On the 21st of June, the National Alliance of HUD tenants marched on the Bank of America and the US Treasurey, demanding that over $4 billion in tax breaks for BofA be revoked, and the money be used to restore the proposed cuts in HUD's housing aid budget.
Bank of America locked their doors in the faces of the HUD tenants, so NAHT took their giant check symbolizing the taxed Bof A should have paid to the US treasury themselves, where again it was refused.
Due to their corporate tax break, Bank of America did not pay a single dime in corporate income tax last year, according to NAHT. One speaker went so far as to explain that anyone buying a pack of cigarettes paid more tax than Bank of America paid! This of course is because tobacco, liquor, tires, and a few other products carry Federal excise taxes, while Bank of America apparently paid NO taxes of any kind to the Federal government.
This after bank of America took TARP bailout funds, meaning the taxpayers got to pay BofA twice-first with the bailout, then with the tax break when they made billions of someone else's money.
Had they not been given this special privilige, their income taxes would have been in excess of $4 BILLION-enough to stop the proposed cuts to HUD's budget in the Ryan "budget compromise" the Tea Party is demanding as a condition of allowing an increase in the debt ceiling.
If the HUD budget cuts go through, the result will be an estimated $600,000 people losing their housing aid and tens of thuosands made homeless.
In other words, in the US as in Greece, the bankers and their wholly-owned subisidiaries in politics are demanding severe cuts in public programs like housing as a condition of continuing to extend credit to the government. That's what the Paul Ryan budget is all about: Deep cuts in public services in exchange for no disruption of the flow of credit. Otherwise the GOP is threatening to block raising the debt ceiling, forcing an eventual US default on Treasury bonds-just like Greece.
Tags: HUD, Bank of America, Paul Ryan Budget, austerity
Location: Washington D.C., District of Columbia, United States (load item map)
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