by Linda Beale
On Monday, Congressman Lloyd Doggett, a long-time member of the House Ways and Means Committee, releases a GAO report showing the continued advance of corporate tax expenditures that allow corporations to pay little or no taxes year after year.
“Of the many Americans who are right now getting their taxes ready to file, I doubt there are very many that think they will be able to pay a mere nickel on the dollar.
Source: Angry Bear
by Linda Beale
Somehow, more Senators need to start doing what Senator Warren does.
Source: Angry Bear
by Linda Beale
Obama’s budget isn’t even released yet and he’s already caving to the “let’s make the rich richer and forget the rest” crowd.
Source: Angry Bear
by Linda Beale
The New York Times today reiterated what many Americans lament–Big Banks went uncharged for serving as the main engine of the Great Recession that cost ordinary Americans jobs, homes and futures.
Source: Angry Bear
by Linda Beale
The US Senate confirmed Jacob Lew as Treasury secretary by a 71 to 26 vote (with 20 Republicans voting with Democrats) late Wednesday.
Source: Angry Bear
by Linda Beale
Through a process of Wall Street interpretation of the law and the “Wall Street Rule” (that says that the government tax administration will have great difficulty gainsaying an interpretation of the tax laws that lots of high-powered–read “wealthy”–Wall Street bankers and friends have arrived at for their own benefit), private equity fund and real estate investment partnerships have long operated under the assumption that their managers can earn compensation income as though they were “partners” in the firms they are managing, even though they make no capital contribution whatsoever.
Source: Angry Bear
by Linda Beale
It seems that billionaires think they are entitled to it all and think they should be able to run their speculative games without paying much of anything at all in taxes to the government they depend on. And none of this is good for the economy or good for the taxpayers not in “the 1%”.
Case in point–John Paulson, the notorious hedge fund manager who got a CDO built to his desires with a bunch of iffy subprime mortgages and then took the short side of the bet, making a fortune off the bet against subprimes in the mortgage crashes underlying the 2007-8 Great Recession.
Source: Angry Bear
by Linda Beale
One of the right-wing’s most cherished myths is that highly progressive taxes will kill state revenues, since the rich who have the money to pay them will simply move to a more accommodating jurisdiction.
This is repeated in most conversations I’ve had with staunch right-wingers.
Source: Angry Bear
by Linda Beale
As most of the Angry Bear and ataxingmatter readers know, I do not frequently applaud the economic punditry of those freshwater economists who think the way to deal with the problem of failed market fundamentalism policies is to double-down on those failed policies.
I’ve noted that we tried that already.
Source: Angry Bear
by Linda Beale
Rep. Camp’s Ways & Means Committee held hearings today on the charitable contribution deduction. To watch the hearings, you can go to this website. Camp is planning a tax code rewrite, which he says is intended to lower rates, simplify the code, and curb some tax breaks.
Regarding those Camp objectives–they are not generally the right ones.
Lowering rates is the wrong objective.
Source: Angry Bear
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