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8 Huge Corporate Handouts in the Fiscal Cliff Bill
1 year ago
| Government & Politics

Here are the corporate subsidies in the fiscal cliff bill that you may not know about.

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January 1, 2013 |  

 
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"Throughout the months of November and December, a steady stream of corporate CEOs flowed in and out of the White House to discuss the impending fiscal cliff. Many of them, such as Lloyd Blankfein of Goldman Sachs, would then publicly come out and talk about how modest increases of tax rates on the wealthy were reasonable in order to deal with the deficit problem. What wasn’t mentioned is what these leaders wanted, which is what’s known as “tax extenders”, or roughly $205B of tax breaks for corporations. With such a banal name, and boring and difficult to read line items in the bill, few political operatives have bothered to pay attention to this part of the bill. But it is critical to understanding what is going on."

read the article at:

http://www.alternet.org/news-amp-politics/8-huge-corporate-handouts-fiscal-cliff-bill?page=0%2C1&paging=off

Senate-Passed Deal Means Higher Tax on 77% of Households
1 year ago

"The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday."

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http://www.bloomberg.com/news/2013-01-01/senate-passed-deal-means-higher-tax-on-77-of-households.html

1 year ago
House Passes 'Fiscal Cliff' Deal; Increases Spending $332B; Hikes Taxes; Most GOPers Opposed; Boehner: Yes, Cantor: No

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"According to a Congressional Budget Office analysis, the deal will increase federal spending by $332 billion over the next ten years."

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http://cnsnews.com/news/article/house-passes-fiscal-cliff-deal-increases-spending-332b-hikes-taxes-most-gopers-opposed

1 year ago

Erg.

So, everyone's taxes go up, no protection of the middle class, no military budget cuts, and we increased Federal Spending, with bonus special interest tax breaks...

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Yeah...this is just ...erg...there are no words.



This post was modified from its original form on 02 Jan, 15:16
1 year ago

Haven't read the links yet but I will.  I will say ERG with your last comment, however.

1 year ago

"While taxing family-owned businesses through the death tax"

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That is going to effectively wipe out the remaining small family farms.

1 year ago

"While taxing family-owned businesses through the death tax"

I laughed a bit at that line, because I thought we were all gone already.  These clowns, all of them, are more than pathetic.  We the American people deserve so much better than what we get.

On another note, I think all New Jerseyans and New Yorkers should stop paying federal taxes until they do right by us for Sandy.  Son of a bitches all of them.  They take so much and give nada back.  Fuk them all.



Sorry if that is over the top, but it is the way I am feeling these days.

1 year ago

From what I can see there was pork in that Sandy relief bill that the GOP were against.

Money going to Goldman-Sachs was put in the bill.

Boehner wants to address Sandy separately and make sure the money is appropriated to the victems and not these other arseholes who attach themselves to bills and are not suppossed to be there in the first place.

 

Who are these people who put in leeches who want to make money and take from relief funds for victems.  There are more crooks in D.C. and they are the new mafia. 

1 year ago

Sheila, I'd like to believe that is what is going on.  I don't though.

1 year ago
  • The implications of this tax increase, as I mentioned on another thread, are the taxes will be paid by the professional class who will raise prices on their vital services. We will pay with increases in our costs. Obama and company will then claim "foul" and seek price controls.
  • This will result in accelerating retirement of those in the professional class and reduction in services especially health care. The young will not go into these fields as it is expensive to do so and the potential rewards are reduced. The best and brightest will find other fields and the public will suffer the consequences. The powerful and the political class will, of course, be taken care of and get offsets in pay and benefits.
  • Small and medium sized business especially start ups will pay higher taxes and will have to compete at a disadvantage with their politically connected competitors. The higher costs of this along with Obama care and other increased regulatory burdens will cause many business to fail if they cannot raise their prices to cover increased costs. We will either have to pay more from these business if they are to stay in operation. Some will be forced to sell out to their competitors. This will further reduce competition and restrict our choice on where to purchase goods and services.
  • The fiscal cliff "compromise" extends tax credits for the powerful and connected. This will give a advantage to some and effectively this is the State picking winners and losers.
  • Manipulation of the monetary system by the Federal Reserve will increase and the Fed will end up with a balance sheet that will be nearly 30% of the GDP by the end of 2013. That number represents the money the Fed has placed into the hands of the banks. For free.
  • By purchasing assets from the banks and nonperforming mortgages that have been laundered through Fannie Mae, and FHA, that are not marked to market, many of which are only worth a small fraction of what the Fed has given to the banks. The highest balance sheet the Fed has ever had in US history was 16% of the GDP. The Fed will have almost doubled that with no end is sight.
  • Essentially, the Fed has guaranteed that any bad loans the banks make will be covered by the Fed. There are zero examples in history where a central bank has done this without a resultant decline in the economy of that nation. Most of those nations became failed states.
  • The US middle class is in decline. The policy of negative return on savings is destroying the wealth of the American middle class. Increased costs will make this worse.
  • The wealthy and politically connected are increasing their "share" of the wealth of the nation. The political class that began as those that sought to "do well by doing good" are now "doing well by doing badly". Government policies are increasingly destructive to both liberty and prosperity..
  • The political class is parasitic. Many are still well intentioned, but the results of their actions are self serving as they seek to extend their own prosperity at the expense of other Americans.
1 year ago

"

"While taxing family-owned businesses through the death tax"

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That is going to effectively wipe out the remaining small family farms."

I am probably the only one here with no problem over the death tax.  But I can see exempting businesses from that tax.  Farms and small family businesses.  YUP. 

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