‘In Washington, D.C., 600 activists with National People’s Action shut down a branch of Bank of America Monday to protest the bank’s record of dodging taxes. National People’s Action recently issued a report about how Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley have avoided paying billions of dollars in taxes. The study found that over the past two years, the six banks paid income tax at an approximate rate of 11 percent of their pre-tax earnings in the United States, far less than the 35 percent that they are legally mandated to pay.
By avoiding the taxes, the banks saved $13 billion. National People’s Action reports this potential tax revenue could have been used to cover more than two years of salaries for some 132,000 teachers who lost their jobs since the economic crisis began in 2008.’