10 Ways to Force the Stinking Rich to Share Their Wealth

[Jefferson23]

How rich people can stop whining about the deficit and start paying their taxes.

April 15, 2010 |

Tax day is upon us, and with it, our miserable annual rituals associated with fiscal responsibility. Some of these responsibilities are real: the procrastinators among us, including myself, are scrambling to send off our tax returns before the deadline. But some of this so-called "responsibility" is a mere phantom, particularly the misinformation ringing out from cable news stations about the supposedly dire state of our national finances.

For all the moaning from deficit hawks, the U.S. budget is simply not in crisis. If investors were losing confidence in our nation's ability to pay off its debts, we'd see a major reduction in demand for U.S. Treasury bonds. And we do not, in fact, see any such reduction. Last week the Treasury sold $21 billion in 10-year bonds, and investors were clamoring for them in such droves that the government had to turn away nearly 80 percent of them. If investors were really worried about the U.S. paying back its debt, they'd demand a very high interest rate from the government to compensate them for the risk they were taking. But in fact, interest rates are remarkably low. That 10-year bond currently fetches a yield of around 3.9 percent. For entire years of President George H. W. Bush's reign, the yield was above 8 percent, often eclipsing 9 percent.


snip* 1. Ban Offshore Tax Havens For Big Corporation

The government loses about $100 billion a year from corporate tax evasion. Companies that do their business in the United States hide their assets in another country that offers very low taxes, or none at all. You know the places: Bermuda, the Bahamas, the Cayman Islands, Switzerland, etc. This is illegal, but it happens anyway. President Obama vowed to end this absurdity shortly after taking office last year, but strangely, the proposal evaporated over time. It's easy to see why. According to the Government Accountability Office, 83 of the 100 largest American corporations (pdf) engage in this kind of tax evasion. All of those companies have lobbyists.


remainder in full: http://www.alternet.org/economy/146460/10_ways_to_force_the_stinking_rich_to_share_their_wealth?page=entire

[ShortnFiery]

1. Yes, tax the Dirty, Rotten, Filthy, Stinking Rich! They've kicked us in the teeth for too long.

[lonestarnot]

2. Some tax money would be nice yes. Could be used to reemploy some folks whose jobs they stole away

with their cheating.

[Jefferson23]

3. +1

[Newest Reality]

4. Ummm ....

Great ideas!

I think one would have to kick them out of the bed they are sharing with the government and dismantle the military-industrial complex they built with our money, first. Put that on the top of the checklist because you are up against a vicious beast that didn't ascend to power on pure luck.

Next up: More inverted totalitarianism and Fascist steps up the stairs. That appears to be a viable solution to quelling the rousing rabble.

[rocktivity]

5. No more entitlement programs

for America's REAL welfare queens.

:grr:
rocktivity

[Jefferson23]

6. Exactly right, let it be known who they are by name.

[Greyhound]

7. Kicking for exposure. n/t

[Jefferson23]

8. Thanks for the kick! Perhaps some here would consider e-mailing

this OP to their elected reps...for what's worth.