Wealthy should pay fair share
12/25/2012 6:09 PM
12/25/2012 7:50 PM
Recent election results should make the point that corporate control of politics and corporations' attacks on unions, universal health care and worker pension plans are odious to many Americans. They understand the disparity that occurs when there is no mention of also eliminating deferred taxes on overseas profits, deductions for second homes and yachts, or the use of tax-free offshore accounts.
Last week the CEOs of major corporations met with conservative politicians in Washington to advocate cuts to social programs while pushing for $100 billion in additional tax cuts for themselves. Ironically, they call their think tank, "Fix the Debt."
Well, think about this:
Corporate earnings for the third quarter of 2012 were up 18.6 percent from last year, at $1.75 trillion.
Third quarter productivity of U.S. workers went up 2.9 percent; but corporations spent 1.9 percent less to pay them.
Corporations continue to bleed U.S. jobs to countries with no labor, minimum wage, or safety laws.
The relative income share of the top 1 percent is up 120 percent since 1979, while the bottom 80 percent of us have averaged 0 percent or less in growth during that time.
The top 10 wealthiest members of Congress all voted to extend tax cuts for the wealthy.
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