Bank Of Americ A Big Name Finance Company

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MGMT 117 Paper 2 Bank of America has always been a big-name finance company in the United States. My mother has worked for the company for over 23 years, and has always informed me that they are a terrible organization. Therefore, I should not have been surprised when they appeared in the book, as one of many famous companies that have received subsidies on the basis of creating new jobs, only to lay-off its employees shortly thereafter. Bank of America has done this twice in the past 20 years: once in 1993 and again in 2004. Specifically, in 1993 the Bank received $18 million in subsidies to move their employees into the world trade center, in return, they were supposed to retain 1700 jobs, but five years later they…show more content…
Big name companies such as, Bank of America have created these problems by controlling the tax system, not following through on job creation and participating in Sprawl. Large companies controlling the tax system are one of the major reasons why America has such a large problem distributing the wealth. It negatively affects the public 's’ income when large corporations control the tax system and use it to make themselves richer. The Maryland Budget and Tax Policy Institute reported that, “91 of the largest 131 companies in the state—almost 70 percent—paid zero income taxes in 2002.”. While this is just one state, it clearly shows that the major corporations have been paying little to no income tax. Therefore, America 's working class is having to pay more as taxes go up to account for the billion dollar companies that are not paying taxes. A variety of companies have managed to create negative income tax due to tax credits. At the end of the year rather than paying taxes, these companies receive money from the state. It is ridiculous, many people wonder why the lower class has to pay so much in taxes, however, we now have the answer. Purely so billion dollar industries and the top 1% can keep getting richer while the rest of America picks up the pieces of the crumbling tax system. IBM is an example of a company who received unnecessary subsidies and also benefited from its own layoffs.
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