Palm Beach Post: Many states show no clear link between tax cuts, jobs

This article suggests that gov. Rick Scott's argument that making Florida "more business friendly" will not really fix the economy. 


Only 5,000 Florida businesses paid corporate income tax before Scott's term and the state corporate tax rate is generally not a factor when a business moves form one state to another. 


Florida is already in the top five of business friendly states and Scott will complete the the forth consecutive term of a Florida Republican governor. 


Scott is an odd duck whose theories on recovering the Florida economy don't seem to hold water. 

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WIN: GE Pushes For Massive Worker Health, Pension & Wage Rollbacks while paying no corporate taxes

6/7/2011

Progress is our most important product

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By Doug Cunningham 

 

The June 19th GE contract expiration for some 15,000 union workers is fast approaching as GE continues to push for what the unions say are massive rollbacks in health care, pensions, wages and other things. Thousands of GE workers represented by GE Workers United rallied June 4th in Lynn Masachusetts to make it clear they are united against these massive concessions. Jeff Crosby, President of IUE-CWA Local 201, says GE’s CEO serves as President Obama’s “jobs czar” while pursuing anti-worker tactics.

 

[Crosby]: “They’ve actually eliminated 22,000 jobs in the United States since the last contract. And in addition, because they helped write the tax code they paid no federal income taxes last year. And in addition they’ve got a $3.2 billion tax credit for next year. So there’s no financial logic to this.”

By Doug Cunningham 

 

The June 19th GE contract expiration for some 15,000 union workers is fast approaching as GE continues to push for what the unions say are massive rollbacks in health care, pensions, wages and other things. 

Thousands of GE workers represented by GE Workers United rallied June 4th in Lynn Masachusetts to make it clear they are united against these massive concessions. 

Jeff Crosby, President of IUE-CWA Local 201, says GE’s CEO serves as President Obama’s “jobs czar” while pursuing anti-worker tactics.Crosby added: 

 

They’ve actually eliminated 22,000 jobs in the United States since the last contract. And in addition, because they helped write the tax code they paid no federal income taxes last year. And in addition they’ve got a $3.2 billion tax credit for next year. So there’s no financial logic to this.

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Media Matters: Limbaugh Falsely Claims "It's Demonstrably Proven That Tax Cuts Increase Revenue

May 10, 2011 2:12 pm ET

From the May 10 edition of Premiere Radio Networks' The Rush Limbaugh Show. This is what the uniformed and under-educated blowhard claims about tax cuts. 

This is what Mark Zandi of Moody Analytics says. Zandi was advisor to John McCain during the 2008 campaign. 

It should be clear that most tax cuts are break-even propositions while temporary increases in food stamps, extending employment, and increased infrastructure spending have more of a multiplier effect on the tax dollar and are far more stimulative. 

What have Republican governors like Rick Scott and Chris Christie been doing? They have been reducing the number of weeks an unemployed workers can draw unemployment while approving more tax cuts for corporations. 

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Urantian Sojourn: Corporate Welfare Queens

GE is, of course, is not the only multi-billion corporation to escape paying any income tax. These companies pay their CEOs and chief execs tens of millions of dollars in salary and bonuses.

Rightrdia has written about this before. Microsoft and Cisco Systems, were notorious for paying no corporate taxes for years. The real problem with corporate taxation is that that are too many loopholes.

Ronald Reagan became aware of this when he discovered GE, America's largest corporation, paid no corporate taxes because it filed a 24,000 page tax form that the IRS could not audit. Today GE files 7,000 tax forms and still pays no taxes.

The GOP complains the corporate tax rate (35 per cent) is too high. Of course, this only applies to C-corporations not the small business S-corporations who pass their taxes and income onto owners and share holders.

Could the corporate tax rate be reduced for C-corporations? Only if thousands of tax exemptions were also removed. If the corporations, who are making record profits, won't hire more American workers, it's time to make them ante up. 

From Think Progess :

- BANK OF AMERICA: In 2009, Bank of America didn’t pay a single penny in federal income taxes, exploiting the tax code so as to avoid paying its fair share.

“Oh, yeah, this happens all the time,” said Robert Willens, a tax accounting expert interviewed by McClatchy. “If you go out and try to make money and you don’t do it, why should the government pay you for your losses?” asked Bob McIntyre of Citizens for Tax Justice.

The same year, the mega-bank’s top executives received pay “ranging from $6 million to nearly $30 million.”

- BOEING: Despite receiving billions of dollars from the federal government every single year in taxpayer subsidies from the U.S. government, Boeing didn’t “pay a dime of U.S. federal corporate income taxes” between 2008 and 2010.

- CITIGROUP: Citigroup’s deferred income taxes for the third quarter of 2010 amounted to a grand total of $0.00. At the same time, Citigroup has continued to pay its staff lavishly. “

John Havens, the head of Citigroup’s investment bank, is expected to be the bank’s highest paid executive for the second year in a row, with a compensation package worth $9.5 million.”

- EXXON-MOBIL: The oil giant uses offshore subsidiaries in the Caribbean to avoid paying taxes in the United States.

Although Exxon-Mobil paid $15 billion in taxes in 2009, not a penny of those taxes went to the American Treasury. This was the same year that the company overtook Wal-Mart in the Fortune 500.

Meanwhile the total compensation of Exxon-Mobil’s CEO the same year was over $29,000,000.

- GENERAL ELECTRIC: In 2009, General Electric — the world’s largest corporation — filed more than 7,000 tax returns and still paid nothing to U.S. government.

It managed to do this by a tax code that essentially subsidizes companies for losing profits and allows them to set up tax havens overseas.

That same year GE CEO Jeffery Immelt — who recently scored a spot on a White House economic advisory board — “earned total compensation of $9.89 million.”

In 2002, Immelt displayed his lack of economic patriotism, saying, “When I am talking to GE managers, I talk China, China, China, China, China….I am a nut on China. Outsourcing from China is going to grow to 5 billion.”

- WELLS FARGO: Despite being the fourth largest bank in the country, Wells Fargo was able to escape paying federal taxes by writing all of its losses off after its acquisition of Wachovia.

Yet in 2009 the chief executive of Wells Fargo also saw his compensation “more than double” as he earned “a salary of $5.6 million paid in cash and stock and stock awards of more than $13 million.”

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Workers Independent News: Nearly six million workers added under Social Security tax break

Submitted by Jesse Russell on August 2, 2010 - 5:54pm

Since a new tax break was offered to small businesses that hire unemployed workers : 5.6 workers have been added to company rolls. However, it isn’t clear how many of those jobs would have been created without the tax break.

According to the Treasury Department the numbers are for February until June and will save the businesses $10.4 billion in taxes if they keep three fourths of the workers for at least a year.

Under the program businesses that hire workers who have been unemployed for more than 60 days won’t have to pay the 6.2 percent Social Security tax until the next year.

If those workers are held onto for a full year businesses will receive a $1000 tax credit. New York Senator Charles Schumer has called the program a success and will seek to have lawmakers extend the tax credit an additional six months.

Rightardia comment: This is the kind of a common sense tax incentive program that puts people back to work. The outcomes of extending the Bush tax cuts for the 'have mores' is murky. Some of America's top families will bank the money. Others may purchase stocks or bonds and some families might purchase a luxury item like a yacht or summer home.

None of this affluent financial activity as described above has clear benefits to the financial well-being of our nation.

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Nancy Pelosi blog: The American Jobs and Closing Tax Loopholes Act of 2010

Last night the Senate Republicans once again voted down the American Jobs and Closing Tax Loopholes Act.  The House passed the bill 28 days ago to close tax loopholes that reward those who ship American jobs overseas and help create or save more than a million American jobs.


On May 28th, the House passed the American Jobs and Closing Tax Loopholes Act (House amendment to Senate amendment to HR 4213) to help create or save more than a million American jobs by:

* restoring credit to small businesses
* extending tax incentives for American R&D and energy
* rebuilding American infrastructure
* expanding summer jobs for young people
* providing tax relief for middle class American families

To fully fund this job creation, the bill closes tax loopholes and enforces corporate accountability by:

* preventing corporations from shipping jobs overseas & sticking American taxpayers with the bill
* making Wall Street investment fund billionaires pay a fair tax on their income
* making the oil industry pay to ensure sufficient funds to clean up the Gulf of Mexico oil spill

The bill complies with the statutory pay as you go budget law, while addressing the emergency needs and crises left by the Bush Administration:

* ensuring seniors can keep their own doctors (SGR)
* extending a proven economy booster, unemployment relief for families

Compromises on the bill modified it to reduce the overall deficit impact to $54 billion, by shortening the extensions of UI (through November), SGR to 19 months, and dropping the extension of COBRA and health assistance to states. The provisions to prevent Medicare physician payment cuts will be a seperate vote.

Congressional Republicans oppose closing the loopholes that subsidize companies to move American jobs overseas and they want to cut off unemployment benefits who lost their jobs through no fault of their own.

Democrats in Congress will continue to address the major issues confronting our nation and take America in a New Direction – creating good American jobs, the lowest taxes in 60 years for the middle class and small businesses, closing tax loopholes that send jobs overseas, and building a strong new foundation for the American economy.

Source: the Gavel, the Speaker Pelosi blog

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Join the Minuteman Tax Revolt

Take a minute to send an FOIA request to to our local government.  Find out if it is enforcing employment agreements in corporate tax incentives given to new businesses.

Sample FOIA government request:


I want to verify that __________________ (municipality) is monitoring tax incentive agreements with corporations who have relocated into __________________ (municipality) in the past three years. This request is primarily concerned with the employment issues in the agreements.
 
Request you identify any corporations that are out of compliance with these tax incentive agreements and remediation efforts the government has taken to recover the lost taxes relating to corporations who were unable to meet agreed upon employment requirements.

I request a waiver of all fees for this request. I understand that decisions to waive or reduce fees are based on whether disclosure of the information "is in the public interest because it is likely to contribute significantly to the public understanding of the operations or activities of the Government".

I also understand I must have the capability and intention to disseminate the information to the public.The FOIA requires a response within 10 days.



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