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Posts Tagged ‘2013’

There is a simple reason major US corporations have one of the highest tax rates in the world, and yet, they often pay no taxes, and they often receive billions of dollars in tax rebates from the government on taxes they never paid, as in the case of Bank of America in 2013.

1. By having a large tax rate on paper, the US media propaganda machine, representatives of US corporations, their lobbyists, and their US politicians can argue US corporations have the largest tax liability in the world, and then they will manipulate this lie to generate public support for changes to the corporate tax laws to lower their tax liabilities, which means US corporations will then receive larger tax rebates on taxes they never paid in the future.

2. US corporations enhance their profits with the rebates, which redistributes income from tax payers, i.e. the 99 percent, to the 1 percent. The 99 percent receive less government services by this redistribution, and the 1 percent receive more income. Taxes, coincidentally, are higher on working folks because somebody has to make up the difference between what the government should have in tax revenues, and what the government gives out in tax rebates to the rich. It should be pointed out that any tax rebates on taxes that aren’t even paid is called welfare for the 99 percent, and tax rebates for the 1 percent.

3. The importance of the rebates are massive for publicly traded limited liability corporations, such as Bank of America. The rebate in 2013 increased the bank’s profits by almost 50 percent. That fueled profits to the tune of $1.9 billion in this case, which provided enhanced dividends, as well as surging stock prices to shareholders, and bonuses to important bank officers.

4. Much of those profits, whether actual profits ($4.4 billion), or tax rebates ($1.9 billion), provides more money for Bank of America to purchase politicians of both major political parties, which fuels legislation that further redistributes income from the 99 to the 1 percent, which will then provide more tax rebates at your expense to Bank of America.

5. Fast Track is a current case in point. Fast Track is legislation pending in congress that will turn over congressional international trade authority to the president of the United States, which is something congressional Wall Street Republicans want to do despite their campaign against President Obama’s imperial presidency, which is, coincidentally, something the Republicans have allowed the presidency to become. That’s because the Wall Street wing of the Republican Party (Orrin Hatch, Mitch McConnell, Paul Ryan, John Boehner, etc….) and the Wall Street wing of the Democratic Party (Ron Wyden, Nancy Pelosi, Barack Obama, etc…) are allies when it comes to working on behalf of Wall Street, and against the interests of the American people.

6. Fast Track will limit debate, not allow for any amendments to the looming international income and political redistribution agreement called the Trans-Pacific Partnership (TPP), and will not allow any filibuster of this income redistribution scam in the senate. In that way, the public will have less time to be informed of the scheme in congress, and it can pass with 50 votes in the senate, since no filibuster will be allowed, and in case of a tie, Vice President Joe Biden will make the decisive vote in favor of TPP. In other words, senators like Bernie Sanders, Elizabeth Warren, Jeff Merkley, Sharrod Brown, David Vitter etc…. will be unable to filibuster the TPP.

7. We know from leaked documents the TPP is a massive income redistribution scam. The TPP has almost nothing to do with international trade. We know that;

* TPP will give incentives for US corporations to export millions of US jobs. The Federal Reserve estimates that 28 million US jobs were exported between 1990 and 2010.

* TPP will increase US income and wealth inequality. The 1 percent have already taken 95 percent of all income growth in the United States since 2009. Currently, the 1 percent are stealing 36+ percent of all income produced in the USA, compared to only 8 percent in 1980. International trade scams and other federal legislation have brought inequality about. For example, when the above jobs were exported, the difference between the old higher US wages and the new lower wages will go straight into the pockets of the 1 percent via higher corporate profits, rising dividends and surging share prices.

* Those lost jobs will no longer be paying the taxes for our infrastructure, social safety nets, schools, fire and police, but those lost jobs will push the stock markets higher.

* TPP will effectively eliminate your voting rights on local and state issues since it will unconstitutionally grant investors of the 0.01 percent special privileges to challenge labeling and health and safety local laws and regulations of the 99 percent, which most people call voter suppression, but in this case it should be called voter elimination,

* TPP will offer new monopolies for Big Pharma to raise medicine prices they charge you (which redistributes income from the 99 to the 1 percent),

* TPP will limit food safety standards (which redistributes and transforms your health into the profits of the 1 percent),

* TPP will block financial regulations aimed at preventing the next financial crisis (which will make it easier for Wall Street to redistribute your income and wealth to the 1 percent). Bank of America Stands to Gain From This. The bank will be able to steal more money from you with less regulations, which will increase its profits, dividends and share prices, not to mention CEO bonuses. Bank of America is also spending millions of dollars on lobbyists in support of Fast Track and TPP.

* TPP will destroy millions of jobs in Latin America (230,000 in the textile industry of El Salvador alone) forcing millions of undocumented immigrants into the United States.

* The result of the above will be to depress wages in both North and South America, all to the benefit of the 1 percent, and all at the expense of the 99 percent.

* And we can’t forget that TPP will increase the already massive US trade deficit with other nations, which is supposed to be a bad thing. The exported jobs will be producing goods overseas rather than here, and then US corporations will export their products from China and Vietnam into the United States, exacerbating the current trade deficit.

In other words, the TPP has almost nothing to do with trade. It’s about taking away your money, your voting rights, and giving them to the 1 percent.

TPP, in other words, is designed to put more of your money in the hands of the 1 percent, and this money will be used to corrupt government even more while impoverishing you, and redistributing your future and the future of your children to the 1 percent.

You can rest assured, if Fast Track passes, and the TPP passes with it, profits, as well as the tax rebates Bank of America receives, will become greater, and at your expense.

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Data from the US Census Bureau shows that US income from 2013 stayed stagnate from 2012, as well as the previous thirty-three years of domination by the 1 percent. Median income has dropped by $5,000 per year since 2007. That money has been redistributed to the 1 percent via free trade treaties, deregulation scams, privatization schemes, and artificially keeping the minimum wage down, rather than allowing it to grow with inflation and productivity. The difference between what wages should be, and what they are, are redistributed to the 1 percent via higher corporate earnings, surging dividends, and rising share prices. That includes the thirty plus million jobs that have been shipped overseas via free trade treaties since 1990.

Thank you Wall Street Senator Ron Wyden who has voted to ship jobs overseas and redistribute the income of hard working Americans to the 1 percent in the process every time he has had the opportunity to do so.

For more on the story, click the following link from Reuters, New Data Shows Wages in 2013 Remain Stagnate–Reuters

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United States Senator Bernie Sanders easily explains the relationship between Wall Street and Congress above. Wall Street Senator Ron Wyden is a prime example of what Sanders is speaking of.

Senator Wyden was elected to do the bidding of the people of Oregon on the senate floor, and before that he was a member of the US House of Representatives. However, on all economic matters where the desires and interests of Wall Street diverge from the desires and interests of the majority of Oregonians, Wall Street Ronnie has always voted for Wall Street. He is the proud owner of a 100 percent voting record on this. Here’s what makes this record incredible. He doesn’t need to do this. He’s in a safe liberal district. In order to maintain this incredible voting record on behalf of Wall Street, Wyden has carefully cultivated a false image of himself with the help of the corporate propaganda media at making himself look like a liberal.

If the majority of the voting people of Oregon discovered that Wyden has a 100 percent record of voting to redistribute income from the 99 to the 1 percent, they would readily vote him out of office.

It’s a slow process but more and more people are coming to understand his real record, despite the best attempts of the Oregonian newspaper to misrepresent Wyden and his actions to the people of Oregon.

I’ve been to many churches over the last several months talking about the Trans Pacific Partnership (TPP), a giant trade treaty that will redistribute massive amounts of income from the 99 to the 1 percent. Wyden, like Wall Street, supports the TPP. However, people at my presentations are shocked when they hear that Wyden has a 100 percent record of voting to redistribute their jobs, their tax bases for schools, fire, social safety nets, the police and countless other public necessities to the 1 percent, and that supports doing this even more via the TPP. But they are learning the real truth about Wall Street Ron Wyden.

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Three of the country’s largest financial companies gave their CEOs huge raises for 2013, complete with large stock packages. Despite the outrage those raises have prompted, the three men more than earned those pay bumps by sidestepping major legal and financial consequences for their contributions to the financial crisis. This saved their companies ten of billions of dollars in fines, as well some jail time for at least some executives.

Check out the story by clicking on the link below.

Wall Street Executives Get Massive Pay Raises For Avoiding Legal Repercussions For Their Misdeeds That Cost the Economy (Main Street) Six to Twenty Trillion Dollars–Thinkprogress.org

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Police in Tailand Lay Down Their Weapons and Join the Protesters

The Police in Thailand laid down their shields and helmets and joined the protesters.

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