Corporate abuse: How it affects you (Warren: public schools, universities, income)

[linicx]

It’s a mathematical truism that low and declining state revenues from corporate income taxes means higher state taxes on other state taxpayers or diminished state and local public services.

In a tax system that by necessity must rely heavily on the voluntary compliance of tens of millions of honest taxpayers, maintaining public trust is essential — and that trust is endangered by the specter of widespread corporate tax avoidance. The fact that the law allows America’s biggest companies to report only half of their actual U.S. profits to the IRS, while ordinary wage-earners have to report every penny of their earnings, has to undermine public respect for the tax system.

This doesn't even scratch the surface of outrage. Many of these same 'respected companies" doing business in Illinois not only do not pay their fair share of taxes (US tax is approx 1/3 cheaper than foreign tax paid in full) they are also subsidised in the millions by a governement that buckles under threats. Not are we being shorted on tax revenue by 50% or more we're paying 'vig', too!

http://www.ctj.org/corporatetaxdodge...gersReport.pdf




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[sunnyandcloudydays]

Looking through this post and the names of the companies are pretty much all household names.

More the reason I am for the occupy movement.

The average citizen is the lowest common denominator.

Bottom line its this group of people who get jabbed with the tax bill and shoulders the responsibility.

In defense to the companies I can some what reason with getting tax breaks if they are contributing to a community by providing a work force with access to health benefits along with a decent LIVING wage.

On the other side of the story a society needs universities to be competitive along with public schools.



Ironic how some names on the list are institutions who recvd the TARP funds.
No wonder they paid it back so soon as they are not on the HOOK for a tax liability.

I am also 100% positive the majority of these companies also have super powers to pass special interests and are very cozy with the men and women in our nations capital.

It is also worth mentioning I have a great deal of respect for Warren Buffet.
He understands what is at stake with this country.