Monday, February 2, 2015

The real welfare queens

Regressives hard endlessly about those on social welfare, how they're living high on the hog at our expense of paying them lower than poverty level wages. Meanwhile the richest corporations, while having a nominal tax rate, never seem to pay anywhere near that amount, if anything. So here's Robert Reich on the President's plan for a one-time 14% tax on US corporations' money abroad, which money they've stashed abroad for the very purpose of not paying their fair share in taxes. This money goes to upgrading our infrastructure, something the very same corporations use proportionally way more than the rest of us, so why shouldn't they pay their fair share? They shouldn't according to regressive faux reasoning (aka rationalization). Meanwhile, the infrastructure will put to work hundreds of thousands of Americans, another thing regressives can't stand.

From Reich's FB page:

"This morning President Obama sent to Congress a budget that includes a one-time 14% tax on the $2 trillion in profits big U.S. corporations have socked away abroad, in order to pay for upgrading highways, bridges, and public transit in the America. Republicans are already screaming the proposal is dead on arrival, but it’s a good idea – and it won’t be dead if more Americans understand the back story.

"That story is that global corporations based in the U.S. get all the advantages of being American companies -- including aggressive protection of their worldwide assets through U.S. trade laws, diplomatic deals, and sometimes even military action -- but avoid U.S. taxes by shifting their profits abroad. (Under current law, those profits are taxed only if they're returned to the U.S.) Paying a one-time tax on those global profits in order to repair America's infrastructure, so Americans can be more productive and competitive, is the least they can do. If congressional Republicans want to protect their big business patrons from paying their fair share, let America see them do it."

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