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Posts Tagged ‘political power’

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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When you vote November 6th for the Republican or Democratic Party candidates for the US House of Representatives and the US Senate, with few exceptions, you will be voting to increase income and wealth inequality in the United States and the world.

Below are some of the recent statistics on income and wealth inequality from Inequality.com. Wealth are the things that you own, such as homes, cars, stocks, bonds, businesses, etc…. Income is money you have coming in, such as unearned income like dividends and capital gains; while earned income is derived by actually doing something productive, like working at a job or starting and operating a business. Entrepreneurial folks are different from corporate folks inasmuch as the folks who manage corporations are often employees without clues as to how to make the businesses operate efficiently.

I should point out that control of the government via ownership of both major political parties has brought about an unceasing increase in wealth and income inequality in the USA and throughout the world. In other words, political corruption and corruption of the all major corporate news networks have been used to bring about unprecedented income and wealth inequality in the United States and the rest of the world.

Below are some of the most recent findings.

1. Three dynastic wealth families—the Waltons, the Kochs, and the Mars—have seen their wealth increase nearly 6,000 percent since 1982. Meanwhile, median household wealth over the same period went down by 3 percent. Notice they all inherited great wealth. Note that the rich have used their political power to redistribute income and wealth from the 99 percent to themselves.

2. These three wealth dynasties own a combined fortune of $348.7 billion. That’s more than four million times the median wealth of U.S. families. The dynastic wealth of the Walton family grew from $690 million in 1982 (or $1.81 billion in 2018 dollars) to $169.7 billion in 2018, a mind-numbing increase of 9,257 percent.

3. Three individuals—Jeff Bezos, Bill Gates, and Warren Buffett—still own more wealth than the bottom half of the country combined.

4. A third of the members of the Forbes 400 own fortunes derived from companies that were founded by earlier generations.

5. The 15 wealthiest multi-generational dynastic families on the Forbes 400 own a combined $618 billion. Their parents or other ancestors founded all of the companies from which their wealth is derived.

6. The Forbes 400 combined own $2.89 trillion dollars, more than the combined wealth of the bottom 64 percent of the United States. It’s also more than the GDP of Britain, the 5th-largest economy in the world. Just 45 individuals own half of this wealth.

7. The median family in the United States owns just over $80,000 in household wealth. The richest person in the United States (and the world), Jeff Bezos, has accumulated a fortune nearly 2 million times that amount.

8. The Bezos fortune expanded by $78.5 billion just in the last year to $160 billion. Even at the recently increased wage of $15/hour, a full-time Amazon worker would need to toil for 2.5 million years to generate this much money.

And so it goes. The entire Republican Party leadership has been bought by the billionaires as well as the entire Democratic Party leadership. In other words, the battle between the Democrats and the Republicans is a battle between billionaires. A few relatively honest major politicians remain in the Democratic Party, but they are not in leadership positions. Think Elizabeth Warren, Bernie Sanders, Jeff Merkley, and a few others.

Think Elizabeth Warren for president in 2020.

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In Sunday’s paper, The New York Times stunningly devoted its entire editorial space to a thorough analysis and endorsement of raising the national minimum wage to $10.10. Titled “The Case for a Higher Minimum Wage,” the editorial said, “The political posturing over raising the minimum wage sometimes obscures the huge and growing number of low-wage workers it would affect. But the results of the wage debate are clear. Decades of research, facts and evidence show that increasing the minimum wage is vital to the economic security of tens of millions of Americans, and would be good for the weak economy.”

That’s absolutely true. Raising the minimum wage to $10.10 an hour would be good for the economy. However, raising it to $18.28 an hour would massively strengthen the economy by pushing the demand for goods and services into high gear. That’s what creates jobs and raises wages.

The economy can easily afford this, since raising the minimum wage that high would simply be tying it to the rate of productivity growth, which you can see from the graph below. Even by arch conservative logic, raising it that high would be great for the economy since everything in that sphere of supposed logic says that wages should grow with productivity, and it can’t possibly be inflationary since by conservative logic inflation is only caused by an increase in the supply of money.

By the way, the difference between the $18.28 and the current $7.25 per hour minimum wage (11.03 per hour) has been redistributed from the 99 to the 1 percent via the political power of the 1 percent. They’ve used this ill gotten money to redistribute more money from the 99 to the 1 percent, purchased free trade treaties in the halls of congress and the white house so they can ship our jobs overseas, bought privatizations scams, corrupted our federal and state and local governments, raised the prices that we pay for goods and services in violation of the Sherman Anti-Trust Act and paid government officials to look the other way. That’s weakened our tax bases, stolen money from our schools, robbed the elderly of their social safety nets, and destroyed 30 American million jobs since 1990. The list goes on and on, and the one thing this list shows is that the 1 percent have been to the 99 percent as parasites are unto their hosts. That’s all the Koch brothers and their parasitic ilk are.

The New York Times editorial is the link below.

The Case for Raising the Minimum Wage–The New York Times

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According to Bill Moyers, “As we near the end of 2013, it suddenly seems everyone’s talking about inequality. Earlier this month, Barack Obama spoke of a “relentless decades-long trend” of “dangerous and growing inequality and lack of upward mobility.” Around the same time, in a papal exhortation, Pope Francis wrote, “Just as the commandment ‘Thou shalt not kill’ sets a clear limit in order to safeguard the value of human life, today we also have to say ‘thou shalt not’ to an economy of exclusion and inequality. Such an economy kills.” And a month earlier in New York — the most unequal big city in the USMayor-elect Bill de Blasio won a landslide victory campaigning on the issue.

But just how bad is American inequality? How did we arrive at this new Gilded Age? And how might we create an economy of broadly shared prosperity?

If you’ve got questions, we’ve (hopefully) got the answers in this Essential Reader…”

One thing that needs to be addressed when it comes to inequality is what nobody seems to be talking about. Inequality has been brought about government legislation that redistributes income from the 99 to the 1 percent. This process of corrupting government at all levels began with a variety of tax cuts to the rich and corporations under President Ronald Reagan, and which has enabled them to buy the legislation that redistributes income from the 99 to the 1 percent, and resulted in the complete  corruption of federal and state governments and politicians, such as Wall Street Senators Ron Wyden, Mitch McConnell and Rand Paul. This includes legislation that has weakened union organizing efforts, such as the passing of right-to-work-for-less laws, as well as free trade treaties, privatization scams, and other vicious attacks against the 99 percent.

Check out the link below for the complete story.

Inequality: An Essential Reader | The Poverty Line, What Matters Today | BillMoyers.com.

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Breaking through the floor of the political power of the rich

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