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Posts Tagged ‘tax breaks’

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Abolishing the Affordable Care Act will provide tax breaks for the rich. According to the LA Times, “the Affordable Care Act’s tax provisions, and the discovery that repeal would provide the wealthiest taxpayers with an immediate tax cut totaling $346 billion over 10 years. Every cent of that would go to taxpayers earning more than $200,000 a year ($250,000 for couples). As Nicholas Bagley of the University of Michigan observed a few days after the election, the imperative of handing their wealthy patrons a gift of this magnitude may well outweigh their solicitude for the mostly middle- and low-income constituents whose individual insurance plans would be at risk from repeal.”

All of the income gains of the last 35 years have gone to the 1 percent, and this has been achieved by government legislation and international trade scams that export jobs overseas, and the difference between the old higher US wages and the new lower overseas wages has always gone straight into the pockets of the 1 percent. Income from performing labor is taxed at a higher rate than just sitting on your ass doing nothing, and this has come about due to tax legislation.

See the link below for the whole story.

The Real Reason Republicans Want to Abolish the Affordable Care Act–LA Times

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Bernie Sanders has voiced complaint over the biggest welfare recipients in the USA. Even Charles Koch has complained in concurrence with Bernie. Big business receives billions of subsidies and tax breaks. This goes to ensure CEO raises, and rising corporate profits. In turn, the rising earnings increases corporate dividends and surging share prices, which almost exclusively benefit the rich at tax payer expense. In other words, government subsidies and tax breaks redistribute income from the taxpayers to the rich.

Surging dividends increase the incomes of the rich, while rocketing share prices enhance their wealth, and all at the expense of the 99 percent.

In addition, Walmart employees are paid so little the government must pay out over $7 billion for welfare, food stamps and health care to Walmart employees. This subsidizes the Walton family at the expense taxpayers on the Federal, state and local levels.

These subsidies are pushing wages down because Walmart would be forced to pay higher wages to attract employees in the absence of subsidies for their employees.

This means the Walton family, perhaps the richest in the USA, is among the biggest welfare recipients in USA history.

Welfare Queen Alice Walton, who ranks #12 in the Forbes 400 with more than $32 billion in personal assets, gave $353,400 to the Hillary Victory Fund — one of the funds backing Hillary’s 2016 presidential campaign. While the donation was made in December of 2015, the record of her contribution wasn’t made public until a week ago.

The corporate news media, which is in the tank for Wall Street’s presidential candidate, has taken great care to not mention this contribution, which might alarm the underlying voting people who intend to vote for Hillary.

This donation comes at a time when the former First Lady and Secretary of State is trying to distance herself from her past, like referring to black youth as “super-predators,” proudly identifying as a “Goldwater girl” in her first foray into politics, and sitting on the board of Walmart for 6 years between 1986 and 1992.

This astonishing six-figure donation from one of the owners of a company widely-known for its oppressive labor practices comes in stark contrast to her campaign’s portrayal of the former New York senator as a champion of workers. Clinton’s campaign has been endorsed by the central leadership of multiple labor unions, like the Service Employees International Union (SEIU), the American Federation of State, County, and Municipal Employees (AFSCME), and the National Education Association (NEA).

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The Republicans are proposing helping the already super rich with tax cuts they don’t need, and spending that will only help the super rich., such as the increase in military spending. Currently, the United States spends more on military spending than the next twenty-five largest nations in terms of military spending, and twenty-four of these are US allies. The budget proposal is all about serving a large slice of the 0.01 percent that control the Republican Party, as well as 2/3’s of the Democratic Party. It’s all about redistributing government spending from those in need to those who don’t need anything.

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We can also add to the list for the rich:

1. Redistribute income from the 99 to the 1 percent via free trade treaties. That’s how the rich have really gotten richer over the last three decades. Free trade treaties

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