Sunset and Vine Takeover: Protest Over Corporate Tax Loopholes Hits the Streets of Hollywood
Following the release of Republican presidential candidate Mitt Romney's 2010 tax return, which showed a 13.9 percent rate on his corporate-raider income versus the 30-plus percent most of the rest of us pay, this war taken up by the Occupy nation still has some fight left in it.
In fact, the labor group Good Jobs LA, occupiers, immigrants' rights organizations and others will take the matter to the streets of Hollywood ...
... tomorrow at noon.
Organizers expect about 400 people to start a march from Sunset and Cahuenga boulevards to Sunset and Vine Street to protest "corporate tax dodgers."
Romney might fit that description, although he paid what he legally owed. The U.S. tax code allows income from capital gains investments to be taxed at a 15 percent rate as opposed to the 35 percent or so levied on workaday paycheck incomes.
Good Jobs LA is especially angry that:
In 2010, 249 of the country's largest and most profitable corporations paid less than the U.S. corporate tax rate and instead received federal tax subsidies totaling more than $87.27 billion.
FedEx -- which has a high-volume branch on the corner of Sunset Boulevard and Vine Street -- is one of the country's worst corporate tax dodgers. From 2008 to 2010, FedEx made $4.2 billion in profits but paid less than 1% in federal taxes. During that time FedEx spent $46 thousand a day lobbying Congress -- $13.8 million more than it paid in taxes.
The group says that when corporations get tax breaks, our ability to hire teachers, firefighters and cops suffers.
It's not clear if they're planning to block the iconic intersection of Sunset and Vine. Good Jobs LA states only that protesters will be "engaging in street theater."
We'll be engaging in applause.
[Added]: Jacob Hay of Good Jobs LA tells the Weekly this afternoon:
I don't believe we'll be shutting down the intersection completely but people will be marching and crossing the street at the Sunset and Vine intersection, so there will be an impact on traffic and business in the area.