Another point to remember is that taxes collected by the gov't doesn't just get locked away in a savings account like corporate profits do. I know I don't spend 100% of what I earn, I save as much of it as I can. The gov't on the other hand spends all its tax money. The gov't has no savings account. Now, who is really jacking up the tax burden? How about those CEOs of military contractors earning millions yearly? That's why your taxes are so high. Perhaps it would help if all gov't contractors were required to be non-profit organizations. Something to think about. Take the profit out of doing business with the gov't. The workers and management of the businesses get paid fair wages and nothing more. I'm just throwing ideas out there.
Verizon Communications Profits: $19.8 billion Effective tax rate: -3.8%
General Electric Profits: $19.6 billion Effective tax rate: -18.9%
Boeing Profits: $14.8 billion Effective tax rate: -5.5%
NextEra Energy: North America's largest solar and wind power operator, based in Florida
Profits: $8.8 billion Effective tax rate: -2%
American Electric Power: Electric utility based in Columbus, Ohio Profits: $8.2 billion Effective tax rate: -6.4%
Pacific Gas & Electric: California electrical utility Profits: $6 billion Effective tax rate: -8.4%
Apache: Houston-based oil and gas company
Profits: $6 billion Effective tax rate: -0.3%
Consolidated Edison: New York energy company Profits: $5.9 billion Effective tax rate: -1.3%
El Paso: Houston-based energy company that operates the country's largest natural gas pipeline Profits: $4.6 billion Effective tax rate: -0.9%
CenterPoint Energy: Electric and gas utility company based in Houston
Profits: $3.1 billion Effective tax rate: -11.3%
Robert Reich pretty much sums it all up with the words, " rubbish " and " baloney" . The kind of items from the 1980s you'd find in a Trumpster designed Dumpster at a shuttered and bankrupt Trump hotel or casino. Maybe, if one had a MBA from Trump U. it would dynamically and magically pencil out over decades. Maybe, monkeys from Kansas will magically fly out of Ivanka's designer thong and take up residence in Dad's orange hair canopy. And, whisper sweet nothings in his ears. Things like, " Are you going to be impeached? " My next spring lines are going to end up being marketed at Dollar Tree if this keeps up " and " Will Turkey grant the whole family asylum, or just you?
"I will gladly pay you Tuesday for a hamburger today."
* I never realized Wimpy was a CEO.
"'Truly Dumb': Why $2.4 Trillion Corporate Tax Cut Will Not Magically Pay for Itself"
Not so dumb to corporate shareholders wanting to maximize profits.
Incorporate America before other corporations take it over.
I have yet to see where any of the 1% who are ripping us off gave a flying fig about the deficit or long term economic growth. their coffers are full and getting fuller. And to all the imbeciles who bow and scrape at their feet hoping for a handout: you are sickening sycophants.
The "trickle down theory" lives on but has now become a torrent of excretion on the poor as well as the struggling middle class all treading water to live. DJT has to pander to the patricians, the moneyed megalomaniacs, banks/investment firms and corporations...as it is all about securing his own empire and filling his own coffers.
And all the tax breaks at the state and county levels where they operate contribute to the federal tax loopholes and giveaways. And just how many of those listed also burden the states/areas in which they operate (with impunity) with the huge financial outlays for cleanup of their (the corporations) toxic waste, pollutants, and water? ALL! Don't pay taxes, don't pay fare wages when it suits them (break unions at will), don't ensure worker safety, payoff local officials to allow them to stretch the ecological constraints, and laugh at environmental regulations.
Hysterical! Thank you so much for making me laugh until crying! Well done!!!
It's an insidious myth that corporations pay to much taxes. A cursory check of any of the 1040 schedules would tell even the least articulate in math that American corporations pay the vast sums in American taxes. Check the numbers on total American taxes. the laboring class by far out preforms corporate America in federal taxes, not to add in the value added taxes and state taxes and fuel taxes.
"Will Not Magically Pay for Itself" ... but it will pay the politicians .... nothing else matters ......
Trickle down theory again...more likely a tsunami of pee...
All the trickle down since Saint Ron's revolution has indeed been yellow.
For four decades corporations and the politicians they own have been feeding us BS about occupations, wars and tax cuts paying for themselves...while the opposite always been the result.
In 1970 corporations paid 29% of all US income taxes. Today it is 6% and would be lower if so many US workers did not have lower incomes today than they had a decade ago.
The corporate pirate's will give you your paycheck minus a nice chunk to help pay their taxes. The mother of all scams.
I read years ago that a more apt metaphor would be "Horse and Sparrow Economics:" Feed all the corn to the horse - the sparrows get theirs from what comes out the other end.
Sounds about right.
Having lived through this with Reagan and Bush, I think a more apt term than "trickle down theory" would be Corporate Golden Shower.
Think of it this way, in that Russian hotel on that certain bed, the corporations would be the call girls, and all the rest of us are the mattress.
The trickle down theory is akin to the bloodletting of days past. As blood is drained so is the capacity to live diminished until there's no life left if allowed to continue. Supply side, or trickle down economics is just like draining of blood until the trickle dries up. This has never worked and never will. The ONLY tax plan that makes sense is to raise taxes on large multi-national corporations and the top 15% at least back the the level in the 1960's where corporations shared more of the burden than middle and working classes. Anything less will hasten the entire economic collapse that will make the great depression look like a Sunday picnic. There seems to be a type of madness permeating Washington these days as delusional thinking, especially about economics, is sinking in.
And horses do not digest corn well so sparrows would have a feast. In fact, not one racehorse on any track (Thoroughred, Quarterhorse, Arabian or Standardbred Trotter or Pacer) or high priced show horse of any breed would find a kernel of corn in their feed tubs...EVER (unless their owners were having money problems). And corn should not be feed to any horse over the age of eight.
I will definitely remember your metaphor. Thank you.
Perfect, I couldn't have said it better. Corporations have placed operatives at high places in the governance,(Congress, the fed) and write the rules to enrich themselves at the cost to the lowly taxpayer that can't write off countless deductions. Quite a scheme, eh.