5/19/2011
By Doug Cunningham
General Electric corporation famously paid zero taxes this year. Nothing. Nada. Zip.
In 2009 Exxon Mobil paid no federal taxes.
The Republican budget plan gives away even more tax breaks to corporations and the rich and there’s a steady drumbeat from conservatives that taxes are too high.
Here’s some tax truth. As a percentage of GDP, tax collections in America are actually at historic lows. That’s according to the tax policy center Urban Institute and Brookings Institution.
And according to the White House Office Of Management and Budget corporate income taxes total one percent of Gross Domestic Product this year – 60 percent lower than 40 years ago. SIXTY PERCENT lower.
And wealth is taxed at a lower percentage than your labor. Middle class workers pay about 25 percent while stock dividends and capital gains are taxed at just 15 percent. If we simply returned to the tax rates of 1979, budget deficits would disappear.
And if we levied just a half percent tax on Wall Street’s financial transactions it would generate $170 billion a year in federal revenue.
While corporate profits have greatly increased while white, gray and blue collar wages have remained flat.
"In 2008 affluent households—single person households with a $75,000+ income and multiple person households with a $100,000+ income—made up 22% of all households, yet were responsible for generating 52% of aggregate household income in the U.S., or a total of $4 trillion. "
In the economic model that resulted form the New Deal, taxes were kept high on the affluent house holds and this resulted in the Golden Age of the United States after World War 2.
There was a ho+using boom and employment was very high. a young man or woman could work in the town factory for their entire life and retire with a pension after 30 years. these corporations also provided lifetime medical care.
Today only 20 per cent of Americans have pensions and corporations drop medical care when a pensioner reaches Medicare age.
To make matters worse, the GOP has been attacking these two lifelines for seniors for years. Paul Ryan wanted to voucherize medicare creating a two tier system that would have provided vouchers to people who are currently under age 55, crating a two tier system.
Most of those people underage 55 would be forced to purchase private insurance to offset the reduced Medicare benefits.
Clearly private enterprise is deficient in many ways of meeting the modern needs of American workers. We need to return to proven model of the New Deal with a far higher tax rate on affluent Americans to fuel the economic recovery of this country.
This is how the US got out of the Great Depression. The US has experimented with supply side economics of the have mores for 20 of the past 30 years. The bottom line is that supply side economics doesn't work!
source: http://www.packagedfacts.com/Affluent-2010386/ General Electric corporation famously paid zero taxes this year. Nothing. Nada. Zip.
In 2009 Exxon Mobil paid no federal taxes.
The Republican budget plan gives away even more tax breaks to corporations and the rich and there’s a steady drumbeat from conservatives that taxes are too high.
Here’s some tax truth. As a percentage of GDP, tax collections in America are actually at historic lows. That’s according to the tax policy center Urban Institute and Brookings Institution.
And according to the White House Office Of Management and Budget corporate income taxes total one percent of Gross Domestic Product this year – 60 percent lower than 40 years ago. SIXTY PERCENT lower.
And wealth is taxed at a lower percentage than your labor. Middle class workers pay about 25 percent while stock dividends and capital gains are taxed at just 15 percent. If we simply returned to the tax rates of 1979, budget deficits would disappear.
And if we levied just a half percent tax on Wall Street’s financial transactions it would generate $170 billion a year in federal revenue.
While corporate profits have greatly increased while white, gray and blue collar wages have remained flat.
"In 2008 affluent households—single person households with a $75,000+ income and multiple person households with a $100,000+ income—made up 22% of all households, yet were responsible for generating 52% of aggregate household income in the U.S., or a total of $4 trillion. "
In the economic model that resulted form the New Deal, taxes were kept high on the affluent house holds and this resulted in the Golden Age of the United States after World War 2.
There was a ho+using boom and employment was very high. a young man or woman could work in the town factory for their entire life and retire with a pension after 30 years. these corporations also provided lifetime medical care.
Today only 20 per cent of Americans have pensions and corporations drop medical care when a pensioner reaches Medicare age.
To make matters worse, the GOP has been attacking these two lifelines for seniors for years. Paul Ryan wanted to voucherize medicare creating a two tier system that would have provided vouchers to people who are currently under age 55, crating a two tier system.
Most of those people underage 55 would be forced to purchase private insurance to offset the reduced Medicare benefits.
Clearly private enterprise is deficient in many ways of meeting the modern needs of American workers. We need to return to proven model of the New Deal with a far higher tax rate on affluent Americans to fuel the economic recovery of this country.
This is how the US got out of the Great Depression. The US has experimented with supply side economics of the have mores for 20 of the past 30 years. The bottom line is that supply side economics doesn't work!
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