Soon we will be in the middle of the “loophole” debate….what to close and what not to close……read and let me know your thoughts…..
In 2008 we had a horrible crash….an economic tsunami……and we good guy taxpayers bailed out the culprits that screwed everything up……these corporations are doing fin e now….the economy still sucks, unless you have lots of cash, and no had to pay the price for shady economic practices……the government (insert raucous laughter here) put together a bill that woiuld help to control this sort of thing from happening again….the problem is they let the companies that caused the problem write the law….in other words….IT SUCKS…IT IS IMPOTENT!
Personally, I think someone should have to pay the price for their deception and theft……
At least someone is doing something about these tools that game the economy to their benefit and never are held accountable for their crimes….yes, I said crimes!
Switzerland has gone about making the bastards pay….one way or the other……
Swiss citizens voted to impose some of the world’s strictest controls on executive pay, forcing public companies to give shareholders a binding vote on compensation, initial result projections showed.
Claude Longchamp, of pollsters Gfs Bern, told Swiss state television on Sunday early returns in a referendum showed 68 percent backed plans for shareholders to veto executive pay and for a ban on big rewards for new and departing managers.
The clear majority was unusual given fierce opposition and intense campaigning by a business lobby group, which warned the proposals will damage the country’s competitiveness and scare away international talent.
Support for the move was fired by anger over the big bonuses blamed for fuelling risky investments that nearly felled Swiss bank UBS, as well as outrage over a proposed $78m payment to outgoing Novartis chairman Daniel Vasella.
Longchamp said the public outcry last month that forced Novartis to cancel Vasella’s “golden goodbye” helped drive the campaign.
“It emotionalised and it mobilised,” he said.
Thomas Minder, the businessman-turned-politician behind the campaign, says his proposals are aimed at ending a culture of short-termism and rewards for managers of badly-run companies rather than just capping salaries.
Despite threats from some executives, Switzerland is unlikely to see an exodus of big companies, drawn to the country by low taxes, stable politics and business-friendly laws.
And companies will seek ways around the new rules to reward executives, just as banks in Europe are looking to soften the impact of a cap on bonuses for top staff agreed by European politicians on Thursday.
“If a company wants to pay a top executive 25 million, then they will find a way to do so regardless of the initiative,” Rolf Soiron, chairman of cement maker Holcim and drugs industry supplier Lonza, told the Reuters news agency before the vote.
Experts also question whether shareholders in Swiss companies will make full use of their new rights.
Of the top 100 Swiss companies, 49 already give shareholders a non-binding vote on the pay of executives. But while opposition to pay deals is on the rise, a majority of investors have never voted them down.
Swiss companies accounted for five of the top 10 best-paid chairmen in Europe in 2011, but only the heads of Novartis and Roche made it into the continent’s top 10 for chief executives.
While anger at multi-million dollar payouts for executives has spread around the globe since the financial crisis, the Swiss system of direct democracy means populist proposals have a greater chance of implementation.
Minder’s initiative forces binding votes on compensation every year as well as on board composition and would also ban bonus payments to managers if their companies are taken over.
The plan also includes possible jail sentences and fines for breaching the new rules.
While Switzerland has fared relatively well through the financial crisis, the near collapse of flagship bank UBS in 2008 stoked anger among Swiss who blamed its heavy losses on rewarding bankers to make risky bets.
Last year, more than one-third of UBS shareholders rejected the bank’s plans for executive pay, including a $4.2m signing-on fee for new German chairman Axel Weber, after a sub-par 2011 profit and a $2bn rogue trading scandal.
Now there is an idea……an idea that should be made here………but it will not…..why? Our government is owned lock, stock and barrel by these thieves…until we make them responsible for their actions we will always have these sorts of crises….since not much has changed since 2008, it is only a matter of time before we are hit again……..We must make the bastards pay!
An economic break from the dizzying world of Washingtonian politics…….this week will be all about economic issues….unless something major breaks on the political front…….enjoy.
This is a concept that almost all Americans will cheer for……but in the same breath they expect the government to live up to certain contracts that it has made with the population…….and then there is the cute little slogan that we will most likely hear a lot in the coming battle in the coming months….revenue neutral………
Louisiana wants to solve the problem and free the people……..
(Newser) – Bobby Jindal wants to do away with income and corporate taxes in his state—and raise Louisiana’s 4% sales tax to make up the difference, the New Orleans Times-Picayune reports. “It’s time to change that so people can keep more of their own money and foster an environment where businesses want to invest and create good-paying jobs,” the governor said yesterday in a statement. The move, which he described as a revenue-neutral one, would aim to keep the sales tax “as low and flat as possible.”
“Eliminating personal income taxes will put more money back into the pockets of Louisiana families and will change a complex tax code into a more simple system that will make Louisiana more attractive to companies who want to invest here and create jobs,” the governor said. One local report asserts that the sales tax would need to climb to 7% under the measure.
Who is Jindal working for with this proposal? If we listen to the talking point then about 50% of the country pays no taxes……so he will make sure that those that pay no payroll tax gets it in the end by having to pay higher sales tax…….this that the plan? The only people this will benefit are those corporations that will pay NO taxes at all….why? Corporations can apply for and get a tax free status…….this will eliminate the burden of having to fill out paper work….which should make the state more stable.
This will just help accelerate the death of social programs….because there will be a shortage of revenue….this sounds so right and will be so wrong in application…..plus it will cost the poor more in the long run. It is a gift to corporations.
First of all, there was another debate of the GOP candidates on foreign policy….let me sum it up the positions of ALL the candidates on foreign policy…..Obama Sucks! There is NO definitive positions by any candidate!
Recently, our president made a speech about the need to help our vets in finding jobs because they fight so the rest of us do not have to…..it was all sorts of things….especially tax breaks for companies that hire a vet that has been unemployed for 6 months or more……first, why would they need an incentive? The corporates have incentives for everything….probably even if they have regular bowel movements…..I think it is just sick that they (corporations) need an incentive to do the right thing……and now he has signed his proposal into law…..but will history repeat itself concerning veterans?
Let’s talk about SPN and RE codes……..
SPD, SPN (Separation Program Number) and RE codes are issued to all discharging military personnel. These codes are placed on the DD-214 form and provide any who see the DD-214 a summary and characterization of the veteran’s military service. These codes are intended solely for use by military recruiters for re-enlistment review and the Department of Defense for statistical analysis. However, an increasing number of employers, Veterans Administration service officers, law enforcement agencies and prospective mates are using these codes to base decisions on employment, veteran benefit eligibility, criminal behavior modeling and marital compatibility.
Shortly after the Vietnam War when thousands of military personnel faced post-war, DoD drawdowns, negative SPN and SPD codes were handed out like speeding tickets at the Indy 500. Because private employers were discovered to be using these codes to deny employment during the so-called “nutty Vietnam veteran scare”, regardless of the veteran’s “Character of Discharge” being Honorable, The Ford and subsequent Carter Administrations ordered DoD to reduce its use of SPN/SPD codes and directed VA to assist veterans in obtaining a new DD-214 that did not list the codes. For a very brief time SPD and SPN codes disappeared from military use. But as America’s all-volunteer military kicked-in full steam, DoD found it necessary to provide additional reference data for military recruiters to help identify and screen-out individuals who performed less than model service in one branch then attempted to re-enlist in another branch. Hence, SPD codes were restored with a vengeance. The use and abuse of SPD codes have risen steadily since and have produced more chaos and pain in the lives of innocent veterans that make their post-Vietnam use relatively innocent in comparison.
Will returning vets have to face the discrimination that followed returning Viet Vets? Will the codes be used again to eliminate some from good jobs?
Penthouse Magazine (I can hear the women cringing in the background) broke the story of how corporations were using the DD214 against returning Viet Vets….the series made the military look bad so they have gone to an alternative…..the vet gets two copies of the DD214…one with codes, one without…..and this somehow will protect the vet from discrimination…..and that my friends is ….B*LLSH*T!
Corporations have the power….Vets DO NOT!
The Prez will do the bare minimum to appear as if the government cares……..corporations must be enticed to help those that were out protecting their assets across the world….it is time for the country to wake up and realize just what we owe our veterans…….
VETS! Make sure that you carry ONLY the one without the codes! Personally, I do not believe that this problem has been solved! Do not fall to the predator corporations as so many of us from another war had to deal with in the past…..Watch Your Backs! The government will NOT do it for you!
Remember that now famous line uttered by Willard? The media was all over this statement and bloggers jump it too….but you realize that this is NOT a new vision? What can I say…..this idea is over 110 years old and it came from the mouth of a Supreme Court Justice……sound familiar?
Read it and weep……..the HufPo writers have done an excellent job as far as the history lesson goes…..http://t.co/OQMO7Z2L
The idea of corporate personhood was once viewed as nonsense. A corporation was formed to limit the financial liability of its owners in pursuing their business: If the corporation went broke, debtors couldn’t come after its owners. That such a company might also have all the rights of citizens was a concept on the fringes. Yet by force of judicial will, Field pulled it right into the mainstream.
Field was as much concerned with protecting business investments as he was with working the Lord’s will. He was heavily invested in railroads and other industries that came before the Court, so much so that the chief justice at the time pressed him not to weigh in on certain cases. “There was no doubt of your intimate personal relations with the managers of the Central Pacific, and it would tend to discredit the opinion if it came from someone known as the personal friend of the parties representing these railroad interests,” the chief justice warned Field,
A fascinating article with lots of facts and history……please read it again…..http://t.co/OQMO7Z2L
If we want to fight the People United decision from the bought off judges….maybe we should start with the Constitution…….all us bloggers that want6 to fight the “Corporations Are People” crowd then we should print or bookmark these writers efforts to inform us…there is a wealth of information in the article and all of it can be useful….
A friend of Info Ink, Terrance of Sibboleth (go to blogroll and enjoy his site) who lives in Michigan…this post is for him and the state in which he lives…..
Michigan should not adopt a right-to-work law in an attempt to address its economic challenges, a new Economic Policy Institute paper finds. In ‘Right to work’: The wrong answer for Michigan’s economy.
Sadly, this is not about a person sacred right to a job, but rather the state of employment in the Southern states, most notably…….A couple of years a go I did a post on the “right to work” and it has been getting a bit of traffic on it recently….the comments that I have gotten seem to show that not many people realize what the “right to work” really means…..
Let me help with the assistance of the Economic Policy Institute…..
Right-to-work (RTW) laws make it illegal for employees and employers to negotiate a union contract that requires all employees who benefit from the contract to pay their fair share of the costs of negotiating it. RTW laws are designed to undermine unions’ bargaining strength, and their primary focus is the manufacturing industry. Currently, 22 states have RTW laws.
RTW laws have no impact on the performance of state economies. Seven of the 10 highest-unemployment states are states with RTW laws, including Nevada and Florida, which have unemployment rates higher than Michigan’s unemployment rate of 10.5%, and South Carolina, which also has an unemployment rate of 10.5%. Factors other than RTW laws, such as major industries and climate, shape states’ economies.
RTW laws lower wages for union and non-union workers by an average of $1,500 a year and decrease the likelihood employees will get health insurance or pensions through their jobs. By lowering compensation, they have the indirect effect of undermining consumer spending, which threatens economic growth. For every $1 million in wage cuts to workers, $850,000 less is spent in the economy, which translates into a loss of six jobs.
RTW is not something that looks out for the working people of a state….it does however that the corporations want it…….it does nothing to expand the services that the state has promised to give to the residents…..it does nothing to increase the quality of life for the residents…..it does however give politicians a great source of income from the corporations that the states favor…..
If you like the idea of RTW…then by all means check out my state, Mississippi….there is NOTHING good that has come out of RTW….low wages, bad health care, poor education….to mention only a few….and then after checking it out….tell the politicians in your state just what you think of RTW!
From the VOMITORIUM
Okay readers, let us have a small test this day……who said when he announced his retirement from the US Congress?
“too much partisanship and not enough progress” in Congress, and said his decision was motivated by a belief that he could “best contribute to society in another way: creating jobs by helping grow a business, helping guide an institution of higher learning, or helping run a worthy charitable endeavor.”
(Pause here for a moment of thought)………and now…..(a moment for rib splitting laughter)……
Sounds pretty much like every one of the self centered little pricks when they decide not to run again….it is either the above pile of bovine fecal matter or some lame crap about spending more time with their family…..but in this case it was uttered by an ever popular Senator from Indiana, Evan Bayh…..he was a darling of the right wing of the Democratic Party…….in reality he was a coward because he did NOT think he could win re-election because of the toxic atmosphere in the political winds of 2010…..but after that he is a man of the people after all and will do good things for the country from the outside of the political arena…..so what has the golden boy been up to since he tucked his tail and ran?
The U.S. Chamber of Commerce has hired former Senator Evan Bayh (D-IN) to participate in a regulatory reform “road show” of speeches, events and media appearances, according to a memo obtained by iWatch News.
“The Chamber’s communications professionals, working closely with our federation and government affairs teams, have done an excellent job educating the public and policymakers about the regulatory overload the nation currently faces, its damaging impact on our economy and jobs, and the urgent need for change,” President Thomas Donohue wrote in a June 2 memo to the Chamber’s board of directors, supporters and friends. “I’m pleased to report that the Chamber has recently enlisted former White House Chief of Staff Andy Card and former Senator Evan Bayh who will carry a bipartisan message on regulatory reform out around the country.”
The Chamber is a group that has spent millions trying to get Repubs elected to office and fights hard against any type of regulation and fairness……
So the Chamber has hired Bayh, among others, to fight for the right of corporations to do as they wish without accountability? Bayh is NO different than the other congressional scum that sells out everything for the promise of cash…….none of this surprises me….I said at the time of his announcement that he was running from the Senator because he could not get re-elected because it has always been about him and not about what is best for the country…….and that he was a typical American politician…..self-centered.
P.S. While I was writing this I saw a tweet……
From the VOMITORIUM
BTW….every one have a Good Friday and a pleasant Easter…..
We hear everyday about the debt and the deficit and the plans…cut taxes….raise taxes…..kill Social Security…..Kill Medicare…..but the biggest lie of all is the no taxes on the rich because they will create jobs if they pay less taxes….to me that is a lie…..why?……..they have been paying less taxes for years and how many jobs are they creating….especially NOW?
But put all that aside for now…..put your conserv ideas and your lib inclinations and try to wrap your head around these figures……
The US Commerce Department released a report today throwing into sharp relief just how drastically US multinational corporations are shifting jobs overseas. During the 2000s, US companies cut 2.9 million jobs in the US, while hiring 2.4 million abroad—including an increasing number of highly-skilled workers, the Wall Street Journal reports. That’s a big reversal from the 1990s, when they hired 4.4 million at home and 2.7 million abroad. These big companies employ roughly a fifth of all US workers. “It’s definitely something to worry about,” says one former George W. Bush adviser. Companies generally defend the trend by saying that productivity has increased in their US factories, and that they are chasing sales abroad. “We’ve globalized around markets, not cheap labor,” says GE CEO Jeff Immelt. “Today we go to Brazil, we go to China, we go to India, because that’s where the customers are.”
Does that piss you off just a bit? Corporations that have taken billions in taxpayer money and they repay our generosity like that…..it s a bitch, huh?
Now people….what are you willing to do to change all this misuse of your trust?
I know we all have had a WTF moment and find ourselves scratching our heads…..one of mine came this morning watching a talk show……there is a conversation between a couple of people and one of them was obviously pro-business…..Gov. Rendell brought that Exxon paid NO taxes in the US in 2010….but paid $56 billion (I believe) in taxes to other countries…..there was my WTF!
You are telling me that a company that is protected by the US does not have to pay its way in the country? And then this pro-corporate dude said that they keep taxes low in this country so that business will create jobs and that would mean more people would be paying taxes and the nation’s income will go up…..WAIT! Another WTF moment!
You are telling me that that is the plan? Hire more people and get massive taxes breaks and the revenue will go up? In other words it is still on the backs of working stiffs to keep the country going. right? So it is all about the working class, middle class, whatever you would like to call it to pay all the bills? And business gets the usual free ride?
Let’s keep with that line of thinking……corporations have just gotten a massive tax break thanx to Obama and the Repubs….we all know this…..then where has the rush to create jobs been? It is NOT the tax code that is preventing the creation of jobs……it is greed!
People keep trying the old tired and lame theory of trickle down economics….they only re-package it every decade or so to fool the voter with unbelievable promises of prosperity…..and they BUY IT!
You guys really want an idea?….here is one……everybody, personal and corporations, pays 10%…no breaks, cuts or deductions….working stiffs will have more on their checks…corporations will be paying the lowest corporate tax rate…and the country will once again have a revenue…..ya like it?!
Oh yeah…..and stop making plans that will go economic NOWHERE! The truth is the best this country can ever do is a 2 year plan that coincides with elections….that is REALITY!
I recently wrote a post about companies that do not pay taxes at all or at a reduced rate….and post got me to thinking about just who pays the taxes that are the income of the country?
When we talk about taxes, the Right has this tag line that X% of Americans pay NO taxes at all…..for them sometimes this is a good thing and when needed it is a travesty that more people do not pay taxes….so far I have NOT seen this in any form but if we take their words for it…..then there is more……this from Paul Bechhuit of Buzz Flash.com……
– General Electric made $10.3 billion in 2009, but received a $1.1 billion tax rebate.
– Forbes said about Bank of America in 2010: “How did they not pay any taxes on $4.4 billion in income?”
– Oil giant Exxon made a $45 billion profit in 2009, but paid no taxes in the United States.
– Citigroup had 4 quarters of billion-dollar profits in 2010, but paid no taxes.
– Wells Fargo made $12 billion but purchased Wachovia Bank to claim a $19 billion tax credit.
– Hewlett Packard’s U.S. income tax rate was 4.3% in 2008 and 2.3% in 2009.
– Verizon’s 10.5% tax rate, according to Forbes, is due to its partnership with Vodafone, the primary target in UK Uncut’s protests against tax evaders.
– Chevron’s tax rate was 1% in 2008.
– Boeing, which just won a $30 billion contract to build 179 airborne tankers, got $124 million back from the taxpayers in 2010.
– Over the past 5 years Amazon made $3.5 billion and paid taxes at the rate of 4.3%.
– Carnival Cruise Lines paid 1% in taxes on its $11.5 billion profit over the past 5 years.
– Koch Industries is not publicly traded, but their many tax-free benefits have been documented by the New York Observer and the Institute for Public Accuracy.
– In 2008 CorporateWatch said Rupert Murdoch’s Newscorp paid “astoundingly low taxes” because of tax havens.
– Google “cut its taxes by $3.1 billion in the last three years by shifting its money around foreign countries.
– Merck, the second-largest drugmaker in the U.S., last year brought more than $9 billion from abroad without paying any U.S. tax.
– Pfizer, the largest drugmaker in the U.S., erased $10 billion in taxes with an “accounting treatment.”
If the people pay little or NO taxes and corporations do the same thing….just who is paying taxes? It has got to be the small businesses……if it is then there needs to be a change in the tax codes….small business get a lower rate and corporations pay their share with NO deductions or help from the government……now you know why the country is in monetary trouble….NO one is paying their taxes!
What percentage do you pay?
We know that idea will not fly! Corporations have friends in high places…like YOUR representative!