Taken right from the WNYC website:
Tax breaks are on the agenda in Washington, and Senator Charles Schumer wants Democrats to focus on tax cuts that help low and middle-income earners.
"Our first goal has to be to get the middle class that tax cut. They need it. Their income is shrinking. They will spend that money and get the economy moving again," Schumer said. "But I don't think millionaires should get that tax cut."
Democrats are committed to continuing the tax cuts for everyone except Americans earning more than a quarter-million dollars per household. But President Barack Obama has said he would consider a two-year extension on the Bush-era tax cuts that are set to expire at the end of the year, including those for the very rich.
12 comments:
Chuck Schumer has it right. I wish Barack would follow his lead and veto any extension for the rich even if jeopardizes the middle class cut. The rich have plenty of other ways to avoid paying taxes and most of them involve creating jobs, not cutting them. Enough of this robbing the poor to pay the rich. Forcing the rich to be more creative in their tax liability planning means more middle class taxpayers will be created, less of the poor will need public support, and the debt will finally be addressed. Put your foot down Chuck!
Nearly two-thirds of U.S. companies and 68% of foreign corporations do not pay federal income taxes. Thats our tax code people!
Understandably, there is never widespread agreement with the tax code, no matter who pays more or what the system is. That's because everyone wants someone else to pay the taxes.
And finally, a company that farms out most of its work offshore, that doesn't contribute in any way to the country it makes income in...such a company is not of much use...and should be more heavily taxed if applicable.
Multiply the deductions by the percent of spending in the US. The problem is then every US corporation is going to see the same line on every non-us tax return they fill out. It is called protectionism. Now maybe a green tax based on how many miles the product is transported?
Anybody wonder why it's better to transport than to produce? Who gets all the cash? What's that industry that thrives on the use of their fuel product? Sort of like the reason our D&H canal was put out of commission. (Then the rail that followed.) Big oil = no jobs.
In 2009, Exxon paid zero dollars in US income taxes. Zilch. Nada. Same goes for GE, WalMart and American Express.
Thats how we got in this mess. The tax code is rife with loopholes that corporate accountants specialize in seizing to keep these CEOs where they are: at the top of the food chain.
For every dollar they don't pay fairly, we, the slackers who buy their products, have to shell out to keep our schools, roads, sewers and fire departments running. Eventually, we wont be able to shop at even the cheapest crap on the shelves because we will all be gone.
I want to see the lame duck congress act responsibly during the last few weeks they've got. They sure as hell had the back of the corporate overlords up to the election. What could they lose now?
Wouldn't the latest high court ruling affirming corporations' right to free speech as individuals lead to the conclusion that they ought to be taxed as individuals as well? Could a challenge to their tax status undermine that case?
The tax rules allow for offshore income not to be taxed. We should look at the rules not just the high earners. The largest companies pay no taxes and use the double shelter of Ireland and Bermuda to shelter the income. Taxing just the high income will not do it, This will be a huge mistake because this group is the one who is doing the hireing. Poor people do not hire. It is easy to say tax the rich but the real problem is the code where the super large corporations are not paying taxes at all even changing the rates. The code needs to be changed. Look at how easy it is for IBM to move a chip plant overseas and the US loses jobs and tax money. Make it profitable to keep the manufacturing here and make it double hard to import the same items they moved overseas. Taxing small business is NOT THE ANSWER. Business making less then 2mill employ the people. Tax more = lost jobs in this catagory.
Another source of deficits is localities accepting Federal grants for over-sized, unused Buses. Ulster County spending millions in Federal grant monies on overpriced solar panels to save a few thousand per year on electric bills or the City getting a grant for a climate analyst. Pigs get slaughtered.
There are petitions against continuing the Bush tax cuts at:
1. President Obama FIGHT Bush tax cuts for millionaires! Progressive Committee":
http://act.boldprogressives.org/sign/petition_obamafight/?source=auto-e&referring_akid=2702.483832.X8IlTe
My commentary on this one: "I may be just one small insignificant piece of this puzzle, but if the Bush tax cuts for millionaires continue I am done voting for the Democratic Party and I will discourage everyone else, including all of the members of my extensive family system to stop voting for Democrats as well. I will write the papers. I will keep putting it on Facebook. I will (yes indeed) non-violently "rage against the machine." Enough is enough! I [stood] behind Obama - strong - from the start. I helped host a local Inaugural party for Obama. I care about my country... and this is what I / we get? No more. Stand up or get out." Join Me?????????????????????? [Also posted on Facebook]
2. "Tell Pelosi Stop Obama surrender on Bush tax cuts":
http://act.credoaction.com/campaign/bushtaxcutspelosi/index2.html?rc=confemail&r_by=12380-1963986-oO0fUpx
My comment on this one: "See above and sign every petition regarding this that comes your way... Unless of course you are a milionaire! Enough is enough!"
Sound harsh? I guess it needs to be!
[BTW Mike - you are the only Democratic candidate I would continue to vote for! I'm serious!]
NS
You can also find direct links to these petitions on my blogsite:
Flinging Towards the Sun:
http://flingingtowardsthesun.blogspot.com/
NS
If some people in the County Legislature would grow some balls, maybe the residents of Ulster County could pay less taxes. Mike you are excluded from this, because you do have balls, however most of your colleagues do not.
Ever hear the song "Be Prepared" from the original "Lion King"? If you haven't, you aught to give it (all the way to the end) a listen.
Anon above? That (what you stated) is exactly why I exempt Mike. He is smart. He does his homework. He stays aware of what is going on at every level of society. He shares non-biased FACTS (what a wonderful thing) with the rest of us --- and yes (please mike, never become a "talking point" android...) --- he has (how about we call it courage, lol? ) "balls".
NS
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