New Report on Corporate Tax Dodgers & Cash Spent on Lobbying and Campaign Donations

Public Campaign Action Fund is now Every Voice. Check out our new website: EveryVoice.org

Washington, D.C. – Six large banks that have been identified as actively avoiding paying at least $13 billion in federal taxes have spent nearly $140 million in lobbying expenses and campaign contributions, according to Public Campaign Action Fund analysis of data from the non-partisan Center for Responsive Politics and the Federal Election Commission.

A report released today by National People’s Action and Public Accountability Initiative found that six banks -- Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley -- “together paid income tax at an approximate rate of 11% of their pre-tax US earnings in 2009 and 2010.”  According to their analysis, “[h]ad they paid at 35%, what they are legally mandated to pay, the federal government would have received an additional $13 billion in tax revenue.”

Those same six banks’ PACs and executives contributed $34,452,841 on federal campaign contributions between 2007 and 2010, Public Campaign Action Fund‘s analysis found. They spent a total of $105,468,740 in lobbying expenditures throughout that same period. 

 “While hardworking Americans were dutifully paying withholding taxes and filing their annual returns, big banks were spending an obscene amount lobbying for loopholes and other special treatment to avoid paying their fair share,” said David Donnelly, national campaigns director for Public Campaign Action Fund.

Citigroup, which spent $27,040,000 on lobbying between 2007 and 2010 – the most of the six – received $45 billion in bailout money under the Troubled Asset Relief Program. Its PAC and executives also gave $6,349,904 in federal campaign contributions during the same period. According to the new report by National People’s Action and Public Accountability Initiative, it appears the bank “did not pay a penny of federal taxes for 2008” and received a tax refund of $249 million in 2010.

Bank

Contributions, 07-10

Lobbying,
07-10

Total

Bank of America

$5,184,919

$17,274,000

$22,458,919

Citigroup

$6,349,904

$27,040,000

$33,389,904

Goldman Sachs

$8,350,716

$13,550,000

$21,900,716

JP Morgan Chase

$7,837,479

$24,640,000

$32,477,479

Morgan Stanley

$5,259,069

$10,490,000

$15,749,069

Wells Fargo

$1,470,754

$12,474,740

$13,945,494

Total

$34,452,841

$105,468,740

$139,921,581

###

Public Campaign Action Fund is a national nonpartisan campaign finance group that works to hold elected officials accountable and to further comprehensive reforms that place elections into the hands of everyday Americans. Learn more at www.campaignmoney.org.