While watching Fox News this afternoon before 16 Candles came on, reporter Julie Banderas reported on how Bank of America and Wells Fargo Bank might not be paying any federal income taxes for 2009.
She proceeded to expound on how unfair it is that these corporate giants might be getting away with something, while John Q. Public can’t. She and some idiot contributor went on to discuss how small businesses couldn’t pull something like this.
What doesn’t she get about the fact that businesses only pay taxes on their profits? No profits = no taxes. This also applies to small business as well as corporate giants. Ms. Banderas and her producers should do a bit of homework, such as researching a bit of tax law and the 2009 financial statements of BofA and Wells Fargo, before putting their ignorance up to public view. After all, the 2 banks in question are publicly held corporations, and their financial statements are available for public viewing. While I’ve not reviewed the 2009 financial statements of these two banking giants myself, I’m sure their tax returns will be well scrutinized by the IRS.
Of course, this is just One Man’s View. Your comments are, as always, most welcome.]]>