I have a question. Why are the Republicans protecting those big corporations and the very rich, from paying more to keep the government out of debt?
I just read a report stating that 16 of the great corporations have basically stopped paying taxes, while at the same time are also cutting jobs. This report stated that for almost 20 years from 1989 to 2008, corporations paid an average of 22.5 percent in federal taxes, but because of the recession it has dropped to 10 percent even as their profits have more than doubled in the last 10 years.
In another report it states that in 20 years corporate profits increased by four times, while their taxes have deceased by 50 percent. Meanwhile, the workers payroll tax has doubled. In effect, corporations have managed to let the middle class worker pay for the nation’s expenses. From 1950 to 1964, those whose income was $400,000 or more paid over 90 percent after deductions and the economy was good.
It is interesting to read that almost 19,000 companies claim their home office in just one building in the Cayman Islands. The revenue lost from these tax havens is estimated at about $450 billion per year, while other tax loopholes benefit the rich is estimated at over $1 trillion.
Our Republicans in Congress continue to hold solid with the wealthy by doing everything they can to keep them from paying their fair share to help the government pay for its daily operation, and keep it out of debt.