Moyers: Wall Street's Massive Freak Out When Asked to Pay Their Fair Share

[xchrom]

http://www.alternet.org/economy/154973/moyers%3A_wall_street%27s_massive_freak_out_when_asked_to_pay_their_fair_share/

Benjamin Franklin, who used his many talents to become a wealthy man, famously said that the only things certain in life are death and taxes. But if you’re a corporate CEO in America today, even they can be put on the back burner – death held at bay by the best medical care money can buy and the latest in surgical and life extension techniques, taxes conveniently shunted aside courtesy of loopholes, overseas investment and governments that conveniently look the other way.

In a story headlined, “For Big Companies, Life Is Good,” The Wall Street Journal reports that big American companies have emerged from the deepest recession since World War II more profitable than ever: flush with cash, less burdened by debt, and with a greater share of the country’s income. But, the paper notes, “Many of the 1.1 million jobs the big companies added since 2007 were outside the U.S. So, too, was much of the $1.2 trillion added to corporate treasuries.”

To add to this embarrassment of riches, the consumer group Citizens for Tax Justice reports that more than two dozen major corporations — including GE, Boeing, Mattel and Verizon — paid no federal taxes between 2008 and 2011. They got a corporate tax break that was broadly supported by Republicans and Democrats alike.

Corporate taxes today are at a 40-year-low — even as the executive suites at big corporations have become throne rooms where the crown jewels wind up in the personal vault of the CEO.

[dkf]

1. The problem is when almost half of households dont pay taxes either not many can complain.

Hardly anyone has standing to really gripe about this. The people who pay their true fair share of income taxes is a minority.

[xchrom]

2. ...

hardly any one.

[dkf]

3. Yep hardly anyone.

This person has kids, that one has a large mortgage deduction, that one has muni bonds, this one gets to deduct tons of "business" expenses, that one has tax credits, etc etc.

[jschurchin]

5. Yep.........

And this one and his wife paid almost $9,000 last year.

Good thing too, this way you don't have to pay yours.

Asshole.

[dogknob]

11. Bwahahahahaha!

Fuck you dkf

[MannyGoldstein]

4. The Middle Class is paying for everyone

The Middle Class is the backbone of functional countries - we have some money to spend, and we spend it on things that actually create jobs as opposed to the rich who spend their money on assets that simply get bidded up and create few if any new jobs (property, collectables, equities, etc.)

In the 1950s, the average wage earner paid about 7% in all federal taxes, combined. Today it is 14%.

In the 1950s, the wealthiest paid about 51% in all federal taxes, combined. Today it is less than 17%. It's good to be rich, eh?

Add in regressive state and local taxes like sales tax, property taxes, and so forth, and we see that the Middle class is being bled dry by the Predator Class, those who can afford to purchase laws that mandate a transfer of wealth to themselves from the 99%.

[HughBeaumont]

7. Uh, that's because half of the households don't make enough MONEY to pay FEDERAL income taxes.

That doesn't mean they don't pay OTHER taxes, nor does that mean 95% of families in this country have the highly advantageous Cost-of-living/tax burden that the rich do.

Please don't spout how well off the middle/working/poor have it on a progressive board. Your consistent defense of economic talking points straight out of Neil Cavuto's ass isn't welcome here.

[dkf]

8. No it's because they get tax credits.

No matter how meager my earnings I have always paid federal income tax from my first summer job til now.

[DiverDave]

10. BULLSHIT!

You got REFUNDS unless you made a bundle selling your stocks.
Yes you got fed. taxes taken out
And then in april, you got IT ALL BACK, unless you didnt file taxes.
What about FICA? what about S.S.?What about GAS tax?
I get a substantial tax refund, But, I pay sales tax and these others.
Forgot about those, didnt you?
So BS on you pal


Shenanigans I call SHENANIGANS, you just go back to your FRiends place and tell them you got caught.

[dkf]

13. Nope. I swear...minimum wage summer jobs and I paid income taxes.

I was a dependent back then so I couldn't claim myself which goes back to the value of the standard deduction and dependents being the key to paying taxes or not.

[DiverDave]

14. You are not convincing me

You got every DIME back.
Unless your tax preparer screwed up.

I worked since I was 14 years old and I ALWAYS got my taxes back.
I didn't just work the summer either, I worked part time all year round.
I had to help out, you see.
and you are my 3rd ignore

[dkf]

25. You got back every penny of state and federal income tax deducted from your paycheck?

Really? Even as a dependent? I find that amazing. Gosh I wish I had saved my income taxes from that far back so we could exchange data.

[Dragonfli]

9. I haven't heard that talking point since I turned on FOX by accident

Those lucky duckies that are too poor to have a taxable income are the real problem.

"half of households don't pay taxes" Great right wing talking point, congratulations, you have reminded me how blue dogs are almost identical to Republicans. They even use the same talking points.

Kudos to you sir, you are an honest blue dog, most pretend to be at least a little progressive, I find your honesty refreshing even as I throw up a little hearing you use that GOP line.

[The Magistrate]

12. Bullshit, Ma'am: Income Tax Is Not the Totality Of Taxes, And Yoiu Know It

So drop the American Enterprise Institute talking points and discuss the matter honestly.

[dkf]

16. Those are the taxes that pay for the stuff we are generally debating on this board.

The other taxes we pay are spoken for like social security taxes and other payroll taxes.

[The Magistrate]

17. Again, Ma'am, Deliberate And Malicious Distortion, Which You Know To Be False And Beside The Point

We may leave aside the borrowings from the trust funds, which finance a good deal, and which you argue against making good on a regular basis.

The fact is that people towards the lower end of the income pay a higher proportion of their incomes in taxes of all sorts than do people at the upper end of the income scale. The claim then that the former 'pay no taxes' is a deliberate and knowing lie, and is designed and bruited about oley to try and both increase the tax burden on people who make less and decrease the taxes paid by people who get higher incomes.

A progressive tax system, coupled with government assistance to the less well off, is meant to be re-distributive. In fact, the system needs to be altered to make it more so, greatly more so.

[dkf]

19. Well unless you want to argue that the social security trust fund should not be paid back

Then you ought not to argue it is being used to fund our wars.

How does my paying my local car registration fee say that I contribute to funds being used to provide extended federal unemployment benefits? Those are completely separate funds.

Taxes don't go from local to federal. But federal income taxes do go to the local level. If you are not paying federal income taxes you do not participate in the discretionary funding of the federal government.

[The Magistrate]

20. Trot Out This Crap Argument All You Like, Ma'am: Just Understand No One Will Take You Seriously

Everyone knows what the point of it is: it is a propaganda line devised to argue for reducing taxes on the wealthy and raising them on working people, particularly the working poor. People who peddle this line are simply tools and stooges for the like of the Koch brothers, and enemies of working people and the United States.

[dkf]

21. No...raise taxes for all of us. We all need to participate in funding and determining priorities.

We all need a stake in our country.

Maybe if all people paid income taxes they would care more how money is being spent. But if that isn't your money then you can only benefit and you can spend as extravagantly as you wish. What is the downside after all?

[The Magistrate]

23. Keep Up The Shilling, Ma'am: You Just Dig Your Hole Deeper

The people you are saying pay no taxes pay a higher portion of their income in taxes than do their better off compatriots. You have consistently argued that taxes should not be raised on the wealthy, and have never indicated assent to any specific measure for increasing taxes on wealthy citizens. You are peddling crap, and you know you are peddling crap. It is very tiresome.

[dkf]

26. Hello? Am I not on record supporting the rescinding of all Bush tax cuts?

Are you serious?

[The Magistrate]

27. Quite Serious, Ma'am

That simply restores rates to a status quo ante which was supposed to re-assert itself after a space of time: they were by law stated from the start to be temporary.

And you still peddle the standard 'lucky duckies pay no taxes' swill which is intended to see to reductions on taxes for the wealthy and increasing taxes on the working poor. It is a despicable exercise, and one you would do well to leave off.

[dkf]

28. Get rid of all the bush cuts and I'll be mostly satisfied.

Is that an attack on the working poor? Was Clinton the bad guy and Bush the savior?

[4dsc]

15. Do you realize how wrong you are??

Show me this 50% that don't pay TAXES and I'll show you a 50% that pay more in taxes as a percentage of their income than most people in the top 1%.


Or don't you understand the difference between federal taxes to which the article is claiming and the regressive taxation that effects most everyone else.

[dkf]

22. Funny how people don't protest the regressive taxes.

Maybe that is what they should be doing in addressing the problems where they exist instead of trying to make it up at the broad brushed federal level.

[varelse]

18. I pay state & federal income taxes

I also pay social security taxes, and state and county sales taxes.

If only half of households pay taxes, then more than half of us have the right to demand a more just distribution of the tax burden, even by your standards.

Do you pay taxes?

[dkf]

24. Hell yes. I only claim the standard deduction.

Yes I contribute to retirement funds but they will tax me on that later at higher rates than now I am sure.

[blackspade]

6. Moyers is right on target as usual!