Posts tagged Taxes
Her Blondness
I will rock you like a hurricane.
“We have no evidence that C.E.O.’s are fashioning, with their executive leadership, more effective and efficient enterprises,” the study concluded. “On the other hand, ample evidence suggests that C.E.O.’s and their corporations are expending considerably more energy on avoiding taxes than perhaps ever before — at a time when the federal government desperately needs more revenue to maintain basic services for the American people.”
…
Verizon, which earned $11.9 billion in pretax United States profits, received a federal tax refund of $705 million. The company’s chief executive, Ivan Seidenberg, meanwhile, received $18.1 million in compensation. The online retailer eBay reported pretax profits of $848 million and received a $113 million federal refund. John Donahoe, eBay’s chief executive, collected a compensation package worth $12.4 million, the study said.
- Many US corporations pay their CEO’s more than they pay in taxes (NYT)
Trickle up economics makes the world go ‘round.
(via morninggloria)
We’re on the same wavelength today. Apparently it’s only the workers who need to be more efficient. The CEOs just need awesome accountants.
(via egryan)
Why poor people support tax breaks for the rich?
Why do lower middle-class and working class Americans support tax breaks for the rich? New research suggests it might not be about aspirations—i.e., “Maybe I could be rich someday.” Instead, says the Economist, people are more concerned with how social programs and wealth distribution might help people worse off than them become better off than them.
In other words: Nobody wants to be on the bottom and national economics looks a lot like a junior high locker room.
Awesome logic. I hate people.
(Source: sarahlee310, via rosa--sparks)
19 Different Polls Show That Americans Support Tax Increases To Cut Deficit
ONLY 19? Not good enough.
(Source: sarahlee310, via brooklynmutt)
Illegal Aliens From Space (Mexico) Pay More Taxes Than G.E.
Hi friends! Just checking in to let you know that undocumented immigrants paid an estimated $11.2 billion in local taxes last year — that’s $11.2 billion more than G.E. forked over, even though General Electric is a documented corporation that makes billions and billions of dollars! (Gawd it must be so sexy being a gelatinous corporate monster that doesn’t have to pay taxes, cuz you literally own our sad, sad, sad country.) (Read More.)
Wonkette often cracks me up.
By Felix Salmon
Stephen Culp has another striking chart today.
This chart should be ingrained in the mind of anybody who cares about fiscal policy. The main things to note:
- Federal taxes are the lowest in 60 years, which gives you a pretty good idea of why America’s long-term debt ratios are a big problem. If the taxes reverted to somewhere near their historical mean, the problem would be solved at a stroke.
- Income taxes, in particular, both personal and corporate, are low and falling. That trend is not sustainable.
- Employment taxes, by contrast—the regressive bit of the fiscal structure—are bearing a large and increasing share of the brunt. Any time that somebody starts complaining about how the poor don’t pay income tax, point them to this chart. Income taxes are just one part of the pie, and everybody with a job pays employment taxes.
- There aren’t any wealth taxes, but the closest thing we’ve got—estate and gift taxes—have shrunk to zero, after contributing a non-negligible amount to the public fisc in earlier decades.
If you were structuring a tax code from scratch, it would look nothing like this. But the problem is that tax hikes seem to be politically impossible no matter which party is in power. And since any revamp of the tax code would involve tax hikes somewhere, I fear we’re fiscally doomed.
