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The Absurdity of Corporate Tax Cuts During the Corporate Pillaging of the Middle Class


#1

The Absurdity of Corporate Tax Cuts During the Corporate Pillaging of the Middle Class

Paul Buchheit

It could be argued that the greatest American pillaging is the transfer of taxpayer funds into the bloated military, or a greed-driven private health care system that deprives human beings of essential medical care. But the conversion of American technologies into low-taxed plutocratic profit may be the most flagrant attack on the middle class.


#2

“The Mainstream Media is Afraid to Speak Up”

Not Afraid, rather Indifferent, Owned, Purposely Directed Away.


#3

Purposely Directed Away.

This media, the entire media, has been completely corrupted.


#4

“The pillaging of the middle class” is the direct result of four decades of decriminalizing FDR’s New Deal era financial service industry regulations that the corrupt media continues to label “deregulation”.

1982 stock buyback decriminalization cited by the author is one of many examples. Note that when US taxpayers bailed out General Motors in 2009, GM used the money to buy back stock, close US plants, and expand plants in China to the extent that Buicks made in China hit US dealers’ lots by 2016.


#5

It was estimated that the Bail Out, if used for the Populace instead, would have resulted in Each and Every US Citizen receiving a Check for $30 Thousand Dollars, almost ALL of which would have been Pumped directly back INTO the Economy, instead of Hoarded or used for Stock Buybacks.


#6

During the 2016 POTUS election the Dimcrits couldn’t stop bragging about their GM bailouts as they campaigned in the rust belt…and then they wondered why Trump won the rust belt.


#7

The civil war in the U.S. is a battle between 30 giant corporations and the U.S. working population. Those corporate powers buy our government, our Congress and etc., lower taxes on extremely high income earners, lower regulations, and suppress income for millions. They are the oligarchs. They are pillaging the country. This is the core of the nation’s difficulties. Some 30 corporations take in half of all corporate profits, and that would be half of $2.27 trillion pre-tax profits (St Louis Fed, FRED), call it $1.14 trillion for 30 firms pre-tax profits, $38 billion per firm on average. Exxon Mobile, Goldman Sachs, GE, GM, Ford, ATT, Verizon, ABC, NBC, and so on, I’d like to see the list. It would look like the list that supports ALEC, the group undermining state government. And that can also be stated that 0.8% of all public corporations (who sell corporate stock in public stock exchanges) make half of all profits – 0.8% (under one percent) about 1 in every 125 public corporations. There were 3,766 publicly owned firms in 2015. I read at EPI.org that 29% of American workers work in firms with more than 10,000 employees, and I’ve read a U.S. Census report claiming that 50% of all workers, about 60 million private sector workers, work in “firms, establishments” with more than 500 employees, 2/3rds work in firms with more than 100 employees, and about 17% are self-employed or working in firms like doctor’s offices etc, really small firms. My instincts are to nationalize these very large firms, it would be more efficient. But taxing the top earners at 90% is another option. We did this in the 1950s. This would eliminate the epidemic of raw greed we now see – professor William Lazonick writes about corporate buybacks and calls the U.S. corporation a predator. He states that 91% of profits for the top 450 firms (on the S&P 500) over 10 years went to buybacks and dividends, not to wage increases and R&D, and the U.S. economy will self-destruct unless corporations create more purchasing demand (aggregate demand) by raising wage levels, or they must use their surplus to develop better products and production through technology investment. Both ways – insufficient purchasing power or inadequate tech progress – will cut the prosperity and international competitiveness of the U.S. economy. Do they, the CEOs and top 10% care? Not in the least. Looters, parasites, people with little social concern but oversized self-concern are sapping the society of prosperity. My blog, http://benL8.blogspot.com, Economics Without Greed. Thank you again, Paul B.