Tuesday, September 13, 2011

The Magical, Mythical "Jobs-Created-from-Tax-Breaks" Once Again Fail to Materialize...

One of the "Job Creators" raking in billions in tax breaks, Bank of America, is choosing to eliminate 30,000 jobs. Ooops! Guess all the breaks and perks don't create employment opportunities after all! (At least not in this country...)

As Karoli at Crooks and Liars explains, "BofA paid no corporate income taxes in 2009 or 2010, they received a tax refund of nearly $1 billion in 2010. See how that works? No taxes and a big tax refund equals 30,000 lost jobs."

"Where is the money going? Well, let's see. In 2011 alone, $1,570,000 has been paid to lobbyists. How many jobs would that money have saved or created? They paid big cash bonuses to executives, too -- $900,000 in all, though they did manage to tie payment to stock prices, which have plummeted this year. In 2010, they spread around $1.3 million in campaign contributions, and those are just the ones we know about. How many jobs might that cash have preserved?"


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