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.
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.
In 2010 Corporate income taxes made up about 9% of the federal tax revenue. Since many small businesses pay about the same tax rate as individuals we can say that small business paid 41% of tax revenues. Is this fair? What is 41% compared to a mere 9%? Corporations make billions every quarter while most small business in this nation are struggling along, shutting their doors, our about to shut their doors. Persecuting small business is NOT going to help the US economy other than what it is going to do is sink it even further. But, isn’t this the corporatist plan anyway? I can’t get over on major US oil company making a billion in a quarter and paying no taxes recently. What was even more shocking is that oil company actually got a tax refund! Is that one of the “loopholes” Obama wants to close? Congress who is owned and controlled by the corporatist completely isn’t going to go for that so most likely Obama’s speech today is nothing more than just a speech. This president has been in office for 5 years and he’s had plenty of time to push for reforming the tax code. He hasn’t done so. BTW I can’t help but notice that Obama is acting like he just came into office. So who has been occupying the Oval Office for the past 5 years?????
The corporatists want to quash small business in America because they want the competition eliminated. The Corporatists want a monopoly on everything period so they can fix prices and manipulate the market. Ultimately it will be you and me, the consumer, who pays the price with our last dime!
As far as I’m concerned this nation needs a Socialist government not a Fascist Corporatist government like we have now. We need to nationalize key industries and we can start with the corrupt banking industry whose greed has no bounds. We can then move on to nationalizing the power industry and replace the Corporatist Obamacare with REAL health care reform (ie: Socialist Medicine). Nationalizing key industries under a Socialist government will eliminate a lot of the greed on Wall Street and a lot of the gross, blatant, and widespread financial crime as well. Most especially it would stop the average American family from being RIPPED OFF!
I read a report yesterday where JP Morgan Chase is charged with manipulating the power market and they are in negotiations with the government. Most likely they will get a $400 million fine and no one will go to jail. $400 million to JP Morgan is pocket change! They won’t even bat an eye paying such a fine. Yet another example of who is really running this country (ie: Wall Street) and who is not (ie: the American people).
I also read yesterday that fast food service workers across this nation are striking in various places around the country this week for higher wages. I admire their desire and their determination and I say it’s about time! Fast food workers are some of the most exploited workers in America. The work is hard and sweaty and often trying. HOWEVER, I hope they realize what is happening with ObamaCare kicking in. Employers are already cutting work hours to under 30 hours per week to avoid having to provide employees with health insurance. The corporatist has the fast food worker by the neck I’m afraid. They might get a raise in pay but they aren’t going to get more work hours. Thus, even if they get a raise they are NOT going to be any better off than they are now. They also want to unionize which is all fine and well but what about “right to work” states? Unionization goes nowhere in those places. Don’t get me wrong. I support higher pay for fast food workers but, realistically, I don’t see it happening as the major fast food establishments are owned by loyal corporatists who don’t give one damn about the PLIGHT OF THE AMERICAN WORKER! The workers in these SLAVE FARMS will continue to be exploited by the corporatist ownership I’m sure.
Having worked in the food service industry I can tell you from personal experience that food service workers are some of the most exploited workers in this nation today. Pay is low for the majority of workers. Fringe benefits are few to nonexistent for most. Complaints tend to fall on deaf management ears. Turnover is frequent. The hours are long. The work is hot and sweaty. Gratitude is rare. For those who are waiters and waitresses pay often sucks! Some make good tips but MOST make only enough to barely pay their monthly rent and bills. I’ll be the first in line to support higher pay for food service workers but with the bad economy and ObamaCare kicking in food service workers are NOT going to get ahead no matter what. Under the conditions of ObamaCare anyone at or over 28 hours per week is considered full-time and, thus, the employer will have to provide them with health insurance. Employers are already cutting worker hours because of this stipulation and they are also not expanding their businesses and not hiring new workers. ObamaCare is Corporatist medicine designed to further line the pockets of Wall Street!
So, Obama wants to lower corporate tax rates and raise rates for small business who supplies the most jobs for Americans. JP Morgan is going to get a slap on the wrist for manipulating the power market which ultimately resulted in electricity consumers paying higher electric bills. Meanwhile, food service workers are striking demanding higher wages and union representation even as their hours are being cut in anticipation of that GREAT TRAIN WRECK coming called ObamaCare. Food prices are rising. Energy prices are rising. Fuel prices are rising. The corporatists continue to price their wares outrageously while at the same time shrinking the boxes food stuffs come in. Have you noticed? Everything now is being smaller packaged but the prices are not going down. They are going UP! The Fascist Corporatists are exploiting the American citizen and the corporations are exploiting the American worker to no end and all in an effort to satisfy the corporatist greed. One problem. THERE IS NO SATISFYING SUCH GREED!! Oh and I forgot to mention that an ASTOUNDING 80% of Americans are now facing poverty and/or unemployment or both as revealed and reported on yesterday in an AP survey! I am still reeling from that little finding!!
Our country and our economy have gone to hell in a hand-basket, sadly, but what did we expect with greed ridden fascist corporatists running virtually everything. And running it into the ground btw. Obama is a slick talker and he’s full of promises and hopefulness. One problem, however, he DOES NOT DELIVER. He is now talking as if he was just put into office even though he’s been in office for the past 5 years. Yesterday he dug up his tax “reform” ideas from the graveyard and is slapping us in the face with them again. Tax “reform” that is on par with his health care “reform.” BOTH benefit the corporation and NOT the US citizen! Health insurance companies helped to write (and in most cases they actually wrote) ObamaCare. That’s why the AARP and health insurance companies supported its passage into law. They knew it would make them a mint and it will but at the expense of the average American worker. Obama’s proposed tax “reform” will do the same. Corporations will triple their profits while small businesses will shut their doors as they will be unable to make a reasonable profit due to the higher tax rates they will have to pay. And, thus, when those small businesses shut their doors there will be NO JOBS as they provide and create the MOST jobs for Americans in America. It’s already happening and Obama’s tax reform isn’t even launched yet. Look around your community and take a look at all of the small businesses going out of business. Some of them have been in business for decades but now they are vacant buildings with unemployed workers. I DON’T call that economic recovery and I DON’T call that a sign that our economy is improving. IT’S SINKING!!
Obama would like for us to think that corporations provide and create the most jobs for Americans in America but the fact is they don’t and they won’t. Most of the big corporations are now global and they put the jobs in places where it costs them the least to produce their wares. Places like China, India, etc. They could not care less if Americans have jobs or not. They only care about profit margins and bottom lines.
America today is in a sorry state of affairs. We are a nation ruled (not governed by but ruled over) by fascist corporatists. The American person is viewed as a consumer machine and not as a human being. Greed dominates all things and it is a greed that is endless and unsatisfiable. Workers in America are exploited and no longer valued and the attitude among management is that “employees are a dime a dozen.” The American worker has no dignity or value left as the corporatist has already stripped us of that! Most people now live paycheck to paycheck and it’s been so long since we had savings that we don’t even know what a savings account is anymore. Despair is a heavy and dark cloud all across this nation for MOST people! Hopelessness is everywhere and there appears to be no light at the end of the tunnel. This is where Capitalism has brought us with the end result being this gross and outright DEMONIC fascist corporatism. Everyone in this nation is now paying the price, sadly, expect the greed laden corporatist who think this economy is fantastic because they are making out like BANDITOS! For the majority of people, however, this economy is nightmarish! These are DARK DAYS for our country and for our people. I suppose the nightmare will be over once the corporatists have robbed us of every cent we have in our possession. And then who will they sell their garbage too? When the people have no money they can’t buy anything. Corporatists seem not to know that. After they finish pillaging America they will leave us to rot in the cesspool they handed us and move on to pillage other nations like China and India. And once they’ve plundered every nation and all people on the planet then what? What does the corporatist do then to satisfy their greed? A Democratic Socialist government can’t come fast enough for me and I’d embrace it with open arms and RELIEF!!