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Archive for the ‘Tax Cuts’ Category

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February 28, 2011 Pay Up, Corporate Tax Dodgers
We’re chumps unless we force Congress to stop tax haven abuse.

By Chuck Collins

Instead of cutting state and federal budgets, the United States should crack down on the corporate tax dodgers thumbing their noses at us.

Across the nation, states are making deep cuts that will wreck the quality of life for everyone to close budget gaps that total more than $100 billion.

But there’s a more sensible option. Overseas tax havens enable companies to pretend their profits are earned in other countries like the Cayman Islands. Simply making that ruse illegal would bring home an estimated $100 billion a year.

The next time you read a story about some politician bemoaning that “there’s no money” and “we have to make cuts,” just point to artful tax dodgers in our midst.

They include some of the banks that trashed the economy but gladly took our tax dollars to stay alive after the economic meltdown. Bank of America. Wells Fargo. Citigroup.

Goldman Sachs took a $10 billion taxpayer bailout but then gamed its effective tax rate down to one percent through what its shakedown-artist executives call “changes in geographic earnings mix.” Shame on them. Pay up.

See that FedEx delivery van go by on the roads you paid for? Pay up FedEx! Don’t pretend you’re not making billions in the U.S. Don’t lie and tell us you made all those profits on some island with more palm trees than people. We know the demand for coconut delivery isn’t that big.

These corporations are heavy users of our taxpayer funded public infrastructure and property rights protection systems. They use our regulated marketplace, call upon our law enforcement system and judiciary to remedy disputes. They’re protected by U.S. police forces and firefighters. They enjoy all the privileges and benefits of tax-paying citizens. They just don’t pay their fair share for them.

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Hat tip to Carl in the morning who interviewed Chuck Collins this morning on Air America. KPOJ 620 am radio.

Chuck Collins w/ Institute for Policy Studies IPS

extremeinequality.org

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Well, as you probably already know, Fox News makes me feel like losing my groceries, but I had to show this video attack on Congressman Alan Grayson. This repulsive dude, Neil Cavuto, is attempting to take on the appearance of authority to trick him into giving him an absolute number on an argument that doesn’t really call for anything but a relative example.

What Alan is dealing with here is known as The “Cavuto mark”. Following a satirical segment proposing it on The Daily Show on September 13, 2006, the word “Cavuto” is sometimes used to refer to a question mark “used to turn any statement, no matter how outrageous, into a simple, seemingly fair, question.”

Barney Frank: “This is presumably a psychological disorder”

Huffington Post

April fools day, 2009

House Republicans did their best Wednesday to battle Rep. Barney Frank (D-Mass.) on the House floor and wound up on the receiving end of some classic Frank jabs.

The bill at issue, authored by Rep. Alan Grayson (D-Fla.), would cap executive compensation at bailed-out financial institutions and it puts the GOP in a tough spot: after expressing outrage over the AIG bonuses, it’s tough to vote against the bill.

In announcing their opposition, Republicans such as Rep. John Culberson (R-Texas) took to the floor to decry the fact that the stimulus allowed the bonus payments to be made. They excoriated Democrats for not reading the full stimulus bill but said they objected to the bill on the floor that would fix the loophole that had been in the stimulus.

Frank had a field day with it.

“This is really extraordinary,” he said. “What you have just heard is a denunciation of something the Congress did a few weeks ago and a refusal to undo it. I’ve never seen people, Mr. Chairman, so attached to something they hate. This is presumably a psychological disorder which I am not equipped to diagnose. The objection of the gentleman from Texas was that when the recovery bill was passed, it was passed too quickly [and it] included a provision that shouldn’t have been in there. This bill takes it out.”

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After nearly three decades of Reaganomics in which the wealthiest two percent of Americans have grown exponentially wealthier while middle class wages have remained stagnant, a growing faction of super rich Americans is seriously pissed off — and their Wingnut Revolution is upon us.

Sure, the interests and influence of the wealthiest two percent make them more responsible than most for the free market policies that created this current economic crisis. But if there’s one thing we’ve learned about those responsible for this recession, it’s that the concept of accountability is about as foreign as their live-in au pairs. Instead, they’re blaming this on Barney Frank and a legion of “losers” (read that: working class minorities) even though Ben Bernanke himself has debunked this myth.

But accountability (a “reckoning” as President Obama called it) is underway in the form of the president’s housing proposal, his healthcare plan and, naturally, the recovery act. At the end of the day, ninety-five percent of Americans will benefit from what amounts to the largest tax cut in American history, along with increased access to affordable healthcare and millions of new jobs.

Though, alas, the super rich will have to pay slightly more in taxes.

Yeah, that’s a shame.

(more…)

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Obama: Tax Cuts Will Be Felt By April 1 (VIDEO)

AP |  LIZ SIDOTI   |   February 21, 2009 08:26 AM

WASHINGTON — The notoriously slow Congress passed the $787 billion economic stimulus package in a matter of weeks. President Barack Obama signed it into law less than one month into his presidency.

So, just how soon will Americans start reaping the benefits of tax cuts in it?

By April 1, according to the president.

“Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans,” Obama said Saturday in his weekly radio and Internet address.

He said the Treasury Department has begun directing employers to reduce the amount of taxes withheld from people’s paychecks in accordance with the new law, and that in six weeks, a typical family will start taking home at least $65 more every month.

Obama says his signature “Making Work Pay” tax break will affect 95 percent of working families.

The $400 credit for individuals is to be doled out through the rest of the year. Couples are slated to get up to $800. Most workers are to see about a $13 per week increase in their take-home pay. In 2010, the credit would be about $7.70 a week, if it is spread over the entire year.

MORE HERE

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