How US Corporations Ripped Off Americans in 2013
A company contracted by Walmart recently lost a lawsuit filed by workers at a California warehouse that is partially owned by Walmart.
The 568 workers claimed they were owed $4.7 million for alleged wage theft by Walmart contractor Schneider Logistics, which operates a Walmart distribution center in Mira Loma, Calif.
The workers unload and load goods at the warehouse that are bound for Walmart stores. They claimed in their lawsuit that Schneider Logistics failed to pay them for overtime and illegally deducted wages from their paychecks, reported The Huffington Post.
While this is an important victory for the workers, it's rare especially in light of how corporate America ripped off Americans for billons in 2013.
According to AlterNet.org, JP Morgan, Xerox, and eFunds Corp. all make money off the nationwide SNAP food stamp program by collecting fees from state governments to distribute the benefits, which the states could do themselves.
“[SNAP] is a very important business to JP Morgan," a bank spokesperson told Bloomberg News. "It’s an important business in terms of its size and scale... The good news from JP Morgan’s perspective is the infrastructure that we built has been able to cope with that increase in volume.”
If there is another Wall Street meltdown, the major banks have made sure the laws give them first claim (ahead of savings deposit insurance, pension funds, etc) if their high-risk derivatives crash as they did in 2008. In other words, the house always wins, even win it loses, notes AlterNet.org.
These same banks don't want any financial relief for college graduates whose college loans can never be refinanced or nullified via bankruptcy like normal loans, reports Salon.com. Student loans will stay with students until they die, and after death will stick to their co-signing parents, according to Forbes.
When it comes to federal income taxes, 69% of U.S. corporations have been able to avoid paying, thanks to loopholes, subsidies and other types of corporate welfare. This denies the federal government and state governments of billions of much-needed tax dollars, noted The Huffington Post.
One of those corporations paying no taxes includes the National Football League (NFL), which rakes in billions of dollars each year. How is this possible? The NFL is considered a non-profit organization, notes USA Today.
Even after making billions, the NFL often hits up cash-strapped cities and states to build new stadiums by upping local taxes.
You may never go to a NFL game, but you're paying (in full or partially) for the Washington Redskins, Cincinnati Bengals, Minnesota Vikings, Seattle Seahawks, San Francisco 49ers and the Pittsburgh Steelers' stadiums. The Dallas Cowboys got tax dollars for their billion-dollar stadium and didn't have to pay their $6 million property tax bill.
According to The Atlantic, a Harvard University study found that 70 percent of money for NFL stadiums was paid for by taxpayers, instead of the NFL owners, who always promise tons of "great jobs" will be created, like selling soda and peanuts.