Tag Archives | Taxation

Ever Want to Yell at 300 Billionaires Who Helped Wreck the Economy? (Video)

USUncutAt Bank of America's first Investor Conference in three years (3/8/11), organizers from US Uncut crashed the event to protest corporate tax dodgers and public service cuts. The room was packed with 300 hedge fund managers, institutional investors, & asset managers. What US Uncut said:
When corporations like Bank of America don't pay their fair share of taxes, we have to 'cut' teachers, firefighters, and public servants. Do you pay your taxes? So do we. Why don't corporations pay their fair share, just like everyone else? Bank of America is Bad for America. Bank of America pockets Billions in profits and bailouts, but $0 in American taxes — that's immoral and un-American.
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$1.2 Trillion: The Real Cost of U.S. National Security

TomDispatchChristopher Hellman writes on TomDispatch.com:

So the big week is here as the federal budget heads for the Washington operating table. The question in the media will be: to shut or not to shut the government down — and whether that shutdown is likely to happen now, two weeks from now, or in the spring when raising the debt ceiling comes up for debate. In the meantime, the new Republican majority in the House of Representatives is intent on taking out fuel subsidies for the poor, federal funding for Planned Parenthood, money for National Public Radio and the Public Broadcasting System, and the Maternal and Child Health Block Grant that “supports state-based prenatal care programs and services for children with special needs,” among many other programs, but not (as New York Times columnist Gail Collins pointed out recently) the millions of dollars the U.S. Army sinks into its “relationship” with NASCAR. 

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U.S. Taxpayers Paid $450,000 For Navy Jets To Fly Over A Closed Stadium Roof Before the Super Bowl

Cowboys Stadium Video Screen

Photo: Bigcats lair (CC)

No biggie for the attendees, since this stadium has the largest HDTV screen in the world. Sally Jenkins writes in the Washington Post:

Everything you need to know about the future of the NFL could be seen in the gloriously decadent stadium that hosted this Super Bowl. As NFL Commissioner Roger Goodell pointed out, “Quite frankly, that’s our stage.” It was the cleanest, safest, nicest stadium anyone has ever visited. It was also the most extravagant and economically stratified. It cost double what Jerry Jones said it would, and taxpayers financed about a quarter of it, yet its innermost marble interiors are totally inaccessible to the average fan.

A tipping point was reached with this Super Bowl, for me. It was the screwed-over anger of those 1,250 people without seats that did it. Those travel-weary, cash-whipped fans paid small fortunes to go to the game, only to discover their stubs were no good, because fire marshals declared some sections unsafe.

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Still Think Financial Markets = Financial Investment?

For those STILL too gullible to believe that we will never recover until we stop the irresponsible hoarding and gambling behaviours of Wall Street through a property tax on large securities holdings, I present the following:

Dow vs. Employment Chart Our economy doesn’t need to print more money.  The economy must have had about $1.5 TRILLION more money at the end of 2010 than it started with.  What we need to do is make the banksters and uber-rich pay their fair share and stop glomming off old age pensioners.

Details available upon request.  Or check it out for yourself here.

If you liked this, or better yet, if you hated this, check out my ‘Policy Directions‘ page at Dystopia Diaries.

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My Holiday Gifts for President Obama

Ho Ho HopeWhat follows is an open letter to the President of the United States, extending my holiday greetings and providing a brief explanation of some perhaps ‘idiosyncratic’ gifts sent to Pennsylvania Avenue via U.P.S. this past week.

Okay, okay, I realize this may seem rather belated, but let’s be realistic: there was no way you were going to get around to opening my Xmas gifts to you until now. Indeed, they probably still remain unopened in some storage room, if they haven’t already been nicked by the staff you’ve assigned to opening packages. Or the security detail hasn’t mistakenly drawn a sinister interpretation of their contents and ruined them by soaking them in some watery defusion contrivance.

Which would be a great shame. Not because my personal feelings would be injured by the gifts’ destruction, but because recent events have shown me that you sorely in need these items. So much so that I regard it as equally necessary to append this open letter describing the thought process behind each of the gifts.… Read the rest

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Wealth: When Will The 98% Tell The 2%, Enough Is Enough?

LeprechaunGilbert Mercier writes on News Junkie Post:

Congress has passed, a two year renewal of the Bush tax cuts. The bill is a nice extra Christmas bonus for the wealthiest 2 percent of Americans, and it will only amplify the monumental US budget deficit.

The logic behind the bill goes against, not only common sense but also against the global trend, notably in Europe, to cut spending and increase taxation in order to address a spreading budget crisis.

The governments of countries such as Greece, Ireland, Portugal and Spain are pushing for unpopular austerity measures, and richer countries such as the UK and France are trying to implement the same type of economic policies often by cutting social benefits and programs.

If austerity is the trend in Europe, it is certainly not the case in the United States. The US political and financial ruling class, which can be credited for starting the global financial meltdown of 2008, is still betting on the “virtues” of shock capitalism by cutting taxes and not cutting spending.

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Danny Schechter on The Secret Wall Street Bailout

Wall Street GreedThe U.S. doled out $12.3 trillion dollars to finance bailouts, a figure far higher than what was previously stated. Danny Schechter writes in Al Jazeera:

Go, Wall Street, Go!

Never mind the rise in unemployment and foreclosures. Never mind the folks waiting to know if they will get the benefits they need before they are cut off. Never mind the growing gap between rich and poor, and the rapid spread of poverty. (Did you know that inequality in the US is at the highest level of any industrialised country?)

Does any of this matter?

The idea of equality as a social goal is apparently passé. Christmas has a special meaning on Wall Street: It’s bonus time.

Just five too big to fail bankster companies have stashed $90 billion for payouts to prized employees. They know that the beat on The Street is fading, so it seems to be take the money and run time.

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Senator Bernie Sanders Defends Regular Americans

Bernie Sanders

Senator Bernie Sanders (I-VT).

The Estate Tax (which was given an Orwellian rename by the Republicans as the “Death Tax”) does and will not hurt you — unless it is abolished.

The Estate Tax affects only 3/10 of 1% of the richest Americans. We’re not even talking about the wealthy here, we’re talking about the OBSCENELY wealthy here.

To put this in context, if the Republicans get what they want, it would mean $30 BILLION in tax cuts for the Walton family (who own Walmart) alone.

So they barely pay their workers a living wage and abuse them in a hundred other ways, drive multiple small businesses out of the marketplace which are major drivers of economic growth in the country, and the Republicans in the Senate and an all-too compliant President Obama, want to rewards them for all that by giving them a tax cut that is more than the gross national product of some of the nations of the world.… Read the rest

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The Return of Doctor Weird and the “Laugher Curve”

Laffer Curve

Laffer Curve drawn by Vanessaezekowitz (CC).

With millionaire dilettante Ron Johnson confirmed as Wisconsin’s senator elect to the government his own Tea Party professes to disdain, it’s a sure bet we’re gonna be bombarded with a lot of blather about how tax cuts for corporations and the uber-rich are supposed to magically improve employment and erase deficits.  Which is utter batshit lunacy.  But don’t take my word for it — run the numbers yourself.  All within the linked workbook “Laffer Curve Analysis v1”.

Midterms are over; here begineth the real shitstorm: the struggle against Right Wing corporatists and faux populists trying to complete their destruction of the United States.

No, that’s not just the Wild Turkey talking. Haven’t touched the stuff for the better part of a week now.  And though the night terror visions of President Palin’s Interior Secretary Don Blankenship leasing the floor of the House to BP for fracking natural gas and Treasury Secretary Richard Rahn outsourcing the federal minting operations to China have subsided, the daytime terror visions have only grown in intensity.… Read the rest

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A Modest Proposal to Republicans on How to Trim the Budget

Fire PelosiOriginally posted by D. J. Pangburn on death + taxes:

Dear Republicans,

Without a doubt, you will hold up Reagan as a symbol of fiscal responsibility. Bush 41 lost on the economy and tax increases, Clinton balanced the budget by working with Republicans, and it’s common knowledge that Bush 43 grew the national budget to epic proportions in his time in office — most of it on Defense spending. And he did nothing to balance the budget — which, of course, you already know, as evidenced by your new House Budget Committee Chairmen’s comment on how the 2006 elections were a “repudiation of Republicans who strayed from their principles and got soft on spending and government.”

A closer look at Reagan’s economic maneuvers reveals the budget deficit in 1980 (his first year in office) was $1 trillion and in 1988 it was $3 trillion. Why? Tax cuts and increased spending.… Read the rest

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