Minnesotans to Rally and March for the Priorities of the 99%, Demanding that Tax-Dodging Wells Fargo Pay Their Fair Share

Event TODAY, January 24 at 4:00 p.m.

CONTACT: Eric Fought, 612-223-4744, efought@mnfaireconomy.org or
Kevin Whelan, 612-325-9266, kwhelan@mnfaireconomy.org

the 99 percentAt the beginning of the legislative session, Wells Fargo and the Minnesota Chamber of Commerce will tell state legislators how to vote to protect the agenda of the top 1%

MINNEAPOLIS– This afternoon, community advocates will gather in front of the Wells Fargo Bank office at 430 Wabasha Street North in St. Paul to rally against the actions of the bank and its executive leadership, including Executive Vice President, Jon Campbell, current Chair of the Board of the Minnesota Chamber of Commerce.

On this first day of the 2012 session of the Minnesota Legislature, elected officials will attend the Chamber’s annual “Session Priorities” dinner at the St. Paul RiverCentre. The Chamber, under Campbell’s leadership, will tell state legislators how to vote to protect the agenda of the top one-percent.

While more and more Minnesotans struggle to make ends meet, including paying their taxes, Wells Fargo dodged $18 billion in federal income taxes from 2008-10 through loopholes, paying an effective tax rate of less than zero. As many in Minnesota’s 99% struggle to pay their heating bills this winter, Wells Fargo has 19 subsidiaries in the Cayman Islands, a tropical tax haven. Minnesotans who have had enough of such skewed priorities and corporate irresponsibility will assemble this afternoon to speak out.

Following the brief rally in front of Wells Fargo, attendees will march through the downtown skyway system to the RiverCentre, where they will continue to rally for the priorities of Minnesota’s 99%.

WHAT:  March and Rally for the 99%

WHEN: Today, January 24, 2012

4:00 p.m. Rally at Wells Fargo, March to St. Paul RiverCentre
4:30 – 6:00 p.m. Rally at Minnesota Chamber of Commerce’s “2012 Session Priorities” Gala

WHERE: Wells Fargo, 430 Wabasha Street North, St. Paul
St. Paul RiverCentre, 175 West Kellogg Blvd., St. Paul

WHO: Concerned Minnesotans Demanding Attention for the Priorities of the 99%

WHY: To tell Wells Fargo, the Minnesota Chamber of Commerce and state leaders that investing in good jobs, our communities and our schools should be their top priority.

Blaine McCutchan of Golden Valley is a facilities maintenance worker with Intermediate District 287, which serves 12 school districts throughout Minneapolis’ western suburbs. Each day, McCutchan is responsible for the health and safety of hundreds of students, faculty and staff.

“I love my job,” McCutchan said. “But each day it becomes more and more difficult to make sure that the building I am responsible for is in the best condition. With each budget cut, my ability to maintain an environment where students can learn and grow is undermined. Today I’m standing with my fellow Minnesotans to call on Wells Fargo and the Minnesota Chamber of Commerce to invest in our children’s future. It’s time to set aside the priorities of the top 1% and focus on the priorities of the rest of us.”

The March and Rally for the 99% is being organized by SEIU Local 284 and Minnesotans for a Fair Economy.

More about Wells Fargo’s taxes:

The recent Citizens for Tax Justice report, “Corporate Taxpayers & Corporate Tax Dodgers, 2008-2010,  lists 249 corporations that paid less than their fair share in federal corporate income taxes in 2010.  In other’words, 249 of the country’s largest and most profitable corporations paid less than the U.S  statutory corporate tax rate of 35% in 2010. istead, these 249 companies got a 2010 federal tax subsidy ‘totaling over $87.27 billion.

The three fact sheets break this down three ways, two by what  services and infrastructure Wells Fargo’s share would pay for nationally and in Minnesota, and what the Minnesota share from all 249 corporations would pay for.

Fact Sheet on Corporate  Tax Dodging and Federal Program Spending: Wells Fargo’s portion, nationwide [pdf file]

Fact Sheet on Federal Tax Dodging  and Program Effect in Minnesota: Wells Fargo’s portion [pdf file]

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