Three card monte extraordinaire!
First the corporations played three card monte with the states trying to gain low to no taxation for 10 years. That is continuing and will continue with the tax cuts making the corporate tax nominal rate one of the lowest in the world. Loopholes were not closed and CEO’s who were queried stated, “they would still ship jobs oversees and transfer wealth to their shareholders and themselves’. So why are we prepared to cut corporate taxes? “We the People” know trickle down economics doesn’t work; neither does the continuation of loopholes in the tax law which allows tax evasion on a grand scale.
How does this effect the American people? When trillions of corporate dollars are sequestered off shore, along with capital from individuals in the trillions, the tax revenue from this money is lost to the American people and the global economy. These enormous sums could provide the social safety we need, the education and healthcare we deserve, and the necessary infrastructure projects we require. In addition, more revenue circulating in the country would encourage creativity and higher paying jobs. Revenue, not debt or low taxes, increases productivity. Revenue means progress and more equality.
In a new book I’m reading called “Capital without Borders”, tax evasion on a grand scale proves that money withheld from our economy hurts Americans and eventually it will destroy our safety nets and stop innovation for lack of funds. The debt burden will increase with time becoming a burden to future generations.
Is Orin Hatch disingenuous, when he claims he wouldn’t knowingly hurt the American people? I think so. He’s playing to his donors and not the American people.
If the tax cut is passed , it will be another nail in Democracy’s coffin, as income inequality and government by influence persists.
With the publication of the Paradise Papers and in other published academic literature we find that .07% of the world’s wealthy control 41% of all the wealth. 167 ,000 individuals worldwide are returning Americans to a feudal state where the rich get richer and the poor stay poor. Tax free wealth transfer through family estates and trusts is being legalized by Congress. Estates up to $11 million pass tax free to future generations. Twenty years ago estates of $1 million were taxed at 55%. Now many GOP Congressmen support wealth transfer and low corporate taxation even as Americans are saddled with debt and low paying jobs. There is no way to climb out of poverty for the many. This is our country’s shame.
Meanwhile, $21 trillion in global wealth remains sheltered, hindering economic growth by $200 billion annually. We are allowing our country to be taken to a nonproductive place unlike any we have ever seen or experienced in our history. Remember the dark days of patronage in the Middle Ages. The peasants rebelled until they won back their rights. It took centuries and our planet won’t last centuries, if a massive wealth transfer continues on a global level. We are either distracting ourselves, in denial or sit helplessly by while America’s fortune is transferred to the newly formed Robber Barons of the 21st Century. Makes no sense to me! Why would you vote against your self interest? “ We the people” are losing out on prosperity.
Forcefully advocate “No” on the Senate Bill for tax reform and block reconciliation. These articles of tax reform (wealth transfer) affect the wealthy in both Parties: the Bushes, Mitt Romney, Penny Pritzker, the Waldons, and many more! Why shouldn’t they keep contributing to the Society that helped create their wealth? Where are the innovators of their next generation?
How can Tax Reform, a dull topic to be sure, have an the impact on individuals that will be profound? Trust me, we don’t want to be around to find out. I’ll recount the consequences anyway!
Jobs continue to move offshore and tax loopholes contribute to more wealth creation and tax evasion.
The Federal debt increases and becomes more expensive to maintain. The burden falls to our children and grandchildren.
The middle and lower classes lose Medicare, Social Security and healthcare benefits to pay down Societal debt created by legalized tax evasion.
Inflation impacts our lives; personal and student loan debt balloon.
Mortgage debt increases and is not 100% deductible.
Professionals pay more taxes and Hedge Funds pay less taxes.
Small businesses must offer Healthcare and big business uses part time contractors and pays lower costs of employee benefits overall.
See you Monday and we’ll chat.
“the heart and pulse of the Middle Class”