and Wall Street CEOs would see a two-thirds cut in their individual tax rates―equaling a $1.5 trillion tax giveaway mostly to Wall Street billionaires and the richest 1 percent.
Each year, Wall Street banks and CEOs and hedge fund managers avoid paying billions of dollars in taxes thanks to a rigged tax system written by Wall Street lobbyists. Stand up to the big banks and Wall Street billionaires and say NO to tax plans that would make this rigged system even worse with massive tax giveaways and more loopholes for banks and billionaires. We need tax reform that makes Wall Street pay its fair share while leveling the playing field for working families and Main Street businesses. We pay our fair share in taxes. So should Wall Street billionaires.