Inequality has many sources, but political and technological dynamics are key factors.
by Charles Hugh Smith, Of Two Minds:
You may have seen this video on Wealth Inequality in America, which has gone viral. I have shown the same data for years in charts and discussed it at great length: Made in U.S.A.: Wealth Inequality (July 15, 2011).
The bottom 80% of American households held a mere 7% of these financial assets, while the top 1% held [...]
Twitter, along with other tech companies in San Francisco, may receive local tax breaks for agreeing to give “charitable contributions” that in Twitter’s case includes giving away promoted tweets to local organizations and volunteering.
According to documents from San Francisco’s government website, the tax deal—which requires companies with over $1 million in payroll expenses to negotiate a Community Benefits Agreement with the city— exempts approved companies located in the North of [...]
Ronald Reagan did it. George W. Bush did it. On Monday, Barack Obama did it.
Each president used an inaugural address to herald his intent to push tax changes during his term. Reagan and Bush were successful, but experts say Obama faces high hurdles to achieve the tax code revamp he has in mind.
Still, the mention signals that Obama is not giving up on his desire to require tax revenue hikes [...]
Washington’s involvement in the real estate industry is quite substantial every year, totaling hundreds of billions of dollars in direct expenditures and tax breaks.
A new report from the nonprofit organization Smart Growth America says federal financing and spending on real estate totals about $450 billion annually. This investment by the government ranges from loan guarantees to commercial tax credits, and helps Americans with things such as rent, first-home purchases and assistance for business development. [...]
thedailybell.com / By Staff Report / January 11, 2013
Greek Finance Ministry plans to put an end to cash payments. Purchases worth more than 500 euro will be not possible with cash money anymore. Finance minister Yiannis Stournaras told the Parliament on Thursday that he examines that “the expansion of electronic transactions with credit cards and other electronic payment methods for a wide range of transactions for amounts much smaller than those required by [...]
Haven’t seen these vids posted here…so just adding them for those interested.
Did you know this?
“Ben Swann earned a bachelor’s in liberal arts from BYU in 1993, at age 15. He got a master’s in history at﻿ 16, in 1994
(posted at youtube by WALKxTHExDOGS)
full disclosure: shootings
liberty rebublicans: fight for control
the truth behind NDAA…. part 1 of 2
the truth behind NDAA…. part 2 of 2
… The extension of the tax incentive allows for all film productions, including each individual episode of a television series, to a deduction of between $15 million and $20 million depending on the location of the production, reported Breitbart…
there is another story here about tax breaks for dems biggest supporters:
“Obama’s Tax Evaders of the Year”
Tax Director and Vice President – Taxes at GE Energy Financial Services
GUESS WHICH COMPANY PAID $0 IN TAXES (ON $14.2 BILLION IN PROFITS)? HINT: ITS CEO WORKS FOR OBAMA
Half of all Americans don’t pay federal taxes on their income. And neither, apparently, does General Electric, the multi-national company that reaped $14.2 billion in profits last year. Though G.E. is the largest corporation in the U.S., it did not have to pay a [...]
from Phoenix Capital Research:
Last week I outlined the reason why we are very likely going over the fiscal cliff: there are little if any political incentives for the GOP or Dems to fix the problem; the best option politically is to let us go over the cliff and then offer targeted tax breaks in late 2013 early 2014 as part of their 2014 Congressional campaigns.
With that in mind, corporations are [...]
December 1, 2012
Republicans Saturday said it was vital to the U.S. economy that tax breaks for the highest-income brackets be extended.
In the party’s weekly media address, Sen. Orrin Hatch, R-Utah, said the wealthy were the font of the nation’s job creation and allowing their tax bills to go up would have dire consequences on working folks.
“We should not raise these taxes, but we should enact comprehensive tax reform that will [...]
“Microsoft isn’t happy about a new tax on companies foreign profits
It takes an incredibly powerful company to threaten the U.S. government in hopes of impacting a significant decision, but that’s precisely what Microsoft is doing. Microsoft CEO Steve Ballmer made headlines when he publicly attacked President Barack Obama’s plan to cut tax breaks on U.S. companies’ foreign profits, a plan which is currently awaiting Congressional approval.
Mr. Ballmer suggests that if [...]
The White House has reportedly proposed axing $150B of tax breaks over ten years as part of negotiations to avert the fiscal cliff. These include $28B for fossil fuel companies, $77B connected to inventory valuation, and $13B in low capital-gains rates for P-E funds, VC firms, and real-estate transactions.
House Democratic leader Nancy Pelosi says she’s hopeful lawmakers can come to a deal to avoid a year-end ‘fiscal cliff” – but any agreement has to include tax rate increases for the wealthy.
She told morning show This Week that she can’t accept a deal that caps deductions and closes some loopholes but does not alter current tax rates for the wealthy.
The California Democrat says ‘just to close loopholes is far [...]
by Charles Hugh-Smith of OfTwoMinds blog,
Raising taxes is the “solution.” Too bad incomes are declining. What will raising taxes do to household savings, spending and the economy?
We all know cutting Federal spending is politically impossible, so that leaves raising taxes as the only “solution” to the “fiscal cliff.”
Since most income tax revenues flow from household income, let’s look at some charts of the workforce and household income:
As a percentage of the [...]
Runs 1 minute. This is the main clip, recorded secretly at the Boca Raton home of Marc Leder, CEO of hedge fund Sun Capital Partners.
Here are 2 good links on the subject:
Washington’s tax break obsession is why 47% pay nothing
18,000 households earned at least $500k in 2011 and paid no income taxes
“There are 47 percent of the people who will vote for the president no matter what. All right, there are [...]
Today Money Mail can reveal how savers are missing out on up to £2?billion interest a year because banks and building societies are failing to pass on cash Isa tax breaks.
Some of Britain’s biggest High Street names are routinely denying cash Isa savers the best rates by paying a better rate on ordinary savings accounts, where interest is taxed, than on untaxed Isas. In doing so, they are effectively stealing [...]
For centuries, the church has enjoyed tax breaks and special privileges that have helped them become the ridiculously wealthy organization they are today. But as Europe’s nations, cities, towns, and the general public struggle through the economic downturn, more and more people have called for an end to the special treatment.
To be clear, the taxes would not be levied on actual Churches, but rather, on their vast property holdings and commercial businesses.
In effect, anything [...]
(Reuters) – The U.S. government is gearing up for a politically charged fight over Solyndra’s bankruptcy plan, as the former solar panel maker supported by President Barack Obama revealed a further $23 million in potential tax breaks for its venture capital backers…
Brazilian President Dilma Rousseff is set to unveil a R$133bn ($65.6bn)stimulus and investment package on Wednesday in an effort shore up …
Brazil’s labour market defies slowdown
beyondbrics Brazil economy
Tax breaks boost Brazilian car production
Brazil After the carnival
Special reports Investing in Brazil 2012
July 11, 2012
The Obama administration allowed millions of dollars in federal stimulus funds to go to foreign companies, despite recent claims by President Barack Obama that he opposes the process, which he calls “shipping jobs overseas.”
Recently, Obama criticized Republican rival and former Massachusetts Gov. Mitt Romney, saying that the GOP presidential candidate favored outsourcing while Obama opposed it.
“I want to stop giving tax breaks to companies that ship jobs [...]
Republicans have seized on the Supreme Court’s health-law ruling to blast the Affordable Care Act as a giant tax on the middle class. Rush Limbaugh went so far as to call it the “biggest tax increase in the history of the world,” a preposterous claim we debunked in a previous column.
On Sunday, White House Chief of Staff Jack Lew refused to acknowledge that the individual mandate represents a tax, even [...]
Jun 7, 2012 4:46pm
Fed Chairman Ben Bernanke Warns Congress on ‘Taxmaggedon’: ‘If You All Go on Vacation, It’s Still Going to Happen’
The Federal Reserve Board Chairman had a stern warning today for Congress: “Taxmaggedon” is real, it’s coming and only lawmakers can save the nation from falling off this rapidly approaching “fiscal cliff.”
“What is particularly striking here is that this is all pre-programmed,” Fed Chairman Ben Bernanke said. “If you [...]
From Sober Look:
As discussed earlier this month, the U.S. is facing a “fiscal cliff,” a sudden expiration of tax breaks and spending programs that could have severe consequences for the fragile U.S. economic growth. The issue is now getting some attention in the media.
CNBC: – The United States’ economy could shrink as much as 4 percentage points in the first half of 2013 if Congress fails to address the expiration [...]
Putting pressure on Congress to approve parts of his latest economic stimulus plan, President Obama urged Americans Saturday to push lawmakers to approve his multibillion-dollar “to-do list” for creating jobs.
“Each of the ideas on this list will help create jobs and build a stronger economy right now,” Mr. Obama said in his weekly address. “Let’s push Congress to do the right thing. Let’s keep moving this country forward together.”
The president’s list includes an expanded [...]