Tag: taxes

Reprint from US UNCUT Daily Kos Site:

On Friday, the San Francisco branch of US Uncut temporarily took over the San Francisco branch of Bank of America.

This is what happened:

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Now we want you to do the same thing, with or without musical accompaniment – and we’re going to tell you how.

As the video says, the government claims we’re broke, and is slashing  necessities for working and retired Americans. Meanwhile, corporate tax  cheats like Bank of America and GE rake in billions in profit – and pay  back zero in taxes.

Something’s wrong here – and tomorrow, on Tax Day 2011, Americans are going to stand as one and point it out.

We currently have over 100 actions planned for tomorrow. Click here to find your local US Uncut action. Not seeing one nearby that works for you? Then start your own – it’s SUPER easy.

Tomorrow, let’s show the powers that be that Americans are seriously  opposed to cutting schools, firefighters, police, healthcare, job  creation…and seriously in favor of corporations actually paying their  taxes.

Thank you,

The US Uncut Team

P.S. You can learn more here about how the San Francisco action was planned and carried out.

Originally posted to US Uncut on Sun Apr 17, 2011 at 11:12 AM PDT.

CBS Sunday Morning did an interesting report on our tax system as we approach tomorrows filing date.

April 17, 2011 The U.S. tax code: A “huge convoluted mess”

Complaining about taxes is as old as America itself, but as the debate rages over fairness of taxes, some millionaires say, tax us more

Crossposted at Daily Kos and The Stars Hollow Gazette

Cross posted from The Stars Hollow Gazette

David Cay Johnson, professor at Syracuse University, author of “Free Lunch” and columnist for Tax.com, spoke with Rachel Maddow about the Republican plans to cut funding to the IRS and the direct impact that will have on the governments ability to collect taxes and reduce the deficit.

Johnson also reported in an article at Tax.com, that tax revenues in 2010 were smaller than in 2000 before the Bush tax cuts.

We take you now to the official data for important news. Federal tax revenues in 2010 were much smaller than in 2000. Total individual income tax receipts fell 30 percent in real terms. Because the population kept growing, income taxes per capita plummeted.

Individual income taxes came to just $2,900 per capita in 2010, down 36 percent from more than $4,500 in 2000. Total income taxes and income taxes per capita declined even though the economy grew 16 percent overall and 6 percent per capita from 2000 through 2010.

Corporate income tax receipts fell 27 percent and declined 34 percent per capita, even though profits boomed, rising 60 percent.

Payroll taxes increased slightly overall, but slipped per capita because the nation’s population grew five times faster than the number of people with any work. The average wage also declined slightly.

You read it here first. Lowered tax rates did not result in increased tax revenues as promised by politician after pundit after professional economist. And even though this harsh truth has been obvious from the official data for some time, the same politicians and pundits keep prevaricating. Some of them even say it is irrelevant that as a share of GDP, income tax revenues are at their lowest level since 1951, when Harry S. Truman was president.

No matter how many times advocates of lower tax rates said it, tax rate cuts did not pay for themselves, did not spur economic growth, did not increase jobs, and did not make America better off.

(emphasis mine)

The full transcript for the video can be read a Rachel’s blog.

I’ve been accused of specializing in oversimplification. And of ranting. So be it. This is probably a prime example of those twin failings.  

Yesterday, Bernie Sanders spoke in the Senate for 8 1/2 hours to remind us that while millions of people in the United States are suffering, others are doing quite well, thank you.  Those doing spectacularly well represent 1 or 2 per cent of the population.  The rest of us, well, we’re not doing so great.  Those who are doing so well, of course, don’t need the government’s assistance, but they’ve bought and sold this government, so it’s only natural that their investment in politicians should be rewarded in the current tax deal even if there is no rational reason for doing so.  These people have power and money and they get what they want, even if they don’t need it; everyone else, not so much.

Over the course of the past couple of weeks we’ve been talking about how the War On Social Security was about to get under way and what happens when countries choose to privatize their systems.

Today we take on another bite-sized chunk of economic analysis: how can you get to a situation where Social Security is financially stable for the next 75 years?

We’ll describe some proposals that are out there-but the big focus of this conversation will be to look at one change that, all by itself, could not only solve the entire funding problem, but could actually allow us to lower the Social Security tax rate, immediately, and still achieve fiscal balance.

“Well, if that’s such a bright idea” you might ask, “why haven’t we adopted it already?”

That’s a great question-and after you hear the proposal, you may well have explanations of your own.

More post election incompetence.

They forgot.  In the good cop, bad cop routine, one of them is supposed to be the “good cop.”  

White House Press Secretary Robert Gibbs starts off the Lame Duck post election session:

http://www.huffingtonpost.com/…

“He would be open to having that discussion and open to listening to what the debate is on both sides of that,” said Gibbs, during an off-camera gaggle with reporters. “Obviously… making those tax cuts for the upper end permanent is something the president does not believe is a good idea.”

The issue, Gibbs said, will be a topic of discussion when the president convenes a bipartisan meeting of lawmakers at the White House in two weeks. Included in that meeting (and working dinner) will be Speaker Nancy Pelosi (D-Cali.), incoming Speaker John Boehner (R-Ohio), Majority Leader Steny Hoyer (D-MD), incoming Majority Leader Eric Cantor (R-Va.), Senate Majority Leader Harry Reid (D-Nev.), Majority Whip Dick Durbin (D-Ill.), Senate Minority Leader Mitch McConnell (R-Ky), and Minority Whip Jon Kyl (R-Ariz.).

At his press conference on Wednesday, the president expressed his first openness to date with the process of negotiating on the Bush tax cuts, which are set to expire at the end of the year.

Meanwhile, Peter Orszag, right wing neocon, concern troll “deficit spending hawk,” Wall Street mouthpiece, and former Obama Administration head of Office of Budget and Management (OMB)  writes in the New York Times the day after the election, November 3, that the harvest of the last of the middle and working class entitlement programs can’t begin fast enough for his new right wing think tank benefactors at the Council on Foreign Relations.  

Crossposted at Daily Kos and The Stars Hollow Gazette