Now that YOU, like other honest lower 95% Americans paid their taxes by yesterday – reflect on how the richest, most powerful DID. NOT. Below are just a few things to keep in mind, as Congressional Crazies in the U.S. House claim they’re doing all their grandstanding because they want to “stop waisting tax dollars.”!!!!! – Well, think on the following, many of which are well known:
1]. “..125,000 Americans making between $400,000 and $1 million a year have simply refused to file taxes since 2017.” [S. Kolhatkar; The Progressive Populist; 4/15/24]
2] University of Texas law professor Johnson and colleagues “have shown how Congress, by closing loopholes could raise $1 trillion each year without any new taxes or rate increases.” {“The Fine Print”]
3] For the first time EVER, in 2012 more than half all income went to the richest 10%; “the richest 400 individuals now exercise degrees of influence over society comparable [to] rulers of ancient Rome.” [“The 1% Solution”]
4] “Between 1987 and 2013, the number of billionaires rose according to ‘Forbes’ from 140 to 1,400 and their total wealth rose from 300 5o 5,400 billion dollars.” [“Capital in the Twenty First Century”]
5] in the 1932-1980 period, the top U.S. tax rate averaged 81%; the top estate tax rate 70% and over. [“Capital in the Twenty First Century] ***** Remember – 1947-73 is the middle class statistical golden age, THE era of a broad prosperity. If YOU wonder why 2024 isn’t that – remember these numbers – AND which Party cut them, often.]
6]. Ending a tax loophole for “private equity” means $35-50 billion ANNUALLY. YOU can inform yourself about the “merits” of “private equity” from Morgenson & Rosner’s “These Are The Plunderers. How Private Equity Runs – and Wrecks – America,” and Mother Jones’ special report, “Looted. How private equity is stripping America for parts” in the May-June, 2022 issue. And, there is much more; damage to health care, damage to local newspapers, etc., etc.
7] “An analysis released Jan. 3 shows that in 2022, the wealthiest people in the United States collectively held a “staggering” $8.5 trillion in wealth that is not – and might never be – subject to taxation..” [The Progressive Populist; February 1, 2024]
8] “Between 2013 and 2018, leading U.S. billionaires paid an average federal tax rate of just 4.8%, according to previous ATF analysis.” [The Progressive Populist; 2/1/24]. *****Were YOU lucky to pay YOUR taxes at 4.8%????????????
9] Recently released statistics by Popular Information report, shows American corporations guilty of $163.3 million in WAGE THEFT to over 200,000 American workers in back pay not given. [The Progressive Populist; S. Pizzigati; 2/15/24]
10]. Between $400-600 billion in taxes is NOT paid each year – 61% of that by the top 10% [“Tax The Rich”]
11] $0 percent: what 91 profitable 2018 Fortune 500 companies paid in taxes – this includes Amazon. [Tax The Rich”]
12] 61% of American corporations, 39% of large corporations – paid $0 corporate income tax, between 1996-2000;
— the corporate share of total U.S. tax burden in 2003: 14.4%; it WAS about 50% in 1940;
— the CBO says ordinary American’s taxes will increase $1.86 trillion, 2008-2013 – BUT corporate taxes DROP $327 B!
— because of loopholes, the U.S. corporate tax is 3rd LOWEST worldwide as a percentage of GDP
[ the above from Parade magazines ‘Intelligence Report,” 4/13/2008: “are You Paying for Corporate Fat Cats?”]
13] 100 companies RENOUNCED. THEIR. U.S. CITIZENSHIP, 1983-2015 – to avoid taxes [Mother Jones; Mar-April, 2015]
14] $0 – what 55 large U.S. corporations paid in 2020 federal income taxes; saving $8.5 billion if taxed at statutory rate – AND !!!!! – they got back $3.5 billion in tax rebates !!!!!!!!!!! [Public Citizen News; July-Aug, 2021]
15] $1 billion – total of Amazon subsidies and tax abatements from state and local governments, 2007-2017; Amazon had “a whole department tasked with securing subsidies”. [“Fulfillment”]
16] $47 collected – for each $1 spent by the IRS on “targeted enforcement efforts” that focus on high-income taxpayers
— $6 collected by the IRS for every $1 spent in recovered unpaid taxes; AND – 3 times that indirectly due to deterrent effect. [“American Amnesia”]. **** so WHY do Republicans want to [& did} slash the IRS budget??????? What tax cheats don’t pay – YOU do, either in higher taxes, or in reduced/eliminated services. Think of American government, at all levels, as a “business” – it provides services/products – but needs revenue to do it, & “stay in business”
This ISN’T “rocket science”. – because of corporate and top 2% tax cuts, 2024 America is NOT. the country it was, before 1980. YOU can confirm the NUMBERS yourself, just research 1947-1979 income and wealth distribution and tax burden. – compared to 1980-2024 income and wealth and tax burden. What mainstream economists and scholars have found; EVERYTHING has been shifted to benefit the rich and corporations, post-1980.
The American national debt, for 1789-1980 – ALL expenses [wars, depression, investments in people and infrastructure, etc.] , had resulted in a TOTAL U.S. debt of LESS than $1 trillion – you read that right LESS THAN $1 trillion. In 2024 it is over $30 some trillion. What happened??? Start with the Reagan, Bush II, Trump tax cuts – WHO got the main benefits. The immoral Trump tax cuts were passed. KNOWING. they would blow up the U.S. national debt – the Trump tax cut alone is responsible for about 25% of the U.s. national debt.
SO – when the Republican Congressional Crazies theatrically scream about “cutting waste” – ask them why job #1 isn’t the obvious: end the Trump tax cuts, end the Bush II tax cuts, end the Reagan tax cuts. This is a simple math problem – like YOUR kids learn in school. When the hole is too deep – stop digging!!!
It is also a morality and fairness issue. In a “democracy,” why do the rich kids get the biggest share????? In 1947-73, when America had a “progressive” tax structure – America was at its STATISTICAL peak for the entire population. That’s when America lived up to the Constitution’s Preamble: “..to promote the general Welfare..”
This is also a CORRUPTION. issue. The rigged U.S. tax structure was bought and paid for – by “campaign contributions” and other payoffs – by none other than the THREATS TO DEMOCRACY – corporations and the rich. Keep voting for the FAR RIGHT – the current Republican Party – and you’ll get more of this. NOT because this post says so – but the NUMBERS. in the post-1980 Republican track record prove it.
CORRUPTION is de-finding the I.R.S. – so it CAN’T prosecute the rich and their corporations, because the I.R.S. doesn’t have the numbers of agents, nor the up-to-date technology – by CORRUPT REPUBLICAN design and intent. It’s called paying off your wealthy “campaign donors”. – by actual confessions.
With Justice For All 