Posts Tagged Taxes

End Corporate Tax Havens, A Simple Idea

Corporations paying taxes


Sign the petition:  As you may know from my history, I believe corporations are the biggest threat to democracy worldwide and particularly here in the USA.  Compounding this is the problem of steadily increasing inequality and the methodical disappearance of the middle class.  As corporations continue to gain power and wealth they use various legalese to further enhance their grab for more power and money.  And, of course, there is always the fictitious premise that they are persons, entitled to corresponding rights.  This all makes it so absurd that most of us don’t know where to begin when looking for any solutions.  One place to focus is to try to “end corporate tax havens” where corporations technically move portions of their money offshore, in order to avoid paying U.S. taxes on it.  Essentially legally stealing money from the rest of us.

The petition below attempts to do just that by “clos(ing) tax loopholes for corporations that ship jobs and hide profits offshore”.  It would “raise hundreds of billions of dollars to reinvest in America” and make a little dent in the spread of inequality.  It was sponsored by American Family Voices, Americans for Tax Fairness Action Fund, Campaign for America’s Future, Courage Campaign, Crooks and Liars, Daily Kos, Deluge, Democracy for America, Economic Policy Institute Policy Center, Left Action, People For the American Way, Rep. Mark Pocan (WI), Progressive Congress, RootsAction.org, Silver Linings Action, The Agenda Project, and The Nation.  Please sign and if you are a progressive, pay attention to some of these organizations as you try to wade through the political confusion.


http://www.signherenow.org/petition/fair-share/dailykos/

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Time To Deal With The “Unspeakable” – Prop 13

Watch this:  Everyone is defensive regarding wasting their time.  For new ideas to get a look they must be brief or they have no chance.  Well Robert Reich is becoming the master of the short message via video.  How appropriate considering Reich frequently makes fun of his own “short” standing.  In this  3 minute video he joins with the organization http://www.makeitfairca.com/ to explain why it is past time to take a critical look at California’s infamous Prop 13 and “make it fair” by closing the corporate loopholes.  Believe it or not, all businesses would not stampede from California.

“Reich is a world-renowned political economist, best-selling author, and former U.S. Secretary of Labor under President Bill Clinton. TIME magazine named Reich as one of the ten most effective cabinet secretaries of the twentieth century. He now works as the Chancellor’s Professor of Public Policy at the University of California, Berkeley and Senior Fellow at the Blum Center for Developing Economies. More recently, Reich is best known by his critically-acclaimed feature documentary film Inequality for All, as well as his series of witty and educational short videos on important economic issues facing our country.”

Make It Fair Facebook video and page


 

 

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Wealthy Can Control Their Money Forever – Dynasty Trusts

Wealthy People


Read this:  So, “the top 10 percent now own nearly 80 percent of all wealth”.  As this article from The Nation Magazine by Mike Konczal, shows, that inequality has not always been so powerful.  It used to be that even for the wealthy, “eventually, time catches up with them and their estates dissolve.”  There was somewhat of an equalizer, but not so today.  Trusts extended a persons’ ability to control wealth and assets beyond the grave but the so called “rule against perpetuities, placed a roughly 100-year limit”.  The wealthy couldn’t tolerate that, so we now have something called the “dynasty trust”.  Beginning in the 1980’s states began “competing to see which could most effectively restructure their laws to benefit the rich.”  There are many frivolous aspects to the dynasty trust but basically “they’re designed to live forever … engaging in more controlling long-term activities than normal trusts, which are designed to have an end … skipping taxes for generations.”  They “tie up their money, outside of any public obligation or scrutiny, forever.”  And that isn’t all.  There are many other tools available only to the wealthy.  You might be thinking I don’t have enough money to worry about this.  Maybe, just maybe, this is exactly why most of us don’t have enough money to worry about it and definitely a big part of the reason flagrant inequality is running rampant and increasing.  Maybe it is time we do worry about it, maybe even do something about it.


http://www.thenation.com/article/how-the-rich-can-keep-their-homes-businesses-artwork-and-wealth-tax-free-forever/

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Help End Hedge Fund Tax Dodge

 Income Inequality  Sign the petition:  The number and diversity of games played by hedge fund managers to disguise or completely hide their income is amazing.  Estimates are difficult to document but one says “The 25 richest hedge fund managers pocketed nearly $21 billion last year. That’s more than twice the annual income of all kindergarten teachers in America combined.”  The system already has a “lower tax rate … and the infamous ‘carried interest’ loophole”.  Now hedge funds are “setting up shell companies in tax havens to dodge millions in tax obligations.”  The IRS has the power to do something about this, but the financial industry seems to be pulling all the strings.  Read the Credo article get a better picture and hopefully sign the petition to “Tell the IRS: Stop hedge funds from dodging taxes”.


http://act.credoaction.com/sign/irs_hedgefunds?nosig=1&t=1&akid=14988.8347606.HYtAH5

 

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California Corporate Property Tax Rates Need Fixing

 TaxTalk  Sign the petition:  It is far past time for California corporations to pay fair property taxes, Prop 13 be damned.  “Since Proposition 13 passed in 1978, it created critical protections for homeowners, but it ALSO created catastrophic loopholes for giant corporations and wealthy commercial property owners, allowing them to avoid paying their fair share of property taxes. And our schools and public services have suffered ever since.”  Waiting for voters and politicians to take a step forward may be an effort in vain.  But, the Courage Campaign has joined the coalition Make It Fair “ to close these loopholes and provide our communities with the vital resources we need to rebuild. To succeed, we need well known corporations built in California, such as Google and Disney, to lead by example and join the fight.”  Please support this effort.

http://act.couragecampaign.org/sign/Google_Disney_MakeItFair/?t=3&akid=1783.1909623.Qvp91E

 

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Is Social Security In Trouble? – Real Answer Is NO

Watch the short video:  As always, Robert Reich explains things very well and he does it as quickly as possible.  In this short video Prof. Reich says NO, we don’t need to “raise the retirement age” and / or “cut benefits”.  Instead, we can “increase social security benefits” and “insure the solvency of social security” by “eliminating the cap on income subject to social security taxes”.  It simply “isn’t fair that a billionaire pays the same social security tax as someone making $118,500 (2015) a year”.  As Prof. Reich says “SRAP THE CAP” – it is only fair.

 

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Help Make Corporations Pay Their Fair Share in Taxes

 Corporate Welfare vs Social Welfare
Sign the petition:  Corporations fought hard to manipulate our laws to somehow perceive them as people.  At the same time they spend massive amounts of time and money to avoid paying US taxes.  One of their current favorites is a loophole “which allow corporations to use accounting tricks to move (many times just on paper) profits and jobs abroad as a way to avoid paying their fair share of taxes.”  This is just one of the many little tricks that IS JUST WRONG.  Well, a bill has been introduced in the House of Representatives and is coming up for a vote.  The Stop Tax Haven Abuse Act (S. 174, H.R. 297) will eliminate this loophole.  “The bill also would block ‘inversions’ — when companies decide to change their headquarters to countries with lower tax rates in order to escape taxation by the United States.”  Maybe a few more bills like this and we can make a dent in the massive corporate welfare system that is seldom discussed on your TV.  But, we need to get involved to make this possible.  Please sign the petition and “Urge Congress to Pass the Stop Tax Haven Abuse Act”.
 

 

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A Detailed Look at the Dishonesty in the New Republican Budget

  The One Percent
Read and remember :  In his New York Times Opinion “Trillion Dollar Fraudsters”, Paul Krugman examines the “monstrous con-job … the current GOP budget”.  His summary of that budget is best described in his words: “What you’re left with is huge transfers of income from the poor and the working class, who would see severe benefit cuts, to the rich, who would see big tax cuts. And the simplest way to understand these budgets is surely to suppose that they are intended to do what they would, in fact, actually do: make the rich richer and ordinary families poorer.”  We cannot continue to look the other way at these flagrant political moves.  We must remember, get angry and vote accordingly.
 

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Urge your senators to oppose harmful budget amendments.

 Tax cuts - Don't help
Sign the Petition:  This is one of the ways real and often transparent damage is done in the name of creating a federal budget.  “Literally hundreds of proposals — many of which have nothing to do with funding the government — have been introduced by senators trying to sneak corporate giveaways past their constituents and the media.”  This whole process will seldom make the nightly news.  “This rapid-fire “vote-o-rama” — with senators raising their hands to support gutting consumer protections, undermining the public’s constitutional rights and blocking progress — is more like an auction than a functioning democratic process.”
“Here are a few examples of the regressive ideas:
    • Deregulatory schemes that would obstruct federal agencies from protecting consumers and holding reckless corporations accountable.
    • Policies that would block Environmental Protection Agency pollution controls, stymie penalties for corporate polluters and derail U.S. participation in international agreements to confront climate change.
    • Wall Street-pandering maneuvers to defang and defund hard-won, commonsense reforms designed to prevent future financial crises and predatory rip-offs.
The vote-o-rama’s playlist is exactly the kind of corporate-lobbyist-conceived legislative nonsense we have come to expect since Citizens United-enabled election spending has filled Congress with even more puppets of Big Business.”
 

 

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