U.S.

Bank: Politics, Lobbying and Taxes

Political Contributions U.S. Banks PAC made $387,750 in campaign contributions to federal candidates in the 2012 cycle, 32% to Democrats and 68% to Republicans. They have given more money to Republicans than Democrats in every election cycle since 1998. Lobbying U.S. Bank spent $1,019,600 on federal lobbying in 2012. Minnesota: U.S. Bank spent $66,000 in 2012 and $100,000 in 2011 on direct lobbying in Minnesota. U.S. Bank also lobbies against tax increases on corporations and wealthy Minnesotans through their leadership of the Minnesota Chamber of Commerce (Rebecca Paulsen of US Bank chairs their Fiscal Policy committee and Elliot Jaffee, president of U.S. Banks Twin Cities market, sits on the board) the Minnesota Business Partnership (CEO Richard Davis is Chairman). The Chamber and the Partnership are the second and third largest lobby associations in Minnesota, spending millions of dollars a year opposing fair budget solutions like higher taxes on wealthy Minnesotans and closing corporate tax loopholes, even supporting corporate tax cuts that would make deficits worse. U.S. Bank does not have registered lobbyists in Idaho. Tax Dodging From 2010-2012, U.S. Bank received a federal tax subsidy of $2.6 billion. U.S. Bank 2010-2012 Profits and Federal Income Taxes Pre-tax Profits $18,555,000,000 Federal Income Tax Paid $3,865,000,000 Tax Rate 21% Taxes if Paid at 35% Rate $6,494,000,000 Tax Subsidy $2,629,000,000