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Income and wealth inequality continues to rise in favor of the richest 0.5 percent in the United States and throughout the world. This is due solely to political corruption, often presented as making common sense. Former President Bill Clinton, who, like his wife, is owned by billionaires, is a perfect example of such political corruption, as much as any RepubliCon party politician, and that political party is the epidemy of corruption.

Twenty-five years ago, Clinton campaigned on an idea for limiting excessive pay for American CEOs by capping the tax deductibility of top executives’ compensation at $1 million, and corporations, not wanting bigger tax bills, might reel in their pay. Under the Clinton backed legislation, corporations couldn’t deduct CEO pay over $1 million unless it was “performance-based.” So stock options and performance-based bonuses became the norm. We were told this was a good thing, but, like many things the US public has been told by its corrupted political and business leaders, as well as the corrupted news media, this was a lie, and most likely a deliberate lie.

This lie has resulted in chief executive officers earning more money in less than an hour as much as their typical employee earns in an entire year. Notice the corruption of both political parties has decided not to rescind Clinton’s legislation that he signed on behalf of the rich and their corporations. Notice Joe Biden, an old, sleazy Wall Street pawn, hasn’t said a word either.

USA Today reported a month or so ago that “Stock options – which are often indicative of CEO performance – are not taxable, however, and as such, are often a preferred form of CEO compensation reported.”

Clinton’s legislation gone bad is one of the reasons why stock buybacks have become so popular with CEOs. 59 percent of corporate profits in recent years has gone toward stock buybacks, according to a story in the Guardian a few months ago. This is an easy way to manipulate stock prices higher and make an extra buck in the process. Corporations buy their own lousy stock, driving the prices higher, and then turn around and gradually sell their stock at the higher prices. Any high school student in the same position as any CEO would do the same since the result is higher CEO compensation.

Of course, CEO’s also drive wages, salaries, and benefits downward in order to increase their own compensation via stock options and bonuses. The result has been unprecedented income and wealth inequality. Thank you RepubliCon Party, Bill Clinton, and Joe Biden.

According to USA Today’s report, the most overpaid CEOs are:

1. Arthur L. Peck
• Company: The Gap Inc.
• CEO annual pay: $20.8 million (3,566 times the typical employee)
• Median annual employee pay: $5,831
• Annual corporate profit: $1.0 billion

2. Ynon Kreiz
• Company: Mattel Inc.
• CEO annual pay: $18.7 million (3,408 times the typical employee)
• Median annual employee pay: $5,489
• Annual corporate profit: -$531.0 million

3. Joseph M. Hogan
• Company: Align Technology Inc.
• CEO annual pay: $41.8 million (3,168 times the typical employee)
• Median annual employee pay: $13,180
• Annual corporate profit: $400.2 million

4. Kevin P. Clark
• Company: Aptiv PLC
• CEO annual pay: $14.1 million (2,609 times the typical employee)
• Median annual employee pay: $5,414
• Annual corporate profit: $1.1 billion

5. Brian R. Niccol
• Company: Chipotle Mexican Grill Inc.
• CEO annual pay: $33.6 million (2,438 times the typical employee)
• Median annual employee pay: $13,779
• Annual corporate profit: $176.6 million

For a list of the top thirteen, as well as the full story, click on the link below.

CEO’s Made 1000 Times More Than Their Employees

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One of the great lies told by RepubliCon Party stalwarts is that the United States corporations pay the highest corporate taxes in the world. The U.S. has a high corporation tax rate, but it filled with so many loopholes that many major corporations pay no federal taxes, and often receive tax rebates from the federal government on taxes they never paid.

 

Failure to pay federal taxes gives corporations more money to give to their wealthy owners and CEOs via ever rising dividends and share prices. It also gives the CEO’s more money to manipulate the stock prices of their corporations via ever increasing stock buybacks. This, in turn, enriches CEO’s and affluent shareholders since much of their compensation is based on how well their company’s stock performs. This results in greater income and wealth inequality since the rich derive most of their income and wealth through their corporations, and the unearned income they receive, which wield tremendous influence over the United States economic, political and judicial markets.

A corporation is simply an idea of a business structure given a legal framework to exist by state legislatures. The conservative/corporate wing of the United States Supreme Court has decided these ideas that have been given a legal framework to exist are real people deserving of full constitutional rights. In other words, the billionaire wing of the United States Supreme Court has gone out of its way to wage class warfare on behalf of the rich and against the 99 percent by making up stories that corporations are people and have free speech rights; corporate free speech rights mean buying the airwaves and filling it with what the rich want us to believe, most of which are lies or are intended to divert our attention away from the real issues, such as the destruction of the middle class.

The corporations avoiding income taxes in 2018 represent a range of segments of the U.S. economy:

* Computer maker International Business Machines (IBM) earned $500 million in U.S. income and received a federal income tax rebate of $342 million.
* The retail giant Amazon reported $11 billion of U.S. income and claimed a federal income tax rebate of $129 million.
* The streaming service Netflix paid no federal income tax on $856 million of U.S. income.
* Beer maker Molson Coors enjoyed $1.3 billion of U.S. income in 2018 and received a federal income tax rebate of $22.9 million.
* Automaker General Motors reported a negative tax rate on $4.3 billion of income.

Paying no income taxes means rising share prices and higher dividends for the rich. Virtually all the income and wealth stolen by the rich from the rest of us come in the form of UNEARNED INCOME.

See the full story by clicking on the following link.

Corporate Tax Avoidance Remains Rampant Under New Tax Law

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Former United States Vice President Joe Biden announced that he was entering the 2020 Democratic presidential primary last week. Biden is the well-acknowledged Democratic National Committee (DNC) establishment candidate, which means he is the candidate of Wall Street, and not of the 99.9 percent of United States citizens.

Wall Street investment bankers, such as hedge fund managers who steal hundreds of millions of dollars per year in compensation and call it earnings, already completely own the Republican Party and most of the Democratic Party. However, they do not control the progressive wing of the party, which is represented by Bernie Sanders, Elizabeth Warren and several others running for the Democratic Party nomination.

In fact, Biden has entered the race in order to cut those candidates off at the pass. The news media, which is controlled by billionaires, has also been doing its best to keep the primary race news centered around Biden. Even before he announced his candidacy, the media kept Biden’s name in the spotlight by continuously including the then noncandidate in polls, and pointing out how high he was in the polls.

Bernie Sanders wants higher taxes on the rich, taxes on Wall Street transactions, the curtailment of Wall Street control over the United States federal government acting solely on behalf of the rich, the $15 minimum wage, Medicare for All, a reduction in wealth and income inequality, an end to exporting United States jobs to cheap labor nations, etc…. Biden, of course, is against all of these.

Essentially, the United States government is no longer Democratic; it has been transformed into an Oligarchy, which is control by a small group. Biden represents that small group of people, as does, US Senator Mitch McConnell, as well as the rest of the Republican Party.

If you want to be represented in the United States government, and you want to restore democracy in government, vote Bernie or Elizabeth Warren. Biden is not your candidate.

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The United States Has the Greatest Number Living in Poverty


The United States Has the Greatest Number of citizens living in poverty among the industrial nations, according to a new study by the United Nations. This study is likely a dramatic understatement since the United States has the most unequal distribution of income, and the most severe inequality of wealth, which is fueled by the most one-sided distribution of political power. In addition, the study is done using data from the Internal Revenue Service (IRS) and does not count the hundreds of billions of dollars the rich have stowed away outside of the United States, nor the great wealth they hold abroad.

The study shows forty percent of the US adults cannot come up with a paltry 400 dollars if it was needed for an emergency. Most of the income and wealth the rich have stolen from the middle class.

UN Report Says 40 million US citizens live in Poverty

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Lewis Powell was a well-to-do, but relatively obscure, attorney in 1971. He was a corporate lawyer who worked with the Tobacco Institute and various tobacco corporations while they marketed and sold their cancer-causing products to unsuspecting customers. Management knew tobacco use caused cancer and denied it for decades.

In 1971, Powell wrote what has become known as the Lewis Powell memo, which advocated a corporate “guerrilla war” of misinformation and corporate take over of our schools, courts and other institutions. That war has been successfully waged. A few months after Powell wrote the memo and presented it to the United States Chamber of Commerce, then-President Richard Nixon successfully nominated Powell to the United States Supreme Court. You already know where Powell’s sympathies lay. He was the rich man’s class warrior. So fast forward to 1978.

That year “First National Bank of Boston vs. Bellotti” came before the Supreme Court. The state of Massachusetts had a law banning corporations from spending money in elections. Some corporations sued the state. Although the United States Constitution only provides people with individual rights and does not mention corporations at all, Powell and his other corrupt corporate sympathizers on the court decided to hell with the United States Constitution and nearly two hundred years of legal precedent and argued business corporations had a legal right to free speech under the U.S. Constitution. Powell just made up this corporate free speech right out of thin air, or more appropriately, it was a lie disguised as make-believe, or perhaps you could call it complete fiction.

Needless to say, Powell and his fellow non-justices were waging class warfare on behalf of their rich friends when they made this decision. The decision was based solely off the Powell Memo and the needs of the rich to control every facet of the lives of the 99 percent so that corporations could maximize the profits, share prices and dividends of the well-to-do.

Corporations are simply ideas, given a legal structure to operate by state law, with limited purposes. They are not people. But they do provide the rich with considerably more legal rights than the founding fathers could ever have imagined or wanted since they are vehicles for organizing rich people’s money into a single powerful entity and using that money to rig the markets for goods, services, finances, politics, and court justices. This was not lost on Lewis Powell and his fellow corporate Supreme Court non-justices. Their decision was based totally on waging war against the 99 percent and on behalf of the wealthy. You only need to read the Lewis Powell memo to understand the truth of this.

This was one of a series of Supreme Court decisions which have replaced the United States democracy with an oligarchy, and with both major political parties controlled by big money. Lewis Powell completely did what he set out to do, which was to subvert democracy and the U.S. Constitution to the will of the rich. The current representatives of the billionaires on the court (John Roberts, Samuel Alito, Brett Kavanaugh, Clarence Thomas, and Neil Gorsuch) continue their mission of subverting and perverting the US Constitution on behalf of the billionaires and the class war they wage against democracy and the rest of us.

First National Bank of Boston v. Bellotti-Reclaim Democracy

The Lewis Powell Memo

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The US is dominated by a rich and powerful elite. So concludes a recent study by Princeton University Prof Martin Gilens and Northwestern University Prof Benjamin I Page. So what? Everybody already knew that.

Perhaps, but the two professors have conducted exhaustive research to try to present data-driven support for this conclusion. Here’s how they explain it:

Multivariate analysis indicates that economic elites and organized groups representing their business interests have substantial independent impacts on US government policy, while average citizens and mass-based interest groups have little or no independent influence. In other words, the wealthy few determine public policy, while the average American has no power, and very little of it when organized in large numbers.

This is precisely why there is little or no movement in government policy in the non-battle against climate change.

Yesterday, Senate Democrats largely held together in boycotting what they decried as a “sham” vote forced by Republicans on the ambitious Green New Deal. The vote on the procedural motion failed on a 0-57 margin, with 43Democrats voting “present” to protest the GOP tactics. Just three Democrats — Sens. Doug Jones (Ala.), Joe Manchin (W.Va.) and Kyrsten Sinema (Ariz.) — broke with their party to vote against the proposal for massive clean energy and infrastructure investments to rapidly slash greenhouse gas emissions and attempt to break economic inequality. The rest voted present, including six presidential candidates who co-sponsored the non-binding resolution S.J. Res. 8. Sen. Angus King (I-Maine), who caucuses with Democrats, also joined Republicans in voting no on Tuesday.

Quite naturally, Congresswoman Alexandria Ocasio-Cortez railed against the do-nothing representatives of the rich, which can be seen in the video above.

Something else needs to be mentioned. The rich own the news media as much as they own politicians like Republican Senator Mitch McConnell and Democratic Senator Ron Wyden, and we the people only get the news and opinions the rich want us to see.

BBC – Oligarchy in Charge of the United States

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A few years ago, I mentioned that the conservative/corporate wing of the United States Supreme Court would never vote to end abortion rights. Click here for that story.

The billionaire owned New York Times reported last month, “At Chief Justice John G. Roberts Jr.’s confirmation hearings 14 years ago, the first dozen questions were about whether he would respect the Supreme Court’s abortion precedents.” Well, last month Roberts voted with the court’s honest wing to strike down a Louisiana law that would have severely crippled abortion rights in the state.

The Times explained Roberts decision this way, “Although he offered no reason for his vote, there is little doubt that he wanted to avoid sending the message that the court was ready to discard a 2016 decision, a precedent, in which it struck down a similar Texas law.”

The Times explanation can be considered pure blather. Roberts does not care about “legal precedent” at all and never has. He has voted against legal precedent numerous times. For example, Roberts voted to unleash the financial power of the rich and their corporations by voting against campaign finance laws that curbed the ability of the rich to buy politicians and elections with overwhelming financial might, including the notorious Citizens United v. FEC case of 2010. That decision overturned 100 years of legal precedent. So the New York Times explanation for why Roberts elected to protect abortion rights is absurd, if not a downright lie intended to deceive its readers.

The real reason why the conservative/corporate United States Supreme Court Chief Justice John Roberts cast his vote to maintain abortion rights is more likely to continue to keep the Republican Party grassroots voters in line and their eyes only on one thing; abortion and the dying unborn.

Those rights won’t be significantly impeded legally because doing so would raise the hopes of the Republican faithful that their dreams of saving tens of thousands of the unborn every year would be fulfilled, and this great wedge issue would be legally resolved. Perhaps then many of the faithful would begin to clamor for a more equitable distribution of income, wealth, and political power, just like Jesus once did, and the leadership cannot have that.

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