Obama Wants to Lower Corp Taxes; Raise Small Business Taxes!!

SDN 2 logoIn a speech today El Presidente Barack Obama del Republica Bananera revealed that he wants to raid tax rates on small businesses up to 40% while lowering tax rates on corporations to 28%.

Just for comparison individual tax rates average around 35%.  Additionally, about 41% of government revenue comes from individual income taxes and about 40% come from payroll taxes.  Corporate tax source make up about 9% of federal revenue from income taxes.  This according to the Joint Committee on Taxation for fiscal year 2010.

See:
http://en.wikipedia.org/wiki/File:Federal_Receipts_by_Source,_2010.jpg

Getting back to Obama’s speech today he did not explain why he wanted these new tax rates on corporations and small business nor did he explain just how he thinks such a move would do anything good for the US economy.  What he proposed today is actually an old proposal to lower the corporate tax rate from 35% to 28%.  For manufacturers the tax rate would be lowered to 25%.  This comes less than a year after the government raised the top tax rate for individual to 39.6% which is also the average rate in taxes paid by many small businesses.

Although Obama did not explain his reasoning for this nor why he thinks such a move would be a sound economic idea he did say that the US tax code is currently riddled with “loopholes” and that corporations end up paying little to nothing in taxes while small businesses end up paying 35% or more.  He said he wants to simplify the tax code so that loopholes are closed.  He also said he wants to fix the US to stop giving incentives to ship US jobs overseas and he wants to lower tax rates on businesses that create jobs in and for America. He gave no further details on exactly what loopholes he was referring to.  Ironically, during the 2012 presidential race the Obama camp came down on the Mitt Romney camp for not identifying which loopholes Romney would close.

Sadly, Obama and Company fail to understand that it is small business that drives America and it is small business that creates the MOST jobs for Americans in America.  Obama’s desire to lower tax rates for corporations and raise tax rates for small business is yet one more proof that Obama is NOT a Socialist, Communist, Anarchist, or anything thing of the sort.  What he is is a Fascist Corporatist and this proves it so.  He does the corporate bidding and he serves the corporations.  He has a history now of trying to cut the throats of small business while at the same time promoting corporatism. Continue reading

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80% of Americans Facing Poverty!!

A new AP survey has come out and the results are somewhat shocking but not unexpected.  The survey suggests that 4 out of 5 Americans today struggle with joblessness, living in near-poverty, and/or find themselves having to rely on welfare at some point in their lives like food stamps, cash assistance, or disability.  It’s a black eye on our nations economy and blows the myth that everything is great and the economy is getting better.  Apparently not so!  What these results are indicators of is that the economy is not getting better and economic security in this nation is deteriorating.  The results also indicate the the so called “American Dream” is becoming more and more elusive for the MAJORITY of people on Main Street.
The AP survey attributes these results to increasing globalization of the US economy, the widening gap between rich and poor, and the loss of good paying manufacturing and other jobs that have been shipped overseas to places like India and China.  I recall Bush II telling Americans not to worry when big companies began moving overseas as America could be a “service economy.”  Sadly we aren’t even that! Continue reading

Feds Indict Major Wall Street Firm!

Report & Commentary by Carlos Alvaro

The corporatist feds have indicted one of their own reportedly.  SAC Capital received a 41 page federal indictment that includes 4 counts of securities fraud and 1 count of wire fraud.  The company is owned by billionaire corporatist Steven A Cohen.  Federal prosecutors are charging that the company permitted widespread and “systemic” insider trading schemes between 1999 and 2010.  The indictment also alleges that some employees of SAC committed criminal activities and that the hedge fund company “enabled and promoted” this illegal behavior.

The MSM is characterizing this action as an “unusually aggressive move” that they say could “cripple” on of Wall Streets most successful hedge fund trading firms.  Of course they say this any time on the of major corporatist companies are in trouble as I’m sure you recall the “too big to fail” LIE told prior to the Wall Street bailouts with US taxpayer money to the tune of trillions.

The indictment says that problems at SAC partially stem from a breakdown in internal controls and ethics.  Really?  Somehow I don’t tend to believe that.  I think it’s more along lines of them pushing the law to see what they could get away with and they got caught thinking they’d get a slap on the wrist from THEIR corporatist POTUS Barack Obama.  IF the allegations in the indictment are true the SAC had more than just an ethics and control problem.  They had a criminal behavior problem!  Of course we all know Wall Street is one big CASINO operation and I suspect SAC isn’t the only one engaging in questionable business practices.

The indictment goes further and alleges SAC had an attitude of “institutional indifference” to wrongdoing and the result was substantial insider trading on a scale never seen before in the hedge fund industry.  The investigation was conducted by the FBI and federal prosecutors over the course of…..get this….TEN YEARS!  It took them TEN YEARS to get evidence for an indictment?  That’s shocking!  Why did it take so long?

During this little stunt it is estimated that Cohen “earned” about $900 million US dollars PER YEAR.  That amount alone is beyond shocking!  The indictment alleges that the company hired questionable persons including one who was a KNOWN member of an insider trading group.  The companies legal department apparently warned against hiring this person but Senor Cohen overruled them and ordered the person hired anyway.  Continue reading

Mexcio: Nieto’s Strategy in Question as Violence Kills 22 in Michoacan

MexicoThe security strategy of Mexican el Presidente Pena Nieto is now in question following violence between policia and organized crime gangs in different gun battles in the Mexican State of Michoacan.  This is some of the worst violence seen in one single day in recent months.  Policia report that at least 22 people are dead. The ruling PRI government in Mexico City says military crackdowns are the to blame for the violence.  Reportedly there were 6 attacks against policia in various locations.  Among the dead are 2 police officers and 15 other officers were injured or wounded, some seriously.  Mexican authorities believe the attacks were pre-planned and gang members carried out the assaults with assault weapons against policia.

These attacks now pose a challenge to the policies of President Enrique Pena Nieto and his security strategy that he recently outlined.  The strategy began last month when the first major operation was launched by sending federal troops into 19 communities across Michoacan State.  Citizens in these communities often found themselves in the middle of gunfights between the drug cartels and vigilante groups.

Despite yesterday’s violence and killings Mexican Interior Minister Miguel Angel Osorio Chong says authorities are not going to back off on the crackdown and will continue their course.  He made these comments after meeting with US Homeland Security Secretary Napolitano.  The Interior Minister went on to state that a continued police and military presence will restore law and order to the region.  This strategy is similar to that employed by former Mexican Presidente Felipe Calderon.  There was an additional violent incident in Los Reyes on Monday in which 5 people were killed when an armed group of unknown men opened fire on protestors outside the town hall.  The group was demonstrating alleged ties between that towns police and the drug cartel named Los Caballeros Templarios (The Knights Templar).

For more on this story see the following news links:

http://elpais.com/elpais/2013/07/24/inenglish/1374682629_607422.html

http://www.mexiconews.net/index.php/sid/216038423/scat/4b980140662cfc90/ht/Mexico-police-clashes-with-drug-gang-leaves-22-dead

 

Spain: 35 Dead in Train Derailment

Officials report that at least 35 people are dead and several other have been injured following the derailment of a commuter train in Spain near Santiago de Compostela.  The train was enroute Madrid to Ferrol.  The cause of the derailment is not yet known according to Spanish authorities.  For more on this breaking story see:

http://politica.elpais.com/politica/2013/07/24/actualidad/1374702755_382675.html

http://www.huffingtonpost.com/2013/07/24/spain-train-derailment-santiago-de-compostela_n_3646813.html?icid=maing-grid7|main5|dl1|sec1_lnk2%26pLid%3D348680

Spain

 

Swift Justice? Ft Hood Shooter Paid Yearly Salary While in Jail!

by Juan Jose Silva

It’s been almost four years and still the Ft Hood shooter, Army Major Nidal Hasan, has not been brought to justice and so one must begin to ask and wonder why not.  Hasan is accused of killing at least a dozen US soldiers at the Ft Hood military base in Texas.  Prior to his shooting spree witnesses have reported that he shouted “Allah Akbar” which is a common victory cry for radical Muslim terrorists.  Hasan has not been brought to trial and today it was revealed that the US Government has never stopped paying Hasan his Army salary in the astounding amount of $300K dollasr over the past 4 years which works out to $80K per year.  That’s over 1/4 of a million dollars this guy has been being paid for the past four years sitting in jail by US taxpayers!  Even more amazing is the US House of Representatives is just now getting on top of this and it only took them four years to get around to it.  Reportedly legislation has been introduced into the House known as the “Stop Pay for Violent Offenders Act.”  It was introduced into the House only yesterday.  If passed into law it would authorize US military officials to stop pay for Hasan and other US military service people accused of capital or sex offense crimes.

Current US law authorizes the military to stop pay for civilian employees if they are accused of crimes but this law does not apply to active US military servicemen and women.  An Army spokesman has told ABC NEWS that the Army cannot stop paying Hasan because even though he’s in jail he’s still in the Army, that is, unless he’s convicted of the crimes he’s accused of.

Hasan has admitted to shooting his comrades at Ft Hood on 5 November 2009.  He admitted this this past June 2013.  But he claims his violent actions were done in the “defense of others” and in this case he claims those “others” were the Taliban!  He’s repeatedly refused to enter a plea and this month, July 2013, the Army entered a plea for him of “not guilty.”  Continue reading