After the Citizens’ United Supreme Court ruling that determined basically that corporations were considered the same as regular folks, it is also incumbent upon them and us to make sure they pay their fair share of taxes.
Once we settle the fallacy that if you give to the rich they in turn will spread out the savings and it will filter on down to the lower strata. We know for a fact that TRICKLE DOWN ECONOMICS doesn’t work and never will. That is one compelling reason to stop all the subsidies, special loopholes and tax exemptions to corporations…and the super rich as well while we are at it.
All these tax cuts and subsidies have no logical reason to be in existence; they were placed there through the years following the dear leader (Reagan) who prescribed this askew philosophy and which has to this day many adherents.
The ideology of these Republican-Teahadists include all these special privileges for the corporations and the super rich while the rest of Americans, 98% or so are left holding the bag…paying for all these tax advantages and all the subsidies…at times even making our government borrow from adversaries and what is most disgusting is that America owes this money to them and we leave the IOU’s to our children. It is enough to make anybody sick.
This whole situation with the corporations and the super wealthy reminds me of a time long gone in America when organized crime was king. They operated on the basis of extortion, fear and the promise of protection. There was the implied value that if you were protected you could also “get by” and even make a living as long as you paid the Mafia their bribes. Isn’t that what the Republican-Teahadists do? They scare the shit out of everyone with the prospect of more terrorist attacks, they tell us they are the only ones capable of defending our country against all foes and on top of that they have us duped into believing that they are the only ones who understand economics and can do a better job enhancing private enterprise. In the meantime, just like their Mafiosi counterparts; these Republicans and the wealthy live in the lap of luxury, isolated from the inconveniences of a mundane existence and behind gated communities while spending our money on obscene excesses. Just remember: WE, THE TAXPAYER PAY FOR THAT SEVENTH HOUSE IN THE HAMPTONS.
The 'Dirty Dozen' corporate tax dodgers
At Rainforest Action, Becky Tarbotton and Matt Leonard write Corporate Tax Dodgers: The Dirtiest Dozen:
Last month’s discovery that GE paid zero in taxes in 2010 has exploded across the news. But GE is not alone. Rainforest Action Network reviewed the top four banks, oil and coal companies in the country, and found that all of them are gaming the system. In fact, Bank of America, Citi, Massey Energy and Chevron have also all paid zero in federal income taxes this year or in year’s past.
We reviewed 12 of the dirtiest corporate tax dodgers: Bank of America, Citi, JPMorgan, Wells Fargo, Chevron, BP, Shell, Exxon, Massey Energy, Alpha Natural Resources, Peabody Energy and Arch Coal. These 12 banks, oil and coal companies are responsible for foreclosing on millions of people’s homes and polluting our air, water and climate. At the same time, we found that they pay next to nothing into a tax system that provides the very services that protect the homeless, the sick and our environment.
As the graphic below shows, banks, oil and coal companies are making billions in profits annually and paying much less than their fair share in taxes. In fact, the top four oil companies in the country made $1.26 trillion in gross revenues and paid a shocking 2.04% average tax rate. ...
We’re slashing billions from our budget, much of which will come out of social services and environmental protections, while allowing corporate giants to slip ever-increasing profits into offshore accounts. ...
(Click here to see this graphic full size.)
