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By Rachel Goldfarb, originally published on Next New Deal

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On This Fourth of July, Meet Your Unpatriotic Corporations (The Nation)

Greed comes far before patriotism for companies that reincorporate abroad to avoid paying their fair share of taxes, writes Roosevelt Institute board member Katrina vanden Heuvel.

Students Joining Battle to Upend Laws on Voter ID (NYT)

In North Carolina, college students are challenging the state's strict voter ID law on the grounds of age discrimination, reports Matt Apuzzo. This is the very first case of its kind.

American CEOs: In a Class All by Themselves (Truthout)

Sam Pizzigati points out that discussions of executive pay in the U.S. tend to leave out international comparisons, which demonstrate just how extreme American CEO pay can be.

  • Roosevelt Take: White papers from William Lazonick and Roosevelt Institute Fellow and Director of Research Susan Holmberg look at the problems created by high CEO pay, and steps to fix it.

Moaning Moguls (The New Yorker)

James Surowiecki looks at why America's wealthiest complain so much about their supposed mistreatment by society, and why those complaints lack merit.

Obama Calls for a New Crackdown on Wall Street (Mother Jones)

Erika Eichelberger says that the President is calling for further reforms, but has not presented any specific plans, and it isn't clear how he would get anything through Congress.

New on Next New Deal

Where Does $2 Trillion in Subsidies for the Wealthiest Hide in Plain Sight? Capital Gains Tax Breaks.

Preferential tax rates and loopholes for investment income make economic inequality worse, writes Harry Stein, who explains the necessity of reforms proposed in Roosevelt Institute Chief Economist Joseph Stiglitz's recent white paper.

Originally posted to Daily Kos Economics on Mon Jul 07, 2014 at 05:10 AM PDT.

Also republished by Daily Kos.

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Comment Preferences

  •  What we need is a flat corporate tax rate 1% be... (1+ / 0-)
    Recommended by:
    Betty Pinson

    What we need is a flat corporate tax rate 1% below preferred overseas rate being most utilized with NO LOOPHOLES, EXCEPTIONS, AND/OR SUBSIDIES - ZERO, ZIP, NADA!!!

    The money gained from all the cheaters would easily exceed that lost from lowering the current tax rate which is never the actual tax paid by these cheaters.

    This would nullify any reason to leave and actually take away many Republican talking points.

    Plus I would love to grab some popcorn when Republicans try to spin this idea as bad!

    •  Corporate taxes (1+ / 0-)
      Recommended by:
      Betty Pinson

      While some economists believe we shouldn’t tax corporations at all, the corporate income tax (CIT) is a necessary backstop to the personal income tax (PIT). With no CIT or a rate lower than the PIT, individuals have an incentive to incorporate their economic activities so they aren’t taxed on them, or are taxed less. Needless to say, this is something an average wage or salary worker would not have the ability to do. This is another area where we have one tax law for the 1%, and different rules for the rest of us.

      “End the usefulness of tax havens for secrecy by instituting “publish what you pay.” Currently, companies can hide all sorts of transactions because they are only required to publish “consolidated” accounts of their global operations. Thus, Starbucks reports losses on its British tax statements while telling investors how profitable it is in Britain. Apple can get away with leaving its subsidiaries in Luxembourg, the Netherlands, and the British Virgin Islands off its annual report because it classifies them as not “significant.” By forcing companies to un-consolidate their reports, we would know where their employees were, where their their sales (both source and destination of products and services) were, where they declared their profits and paid their taxes, etc. Part of the beauty of “publish what you pay” is that it doesn’t require the cooperation of the tax havens to obtain the information.

      You Don't Happen To Make It. You Make It Happen !

      by jeffrey789 on Mon Jul 07, 2014 at 08:50:41 PM PDT

      [ Parent ]

  •  "patriotism" is such a quaint little 20th century (1+ / 0-)
    Recommended by:
    Betty Pinson

    notion . . . .

    Workers have no country.  And now, neither do global corporations.

    In the end, reality always wins.

    by Lenny Flank on Mon Jul 07, 2014 at 08:28:29 PM PDT

  •  American CEOs (2+ / 0-)
    Recommended by:
    CFAmick, Betty Pinson

    CEOs are normally not inventors of major industries. They are basically hired hands who have politicked their way into corporate power. They are just another worker unless they created the industry. True entrepreneurs deserve to profit from their risk-taking. CEOs who have not been the primary force behind creating an industry do not deserve more that 10 to 15 times what an average worker makes in the corporation. They can be replaced just like any other worker. They have done nothing to make jobs and a better economy. In many cases greedy executives give themselves raises and bonuses when their company is going bankrupt. Witness the greed in Enron for example. GM,...and a host of other corporations have CEOs that are given outlandish salaries despite their corporations losing money.

    Basically, it is greed that comes with power to name one's own salary that causes the Exxon mobil CEO to give himself a 400 million dollar retirement package. Simply put, he is not worth any thing more than a retirement package like government chiefs get. Government executives are allowed 80 percent of their regular salary which is controlled by law so as not to be unduly exorbitant. There is no control over the greed of CEOs in the USA. Some nations have restrictions on how much compensation a CEO can be paid.

    You Don't Happen To Make It. You Make It Happen !

    by jeffrey789 on Mon Jul 07, 2014 at 08:42:34 PM PDT

  •  Anti-Wall St. rhetoric helps GOTV (0+ / 0-)
    Obama Calls for a New Crackdown on Wall Street (Mother Jones)...Erika Eichelberger says that the President is calling for further reforms, but has not presented any specific plans, and it isn't clear how he would get anything through Congress.
  •  Easy fix on voter ID (0+ / 0-)

    Voter ID laws don't inherently discriminate against the young. (If anything, they tend to fall disproportionately on the elderly, who are more likely to lack underlying documents and who don't drive.) It all depends on what a state defines as "acceptable ID."

    (How many of these kids do NOT have a drivers' license? Really?)

    In RI (where I work as an election clerk), just about any photo ID is acceptable, including student IDs. It's not proof of citizenship, of course (neither is a drivers' license). But it does prove that you are who you say you are, which is what the voter ID-at-polls is supposed to do. (We also accept VA cards, union cards if they have a picture, employer IDs, and the passes given to elderly and disabled people to ride the buses at half-price.)

    The big and hard-to-resolve issue with students is whether they are legitimately "residents" of the place where they attend school. The real answer is "sort of, some are, it depends," which makes for administrative nightmares trying to come up with a bright line. An out-of-state drivers' license, for example, usually counts as valid photo ID -- but puts residency into question.

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