OMNI
EQUITABLE TAXES ANTHOLOGY #1
April 15, 2024
Compiled by Dick Bennett for a Culture of Peace,
Justice, and Ecology
Move to Amend 4-15-24
We
don't pay taxes. Only the little people pay taxes.
- Leona Helmsley, billionaire real estate tax dodger
Source:
Ralph Nader images
Happy Tax Day! Only kidding.
The very rich and corporations try
harder and are more effective in general in avoiding paying taxes than the
rest of us. Here are a few numbers reflecting current tax priorities,
legislative responses to promote tax fairness and economic and political
equality, and how we, "the little people," can become more active in
promoting tax fairness and beyond.
0 -
Number of people who enjoy paying taxes.
19,113 -
Federal taxes paid by the average tax payer in the U.S. in 2023.
5,110 -
Federal taxes paid by the average tax payer in the U.S. in 2023 specifically
allocated for “militarism.”
Five examples from
the average tax bill paid:
Pentagon contractors ($1,759) vs. the Child Tax Credit ($110).
1.
Lockheed Martin ($249) vs. renewable
energy ($11).
2.
Boeing ($87) vs. the Federal
Aviation Administration ($23).
3.
Federal prisons ($32.29) vs.
substance use and mental health programs ($31.69).
4.
Foreign militaries ($112) vs.
wildfire management ($14).
150 billion -
The amount (at least) in taxes evaded by the nation’s billionaires and
millionaires (Leona Helmsley disciples) each year, according to the IRS. The US
has 737 billionaires with a combined wealth of $5.529 trillion as of March
2024, an 87.6 percent increase of $2.58 trillion from 2020.
2.2 trillion -
Increase in wealth in dollars for U.S. billionaires since the Trump-GOP tax
cuts (the Tax Cuts and Jobs Act of 2017)
was passed, a significant factor in the national debt rising by around $8
trillion during Trump’s term. Individual tax cuts are set to expire at the end
of 2025, unless extended, though some corporate tax cuts will continue.
41 - Number
of states where the richest 1% of families have a lower tax rate than everyone
else.
64 - Number
of corporations that paid an average effective tax rate of just 2.8% (the legal
rate is 21%) on $667 billion cumulative domestic profits while paying their
executives over $15 billion. Thirty-five of the 64 corporations paid less in
federal income taxes between 2018 and 2022 than they paid their top five
executives. Their combined federal income tax bills amounted to a negative $1.8
billion - meaning they received a refund.
28 -
Percentage proposed by President Biden in his “budget blueprint” for the
corporate tax rate (currently at 21%). Tax justice activists call for higher
rates and for ways to prevent corporations from effectively paying only a
fraction of the amount.
4098 -
Senate bill number of the Corporate Tax Dodging Prevention
Act, sponsored by Bernie Sanders, aimed at closing tax loopholes, ending tax breaks for
offshoring jobs, and halting profit hiding in tax havens. The Act could
generate over $1 trillion alone by reducing the hiding of corporate profits.
7749 – House
bill number of the Ultra-Millionaire Tax Act of 2024, sponsored by Rep. Pramila Jayapal. The
act would impose a 2 cent tax on every dollar of wealth in excess of $50
million and another 1 cent of every dollar more than $1 billion. The Senate
version is S.4017, sponsored by Elizabeth Warren.
16.4 billion - Total dollar amount spent in the 2020 federal elections by
federal candidates, political parties and independent interest groups. Much of
this was donated (more like invested) by the super rich and corporate entities
to candidates, SuperPACs or “dark money” organizations for political
advertising. The massive increase in wealth among the super rich and business
corporations over the last 4 years due, in part, to tax cuts will undoubtedly
result in a significant increase in 2024. After all, political spending in
elections is constitutionally-protected “free speech” and corporations are
legally defined as “persons,” leading to a further decline in political voices
of people unable to make financial contributions. Increased corporate wealth
from tax cuts also means more resources for political lobbying and legal
actions to protect, if not expand, corporate constitutional rights.
54 - House
bill number of the We the People Amendment, Move to Amend’s
proposal to abolish all corporate constitutional rights and political money
defined as free speech.
1 -
That’s you, the one person with more power over yourself than anyone else. You
have control with limitations over your time, energy and financial priorities.
0 -
Percentage likelihood that significant positive change toward tax fairness
(i.e. where others besides “the little people pay taxes”), justice in all its
forms, legitimate democracy or a livable world will occur unless individual
action and coming together to create a powerful and authentically democratic
movement for democracy. That’s what Move to Amend is seeking to build. Join
us. To volunteer, email info@movetoamend.org.To
donate, go to movetoamend.org/donate.
In solidarity, Shelly, George,
Daniel, Jennie, Keyan, Michael, Katie, Margaret, Alfonso, Jessica, Jason, Tara,
Ambrosia, Cole, & Greg. Move
to Amend National Team
https://www.movetoamend.org/ (Share this email using this
URL)
Move to Amend · PO
Rich
Tax-free day for the
ultra-wealthy.
Editor. Mronline.org
(4-21-23). New data show the
wealthiest Americans have stashed $2 trillion in offshore tax havens, as the government relaxes efforts to combat
tax evasion.
By
Vanessa Williamson, Dissent Magazine. Popular Revolution.org (8-21-22).This
spring, legislators of both parties, from Connecticut to Georgia, responded to
higher energy prices with “gas tax holidays,” temporary tax reductions for
consumers that provide an additional windfall to the immensely profitable
fossil fuel industry at precisely the moment when we should be ending the
global warming economy. Thirty-six years after Grover Norquist first introduced
the “taxpayer protection pledge”—by which thousands of legislators have
committed to oppose all tax increases—American policymaking remains trapped in
an anti-tax paradigm that leaves us unable to cope... -more-
TAX THE SUPER-WEALTHY
The urgent need to tax
billionaires out of existence
Editor. Mronline.org
(8-31-21).
A wealth tax would raise badly-needed
revenue. More importantly, it could reduce the fortunes—and power—of
billionaires.
Dems’ gift to their
Wall Street donors
Editor. Mronline.org
(8-8-22).
Democrats were set to
mostly preserve, not close, a Wall Street tax loophole, before they dropped it
entirely.
CORPORATE TAXES
raise the damn corporate tax rate
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Four years ago, Donald Trump and congressional
Republicans — with Senator Mitch McConnell leading the charge — rammed through
a regressive tax law that overwhelmingly benefited billionaires and Big
Business.
· Officially named the “Tax Cuts and Jobs Act of
2017,” it should have been called the “Rich Get Richer and the Rest of Us Get
Stiffed” law.
· Perhaps most egregiously, Trump and McConnell
slashed the official corporate tax rate from 35% down to 21% — the lowest it
has been since the Great Depression.
· Of course, many corporations exploit
“loophole” after “loophole” to get away with paying far less than that, or even
nothing at all.
Now — as part of President Biden’s
infrastructure plan — Democrats have a chance to restore some balance and push
Corporate America to pay something closer to its fair share.
The least we should do is bring the corporate tax rate back up to where it
was (35%) before Trump and McConnell slashed it.
But President Biden’s proposal is far more modest, raising the corporate tax
rate to just 28%.
Predictably, Big Business is whining that this is unfair and counterproductive.
(Including many of the same corporations currently getting accolades for their
supposed commitment to social justice.)
And there’s talk of accepting a “compromise” corporate tax rate of just 25%.
Tell President Biden:
If we’re going to raise funds to pay for
infrastructure, then super-profitable corporations should — and can afford to —
pay their fair share. After all, Corporate America relies on roads and bridges,
electricity grids and water/sewage systems, communications and IT networks, the
public education system, fire and police services, the public health system,
and other essential infrastructure to do business. Do not settle for a 25%
corporate tax rate.
Add your name.
Thanks for taking action.
For progress,
- Robert Weissman, President of Public Citizen
Covert and Konczal. “Tax the Filthy Rich!” The
Nation (Oct. 28/Nov. 4, 2019).
THE MIDDLE AND POOR (see above various proposals
for equity from Sanders, Warren, et al.)
This is how we invest in working families:
Craig
Johnson <info@americansfortaxfairness.org>4-23-19
Dick,
We have a two-pronged approach to
passing real progressive tax reform that creates an economy that works for all
of us.
1.
Fight on Capitol Hill to pass a Fair
Taxes Now plan that repeals Trump’s tax cuts and goes far beyond that to make
the rich and corporations pay their fair share.
2.
Rally the American people around our
proposals that raise the revenue needed to invest in working families and our
country’s future.
Based on ATF’s new report, “Fair
Taxes Now: Revenue Options for a Fair Tax System,” we’ve developed an interactive online calculator that lets you
pick your priorities.
Do you want to strengthen the
Affordable Care Act? That could cost $300 billion
and could be easily paid for by raising income taxes on the richest Americans.
What about providing quality,
affordable child care to working families? That
could cost $1.2 trillion, paid for by taxing investment income of the wealthy
the same way we tax the income of working families.
Together, we’re leading the movement
to create a tax system that puts working families first by making the rich and
corporations pay their fair share.
Thank you,
Craig Johnson
Digital Director
Americans for Tax Fairness
From: Frank Clemente
Date: Fri, Apr 19, 2019
Subject: This is how we invest in working families:
Dick,
What is preventing the U.S. from
making a major new investment in our country’s future? 7,000 corporate
lobbyists in Washington who helped Donald Trump ram his tax scam through
Congress.[1]
And they got a great return on their
investment.
A new report from our close allies
at ITEP shows that 60 profitable Fortune 500 companies avoided paying any
federal income taxes in 2018.[2]
Amazon reported $11 billion in profits and got a tax rebate
worth $129 million. General Motors’ 2018 profits were $4.3
billion, and it received a $104 million tax rebate. Pharmaceutical giant Eli
Lilly made $598 million but got a $54 million tax rebate.
That means you alone paid more
federal income taxes than all three of these major corporations combined.
But, thanks to a major new report,
Americans for Tax Fairness (ATF) has the solution! In the report, “Fair
Taxes Now: Revenue Options for a Fair Tax System,” ATF details 40 ways
to raise trillions of dollars from the rich and corporations for critical
needs.[3]
We’re working hard with our allies
in Congress to make these policy proposals the foundation of progressive tax
reform. We’re helping lawmakers craft legislation that we hope will be voted on
this year. And if passed, these proposals will
allow us to invest big time in our country’s future.
Even if they do not become law this
year, they will help set the table for a momentous debate in 2020 about the
need to make the rich and corporations pay their fair share so we can protect Social
Security, Medicare and Medicaid and invest in education,
affordable healthcare and housing, roads and bridges, green energy and more.
ATF proposes to raise trillions of
dollars in new revenue by:
· Reinvigorating the corporate tax code by raising rates,
closing loopholes and repealing incentives to offshore profits and outsource
jobs
· Ending tax breaks for wealthy businesses, such as special
real-estate provisions that have benefited President Trump
· Raising taxes on the super-rich, both on high incomes and
accumulated wealth
· Reforming taxation of investment income so that wealth
generated on Wall Street is taxed more like work
· Tapping new revenue sources, such as a tiny tax on Wall
Street speculation
This research and public education
campaign is only possible with thousands of supporters like you across the
country. While Wall Street and corporate America have high-priced Washington
lobbyists fighting for corporate tax breaks, you have Americans for Tax
Fairness demanding a fairer tax system that puts working families first.
Together, we’re demanding the rich
and corporations pay their fair share. And when they do, we can truly invest in
a future for all Americans.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “Final Tally: More Than 7,000 Lobbyists Worked on Taxes in 2017,” Public Citizen, Jan. 31, 2018 [2] "Corporate Tax Avoidance Remains Rampant Under New Tax Law," Institute on Taxation and Economic Policy, April 11, 2019 [3] “Fair Taxes Now: Revenue Options for a Fair Tax System,” Americans for Tax Fairness, April 12, 2019
Paid for and authorized by Americans
for Tax Fairness
Katrina Vanden Heuvel.
“Time for a Wealth Tax!.” The Nation
(Feb. 25/March 4, 2019). Mainly
about Elizabeth Warren’s new proposal.
REAGAN AND GOP TAX CUTS
Monica Prasad. Starving the Beast: Ronald Reagan and the
Tax Cut Revolution. Russell Sage,
2018.
Origins of the GOP’s relentless tax cuts, and how this is a
uniquely US phenomenon.
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