Saturday, July 16, 2011

WSJ: Middle-Class Americans Face A Big Hit

...from whatever deficit plan is forged, since budget gaps cannot be reduced substantially without cutting tax and spending programs that help the middle..." WSJ print edition 7/16/2011 p. A5

Majia here: THIS IS PROPAGANDA

There are many worthy ways of cutting government spending.

Let us start with military spending generally and contractor fraud specifically

On Military Spending

U.S. Military Spending at Highest Level Since WWII

http://rickrozoff.wordpress.com/2010/12/23/pentagons-christmas-present-largest-military-budget-since-world-war-ii/

On Corruption and Fraud
http://sanders.senate.gov/graphics/Defense_Fraud_Report1.pdf

And

$13 Billion in Iraq Aid Wasted Or Stolen, Ex-Investigator Says

By Dana Hedgpeth Washington Post Staff Writer Tuesday, September 23, 2008; A19

More here

Report: U.S. Wasted Billions in Rebuilding Iraq http://www.cbsnews.com/stories/2010/08/29/world/main6816634.shtml?tag=stack

Now let us turn to corporate taxes

U.S. Business Has High Tax Rates but Pays Less May 2, 2011
http://www.nytimes.com/2011/05/03/business/economy/03rates.html?nl=todaysheadlines&emc=tha25

The United States may soon wind up with a distinction that makes business leaders cringe — the highest corporate tax rate in the world.

Topping out at 35 percent, America’s official corporate income tax rate trails that of only Japan, at 39.5 percent, which has said it plans to lower its rate. It is nearly triple Ireland’s and 10 percentage points higher than in Denmark, Austria or China. To help companies here stay competitive, many executives say, Congress should lower it.

But by taking advantage of myriad breaks and loopholes that other countries generally do not offer, United States corporations pay only slightly more on average than their counterparts in other industrial countries. And some American corporations use aggressive strategies to pay less — often far less — than their competitors abroad and at home. A Government Accountability Office study released in 2008 found that 55 percent of United States companies paid no federal income taxes during at least one year in a seven-year period it studied

MAJIA HERE: WHY SHOULD THE MIDDLE AND WORKING CLASSES PAY FOR CORRUPT EMPIRE BUILDING AND CORPORATE WELFARE?

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