What a complex web we weave, when our lives are ruled by greed. Verizon is an example of what corporate greed (the 1%) is doing to our middle class and vulnerable (the 99%). It is a highlyprofitable company, just gave its CEO a huge raise, but dodges its taxes (schools, roads, police, firefighters for the 99%), and to top things off is asking its workers to take cutbacks. So its workers are going over the head of the CEO, and look what they find.
Verizon is a highly-profitable company. Last August (yes this has been going on a long time) I wrote in, Verizon’s Workers Strike Back At Corporate Greed — You Can Join Them!
The giant telecom company Verizon, currently raking in the billions ($6 billion in profits and a $10 billion dividend on $108 billion in revenue last year), while paying no taxes, is putting the squeeze on its workers, and they are fighting back. With all those profits, the company has been consumed by greed: Now Verizon is asking for $1 billion in concessions from its workers.
Taxes are how our government does what it does for We, the People and our small and medium businesses. Schools, teachers, police, firefighters, courts, ports, enforcing environmental regulations, enforcing worker safety regulations, enforcing consumer-protection regulations, etc. Verizon, with all of its profits, dodges taxes. In November’s How Wealthy Companies Like Verizon Avoid Taxes,
Verizon needs to open a call center, which means a few new low-paying jobs. They get local governments bidding against each other, offering all kinds of tax breaks if only they’ll bring those jobs there. Before the bidding war these jobs will be in the economy somewhere, but local schools, police, etc. will be funded. After the bidding war the same number of jobs open up but schools, police, etc. are not funded — and the 1% are that much richer. Company after company does this. Community after community, desperate for jobs, loses. Schools, police, infrastructure go unfunded. Just who does this help? The 1%.
… [Verizon] aggressively manipulated state tax rules, demanded subsidies, and used other methods to end up with a negative federal income tax rate, and receiving state and local tax subsidies in at least 13 states. When setting up call centers, for example, they offer localities the prospect of jobs that that will be created somewhere in US, where the company would have paid taxes to fund schools and infrastructure, but get the localities bidding against each other until they end up making a profit instead of paying taxes. (more…)