As the deadline to mail checks to the IRS approached, organizers in New York were still protesting, and this time not only about President Donald Trump’s tax returns. Activists with the grassroots organization New York Communities for Change and other progressive groups held a rally on April 18 in front of Goldman Sachs’s headquarters in New York City to confront the world’s most powerful bank for dodging taxes and taking resources away from working people.
In the eight years between 2008 and 2015, Goldman avoided paying $5.5 billion in taxes by using various loopholes, billions that could have been used for public housing, healthcare, education, and many other vital programs and services. That’s around $21.60 per second in tax avoidance. At that rate, Goldman will have dodged about $4,000 in taxes by the time you finish reading this, about half the federal income taxes paid by the average American family.
While Goldman’s tax avoidance wizards worked their magic in the years following the crisis, it wasn’t because the cupboards were bare. In fact profits rose, and its net revenue in 2015 was $33.8 billion.
The fact is, most Americans don’t mind paying taxes. What ticks people off is when rich people don’t pay their fair share. This year, longstanding tax avoidance by the most powerful individuals and corporations got people off their chairs and into the streets in protest.
Saturday’s tax rallies across the country helped refocus America’s outrage at Trump’s refusal to make his tax returns public as every President since Richard Nixon has done. The rally at Goldman Sachs was a reminder that the demand for transparency is only the tip of the iceberg. For the protesters at Goldman Sachs chanting “Stop Looting America!”, the fight for tax justice is every bit as important.
Despite its misconduct and role in the 2008 financial crisis, Goldman Sachs received over $10 billion in bailout money from American taxpayers. Adding insult to injury, Goldman Sachs does not