Pay Up Now, Corporations: We're Organized, Aware of Your Tax Havens and Ready to Boycott

Saturday 23 April 2011
by: Paul Bucheit, Truthout

PayUpNow.org is an online effort to "uncut" the cutbacks by promoting boycotts of corporations who pay little or no federal income tax.

According to a US Senate subcommittee report, eliminating tax havens could save $100 billion a year. That's a conservative estimate. The Internal Revenue Service (IRS) calculated that companies and individuals are holding up to $5 trillion in foreign tax havens.

Some of the worst offenders include General Electric (GE), which had $10 billion in profits and received a tax rebate; Bank of America, whose financial statements, according to a Bloomberg report, were "so delusional that they invite laughter"; oil giant Exxon, which paid no US taxes; and Citigroup, with an astounding 427 foreign tax havens.

(More here.)