Occupy Wall Street's Quiet Hero

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Real Estate Broker Owner with Buyers' Choice Realty

Occupy Wall Street's Quiet Hero

 

 

I was arrested with this fine man yesterday morning. This is Captain Lewis and November 17th also happens to be his Birthday.

We all sang him Happy Birthday as we stood in our cuffs waiting to be booked for peacefully protesting. We all greeted him with cheers for joining the movement.

He said that we, meaning all of us who have been involved in Occupy Wall Street these last two months, were the ones who deserved the applause because our strength and courage to stand up for what we believe in inspired him. Ah, what a beautiful day!


~Raina Hamner

 

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Ambassador
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Mirela Monte
Myrtle Beach Real Estat
Buyers' Choice Realty

 Nicholas:  I hear you; I hear you!  You don’t have to scream!

 Now that we have that straight, let’s address the rest:

1.  "Not the private sector which actually pays taxes!"

Response:  Well, not really! 

The effective corporate tax rate has been steadily declining for decades. Corporations paid more than 49% of their profits in federal taxes in the 1950s, 38% in the 1960s, 33% in the 1970s and 25% in the 1980s. All the while, U.S. wages have been stagnant for years even as productivity has risen. Between 1989 and 2010, U.S. productivity grew by 62.5% -- far outpacing wages, which grew by only 12% during the same period, according to a March 2011 study by the Economic Policy Institute. 

*Compare those historic corporate rates of 49%, 38%, 33% and 25%, with our current 13%-15%-18% effective tax rate for corporations.  Who do you think makes up the slack?  That’s right: you and I do!

One of the more egregious falsehoods being peddled by the corporate tax cutters is that companies doing business in the United States are taxed at an exorbitant rate. Not so. While the United States has one of the highest statutory rates on the books at 35 percent, the only fair way to measure what companies actually pay is their effective rate — what they ultimately pay after deductions, credits and assorted writeoffs. By that yardstick, companies in the United States consistently pay taxes at rates lower than corporations in Japan and many nations in Europe.

Lest you have any doubt that the overtaxed American corporation is anything but a fairy tale, consider this:

During the 1950s, the decade in which more people joined the middle class than at any time in history — before or since — corporations paid 49 percent of their profits in taxes. Last year, it was about half that rate, a decidedly more modest 26 percent. In 2010, corporate tax collections totaled $191 billion — down 8 percent from $207 billion as recently as 2000.

Perhaps a more telling yardstick, corporate tax revenue in 2009 came to just 1 percent of gross domestic product — the lowest collection level since 1936, or three-quarters of a century ago. In 2010, it edged up to a puny 1.3 percent — the second lowest since 1940. Even worse, the shriveled tax collections came at a time when corporations were registering an all-time high in profits. At the end of 2010, corporations posted an annualized profit of $1.65 trillion in the fourth quarter. In other words, the more they made, the less they paid. As for the corporate share of total income taxes paid by businesses and individuals, it has plummeted from 40 percent in 1950, the dawn of Middle America’s golden age, to 18 percent last year.

The numbers tell us that a lot of politicians, including would-be presidential candidates, are mathematically challenged.  http://americawhatwentwrong.org/story/taxes-and-corporations/

 

A.     The corporate tax rate in the U.S. is 35%, but there aren't many companies that end up paying that amount. According to a study by the Citizens for Tax Justice and the Institute on Taxation and Economic Policy, the average tax rate of 280 S&P 500 companies investigated was 18.5% between 2008 and 2010.

B.     Over 70 companies paid no taxes at all.

C.     And then there were the 30 companies that paid less than nothing

Read more: http://www.businessinsider.com/these-are-the-30-american-companies-that-paid-less-than-zero-income-tax-from-2008-2010-2011-11?op=1#ixzz1eGWu0rEy


Thirty companies, the report says, had a negative income tax rate from 2008 to 2010 (meaning:  we, the People of the United States, GAVE THEM MONEY!), even though they took home a combined $160 billion in pre-tax profits.  http://www.huffingtonpost.com/2011/11/03/major-corporations-tax-subsidies_n_1073548.html

 

The following is not part of your argument, but FOX and other corporate media keeps asserting: 

 “But tax cuts for the corporations help create jobs!” 

Response:  No, not true!  Lower Corporate Taxes won’t create more jobs.

Compared with other advanced economies, companies doing business in the U.S. already pay low taxes. It's true that at 35% the corporate tax rate is technically higher than most major economies. But because of loopholes and other deductions, most companies pay significantly less – so the effective rate (or the percentage of corporate profits that is paid in federal corporate taxes) is about 13% to 15%, which is relatively low even by international standards.

General Electric (GE) has been the latest poster child of this phenomenon. Although it says it will have a small tax liability for 2010, the tax burden is tiny considering it made a profit in the U.S. last year of $5.1 billion, thanks to deductions, adjustments, offshore profit centers, and a 1,000-person tax team. However legal this might be, there's something unsettling about it all, especially at a time when millions of Americans are out of work and our state and federal governments wrangle over budget cuts that include slicing funding for everything from education to public safety.

For one, it likely won't create much more investment or create many more jobs, says Robert Lynch, economics professor at Washington College, who has done extensive research into taxation and economic development. In a 2004 study, Lynch found that firms don't necessarily relocate or expand to an area more just because it has lower taxes. What's more, while a lower tax rate reduces costs for companies and creates some positive effects on local economies, it doesn't necessarily create substantial jobs. Just take a look at South Dakota, which currently has no corporate income tax and ranks first in the Tax Foundation's Business Climate index. Even its governor acknowledges that the sparsely-populated state has had a tough time attracting household names.

Lynch says the same holds true at the federal level. What worries the economist is that any cuts to corporate taxes would take funding away from other public services such as education, new roads and infrastructure projects that companies and the overall economy might gain more from.

"Companies aren't suffering from a lack of investment funds," Lynch says, pointing to record cash levels held by America's biggest companies. "What they're suffering from is lack of profitable investment opportunities."

Even as many non-financial companies sit on an estimated $2 trillion at a time when interest rates have remained at nearly 0%, executives still aren't hiring much. Indeed, much of that capital is sitting overseas and there's a coordinated push among some of America's biggest companies to bring those funds home at lower costs. Cisco (CSCO), Apple (AAPL), Duke Energy (DUK) and Pfizer (PFE) are leading an effort for a one-year tax holiday on foreign earnings that would allow companies to repatriate money at a much lower tax rate of about 5%.   http://finance.fortune.cnn.com/2011/04/08/lower-corporate-taxes-wont-create-more-jobs/

 

2.       Location.  You’ll be happy to know that we are also protesting in Washington DC.  As a matter of fact, we now have 2,630 Occupations all over the world, including Washington DC.  Like you, when I first heard about the plans for Occupy Wall Street, I thought the same way as you: why Occupy Wall Street, when we should occupy the seat of power?

  The more I leaned, the more I understood that the seat of power is not Washington DC, but Wall Street.  Washington DC is where Wall Street’s puppets are located at; it’s Wall Street that pulls the strings.  I’ve submitted enough links above this entry to substantiate that fact, if you care to look.

 

November 20, 2011 12:55 PM
Ambassador
496,379
Mirela Monte
Myrtle Beach Real Estat
Buyers' Choice Realty

Nicholas:  If you think you know what's going on in the world because you watch CNN, FOX, or any of the other corporate media, you're sadly mistaken: a handful of corporate behemoths own ALL Major Media in the US!  If you watch the corporate media you know only that which they want you to know. 

I was born and raised behind the iron curtain, under a communist and totalitarian regime, from which we defected.  Do you know what the difference is between Romanians under communism and today's Americans?  In communist Romania, we KNEW that our Media was pure propaganda disseminated by our government and the ruling elite!

*Note: For independent media, where you can bypass the obfuscations and manipulation:  http://on.fb.me/AlternativeMedia

November 20, 2011 01:12 PM
Ambassador
496,379
Mirela Monte
Myrtle Beach Real Estat
Buyers' Choice Realty

Police brutality at Occupy      http://storify.com/adbusters/police-brutality

 

Shocking Images Show Escalating Violence Against OWS: http://www.care2.com/causes/shocking-images-show-escalating-violence-against-ows.html

November 20, 2011 08:25 PM
Rainmaker
353,982
Dale Terry

Mirela, that is alot of information to digest.  Since most of it is rehash, the point is well taken, corporations, manly multinationals, are screwing the public.  Okay, I get it and agree with you.  But my problem is that all those on the left seem to be able to separate government from the big corporations.  It is not only the banks fault, there had to senators and congressmen giving away those tax breaks.  Why are the protesters only concerned with the banks and not trying to protest against Obama and Congress?  Why pick only one special interest group?  Why not unions, big education, social programs gone crazy? 

Let's be honest, the protests are one sided and are not going to achieve recognition from the masses until they have something the masses are interested in.

I see that there are "shocking images" concerning police brutality?  Who told the police (campus police) to "escalate" the violence as you put it.  Was it the banks?  NO, it was the idiots that run our institutions that see that their power might be at risk.  They are all liberals too, imagine that.

November 22, 2011 05:41 PM
Rainmaker
38,473
Shirley Husar
Cash Investors Wanted Direct Bank
Herizon Plus Realty Development

GoTo www.hiphoprepublican.tv to see all 4 to 5 of the OWS Cities

November 30, 2011 03:30 AM
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