Compiled by Dick Bennett for a Culture of Peace, Justice, and Ecology
https://jamesrichardbennett.blogspot.com/2024/04/omni-equitable-taxes-anthology-1.html
Move to Amend 4-15-24
We don’t pay taxes. Only the little people pay taxes.
– Leona Helmsley, billionaire real estate tax dodger
Source: Ralph Nader images
Happy Tax Day! Only kidding.
The very rich and corporations try harder and are more effective in general in avoiding paying taxes than the rest of us. Here are a few numbers reflecting current tax priorities, legislative responses to promote tax fairness and economic and political equality, and how we, “the little people,” can become more active in promoting tax fairness and beyond.
0 – Number of people who enjoy paying taxes.
19,113 – Federal taxes paid by the average tax payer in the U.S. in 2023.
5,110 – Federal taxes paid by the average tax payer in the U.S. in 2023 specifically allocated for “militarism.”
Five examples from the average tax bill paid:
Pentagon contractors ($1,759) vs. the Child Tax Credit ($110).
1. Lockheed Martin ($249) vs. renewable energy ($11).
2. Boeing ($87) vs. the Federal Aviation Administration ($23).
3. Federal prisons ($32.29) vs. substance use and mental health programs ($31.69).
4. Foreign militaries ($112) vs. wildfire management ($14).
150 billion – The amount (at least) in taxes evaded by the nation’s billionaires and millionaires (Leona Helmsley disciples) each year, according to the IRS. The US has 737 billionaires with a combined wealth of $5.529 trillion as of March 2024, an 87.6 percent increase of $2.58 trillion from 2020.
2.2 trillion – Increase in wealth in dollars for U.S. billionaires since the Trump-GOP tax cuts (the Tax Cuts and Jobs Act of 2017) was passed, a significant factor in the national debt rising by around $8 trillion during Trump’s term. Individual tax cuts are set to expire at the end of 2025, unless extended, though some corporate tax cuts will continue.
41 – Number of states where the richest 1% of families have a lower tax rate than everyone else.
64 – Number of corporations that paid an average effective tax rate of just 2.8% (the legal rate is 21%) on $667 billion cumulative domestic profits while paying their executives over $15 billion. Thirty-five of the 64 corporations paid less in federal income taxes between 2018 and 2022 than they paid their top five executives. Their combined federal income tax bills amounted to a negative $1.8 billion – meaning they received a refund.
28 – Percentage proposed by President Biden in his “budget blueprint” for the corporate tax rate (currently at 21%). Tax justice activists call for higher rates and for ways to prevent corporations from effectively paying only a fraction of the amount.
4098 – Senate bill number of the Corporate Tax Dodging Prevention Act, sponsored by Bernie Sanders, aimed at closing tax loopholes, ending tax breaks for offshoring jobs, and halting profit hiding in tax havens. The Act could generate over $1 trillion alone by reducing the hiding of corporate profits.
7749 – House bill number of the Ultra-Millionaire Tax Act of 2024, sponsored by Rep. Pramila Jayapal. The act would impose a 2 cent tax on every dollar of wealth in excess of $50 million and another 1 cent of every dollar more than $1 billion. The Senate version is S.4017, sponsored by Elizabeth Warren.
16.4 billion – Total dollar amount spent in the 2020 federal elections by federal candidates, political parties and independent interest groups. Much of this was donated (more like invested) by the super rich and corporate entities to candidates, SuperPACs or “dark money” organizations for political advertising. The massive increase in wealth among the super rich and business corporations over the last 4 years due, in part, to tax cuts will undoubtedly result in a significant increase in 2024. After all, political spending in elections is constitutionally-protected “free speech” and corporations are legally defined as “persons,” leading to a further decline in political voices of people unable to make financial contributions. Increased corporate wealth from tax cuts also means more resources for political lobbying and legal actions to protect, if not expand, corporate constitutional rights.
54 – House bill number of the We the People Amendment, Move to Amend’s proposal to abolish all corporate constitutional rights and political money defined as free speech.
1 – That’s you, the one person with more power over yourself than anyone else. You have control with limitations over your time, energy and financial priorities.
0 – Percentage likelihood that significant positive change toward tax fairness (i.e. where others besides “the little people pay taxes”), justice in all its forms, legitimate democracy or a livable world will occur unless individual action and coming together to create a powerful and authentically democratic movement for democracy. That’s what Move to Amend is seeking to build. Join us. To volunteer, email info@movetoamend.org.To donate, go to movetoamend.org/donate.
In solidarity, Shelly, George, Daniel, Jennie, Keyan, Michael, Katie, Margaret, Alfonso, Jessica, Jason, Tara, Ambrosia, Cole, & Greg. Move to Amend National Team
https://www.movetoamend.org/ (Share this email using this URL)
Move to Amend · PO
Rich
Tax-free day for the ultra-wealthy.
Editor. Mronline.org (4-21-23). New data show the wealthiest Americans have stashed $2 trillion in offshore tax havens, as the government relaxes efforts to combat tax evasion.
By Vanessa Williamson, Dissent Magazine. Popular Revolution.org (8-21-22).This spring, legislators of both parties, from Connecticut to Georgia, responded to higher energy prices with “gas tax holidays,” temporary tax reductions for consumers that provide an additional windfall to the immensely profitable fossil fuel industry at precisely the moment when we should be ending the global warming economy. Thirty-six years after Grover Norquist first introduced the “taxpayer protection pledge”—by which thousands of legislators have committed to oppose all tax increases—American policymaking remains trapped in an anti-tax paradigm that leaves us unable to cope… -more-
TAX THE SUPER-WEALTHY
The urgent need to tax billionaires out of existence
Editor. Mronline.org (8-31-21).
A wealth tax would raise badly-needed revenue. More importantly, it could reduce the fortunes—and power—of billionaires.
Dems’ gift to their Wall Street donors
Editor. Mronline.org (8-8-22).
Democrats were set to mostly preserve, not close, a Wall Street tax loophole, before they dropped it entirely.
CORPORATE TAXES
raise the damn corporate tax rate
| Public Citizen via salsalabs.org 4-20-21 | |||
| to me | |||
Four years ago, Donald Trump and congressional Republicans — with Senator Mitch McConnell leading the charge — rammed through a regressive tax law that overwhelmingly benefited billionaires and Big Business.
· Officially named the “Tax Cuts and Jobs Act of 2017,” it should have been called the “Rich Get Richer and the Rest of Us Get Stiffed” law.
· Perhaps most egregiously, Trump and McConnell slashed the official corporate tax rate from 35% down to 21% — the lowest it has been since the Great Depression.
· Of course, many corporations exploit “loophole” after “loophole” to get away with paying far less than that, or even nothing at all.
Now — as part of President Biden’s infrastructure plan — Democrats have a chance to restore some balance and push Corporate America to pay something closer to its fair share.
The least we should do is bring the corporate tax rate back up to where it was (35%) before Trump and McConnell slashed it.
But President Biden’s proposal is far more modest, raising the corporate tax rate to just 28%.
Predictably, Big Business is whining that this is unfair and counterproductive. (Including many of the same corporations currently getting accolades for their supposed commitment to social justice.)
And there’s talk of accepting a “compromise” corporate tax rate of just 25%.
Tell President Biden:
If we’re going to raise funds to pay for infrastructure, then super-profitable corporations should — and can afford to — pay their fair share. After all, Corporate America relies on roads and bridges, electricity grids and water/sewage systems, communications and IT networks, the public education system, fire and police services, the public health system, and other essential infrastructure to do business. Do not settle for a 25% corporate tax rate.
Add your name.
Thanks for taking action.
For progress,
– Robert Weissman, President of Public Citizen
Covert and Konczal. “Tax the Filthy Rich!” The Nation (Oct. 28/Nov. 4, 2019).
THE MIDDLE AND POOR (see above various proposals for equity from Sanders, Warren, et al.)
This is how we invest in working families:
Craig Johnson <info@americansfortaxfairness.org>4-23-19
Dick,
We have a two-pronged approach to passing real progressive tax reform that creates an economy that works for all of us.
1. Fight on Capitol Hill to pass a Fair Taxes Now plan that repeals Trump’s tax cuts and goes far beyond that to make the rich and corporations pay their fair share.
2. Rally the American people around our proposals that raise the revenue needed to invest in working families and our country’s future.
Based on ATF’s new report, “Fair Taxes Now: Revenue Options for a Fair Tax System,” we’ve developed an interactive online calculator that lets you pick your priorities.
Do you want to strengthen the Affordable Care Act? That could cost $300 billion and could be easily paid for by raising income taxes on the richest Americans.
What about providing quality, affordable child care to working families? That could cost $1.2 trillion, paid for by taxing investment income of the wealthy the same way we tax the income of working families.
Together, we’re leading the movement to create a tax system that puts working families first by making the rich and corporations pay their fair share.
Thank you,
Craig Johnson
Digital Director
Americans for Tax Fairness
From: Frank Clemente
Date: Fri, Apr 19, 2019
Subject: This is how we invest in working families:
Dick,
What is preventing the U.S. from making a major new investment in our country’s future? 7,000 corporate lobbyists in Washington who helped Donald Trump ram his tax scam through Congress.[1]
And they got a great return on their investment.
A new report from our close allies at ITEP shows that 60 profitable Fortune 500 companies avoided paying any federal income taxes in 2018.[2]
Amazon reported $11 billion in profits and got a tax rebate worth $129 million. General Motors’ 2018 profits were $4.3 billion, and it received a $104 million tax rebate. Pharmaceutical giant Eli Lilly made $598 million but got a $54 million tax rebate.
That means you alone paid more federal income taxes than all three of these major corporations combined.
But, thanks to a major new report, Americans for Tax Fairness (ATF) has the solution! In the report, “Fair Taxes Now: Revenue Options for a Fair Tax System,” ATF details 40 ways to raise trillions of dollars from the rich and corporations for critical needs.[3]
We’re working hard with our allies in Congress to make these policy proposals the foundation of progressive tax reform. We’re helping lawmakers craft legislation that we hope will be voted on this year. And if passed, these proposals will allow us to invest big time in our country’s future.
Even if they do not become law this year, they will help set the table for a momentous debate in 2020 about the need to make the rich and corporations pay their fair share so we can protect Social Security, Medicare and Medicaid and invest in education, affordable healthcare and housing, roads and bridges, green energy and more.
ATF proposes to raise trillions of dollars in new revenue by:
· Reinvigorating the corporate tax code by raising rates, closing loopholes and repealing incentives to offshore profits and outsource jobs
· Ending tax breaks for wealthy businesses, such as special real-estate provisions that have benefited President Trump
· Raising taxes on the super-rich, both on high incomes and accumulated wealth
· Reforming taxation of investment income so that wealth generated on Wall Street is taxed more like work
· Tapping new revenue sources, such as a tiny tax on Wall Street speculation
This research and public education campaign is only possible with thousands of supporters like you across the country. While Wall Street and corporate America have high-priced Washington lobbyists fighting for corporate tax breaks, you have Americans for Tax Fairness demanding a fairer tax system that puts working families first.
Together, we’re demanding the rich and corporations pay their fair share. And when they do, we can truly invest in a future for all Americans.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “Final Tally: More Than 7,000 Lobbyists Worked on Taxes in 2017,” Public Citizen, Jan. 31, 2018 [2] “Corporate Tax Avoidance Remains Rampant Under New Tax Law,” Institute on Taxation and Economic Policy, April 11, 2019 [3] “Fair Taxes Now: Revenue Options for a Fair Tax System,” Americans for Tax Fairness, April 12, 2019
Paid for and authorized by Americans for Tax Fairness
Katrina Vanden Heuvel. “Time for a Wealth Tax!.” The Nation (Feb. 25/March 4, 2019). Mainly about Elizabeth Warren’s new proposal.
REAGAN AND GOP TAX CUTS
Monica Prasad. Starving the Beast: Ronald Reagan and the Tax Cut Revolution. Russell Sage, 2018.
Origins of the GOP’s relentless tax cuts, and how this is a uniquely US phenomenon.