Politics: All liberal Democrat all the time. 8/16/2022 2 of 3

 

Bernie Sanders - working from the facts

The Republicans are so full of shit when it comes to complaining about corporate taxes. Bernie works from the facts.

Do you have a dollar in your wallet right now?

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Today, hundreds of thousands of people comprising a Main Street Movement — a coalition of students, the retired, union workers, public employees, and other middle class Americans — are in the streets, demonstrating against brutal cuts to public services and crackdowns on organized labor being pushed by conservative politicians. These lawmakers that are attacking collective bargaining and cutting necessary services like college tuition aid and health benefits for public workers claim that they have no choice but than to take these actions because both state and federal governments are in debt.

But it wasn’t teachers, fire fighters, policemen, and college students that caused the economic recession that has devastated government budgets — it was Wall Street. And as middle class workers are being asked to sacrifice, the rich continue to rig the system, dodging taxes and avoiding paying their fair share.

In an interview with In These Times, Carl Gibson, the founder of US Uncut, which is organizing some of today’s UK-inspired massive demonstrations against tax dodgers, explains that while ordinary Americans are being asked to sacrifice, major corporations continue to use the rigged tax code to avoid paying any federal taxes at all. As he says, if you have “one dollar” in your wallet, you’re paying more than the “combined income tax liability of GE, ExxonMobil, Citibank, and the Bank of America“:

[Gibson] explains, “I have one dollar in my wallet. That’s more than the combined income tax liability of GE, ExxonMobil, Citibank, and the Bank of America. That means somebody is gaming the system.”

McCain Wants to Bankrupt the Country - Links

While the U.S. runs up the biggest deficits ever, our national debt grows by leaps and bounds, the U.S. dollar shrinks in value against virtually every major currency, our banks are on the verge of closing, the Feds have to bail out large lending companies like Bear-Stearns, Freddie Mac and Fannie Mae, and gas prices soar through the roof - John McCain wants to cut taxes for large corporations. To wit, from the Wonk Room over at Think Progress...

A new report from the Center For American Progress Action Fund finds that a key piece of John McCain’s tax plan — cutting the corporate tax rate from 35% to 25% — would cut taxes by almost $45 billion every year for America’s 200 largest corporations as identified by Fortune Magazine.

Now it turns out that many other huge corporations pay nothing in taxes in order to help sustain the U.S. This is from Reuters...

Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released on Tuesday said.

Do Americans have enough intelligence to think this through and realize that this can't continue? Or will they continue to vote out of stupidity and embrace policies that could bankrupt the nation?