Tag Archives: Budget Cuts

Two Thirds of US Corporations Pay No Federal Income Taxes

US Uncut held a National Day of Protest over the push to cut vital government programs while major, profitable Corporation pay No Taxes…

Sorry, but this just isn’t right….

From The Nation:

“I’m tired of people calling for shared sacrifice and it’s all coming from the workers and nothing’s coming from the top,” says protester Dave Sonenberg. “I’m sick of companies like Bank of America not paying their taxes.”

Bank of America hasn’t paid a nickel in federal income taxes for the past two years, and in fact raked in an additional $1 billion in tax “benefits.” The bank is enjoying these profits after accepting $45 billion from taxpayers, which the company then got to count as a deduction when they paid back the money.

Big corporations get to play by a whole different set of rules, says tax expert Bob Willens of New York-based Robert Willens LLC:

It’s also not unusual for a company to pay no federal taxes, while still paying state and local taxes, Willens said. Items that can be deducted for federal purposes aren’t always deductible for state and local returns, he said. State taxes can also be based on the amount of capital deployed in a state, not pre-tax income.

This is why two-thirds of corporations in America pay no federal income taxes. If they were forced to, we’re told, the whole country would suffer. Jobs would be lost, salaries slashed. Thank heavens we’ve avoided such calamity by allowing corporations to shape legislation in their favor.

In 2010, Bank of America handed out $2.2 million in campaign contributions to Congressional representatives and PACs (36 percent went to Democrats, 64 percent to Republicans). By throwing around that much cash, huge companies like BoA have a big say when it comes to crafting legislation that permits them to escape paying taxes, according to US Uncut organizer J.A. Myerson.

“The reason it’s not illegal is because they have bought and paid for the people who make the laws. The laws are made to accommodate this sort of nefariousness,” he says, adding that the process is wrong, and ordinarily that would mean approaching Congress to ask them to fix it, but there’s no point in attempting that when the system is so heavily rigged in favor of the rich and well connected. “So what US Uncut is doing right now is not Capitol Hill lobbying because that doesn’t seem like it’s a fruitful avenue. It’s trying to directly undermine the ability of Bank of America to earn record windfall profits by depleting the public trust that they are an upstanding member of society.”

via When Illegal Doesn’t Matter: US Uncut’s National Day Of Protest | The Nation.

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The Lessons of Triangle Shirtwaist Fire May Be Lost 100 Years Later

I posted about this tragedy earlier this week…

There is a lot of focus on the advances in work place safety since that tragic fire, but there is little awareness of all the current attempts to undo them…

The short American memory and attention span strikes again…

It always seems to take a tragedy to drive reform, then the reforms are quickly undone…

It’s a vicious cycle….

From Andrew Schneider at AOL News:

Worker safety advocates cite the painful irony that, precisely 100 years to the month after the fire, the House of Representatives has passed a budget bill that would slash nearly $100 million — about 20 percent — from OSHA’s current budget. About 40 percent of those cuts will be to the agency’s enforcement and safety inspectors — those on the front line of protecting workers.

“Lives will be lost because of these proposed cuts. They’re devastating,” Joel Shufro, executive director of the New York Committee for Occupational Safety and Health, told AOL News on Thursday.

“Since its founding, OSHA has been underfunded and understaffed. They currently have enough inspectors to inspect every workplace just once every 143 years. The proposed cuts will cut OSHA’s effectiveness even more,” he added.

OSHA administrator David Michaels says the House’s cutback “would really have a devastating effect on all of our activities.”

David Von Drehle wrote what many consider the definitive book on the tragedy in 1911, “Triangle: The Fire that Changed America.” He said in the book that history can run backward, and that even much-needed reforms like worker safety gains can be lost again.

“Many of the initial post-Triangle reforms were strenuously opposed by conservative businessmen … who were soon back in the saddle and able to halt, hamstring or reverse liberal initiatives,” he wrote.

The recent GOP sweep has many believing the same thing is happening again.

via The Lessons of Triangle Shirtwaist Fire May Be Lost 100 Years Later.

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“Tax, Tax, Tax the Rich!” Calls to Tax Wealthy Making Right Wingers Sweat? | | AlterNet

It’s about time….

The main driver of the Federal Deficit is the Bush Tax Cuts for the Wealthy.

End those tax cuts for the wealthy and get out of Afghanistan and Iraq and we won’t have any budget problems…

A simple but powerful chant is now starting to reverberate, all across the country, in protests against budgets cuts gone wild.

“How to fix the deficit?” marchers are shouting. “Tax, tax, tax the rich!”

That sentiment, unfortunately, hasn’t yet reached deep into many law-making chambers. Last week, in the nation’s capital, Rep. Jan Schakowsky from Illinois did introduce legislation that would up taxes on income over $1 million, from the current 35 percent to a range of new rates that run from 45 to 49 percent.

But the budget debate in Congress still revolves almost exclusively around questions about how much to cut, with no attention at all to the vast untaxed fortunes of America’s super rich. In state legislatures, largely the same story.

So why are cheerleaders for America’s rich starting to sweat? They’re hearing the rising drumbeat — from labor and community groups the nation over — for new “millionaire” taxes. And they’re watching the polls, too. Over 80 percent of Americans, the latest surveys show, want higher taxes on our richest.

via “Tax, Tax, Tax the Rich!” Calls to Tax Wealthy Making Right Wingers Sweat? | | AlterNet.

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Survey shows upbeat outlook from US millionaires | The Raw Story

Of course, the are upbeat…

They own the Government!

This just shows, as Scott Fitzgerald said, “Let me tell you about the very rich.  The rich are different from you and me”…

Totally different perspective….

From RawStory.com:

More than four in 10 American millionaires say they now need $7.5 million to feel wealthy, according to a survey that uncovered surprising levels of optimism about economic prospects.

Conducted by Fidelity Investments, the world’s largest mutual fund firm, the poll analyzed the investing attitudes and behaviors of more than 1,000 millionaire households in the United States.

The 58 percent of millionaires who said they did feel wealthy said they began to feel so with $1.75 million in investable assets, up from $1.5 million in 2008.

Surprisingly, given the current economic climate, the poll revealed that the longer-term outlook was at its most positive since Fidelity began conducting the survey in 2006.

via Survey shows upbeat outlook from US millionaires | The Raw Story.

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Boehner, Where Is, “Where Are the Jobs?”? | Mother Jones

More coverage on the changing poll numbers…

The GOP campaigned on jobs, jobs, jobs and hasn’t done a thing about creating jobs since they took over the House.  Instead, they are pursuing radical budget cuts and tax cuts for Corporations and the Rich that will kill jobs and the recovery.

And going after policies and institutions that either a) dare to question them and hold them accountable or b) don’t fit their 19th Century notions of the role of women and minorities.

But the public is getting wise to the Republicans-again.

Let’s hope the Electorate retains the information better this time….

From David Corn at MotherJones:

Before the 2010 congressional elections, Rep. John Boehner (R-Ohio) and his fellow GOPers developed and implemented a simple campaign strategy: say “where are the jobs?” over and over and over. Even though the nonpartisan Congressional Budget Office had declared thst President Barack Obama’s stimulus package had created or saved about 3 million jobs and a recovery (albeit weak) was under way, the Republicans blamed Obama for screwing up the economy (not Wall Street or the Bush-Cheney administration). In politics, an attack doesn’t have to be fair or accurate to work—and this one did.

Since then, have you heard Boehner screaming about jobs? No. He and his comrades have focused on one thing: cutting government spending, which will undoubtedly lead to job loss in the short run (if not the long run). Wait—that’s not fair. They’ve also focused on abortion (with legislation that would make it harder for a woman who was raped to obtain federal assistance for an abortion), Planned Parenthood (with legislation that would defund the outfit), NPR (ditto), and American Muslims (with today’s hearings on radicalization among Muslim Americans). There’s not been much talk of jobs.

Consequently, this new poll from Bloomberg is hardly a surprise:

Americans say President Barack Obama lacks an effective strategy for improving the U.S. economy. They have much less confidence in the Republican vision for success.

By a margin of 51 percent to 40 percent, a Bloomberg National Poll shows Americans say Obama lacks the right formula for long-term growth, a goal he presented in his State of the Union address with the phrase “win the future.”

The Democratic president still does better than Republicans: When asked who has a better vision for the years ahead, 45 percent of poll respondents chose Obama and 33 percent picked the Republicans.

Four months ago, the GOPers shellacked the Democrats. They became the new kids on the block and claimed they were eager to refurnish their image with the American public. Yet once in power, they have reverted to their old ways—culture war and spending cuts.

via Boehner, Where Is, “Where Are the Jobs?”? | Mother Jones.

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Daily Kos: Voters trending towards Obama, away from GOP on deficit, economy

More from DailyKos on today’s poll numbers…

Please click the link for their detailed analysis…

DemFromCT took a detailed look at the latest ABC/Washington Post numbers earlier today, but I think these numbers bear repeating:

Chart based on ABC/Washington Post polling data (Source)

Chart

So since their post-election honeymoon, the GOP has had something of a nightmare, dropping a net of 13 points on who voters trust to deal with economy and an amazing 17 points on the federal budget deficit.

Although it’s somewhat surprising to see their numbers fall so quickly, it was bound to happen: not only have Republicans failed to do a single thing to improve the jobs situation, they are way out-of-step with the public on fiscal issues.

If Republicans keep this up, Democrats might be able to seriously talk about retaking the House.

via Daily Kos: Voters trending towards Obama, away from GOP on deficit, economy.

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Public Policy Polling: Brutal numbers for Kasich, SB 5

More Buyer’s Remorse with the GOP Governor in Ohio….

I do hope the tied is turning and lasts through the 2012 elections…

Elections have consequences and we are seeing them now with the out of control GOP Governors and House….

There are two things particularly notable in the crosstabs on all of these questions. The first is that non-union households are supportive of the public employees. 54% support their collective bargaining rights to 36% in opposition and 44% say they would vote to repeal SB 5 to 38% who would let it stand. Obviously that level of support is not nearly as high as among union households but it still shows that the workers have even most of the non-union public behind them.

The other thing that’s worth noting is the independents. A lot of attention has been given to the way what’s been going on in Ohio and Wisconsin is galvanizing the Democratic base, but it’s also turning independents who were strongly supportive of the GOP in the Midwest last year back against the party. 62% of independents support collective bargaining for public employees to 32% opposed and 53% support repeal of SB 5 to 32% who would let it stand.

All of this is having an absolutely brutal effect on John Kasich’s numbers. We find him with just a 35% approval rating and 54% of voters disapproving of him. His approval with people who voted for him is already all the way down to 71%, while he’s won over just 5% of folks who report having voted for Ted Strickland last fall. Particularly concerning for him is a 33/54 spread with independents.

Voters in the state are having significant buyers remorse about the results of last fall’s election. In a rematch 55% say they would now vote for Ted Strickland to just 40% who would vote for Kasich. Because this is a sample of all registered voters in the state and not just those who voted in last fall’s Republican heavy electorate the self identified 2010 vote of this sample is 49% for Strickland and 46% for Kasich but that still suggests a 12 point movement toward Strickland among those surveyed over the last four months.

via Public Policy Polling: Brutal numbers for Kasich, SB 5.

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Poll: Budget Impasse Cements Public’s Disapproval of Washington – The Washington Post

Interesting Poll results out today from the Washington Post/ABC News.

In summary, everyone thinks government is broken, many more people trust President Obama to handle the economy than the GOP and people have lost faith in the Republicans on the economy.

Serious Buyers Remorse on the GOP Congress….

The early battles in Washington this year have cemented the public’s disapproval of the political system and the country’s leadership, with confidence in congressional Republicans sagging and majorities disapproving of how President Obama is handling top domestic issues, according to a new Washington Post-ABC News poll.

In a sweeping indicator of dissatisfaction with Washington, just 26 percent of Americans say they are optimistic about “our system of government and how well it works,” a low point in polls dating to 1974. This gloomy assessment is shared by Democrats and Republicans, even as they agree on little else.

AND

When it comes to dealing with issue No. 1, the economy, Obama has an advantage: 46 percent say they put more faith in the president, 34 percent say so about congressional Republicans. Obama has a similar 12-point lead on the question of who better understands the economic problems people face, and a nine-point edge on dealing with the deficit.

via Poll: Budget impasse cements public’s disapproval of Washington – The Washington Post.

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Michigan’s GOP Gov. Slashes Corporate Tax Rate by 86 Percent, Hikes Taxes for Working Poor | AlterNet

Again, I ask:  “Why are people putting up with this?”

These new radical Republican Governors are cutting the Corporate Tax rates while screaming about budget shortfalls.  That’s irresponsible.

Then they are cutting services for women, the poor, minorities, public employees and students.   That is immoral.

I think we are going to see more people in the streets- like in Wisconsin- before this is over.  Of course, the GOP will probably just call out the National Guard to clear them out…

And to my fellow North Carolinians:  Our new GOP Legislature is trying to figure out how to get some of these policies past our Democratic Gov….

From AlterNet:

As we’ve been documenting, several conservative governors have proposed placing the brunt of deficit reduction onto the backs of their state’s public employees, students, and middle-class taxpayers, while simultaneously trying to enact corporate tax cuts and giveaways. Govs. Rick Scott (R-FL), Tom Corbett (R-PA), and Jan Brewer (R-AZ) have all gone down this road.

Following suit, Gov. Rick Snyder (R-MI) has proposed ending his state’s Earned Income Tax Credit, cutting a $600 per child tax credit, and reducing credits for seniors, while also cutting funding for school districts by eight to ten percent. At the same time, as the Michigan League for Human Services found, the state’s business taxes would be reduced by nearly $2 billion, or 86 percent, under Snyder’s plan:

Business taxes would be cut by 86 percent from an estimated $2.1 billion in FY 2011 to $292.7 million in FY 2013, the first full year of the proposed tax changes…Taxes on individuals from the state income tax would rise by $1.7 billion or nearly 31 percent, from an estimated $5.75 billion in FY 2011 to $7.5 billion in FY 2013, the first full year of the tax changes.

As the Institute on Taxation and Economic Policy found, the practical upshot of Snyder’s tax increases is to place even more of a burden on Michigan’s poorest residents, who will see a bigger hike than those at the upper end of the income scale:

via Michigan’s GOP Gov. Slashes Corporate Tax Rate by 86 Percent, Hikes Taxes for Working Poor | AlterNet.

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Daily Kos: How the Democrats Brought Back the GOP

I’ve said many times lately, the biggest threat to the Democratic Party is the Democratic Party.

They don’t seem to know how to fight, how to get out a message or how to stand on principle.

So they look like they don’t have any fight, any message or any principles.

And they just don’t seem to get it….

Here is a great article from Mark Sumner at DailyKos on how, after being destroyed in the 2008 elections, the GOP came back to take control of the House in 2010.

And it may only get worse…

What happened in 2010? Poll after poll showed that Americans still held Republicans more to blame for the failure of the economy, still liked them less than the Democrats. The public agreed with Democratic ideas, favored progressive positions on issues across the board. Only that same public voted for Republicans.

Why? Because at least the Republicans seemed to know what they stood for. They weren’t afraid to put out their message and not treat it like a poor relative they were embarrassed to know. They didn’t volunteer to compromise their convictions before negotiations even started.

Compromise is not evil. America is built on the idea of compromise. But compromise is not a principle, it’s just a tactic. One that can be used wisely, or poorly. Democrats seemed willing to compromise on everything, which made it hard to believe that Democrats really believed in anything. Politically, that’s about as attractive as a possum that’s been run over by a semi.

More:   Daily Kos: And have not love.

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