Dave and his panel discuss “Are you with America or The Cayman Islands?” ►►Subscribe to Rubin Report for more: http://www.youtube.com/subscription_center?add_user=RubinReport
Dave and his guests discuss the startling facts that Sen. Bernie Sanders presented in his article on The Huffington Post. How should we feel about our banks going “offshore” to avoid paying U.S. taxes? Is this the new American way of doing business?
-In 2008, Congress approved a $700 billion gift to Wall Street. Another $16 trillion in virtually zero interest loans and other financial assistance came from the Federal Reserve.
-In 2010, Bank of America set up more than 200 subsidiaries in the Cayman Islands (which has a corporate tax rate of 0.0 percent) to avoid paying U.S. taxes. On top of that, they received a rebate from the IRS worth $1.9 billion.
-In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens to avoid paying some $4.9 billion in U.S. taxes.
-Goldman Sachs operated 39 subsidiaries in offshore tax havens to avoid an estimated $3.3 billion in U.S. taxes.
-Citigroup has paid no federal income taxes for the last four years after receiving a total of $2.5 trillion in financial assistance from the Federal Reserve during the financial crisis.
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