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In our commitment to reduce obscene, ugly, and cruel inequality in the US, we have to look at tax policy. Today tax policy serves to widen the gap between the rich and the rest of us. We can dramatically reduce the debt and deficit just by making our tax policy more reasonable and fair. Senator Bernie Sanders has laid out such a plan which we all should consider a guide and goal for the tax side of our struggle against inequality. NOTHING IN THIS PLAN WOULD RAISE TAXES FOR THE MIDDLE CLASS!

The Senator proposes to tax millionaires make from selling stocks or from shareholder profits at the same rate as taxes paid for work. If we pay 20%-30% of our working income in taxes, why should the rich only pay 13% on what they make by sitting on their butts?

Senator Bernie Sanders also proposes removing tax incentives for offshoring jobs. Those tax incentives are insane.

As Senator Sanders suggests we must establish a fee for reckless behavior on Wall St. If their reckless behavior caused our economic crisis and they refuse to discipline themselves, then we must.


Please stop right now and call both your Senators and your Representative at 202-224-3121 and TELL THEM NO CUTS TO SOCIAL SECURITY, MEDICARE, OR MEDICAID!


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Stewart Acuff is the former organizing Director of the AFL-CIO. Acuff has also written two books: Playing Bigger Than You Are: A Life in Organizing, and Getting America Back to Work.
Get the e-book edition of Playing Bigger Than You Are by clicking here!

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Comment Preferences

  •  Stewart - I have been trying to understand (2+ / 0-)
    Recommended by:
    phonegery, nextstep

    what incentives are in the US tax code for offshoring jobs. Do you know of a source that has a good summary?

    "let's talk about that"

    by VClib on Wed Dec 05, 2012 at 07:37:07 AM PST

    •  I too would like this source (1+ / 0-)
      Recommended by:

      Also, does anyone know of any bills eliminating these loopholes and making the hundreds of billions in savings?

      British guy with a big interest in US politics; -1.88, -4.05. A liberal, a moderate and a conservative walk into a bar. The bartender says "Hey Mitt".

      by General Goose on Wed Dec 05, 2012 at 07:55:00 AM PST

      [ Parent ]

      •  General Goose - I read a diary here (0+ / 0-)

        that stated that the actual "loophole" of allowing companies to expense, for tax purposes, the cost of shipping assets to other countries to relocate manufacturing totaled less than $100 million a year cost to the Treasury. So I have been trying to understand the "billions" that could be obtained if we didn't have "incentives" for corporations to move manufacturing offshore.

        "let's talk about that"

        by VClib on Wed Dec 05, 2012 at 09:07:51 AM PST

        [ Parent ]

    •  Perhaps it is not that there are incentives but (1+ / 0-)
      Recommended by:

      rather there are no disincentives to offshoring jobs.

      I fall down, I get up, I keep dancing.

      by DamselleFly on Wed Dec 05, 2012 at 08:30:07 AM PST

      [ Parent ]

    •  Here is a short write up explaining 'incentives' (1+ / 0-)
      Recommended by:

      Tax Incentives for Offshoring

      The corporate income tax rate in the United States is among the highest in the world at 35 percent — and yet American multinational companies actually pay an average of 2.3 percent. The reason for this can be found in the U.S. tax code, which provides deductions, offsets, tax credits and incentives to corporations to “offshore” their profits overseas. The amount of corporate income tax actually collected by the U.S. government in 2002 was 1.8 percent of the country’s gross domestic product, among the lowest in the industrialized world, according to a study by the U.S. Congressional Budget Office. Only Germany and Iceland were lower.

      I fall down, I get up, I keep dancing.

      by DamselleFly on Wed Dec 05, 2012 at 08:37:23 AM PST

      [ Parent ]

      •  Dameselle - this is a complex issue (1+ / 0-)
        Recommended by:

        The US is the only member of the G20 that even tries to collect income taxes on profits earned outside its borders. The rest of the G20 only taxes profits in their country and companies who have their headquarters in that country only pay tax on domestic profits. This is called the "Territorial" system of corporate income tax. BMW pays taxes in Germany for it's profits there, but does not pay German taxes for its profits in the US. Current US law for GM taxes US profits and a full tax is due on profits in Europe and Asia if those profits are returned to the US. That's why those profits are kept offshore where they finance expanded non-US operations. It makes no sense for US corporations to repatriate those profits to fund US projects with 65 cent dollars when they can be used as 100 cent dollars anywhere else in the world.  

        "let's talk about that"

        by VClib on Wed Dec 05, 2012 at 09:02:54 AM PST

        [ Parent ]

  •  used to be we had a transactions tax on stock (0+ / 0-)

    and we didn't have near the big national debt or constant drumbeat of what a danger it was to our nation from the GOP.

    Bring it back. Every share of every stock sold, you pay one half of one fifth of a penny on, whether you buy it or sell it. If you buy it, and you still have it in 18 months, you get a quarter of that tax money rebated.
    18 months further, another quarter; keep the stuff 48 months, and get the other half the tax back.

    Sellers, on the other hand, just pay the 1 10th of 1 cent on the stock for every share they sell, as a one-time fee.

    It'll change the world, I tell y'all.

    LBJ, Lady Bird, Anne Richards, Barbara Jordan, Sully Sullenberger, Ike, Drew Brees, Molly Ivins --Texas is no Bush league! -7.50,-5.59

    by BlackSheep1 on Wed Dec 05, 2012 at 12:07:26 PM PST

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