Every day, it happens: the tax system puts unfair burden on the 99.9 percent while the very wealthy and big corporations pocket huge bucks…and a lot of those bucks come …
WTF? Ok, I guess I should actually say: this is not shocking but because Chuck Schumer just made me yell “WTF?” and ruin my schedule for the rest of the day…
The loud yelling and clapping you just heard came cascading down from executive suites of all the tax-dodging big corporations who must be dancing in the halls. “Bi-partisanship” is about to fleece the American people–yet again. And it’s being led by the presumed Democratic majority leader come 2016, Chuck Schumer.
Thirteen days away, tick tock, tick tock…everyone is getting ready to write those checks to the IRS for the money they owe on income earned–you know, the ones that fund highways, education, health care and, grumble, war.
Except for corporations, of course. It’s the same old story–dodge, dodge, dodge a fair share of taxes. $600 billion.
It’s pretty sad that we still have to make the argument that 4,700 estates (or the richest 0.18 percent all of estates) need to keep paying taxes on their estates. But, alas, there we are.
Full disclosure: I’ve made by contribution to the popularity of “House of Cards” by watching all three seasons (FWIW, I though the third season was stilted, pretty boring in many parts and, basically, a slightly edgier version of “The West Wing” and that’s not meant as a positive…). That said, this doesn’t surprise me because no corporation is immune from trying to take advantage of our dumb tax system that consistently rewards corporations for no good reason at the expense of taxpayers.
Some things you gotta like in the president’s tax plan. Other things…not so much.
It’s no surprise to people in the reality-based world–you know, the people who look at facts–that most corporate tax cuts are not going to create jobs. All that bleating from the bi-partisan chorus that fawns over the “job creators” (read; overpaid corporate executives) and never met a corporate tax break it didn’t like (especially tax breaks that oil up those campaign contributions…looking at you, Steny Hoyer) ignores the reality that the promised jobs, in return for tax cuts, just don’t materialize–not to mention jobs that pay a decent wage.
It gets to a point, in this crazy world–the world in which our bridges are falling down, roads are crumbling, hospitals are closing down, schools don’t have enough supplies for kids–when flushing $42 billion down the drain just seems like no big fucking deal. In the pathetic bi-partisan world of budget nonsense and more give-aways for corporations and the elite, $42 billion is seen as a “compromise.”
I am of two minds about Tim Cook’s public declaration that he is gay. On the one hand, good for him if he thinks that it emboldens other people to not be afraid of their sexual preference being known publicly. On the other hand, if the message is that, you, too can come out but only once you are the CEO of one of the most powerful corporations in the world–and you can do all that while fleecing the U.S. government of billions of dollars in revenue…well, it’s a moment to pause and consider.
While everyone is focused on the polls and the dwindling chances of the Democrats to hold the Senate, on the tax policy front, it’s just horrendous, with the choices in the upcoming lame duck session of Congress verging from “bad” to “very bad”.
This could be funny since it’s the rantings of some seriously crazy people. But, the end result of a very stupid film is just more unhinged hate of government.
Another day brings yet another company scamming the taxpayer with a tax inversion gimmick.
Ok, so, most sane people don’t buy into the idiotic idea that corporations should have the same standing as people. But, right now, thanks to a majority of morons on …
A couple of weeks ago, I wrote about Burger King’s tax inversion strategy–you know, the clever tax dodge strategy that’s all the rage among the corporate elite because it funnels hundreds of billions of dollars overseas and outside the reach of the IRS. Well, that apparently isn’t the half of it. Burger King has a two-pronged approach to screwing the country–at the waistline and at the bottom line.
Politics is full of really asinine ideas–let’s see, the Iraq War counts as a good example. But, for perhaps the dumbest one going I’d offer up the mumbling, coming from even some Democrats, to eliminate the corporate tax. It is stupefyingly idiotic–in the midst of the greatest divide between rich and poor in 50 years, and corporate profits rising to record levels even as wage growth remain at its lowest level in half a century.
Before I rip Burger King a new one, a moment of full disclosure: I haven’t walked into one of those joints in I dunno 25 years. So, maybe it’s worth the whatever it costs now to choke down and swallow that stuff. But, know this: every dollar you put into that place now is basically a contribution to yet another tax dodge–theft from the public’s right to have a decent society.
It isn’t complicated and it’s not rocket science. The thievery underway in the form of corporate tax inversions can be stopped if there was a will to do so. It’s a problem with three easy-to-describe pieces–and some pretty straightforward solutions. The issue is: does the White House, beyond an election-year messaging stunt, really want to stop the robbery of the American taxpayer?
I couldn’t help the “EXPOSED” start to the headline because, actually, this is no surprise. Citizens for Tax Justice has been making this case for a very long time (including here, just as one example). But, here’s another piece of evidence to try to undo that hard-wired, decades-long rhetorical nonsense about corporate taxes being too high in the U.S.
I love that quote from Woody Guthrie (H/T to Citizens for Tax Justice for using it). Says it all, from the halls of the Chamber of Commerce to the corporate suites to the Congress. Today’s use of the fountain pen comes courtesy of another corporate scam to avoid taxes.
I detect a president who thinks he’s found a very potent political argument. Having gone soft on the bankers, letting all the big fish skate after wrecking the economy, the president has figured out that people just won’t stand for a tax system that leaves regular people holding the tab while CEOs figure out how to screw the public, day after day. And, so, he’s now personally calling for an end to so-called tax “inversions”
Love those CEOs obfuscating the truth. I know, you’re shocked. This little pearl comes in the arena of tax avoidance.
For the millions of people hitting the road at this very hour, and in the hours to come, it’s going to be a bumpy journey, crashing through potholes after pothole, rutted road after rutted road, and creaky bridge after creaky bridge–all thanks to the dismal shape of the country’s infrastructure (which gets a D+ from the American Society of Civil Engineers). No doubt, drivers will curse a whole list of people–but a small wager that few give up a few choice words for a big culprit: corporate greed.
It’s not “breaking news” because it’s pretty common knowledge that corporate America–or, more accurately, American-based corporations–is treated differently allowing it to rob the public, day after day. Still, worth adding to the list another absurd new tidbit in the saga of how to rip off the American public through tax dodging.
Big money. Two trillion dollars. If you could touch it, it would reach…oh, I dunno, I’m not going to tell you how high that stack would go and, actually, the point is, you can’t touch it: it’s stashed overseas. In corporate bank accounts. But, here’s the beauty: if you want to know what it feels when the Fortune 500 fleece the country to the tune of $550 billion in dodged taxes on that $2 trillion hiding in foreign bank accounts, just pull out your billfold…empty…well, that’s cuz the tab for that fleecing is on YOU.
Well, unfortunately, and not surprisingly, the answer to this question is “yes”. I’ve taken this headline almost verbatim from Citizens for Tax Justice (CTJ) which has been trying to stop this scam for a long time–and is getting no help, and, in fact, the opposite from the president.
In a way, I’m not sure this is news, in that Republicans shilling for big corporations and the very wealthy is not new but old (and throw in the clutch of Democrats who are willing shills for that scam). But, there it is: the Dave Camp shell game that, at the end of the day, will be a $1.7 trillion tax give away to the very wealthy and corporations.
Just so we’re clear, and this bears repeating even if it is obvious, the richest people in the country are going to, once again, be the gift of more welfare-for-the-rich under the tax proposals of House Budget Committee Chairman Paul Ryan–while, just by the numbers, lower income people will get hit with a tax increase. Don’t you love this system?
With tax day looming, I’ll try to throw in more on the crazy world of tax policy — which usually means how corporations and rich people are taking us for a ride courtesy of very willing politicians. Today, it’s all about tax extenders.
Most of the nonsense coming from Congress about budgets — and that nonsense is particularly of a Republican Party flavor but also emanating from Democrats — touts more tax breaks and tax cuts for business. It’s entirely crazy. The one island of sanity comes from the Progressive Caucus.
What I really like about corporate skullduggery is that at least it’s usually done with big numbers, as in billions of dollars. Nothing on the cheap (except, of course, when it comes to paying workers). In another installment of “how can we fill our coffers, pay our CEO millions of dollars and fleece the public” comes today’s news: Corporate-based America is robbing the states of billions of dollars by dodging taxes.
With one hand, he giveth a few dollars to the people, and with the other hand, he showers huge corporations with a tax gift that is astounding in its…audacity? That’s how I suggest you can look at the president’s executive order to pay more workers overtime (a good thing) versus his budget proposal to…pay attention now..CUT corporate tax rates.
I know, you are shocked, shocked, shocked that the proposal from Congressman Dave Camp, the Republican chairman of the House Ways and Means Committee, is awful. But, good to have the facts on exactly why.
It’s new data but not a new revelation because this bit of news is nothing we haven’t already become accustomed to. Corporations are robbing the country, robbing because corporations pocket profits made possible from all the investments in human and physical capital made thanks to taxes regular people pay but the same corporations do squat when it comes to paying a fair share.
Yesterday, I wrote about a report that basically said it’s a myth that tax cuts are a huge boon to the economy. Well, there’s actually a second part to that.
So, as we gather steam towards Tax Day, let’s keep up this drumbeat: tax cuts don’t help the economy. Or, at least, there isn’t the evidence to prove they do. So, says the Congressional Research Service.
Ah, so little time, so many corporate tax breaks…and so many of them just pure scams. Here’s one under the rubric of “research”.