Listen to this video to get a real picture of the US economy. It is no wonder that so many peoples are so angry about their economic situation that they were willing to take a chance by voting for an outsider like Donald Trump to become the US president in 2016. They felt they had nothing to lose.
This video also explains why conservative republicans are hard at work to create an alternative reality based on “fake news” because they wouldn’t dare share a dose of reality with the average Joe workers. Instead they provide the incentive for hard working Americans to blame “the other” by filling in the blank with names like illegal immigrants for us to use to explain our less than rosy economic conditions.
I recently saw a tweet where the author admitted to being White and unemployed. I responded that I empathized, but reminded him that a lot of folks of color also suffer unemployment, and according to the data, more often than their White brothers and sisters.
The sad fact is that blaming others and making excuses keeps us from facing what’s real so that “we the people” can become part of an active majority to fix things so that all of us are more fairly treated economically. We don’t have to sit back while the republicans in the White House and the US Congress pass a tax cut bill that mostly rewards very, very rich individuals and large corporations at the expense of the rest of us while they like Senator Chuck Grassley, blame us for not being rich.
Many of these huge profitable corporations like International Paper and General Electric have been paying -0- dollars towards the IRS federal taxes.
Here are Some Key Findings from a 3/9/17 ITEP study that evaluated profitable companies only for an eight year period from 2008-2015:
- “As a group, the 258 corporations paid an effective federal income tax rate of 21.2 percent over the eight-year period, slightly over half the statutory 35 percent tax rate.”
- “Eighteen of the corporations, including General Electric, International Paper, Priceline.com and PG&E, paid no federal income tax at all over the eight-year period. A fifth of the corporations (48) paid an effective tax rate of less than 10 percent over that period.”
- “Of those corporations in our sample with significant offshore profits, more than half paid higher corporate tax rates to foreign governments where they operate than they paid in the United States on their U.S. profits.”
“These findings refute the prevailing view inside the Beltway that America’s corporate income tax is more burdensome than the corporate income taxes levied by other countries, and that this purported (but false) excess burden somehow makes the U.S. “uncompetitive.”
- “One hundred of the 258 companies (39 percent of them) paid zero or less in federal income taxes in at least one year from 2008 to 2015.”
- “The sectors with the lowest effective corporate tax rates over the eight-year period were Utilities, Gas and Electric (3.1 percent), Industrial Machinery (11.4 percent), Telecommunications (11.5 percent), Oil, Gas, and Pipelines (11.6 percent), and Internet Services and Retailing (15.6 percent). Each of these industries paid, as a group, less than half the statutory 35 percent tax rate over this eight-year period.”
- “The tax breaks claimed by these companies are highly concentrated in the hands of a few very large corporations. Just 25 companies claimed $286 billion in tax breaks over the eight years between 2008 and 2015. That’s more than half the $527 billion in tax subsidies claimed by all of the 258 companies in our sample.”
- “Five companies — AT&T, Wells Fargo, J.P. Morgan Chase, Verizon, and IBM — enjoyed more than $130 billion in tax breaks during the eight-year period.”
In short, the large profitable corporations are sitting on so much cash that they could direct NOW towards increasing their front-line workers wages which have remained stagnant for at least 3 decades. Giving these entities more monies in the form of tax cuts won’t change this.
Blaming others won’t change our less than rosy economic conditions, either. Instead if we join together, our numbers create a force to be reckoned with that gives us average Joe workers tremendous power. This is what those on top would do just about anything to prevent. We do not begrudge the success of the rich but they have to learn that we cannot be ignored and easily deflected into blaming our fellow brothers and sisters who are traveling on the same boat, paddling upstream and getting nowhere They are going to have to share the spoils.