Californians Protest Income Disparity And Corporate Taxes, Target Chevron

Protesters targeted the home of Chevron CEO John Watson on Tuesday, following a California report accusing the oil giant of not paying its fair share of taxes.

Roughly 30 people protested outside Watson's San Ramon home, saying he benefited from what they called corporate welfare, reported the Richmond Confidential, a local newspaper.

The protest comes on the heels of a report released this week by the Alliance of Californians for Community Empowerment, an organization advocating for tax reform, according to which some of the most profitable companies in the state and their chief executives, Watson among them, did not pay federal income taxes.

The report asserts Watson paid no federal income tax at all in 2009, while earning $16.3 million in compensation.

Other companies mentioned were JP Morgan, Bank of America and Walmart.

Chevron countered the report's accusation saying it continues to be one of the largest payers of corporate income tax in the state of California.

The company lost an appeal last week with a Contra Costa County appellate body in a case which would have Chevron pay an additional $27 million in taxes for years 2007 through 2009, because the company's property was undervalued, reported the Contra Costa Times.