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Corporate Owned Mainstream Media is Whistling in the Dark about Greece

June 17, 2011 in Taxes and Economy

All over the media we read headlines such as “Fears of Greek Default Ease” and when you read the details of these reports, what you find that they are based on is the fact that Angela Merkel after meeting with Sarkozy said that Germany would soften its position to private investors. Rather than force them to bear a substantial part of the burden of a rescue  Germany agreed to ask investors to participate in the bailout on a voluntary basis. (And what exactly does this mean in plain English?  that they can choose to not be part of a community when it does not serve their profitability  and then be part of a community when it profits them? My Mom used to call that “fair weather friends.” ) Unless you give a-moral people a very strong incentive for ethical behavior, don’t expect it to be forthcoming on a volunteer basis.  Look to the off shore accounts set up by these people to evade taxes for one example.

As far as I can tell, no one has asked the people on the streets of Greece what they think. If they did, and “the Markets” that the rich love to personify could actually read these reports, their fears of Greek default might not be easing.  If anything, this news about going soft on the rich is more likely to inflame the Greeks.

WHAT IS KEY TO THE GREEK ECONOMIC PROBLEM IS AT THE HEART OF THE U.S. PROBLEM AS WELL:  RICH FREELOADERS WHO EVADE TAXES.

Like many countries, the Greek government relies on borrowed money to balance its books. The recession has made this harder to achieve, because tax revenues are falling just as welfare payments start to rise. It doesn’t help that, in Greece, tax evasion is commonplace.

In the USA tax evasion added $3 trillion to the deficit over the past decade alone, an average of $300 billion a year, according to IRS data. This isn’t revenue lost from legal tax write-offs, like the mortgage interest deduction. It’s not even, as the IRS notes, “taxes that should have been paid on income from the illegal sector of the economy.” That $300 billion represents the amount of revenue lost from people deliberately cheating on their taxes every year. This includes underreporting income, hidden offshore bank accounts, sham trusts, and other ways to illegally stiff the IRS.

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    What have we given up for 10 years of Bush Tax cuts?

    June 13, 2011 in Taxes and Economy

    June 7 was the 10th year anniversary of the Bush Tax cuts–you know the ones that were supposed to expire at the end of 2010 but which Obama and his administration extended?

    This is what we traded off so the  rich could get richer:

    . Here are ten alternatives we could’ve pursued instead:

    - Give 122.7 Million Children Low-Income Health Care Every Year For Ten Years

    - Give 49.2 Million People Access To Low-Income Healthcare Every Year For Ten Years

    - Provide 43.1 Million Students With Pell Grants Worth $5,500 Every Year For Ten Years

    - Provide 31.5 Million Head Start Slots For Children Every Year For Ten Years

    - Provide VA Care For 30.7 Million Military Veterans Every Year For Ten Years

    - Provide 30.4 Million Scholarships For University Students Every Year For Ten Years

    - Hire 4.19 Million Firefighters Every Year For Ten Years

    - Hire 3.67 Million Elementary School Teachers Every Year For Ten Years

    - Hire 3.6 Million Police Officers Every Year For Ten Years

    - Retrofit 144.6 Million Households For Wind Power Every Year For Ten Years

    - Retrofit 54.2 Million Households For Solar Photovoltaic Energy Every Year For Ten Years

    SOURCE

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      Look what $2.5 trillion will buy

      June 11, 2011 in Taxes and Economy

      Whaddya say, was it worth it?

      Originally submitted by volunteer editor Jami W. Information found onThinkProgress.

       

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        Tax Breaks for the Rich at Work

        May 4, 2011 in Taxes and Economy

        The I-35W Bridge collapsed in Minneapolis during the evening rush hour on August 1, 2007 killing 13 people and injuring 145.  Patrick Holmes was among those who were killed.

        Tax breaks for the rich killed Patrick and 12 other people and injured 145 citizens.

        ************************************************************

        There is no trend for “big government” out of control spending” :  that is propaganda spun by the upper 10%

        The truth is that government spending has increased by little as a share of the GDP prior to the downturn caused by the collapse of the housing bubble. In 2007, the last year before the onset of the recession, spending as a share of GDP was 19.6 percent.  That is 1.1 percentage points less thant the 20.7 percent share 30 years earlier in 1977.

        WHAT HAS CHANGED AND WHAT CONTINUES TO CHANGE WITH THE RICH AT THE HELM OF OUR GOVERNMENT IN DC IS THE PERCENTAGE OF THEIR INCOME THAT THE RICH PAY IN TAXES!

        It has been reduced drastically since 1977.  Thus our government has had to make up the difference for these millionaire and billionaire freeloaders by borrowing money to make up the difference.

        The trouble is that the rich like the Bush and Cheney families still want their wars.  The rich like Michele Bachmann and Rockefeller still want their farm subsidies.  They just want others to pay for it and the rest of us are not rich enough to make up for the  behemoth greed greed of people like David Koch for example, who in this “jobless recovery” for the rich increased his personal fortune in 2009 by $4.5 billion!  Thus we have to borrow the money to make up the difference in taxes that the freeloaders don’t pay.

        In the meantime, our infrastructure continues to crumble and people like Jennifer’s husband die premature deaths.

         

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          Better Stand Up for Social Security Now!

          May 2, 2011 in Taxes and Economy

          If the millionaires in Congress get their way, Social Security will be cut and the majority of us will have to work until we die.  The Republican millionaires will act as if they are doing us a favor while the Democrat millionaires will pretend that “they couldn’t help but go along with the heist.”

          BOTH SETS OF MILLIONAIRES ARE LIARS.

          Social Security could not only be fixed with a piece of legislation consisting of only one sentence, the amount paid out to seniors could be raised to a living income:  “All Americans will now pay Social Security tax on 100% of their income each year.”

          Yep, it really is that simple. Currently only those Americans who earn less than $107,000 a year must pay Social Security taxes on 100% of their income.  Rich Americans who earn above $107,000 a year [which includes all members of Congress] don’t have to pay Social Security taxes on any amount over $107,000.

          MAKE THE RICH PAY SOCIAL SECURITY ON 100% OF THEIR INCOME JUST AS THE MAJORITY OF AMERICANS MUST.

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            Most of what conservatives think they know about taxes is wrong

            May 2, 2011 in Taxes and Economy

            All the evidence disproves what conservatives think they know about taxes.

            “THE RICH WILL LEAVE IF WE RAISE TAXES.”  [Oh scare me to pieces.  I wish they would leave.  Good riddance.]

            The latest example a study (PDF) that debunks the conservative talking point that rich people will run for the borders if their taxes go up.

            This study found that overall the population of millionaires increased during the tax period.

            NOT ONLY DO THE RICH NOT GO AWAY IF TAXES ARE RAISED, HERE ARE SOME MORE BUSTED TAX MYTHS:

            Tax cuts for the wealthy don’t create jobs. Instead of producing job growth and prosperity, the Bush era tax cuts resulted in an era of zero net job creation.

            Tax cuts for the wealthy don’t result in higher revenue. In fact, economists say tax cuts do not spur enough growth to pay for themselves.

            Tax cuts for the wealthy reduce revenue. The Bush tax cuts reduced revenue significantly.

            The middle class end up paying more taxes. U.S. taxpayers with the very highest incomes pay income taxes worth only 18 percent of their income on average, compared to 25 percent for the typical American.

            FOR MORE CONSERVATIVE TAX MYTHS REVEALED

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              If Our Elected Officials really wanted to solve the deficit, they would stop the shameful practice of pretending that taking pennies from the poor is the solution

              April 23, 2011 in Taxes and Economy

              The Social Security Shortfall could be solved by fair taxation for all.  Inn other words, stop the free-loading of the upper 1% who don’t pay Social Security Tax on 100% of their income like the rest of us!

              Too bad the millionaire crack monkeys that we have “representing” us in Washington DC don’t apply REAL solutions to our economic woes.  As I’ve suggested before, we could not only solve the issues regarding funding of Social Security, we could even raise the payout to a living standard by merely making Social Security taxation more equitable.  Instead of making only the majority of Americans pay Social Security on 100% of our income, make ALL Americans pay Social Security taxes on all of the income.  Currently those who earn more than $107,000 a year don’t pay a dime of Social Security tax.  I did the math on the freeloaders in the House of Representative for whom we fork over $174,000 a year and that means they don’t pay Social Security tax on at least $67,000 a year. Considering there are 425 of them, that amounts to almost $2 million a year in additional Social Security taxes just from the House.

              END THE DEFICIT BY ENDING TAX EVASION!

              Morgan Housel from The Motley Food suggests a solution to  the projected budget deficit over the next decade:

              “This doesn’t involve tax hikes. We won’t even need to decrease spending. We might actually raise spending a little. In the end, we’ll shave the deficit by several trillion dollars over the next 10 years.

              Sound impossible? It’s not. Unlikely, yes, but keep reading. This should start to make sense.

              Tax evasion added $3 trillion to the deficit over the past decade alone, an average of $300 billion a year, according to IRS data. This isn’t revenue lost from legal tax write-offs, like the mortgage interest deduction. It’s not even, as the IRS notes, “taxes that should have been paid on income from the illegal sector of the economy.” That $300 billion represents the amount of revenue lost from people deliberately cheating on their taxes every year. This includes under-reporting income, hidden offshore bank accounts, sham trusts, and other ways to illegally stiff the IRS.

              Put that money in perspective. Tax evasion in the last decade cost an amount roughly equivalent to the Bush tax cuts, the Obama stimulus, and the wars in Iraq and Afghanistan … combined. That $300 billion is more than four times the Department of Education’s budget and 10 times what we spend on science and technology.”

              MORE

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                Don’t be a sucker for what Warren Buffett says about taxes.

                October 17, 2010 in Taxes and Economy

                PhotobucketBillionaire Warren Buffett

                Buffett is famous for his statements about how the rich should pay more taxes.  In 2007 he even told Senate Finance Committee that Congress should preserve the estate tax rather than worrying about a few rich Americans like him.

                “I think we need to take a little more out of the hides of guys like me,” Buffett told the panel.  [Mr. Buffett's key emphasis no doubt was on the world "little".]

                In perhaps his most famous episode he pointed out to the world that his administrative assistant paid more taxes than he did.  Everyone lauded Buffett for his “honesty.”

                Buffett is not honest any more than Lloyd Blankfein, CEO of Gold man Sachs is honest.  Buffett knows that he is safe in making such remarks that deflect from the fact that he is as greedy as the rest because Buffett is secure in knowing that the 263 multimillionaires in our Congress are not likely to enact fair taxation where the rich pay an equivalent portion of their income in taxes to the rest of us.

                That is why we can expect to continue to have the ridiculous situations of citizens like me who earn less than $100,000 a year paying more income taxes in 2008 than Exxon Mobil paid to the US government.  And I’m not even talking about a percentage of my income.  I am talking about the full cash amount.  I made less than $100,000 in 2008 and I literally gave back the government more in dollar amount than Exxon Mobil.

                Of course any American who even paid a dime in 2008 paid more than Exxon Mobil because Exxon Mobil did not pay a cent of U.S. income tax even though they reported profits in excess of $45 billion PROFIT–not revenue, but profit.

                ************************************************************************

                AS TO WHY I THINK BUFFETT IS A LIAR AND A FAKE:

                No one is forcing Buffett to instruct his accountants to take advantage of all the tax loopholes that the multimillionaires in our Congress have provided him over the years.

                He could simply ignore them and pay what he knows to be his fair share in taxes any way.  There is no law in place that requires him to take advantage of unfair tax loopholes–loopholes that Buffett may have even donated to many congressmen to create in the first  place.

                You are a fox, Mr. Buffett, but you don’t fool me.  You are no different from the rest of them.

                BUFFETT AND THE RICH LIKE HIM ARE UN-AMERICAN.  THEYARE PART OF THE REASON FOR OUR CURRENT ECONOMY.  THEY ARE AMONG THOSE TAKING A FREE RIDE ON THE REST OF US.  THEY DON’T FOOL ME ONE BIT.

                **********************************************

                Remember Americans, when Republicans talk about tax cuts, they mean tax cuts that benefit the rich and deprive the infrastructure that we all share.

                They don’t give a damn about our infrastructure.  They don’t have to.  The rich can afford to send their children to private schools.  The rich can pay their toll fees to drive on privately owned highways out of the quarterly dividends that they get from owning stock in the private companies who own the toll ways.

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                  Do you want to know why Americans are mad as hell about paying taxes?

                  April 6, 2010 in Taxes and Economy

                  IT’S BECAUSE OF THE LACK OF JUSTICE IN OUR TAX SYSTEM.

                  The middle class bear the burden.

                  Just yesterday I learned from my accountant that in spite of a pre-tax income of $78,000, and after already paying $20,000 in taxes (not including the sales tax I pay for any purchases) I still owe IRS another $450.00.

                  Then today, I read these headlines:

                  EXXON MOBIL PAID NO INCOME TAX IN 2009

                  Last week, Forbes magazine published  what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS.

                  Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas

                  .

                  AND THE JACKASSES IN CONGRESS CONTINUE TO INSIST THAT WE SUBSIDIZE WALL STREET?

                  WHY?

                  SO THEY CAN ENRICH THEIR OWN PERSONAL STOCK PORTFOLIOS, THAT’S WHY.

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                    What you can do for your country: You can stop accepting political cliches at face value

                    February 14, 2010 in 2011 Blue Dog Pasture, 2011 Republican Pasture, Democracy, Healthcare, Taxes and Economy

                    Photobucket

                    You can start thinking for yourself!

                    Today, I Emma Berry, as a candidate for U.S. Representative for the Third Congressional District attended a forum sponsored by the League of Women Voters here in Collin County.  For most of the hour that we had, I heard all the same cliches that I heard from George Bush in 2000 and the again in 2004.  What has been the result of listening to those cliches?  Among other things, our net worth as a nation during the last four years of the George Bush Administration declined by $15.5 trillion dollars.  In the last 18 months alone of his administration we lost $12.5 trillion dollars.  That is $40,000 for every man woman and child in our nations. (From a March 2009 report in the US News and World Report).

                    ************************************************************************

                    You have a right and a responsibility to ask politicians just exactly what they mean with they come at you with their spoon filled with standard political clichés.  Don’t assume that you know what they mean just because you have heard the cliche before.

                    Vote Pro-Life

                    What do you mean when you say you will vote pro-life? Do you mean that you will vote to make abortion illegal? If you do, then will you also please tell your constituents that the legal status of abortion in a country is not strongly correlated with the rate at which it occurs? Indeed, in many countries where the procedure is illegal, women obtain abortions at very high rates. Similarly, in some countries where abortion is legal and very widely accessible, abortion rates are low. For example, the Netherlands who have a very liberal abortion policy also have the lowest rate of abortions in the world. Making abortion illegal in the USA is not the solution that many Americans believe it to be. It will not have much effect on the number of abortions. With this solution we will have more women coming into emergency clinics suffering from botched abortions and perhaps they will even be put in jail as they are in Chile. If a candidate is really “pro-life” they will address the root cause by working to find the answer to the factors drive the rates at which abortions occur. Then they will work to reduce and perhaps even eliminate those factors. Simply making it illegal,which is what most politicians mean when they say that they are pro-life, is no real solution.


                    Defend our 2nd Amendment Rights

                    Yes, this is important. It is equally important to defend ALL the Amendment Rights. The only problem I have with the Politicians on this one is that they only focus on this one Amendment Right. I would defend not only the 2nd Amendment Rights, but all of our rights as American citizens. You want to talk about violation of our First and Fourth Amendment rights, then talk ask Sam Johnson about the Fusion Center that his son, Dr. Bob Johnson runs here in Collin County (from this home in Santa Fe.)

                    Support our Veterans
                    Be sure to ask them how they will support our Veterans. Many politicians like Sam Johnson say that they support our veterans and then they, like Sam Johnson, vote against bills designed to help our veterans such as the GI Bill Expansion and other Domestic Provisions. This bill which did pass the House offers differing amounts of payments to be made to fund the higher education of individuals who have served on active duty in the Armed Forces beginning on or after September 11, 2001 based on factors such as length of active duty service and disabilities accrued, and specifies that these payments shall not exceed the cost of in-state tuition at the most expensive public university in the state in which the individual is enrolled. Usually what a politician means when he/she speaks about “supporting our veterans is supporting unlimited funding of war and military appropriations—not actual support of the young people they send out to die for them.

                    Protect Our Property Rights
                    Those of us who live in Texas really need to pay attention to this one because some politicians speak with a forked tongue on the issue of property rights. For example, when the property rights of citizens interfere with a politician’s right to give a handout to a Wall Street corporation like Boeing to build a ridiculously expensive and essentially non functional border fence, the property rights be damned.

                    Reduce Taxes
                    This is a cliché that people like to hear, but reducing taxes only means more dollars in the pockets of those who already have it and pennies in the pockets of those who don’t. Rather than reducing taxes we need to work on collecting taxes owed that are not collected. According to an August 2008 report from the Congressional Budget Office, on average $350 billion dollars each year in taxes owed are not collected. $350 bill dollars is half of our bloated defense budget.

                    Eliminate Government Waste
                    When a politician talks about “eliminating government waste”, what many of them have in mind is cutting any social program. You rarely hear any of them talking about doing anything about our bloated Defense budget. Defense spending is by far the largest expenditure of our federal government, and it’s increasing every year. The defense budget represents about half of all U.S. discretionary spending. Our defense appropriations exceed the total amount of defense spending by all other nations in the world combined! Defense spending is one of the largest contributors to our huge deficits. But to most politicians, the Defense Budget is a sacred cow. Not only does this Department spend the most money, they also LOSE the most money. The Pentagon alone has “lost” over $2 trillion dollars between 1995 and 2001. Why don’t we try finding that money?

                    Sales or Consumption Tax to Replace Federal Income Tax
                    This is another Homer Simpson/John Wayne solution that does not consider the problem at any depth. This tax would unfairly burden the poor and hinder their ability to rise up out of their poverty. Low income families spend almost every penny of their earnings on subsistence items. They would pay a higher percentage of their earnings in taxes (just as they do now) under a national sales tax. Higher income families could afford to put a portion of their earnings into sales and investments. A homeowner who buys an existing home would not pay sales tax on the purchase, but a renter would pay sales tax forever on his rent. (Also, most states tax rental property at higher rates than they tax owner-occupied homes, so a sales tax on top of the “extra” property tax would be heaping more tax on top of an existing unfair tax.) For renters who want to buy a home but are unable to do so, a sales tax applied to rent but not to purchase effects an unconscionable tax penalty for not being able to buy a home, and transfers many billions of dollars from lower-income renters to higher-income homeowners.

                    Fight Government Health Care
                    “Fight” is the key word here, not real solutions that might make a difference, but fighting. The only two solutions that some politicians offer are the standard clichés: tort reform and eliminating “frivolous” lawsuits. Tort reform hurts the American people by taking away their legal rights to file a claim and receive fair compensation when they have been injured at the hands of another and it also accounts for 1/2 of 1% of the total costs of health care in our nation.

                    A May 2006 study conducted by Harvard School of Public Health and Brigham and Women’s Hospital shows that 97 percent of medical malpractice claims are meritorious. Eighty percent of those claims involved physical injury, which killed or permanently disabled the victim. Sadly, only 56 of these claimants received compensation for their losses.

                    To listen to some politicians go on and on about tort reform and frivolous lawsuits you would think not only that they are a significant factor, but that they also are on the rise. Neither is true. Between 1992 and 2001, the number of civil trials filed in state courts decreased by 47 percent, according to the Department of Justice. The number of tort cases specifically, decreased by 31.8 percent during that same time.

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