The Republicans might get this one right.
The United States system for taxing businesses is a mess.
The current corporate income tax manages the weird trick of both taxing companies at a higher statutory rate than other advanced countries while collecting less money, as a percentage of the overall economy, than most of them. It is infinitely complicated and it gives companies incentives to borrow too much money and move operations to countries with lower tax rates.
The Major Potential Impact of a Corporate Tax Overhaul http://nyti.ms/2jeVcVl
This article is really about wage theft, but no one likes to call it that.
The author commissioned a study to show how we could make up lost income gains by using earned income tax credits for the lowest paid workers.
This is a great idea which the staff generally applauds, but it misses the point of where the lost wages went. In seeking to fund this make-up pay the authors dance around the idea of making those responsible give it back.
economic growth has far outpaced income growth for decades. Gross domestic product for each person in the United States was 78 percent higher in 2015 than in 1979. But the average income for those households at the 20th percentile of the income distribution rose only 6.9 percent in that span.
No one wants to admit that corporations and the wealthy took the profit from productivity gains and GDP growth away from the workers. Now have to carefully beg for it back. This is not NobodyisFlyingthePlane. This is wage theft.
What Would It Take to Replace the Pay Working-Class Americans Have Lost? http://nyti.ms/2htjKcu
We know we can’t trust Trump or his word. It’s enticing to believe that he may actually do some good for the country. You can rest assured that it would only be inadvertently if he does. He is out for himself and no one else.
But remember that we’re dealing with a president-elect whose business career is one long trail of broken promises and outright scams — someone who just paid $25 million to settle fraud charges against his “university.” Given that history, you always have to ask whether he’s offering something real or simply engaged in another con job. In fact, you should probably assume that it’s a scam until proven otherwise.
And we already know enough about his infrastructure plan to suggest, strongly, that it’s basically fraudulent, that it would enrich a few well-connected people at taxpayers’ expense while doing very little to cure our investment shortfall. Progressives should not associate themselves with this exercise in crony capitalism.
Build He Won’t http://nyti.ms/2eWb0Pu
There are time to privatize and times not to. Just like all of Idiot-Elect Trump’s schemes privatizing infrastructure is just an enrichment scheme at the Public’s expense.
if you think we should build more infrastructure, then build more infrastructure, and never mind the complicated private equity/tax credits stuff. You could try to come up with some justification for the complexity of the scheme, but one simple answer would be that it’s not about investment, it’s about ripping off taxpayers. Is that implausible, given who we’re talking about?
Infrastructure Build or Privatization Scam? http://nyti.ms/2eQW0lI
It’s still hard to believe that anything but separatism, bigotry, misogyny, and small mindedness drove Trump supporters.
But it’s not hard to believe that Wall Street running our political machine makes people mad. When no one on Wall Street got punished for the recession yet most Americans felt the consequences it was an unspoken travesty. Now maybe it’s going to be dealt with.
“Are you going to return to the situation under Bush and Clinton where Wall Street wrote its own rules in the back room?” Mr. Stanley asked. “Or are you going to put forward something that constitutes a genuine alternative and that will prevent Wall Street from rigging the economy?”
How Letting Bankers Off the Hook May Have Tipped the Election http://nyti.ms/2eoC61h
Ryan and his cronies are nothing but corrupt puppets of big business.
House Speaker Paul Ryan presented his economic agenda last week, but it does not deal with the country’s problems with jobs, wages, investment, trade, inequality or other pressing economic issues. Rather, its 57 pages boil down to one idea: Roll back hundreds of federal regulations that protect consumers, investors, employees, borrowers, students and the environment.
The list goes on, with rollbacks to let banks, for-profit colleges, federal contractors, cable companies and other businesses that have hurt and exploited Americans in the past resume their discredited ways.
The Ryan plan is not, in other words, an economic agenda. It is a corporate wish list and a catalog of House Republicans’ fantasies.
Mr. Ryan’s Plan to Revert, Regress and Deregulate http://nyti.ms/1ZYOKkU
Philanthropy is not the right funding solution for our vital public institutions. Sure it’s great that wealthy individuals want to do good, but individual whims are not a reliable source of funding.
Entities profiting from the foundations of our society, it’s institutions, it’s infrastructure, its people, and it’s government have to carry the bulk of the costs of supporting and maintaining them.
Right now that needs to be done through taxes not charity.
In recent years, many of the industry’s elite have pledged financial support to schools, hospitals, police stations and homeless shelters, all while many of the industry’s companies have avoided paying taxes that would fund those same vital public institutions.
If we’re lucky, there may be, but Mr. Thiel isn’t going to like it. Wealth gleaned by way of tax dodges and monopolistic business practices is wealth stolen from the public, even when it is returned in the form of supposed gifts. Philanthropy has the power to do a great deal of good, but so do tax dollars allocated in an equitable democratic system. Perhaps it’s time to adopt a Gospel of Government.
What Can’t Tech Money Buy? http://nyti.ms/1WrhUuw