Posts Tagged ‘tax’

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We are ruled today by billionaire psychopaths who have captured the government, the regulatory processes, the foreign policies, and the tax code. Both parties are responsible, and it’s a fairly straight line to hell.

#PLUTOCRACY

#OLIGARCHY

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NYT:
A Tax Plan to Turbocharge Inequality

Also known as “Heads I win; Tails you lose.”

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Donald Trump Keeps Calling The U.S. The ‘Highest Taxed Nation.’

Right wingers love to bitch about having to pay taxes. It’s the one unifying principle they all share. And they’re full of shit.

Donald Trump likes to say the United States is the “highest taxed nation in the world.”

 

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Why does the US have 800 military bases around the world?

This is according to American University professor David Vine in his forthcoming book Base Nation, in which he seeks to quantify the financial, environmental, and human costs of keeping these bases open.

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Fossil fuels subsidised by $10m a minute, says IMF

So all that endless bullshit you hear about “free markets,” well how do trillions of dollars of tax subsidies going to the most polluting industries around factor in? The dinosaurs still rule the earth today…

The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments.

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This is business as usual. This is what’s allowed by those in charge in Washington. You should be angry today.

Corporate Tax Havens Stiff Taxpayers by $110B A Year

Last year alone, the U.S. Treasury and state governments lost roughly $110 billion in tax revenues after major corporations funneled their cash through accounts in the Cayman Islands, Bermuda and other offshore tax havens, according to figures compiled by the U.S. Public Interest Research Group (PIRG).

Related: 15 Fortune 500 Companies Paid No Federal Income Taxes in 2014

Under current law, U.S. corporations are allowed to defer or delay paying federal income taxes on overseas profits to avoid a federal corporate tax rate of as much as 35 percent until this money is “repatriated” or brought back into the United States.

At least 362 companies, making up 72 percent of the Fortune 500, maintained subsidiaries in tax haven jurisdictions as of 2013.

Among the biggest beneficiaries, according to the PIRG analysis:

  • Pfizer, the world’s largest drug manufacturer, paid no U.S. income taxes between 2010 and 2012 despite earning $43 billion throughout the globe. Pfizer actually received more than $2 billion in federal tax refunds.

  • Microsoft maintains five tax haven subsidies and kept $92.9 billion overseas in 2014. By taking advantage of the federal tax law, Microsoft averted an additional $29.6 billion in taxes.

  • Citigroup stashed $43.8 billion in offshore jurisdictions in 2014, saving itself $11.6 billion of additional taxes.

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