Forget Wall Street, Occupy Corporate Boardrooms

Submitted by: Mike Spindell, guest blogger

Sometimes a story comes around that writes itself and merely needs highlighting of certain facts to make its points. This link below will provide concrete data on why this country has become a corrupted corporatist state, along with why the federal budget deficit is so high. Its title is “For Hire: Lobbyists or the 99%? How Corporations Pay More for Lobbyists Than in Taxes”

What this document clearly shows, with highly readable charts is that 30 of the top US Corporations not only pay more for lobbying than in taxes, but in fact that they receive huge tax credits, although being highly profitable. Over a three year period 2008-2010 these companies had combined profits of $163.691 billion, received tax credits of $10.602 billion and spent $475.67 million on lobbying. Only one of these companies, FedEx, actually paid taxes. They paid $37 million in taxes, on a profit of $4.247 billion and spent $50.81 million for lobbying. As you might guess the most glaring example was General Electric whose profits were $10.460 billion, received tax credits of $4.737 billion and who spent $84.35 million in lobbying.

I could certainly provide you with commentary on this report, but the starkly written manner of the report and the easily read charts do a far better job of explanation, than would my rhetoric. The next time someone comments on the “theft” that is taxes and the need to defend the 1% and their corporations from government intrusion show them this. If they defend the inequity shown here then you will know they are either part of the 1%, brain-washed or brain dead. It isn’t of course that many of us haven’t known the state of things, or these facts, we have discussed them here repeatedly. Nevertheless, each time the message of the destruction of our Constitution, our America and our people in the service of greed and ego is shown to me, my blood boils. Please check out the link and share your thoughts.

16 thoughts on “Forget Wall Street, Occupy Corporate Boardrooms

  1. As someone running for office has said….get rid of the structured tax code and you’ll get rid of 99% of all of the lobotomist in DC….Should state lobbiest….but hey….both are apt….IMO….

    One of the things that I keep hearing is the US has the highest corporate tax rate….blah…blah…blah….Ok…it may be on the books…but the net effective tax rate is less than 2% …..couldn’t we all be so lucky…..

  2. One of Tex’s friends was visiting us yesterday and talking about a small Christmas bonus in his paycheck last week of $250. His annual wage is just under $100,000. The government kept $90 of that $250 for taxes … 36%. He can’t afford a lobbyist.

  3. “If they defend the inequity shown here then you will know they are either part of the 1%, brain-washed, or brain-dead.”

    Or as Chomsky put it : “The ideological concoctions that are beneficial to the rich and powerful they will tend to propagate. The ones that are harmful to the interests of the rich and powerful will tend to be marginalized and suppressed. But that has nothing to do with the reality of the world, that has to do with how power systems function.”

    Support the Occupation: “They only call it class warfare when we fight back!”

  4. On class warfare: I heard Christiane Amanpour today frame her show with video snippets of people asking for less government, and then she said, but people still want their entitlements! Imagine that. As if the 1% did not have a sense of entitlement. So ended my brief foray into Sunday Opinion.

    I once saw Christiane interview Sarah Chayes about Afghanistan. The interview ended with Sarah telling Christiana that she was completely mistaken. Bad enough, but that comment did not seem to pique Christiana’s interest.

  5. Here is the end of the Amanpour interview, on Afghanistan.
    AMANPOUR: Last question. Does it give you any hope when the latest poll at the end of the year showed that more than 90 percent of the Afghan people actually support the government and not the Taliban, not the extremists?
    CHAYES: That’s nonsense. That’s nonsense. Well, if it’s between the government and the extremists…
    AMANPOUR: That’s what I mean, yeah.

    Right. [link to the rest]

  6. Wilder’s,
    Thank you for that. By the way Kerouac was very influential in my life and because of him I went on many a cross country drive.

  7. Martin,

    Your a better man then I am. I had to give up my lifelong habit of watching Sunday morning news shows because they made me too angry and that was bad for my then failing heart. Besides Meet The Press died when Laurence Spivak left. Russert was a pompous corporate tool.

  8. Mike,

    Thanks for the great post. Amazing that corporations, something that helped make this great country what it is, are ironically bringing it down right under our noses.

  9. Juris,

    Thank you. I think when corporations began to see themselves as multi-national, rather than American, that part of the game changed for the worse. Also the realizations that they didn’t have unions to deal with overseas and so could pay workers much less money/benefits. If you think of it their actios have been basically anti-American.

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