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In 2013, the cost of tax breaks was equal to the entire U.S. discretionary budget . However, the discretionary budget is subject to an annual appropriations process, where Congress debates the proposed spending. Tax breaks, on the other hand, remain on the books until lawmakers modify them. As a result, over a trillion dollars a year in lost revenue – more than 1.6 times the 2013 budget deficit – goes largely unnoticed.
The cost of corporate tax breaks has trended upward in recent decades, totaling nearly $176 billion in fiscal 2013. In other words, the overall U.S. corporate tax bill was $176 billion lower than it would have been without the special deductions, credits, and exclusions written into our tax code. To put that in perspective, that’s about $1,328 per U.S. household. 
Which is bad news, right? Wrong! Look at that other box. That’s the deficit and it’s only 2/3 what the tax breaks are worth. So, when you get all frantic anxious about how the deficit is ruining the economy like FauxNews keeps telling you, just know that we can fix it in a single year by canceling some – not all, just some – of the tax breaks corporations that don’t actually need them have blackmailed the Congress into. See, easy!
Oh, who am I kidding? This will never happen. Case in point, a Republican named David Camp, Chair of the House Ways and Means Committee, and Paul Ryan at the House Budget Committee have both submitted Tax Reform bills intended to “reform” the tax code to varying degrees. What? Republicans reforming the tax code to eliminate corporate tax breaks? Has the world turned upside down?
All of them claim to “reform” a discredited cesspool of a tax code, of course, but they have also been submitted in an election year. The GOP, if it knows nothing else (and it doesn’t), knows how to get credit for proposing popular legislation they don’t actually want at a time when there is no chance whatever for it to pass.
It doesn’t matter how easy the fix is if the fix is anathema to the Congress’ owners.
The Corporate States of America just got itself a new jolt of freedom thanks to Chief Justice John Roberts and his Happy Conservative Warrior Quartet.
[T]he Supreme Court continued chipping away at federal campaign finance reforms with a 5-4 ruling striking down the federal cap on the total amount of money an individual donor can spend supporting candidates and political parties during a two-year election cycle.
The ruling, which split the high court along ideological lines, eliminates the aggregate the cap on the total amount of money an individual can donate to candidates and party fundraising committees during an election season, which was set at $123,200 for 2013 and 2014. That cap was so high that only…several hundred mega-rich donors reached it during the last election cycle.
Meaning that this ruling effects, at most, a mere few hundred people. Fortunately, those few hundred are the richest few hundred people in the country and who deserves a self-serving law that crews democracy more than them?
The ruling also could inflate the power of joint fundraising committees, which take large donations from donors and funnel the cash to candidates and party committees with full knowledge of who signed the original check.
“Eliminating these limits will now allow a single politician to solicit, and a single donor to give, up to $3.6 million through the use of joint fundraising committees,” said Michael Walden, president of the Brennan Center for Justice. “Following the Citizens United decision, this will further inundate a political system already flush with cash, marginalize average voters, and elevate those who can afford to buy political access.”
I don’t think Mr Walden gets it. See, money is free speech and in the CSA you only get as much FS as you can afford to buy and those few hundred have made sure you don’t get paid enough to buy hardly any so they get more than you or me and that’s the way it should be.
Get used to it. If you can’t afford to pay for an election, you don’t deserve to have one.
Step right up, folks, and take your chances in the Amazing New American Workplace. Constantly high unemployment! Low wages always! No employee bargaining power! A corporate paradise!
Indeed. They’ve got what they wanted: a paucity of jobs against a glut of workers making for a terrified workforce and a terminally insecure society, the destruction of the unions that were all that offered hope to laborers that they wouldn’t forever be trapped on the bony rack of the minimum wage, and a populace trained to think of corporate managers as heroes and Masters of the Universe even if the populace doesn’t particularly like to think of them that way. (more…)
A few years ago a sugar refinery owned by Imperial Sugar of Savannah, Georgia, exploded. Fifteen people were killed and dozens were injured, some severely. The explosion was the direct result of a corporate refusal to obey safety rules designed to avoid just this kind of event. OSHA, over a single 2-year period, hit Imperial Sugar with over 200 Notices of Violation. Corporate management ignored them. After all, we all know OSHA is just a busybody nitpicker that gives corporations a hard time for no reason. They know what they’re doing. They don’t have to listen to some liberal government pinhead whine about how they should have done this irrelevant action instead of that one.
That’s how – and why – 15 people died. (more…)
OK, so you probably think that at least if you’re a dedicated cheerleader they won’t throw you under the bus even if you’re not their first priority. But you’re being naive.
Regardless of who wins the presidential election in November or what compromises Congress strikes in the lame-duck session to keep the economy from automatic tax increases and spending cuts, 160 million American wage earners will probably see their tax bills jump after Jan. 1.
That is when the temporary payroll tax holiday ends. Its expiration means less income in families’ pocketbooks — the tax increase would be about $95 billion in 2013 alone — at a time when the economy is little better than it was when the White House reached a deal on the tax break last year.
You don’t matter. The “deficit” they created matters. It’s your job to pay it off. This was never a priority, it was just a temporary gimme for show.
Independent analysts say that the expiration of the tax cut could shave as much as a percentage point off economic output in 2013, and cost the economy as many as one million jobs. That is because the typical American family had $1,000 in additional income from the lower tax.
But there is still little desire to make an extension part of the negotiations that are under way to avert the huge tax increases and across-the-board spending cuts, known as the fiscal cliff, that will start in January without a deal.
Nope. Nobody on either side gives a shit.
Many Republicans vehemently opposed its passage last year, as it would divert money from the Social Security program. Many Democrats fervently supported it last year but show no such enthusiasm now. Nancy Pelosi of California, the top House Democrat, has told reporters she thinks it should expire.
So don’t ever get your hopes up. No matter what happens, you’re never gonna be on anybody’s gift list.
Two hundred-plus years of dangerously liberal thinking have created a good deal of confusion in some weak minds. One of the most damaging of these confusions, one that you may still be harboring without realizing its deep and divisive nature, is the idea that there are such things as “public” facilities. Or, indeed, a “public good”. In fact, the very word “public” arises from a severe misunderstanding of what forms a “society”. (more…)
Of course survival isn’t the only goal, just the first one, and I guess we ought from time to time to be more positive and look at ways of making the New American Oligarchy work for you. It’s not impossible. In fact it’s relatively easy once you can wrap your head around what the New Rules mean. That meaning can be put very simply:
Money is all that matters.