Archive for August, 2011
This would be the headline in the UK tonight:
Obama to Boehner: Tell me what to do and I’ll do it.
Republicans are laughing their ass off at wimp shit Obama tonight:
Yo, Obama — what’s so hard about saying OK, forget the joint session of congress I asked you to convene on September 6. I don’t need your approval to move my agenda forward. I’m going to hold a press conference in the Oval Office on the 6th anyway.
Why is that so hard Obama?
Yo? Obama? Anyone home?
Republicans stare you down and you cave every time.
If you have two minutes and 20 seconds to spare, I suggest this super-charming video called “Back to the Start” with Willie Nelson signing Coldplay’s “The Scientist.”
The film was commissioned by Chipotle to “emphasize the importance of developing a sustainable food system” (a worthy cause) so you’ll see a bit of product placement but the video is so sweet it doesn’t matter.
Notice the darling way the animals are drawn.
(Via. H/t Beth.)
I thought Jon Huntsman might be a bit saner than his fellow whacked-out GOP presidential candidates, but I guess not:
2012 GOP presidential hopeful Jon Huntsman is releasing an economic plan today that is as bad for the middle-class — and as nutty — as any proposed by his rivals. It would pay for a half-million-dollar tax break for the richest 0.1 percent of Americans with tax increases on the middle-class and new taxes on seniors, veterans, and poor families.
In an apparent attempt to eclipse all previous Republican giveaways, including the disastrous Bush tax cuts, Huntsman would drop the marginal rate paid by the richest Americans by more than a third to 23 percent –a lower rate than rich people paid during the Coolidge and Hoover Administrations or any time since. He would also eliminate all taxes on all capital gains and dividend income — the primary forms of income for the wealthiest Americans.
How is it we are at a place where millionaires can run for president and say, with a straight, unashamed face, that they’re going to raise our taxes and cut theirs? How in the world has that come to be acceptable? Oh, wait. I know. I guess we sheep have thoroughly accepted the BS (put out by corporations and the rich) that the “job creators” need lower taxes so they’ll create a whole bunch of new jobs, right? So how low do corporate taxes and taxes on the rich need to go before they start creating all those jobs? I mean, we’ve been waiting ten years already.
Oh, and see below for more on how corporations and their CEOs are suffering under the weight of our “high” tax rate.
This would be our Tweet of the Day:
Here is the article Nouriel linked to:
It has become a bipartisan article of faith in some quarters that the income tax on U.S. corporations must be lowered.
But for many large U.S. companies, the burden of U.S. taxation pales in comparison with what they pay their chief executives, according to a study released Wednesday by the Institute of Policy Studies, a liberal think tank.
Of last year’s 100 highest-paid corporate executives in the United States, 25 earned more in pay than their company recorded as a tax expense in 2010.
Those 25 firms reported average global profits of $1.9 billion. Among the 25 were Verizon, Bank of New York Mellon, General Electric, Boeing and eBay.
“These individual CEOs are being rewarded for presiding over companies that dodge taxes,” said Chuck Collins, one of the study’s co-authors and a senior scholar at the Institute of Policy Studies.
For example, Bank of New York Mellon paid its chief executive Robert Kelly $19.4 million last year, while the company got $670 million in what amounted to a tax refund, according to the report.
The rich sure have gotten their money’s worth when it comes to their lobbyists. The system is rigged to give them every break imaginable. I mean, how in the world did We the People end up giving the Bank of New York Mellon $670 million?
And then there’s this:
Verizon, for instance, saw the equivalent of a $705 million refund in 2010 because it deferred paying taxes on the bulk of its income to future years. The company’s total tax bill from 2010 was about $2.5 billion. The delay in tax payments allowed the firm to make investments in the nation’s technology infrastructure, a company official said.
“Verizon fully complies with all tax laws and pays its fair share of taxes,” its spokesman, Robert A Varettoni, said.
But Scott Klinger, a co-author of the report, said the ability of corporations to push off tax bills is unfair. Ordinary Americans “don’t get to just defer our taxes until next year or 2030 or whenever they come due,” he said.
My point exactly, because D.C. doesn’t work for “ordinary Americans” anymore. The rich have curried such favor with Washington that they’re actually staying within the law (that their lobbyists wrote, no doubt) when they get these amazing breaks. That has got to change.
This is just sad. Hope and change = smoke and mirrors:
Solyndra, a renewable energy firm that became the darling of the Obama Administration, shut the doors to its California headquarters today, raising fresh questions from the administration’s critics about political favoritism in the federal loan program.
The manufacturer of rooftop solar panels opened in 2005 and in 2009 became the Obama administration’s first recipient of an energy loan guarantee — a $535 million federal commitment that helped minimize the risk to venture capital firms that were backing the solar start-up. Obama made a personal visit to the factory last year to herald its bright future.
ABC News and the Center for Public Integrity’s iWatch News first reported on questions about the choice of Solyndra for the loan in May after the Department of Energy disclosed it was being forced to restructure its loan package for the company, which was showing early signs of financial distress. One of Solyndra’s major investors was George Kaiser, an Oklahoma billionaire who raised between $50,000 and $100,000 for Obama during the 2008 election.
Don’t talk to me about doing anything to Social Security or Medicaid or Medicare until crap like this stops happening:
The Financial Times is very touchy about people cutting and pasting their content so I apologize for not putting a little blurb up here. Just read the first three short paragraphs. It’s enough to make you scream. (On the other hand, defense contractors and warlords are partying.)