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Archive for the ‘(Rich) Taxpayers League’ Category

Maybe the $32T in assets hidden offshore could help us out on the deficit

Posted by Charles II on April 4, 2013

David Leigh, The Guardian:

Millions of internal records have leaked from Britain’s offshore financial industry, exposing for the first time the identities of thousands of holders of anonymous wealth from around the world, from presidents to plutocrats, the daughter of a notorious dictator and a British millionaire accused of concealing assets from his ex-wife.

The leak of 2m emails and other documents, mainly from the offshore haven of the British Virgin Islands (BVI), has the potential to cause a seismic shock worldwide to the booming offshore trade, with a former chief economist at McKinsey estimating that wealthy individuals may have as much as $32tn (£21tn) stashed in overseas havens.

I’m really getting into FFFFFF territory when I see demands for cuts to Social Security, Medicare, and Medicaid at a time when we know that the ultra-wealthy have seceded from their responsibilities as citizens.

Posted in (Rich) Taxpayers League, taxes | 4 Comments »

Romney campaign FBAR

Posted by Charles II on August 15, 2012

Zach Carter and Ryan Grim, HuffPo

WASHINGTON — Mitt Romney has not released his full tax records from 2010, including key documentation connected to his Swiss bank account.

people who own foreign bank accounts are required to file a separate document with the IRS that provides additional details on such overseas bank holdings, and Romney has not released that form to the public.

Tax experts say it is almost certain that Romney did file the form, known as a Report on Foreign Bank and Financial Accounts, or “FBAR” in accountant slang. The penalty for not filing an FBAR can be severe, and the IRS would have expected to receive the form since Romney listed the Swiss bank account on his tax return.

Brad Malt, the manager of Ann Romney’s blind trust, told reporters the Romneys had an account with Swiss bank UBS worth about $3 million, which generated roughly $1,700 in interest [the sum is so small as to be bizarre in itself].

Other accounts that simply executed transactions and forwarded the money along to U.S. accounts would not have to be reported on the tax return. They would, however, have to be listed on the FBAR form Romney has not released to the public.

That Romney’s disclosed account was with Swiss bank UBS has also raised eyebrows. In 2008, a whistleblower at the bank informed the IRS of thousands of accounts being operated by American clients to avoid paying U.S. taxes.

Posted in (Rich) Taxpayers League, 2012, Mitt Romney, taxes | 4 Comments »

The man without a country

Posted by Charles II on May 15, 2012

(Image from LATimes)

Eduardo Saverin, who fled to the United States from Brazil to escape death at the hands of gangs, has now abandoned his American citizenship to save a couple of hundred million in taxes due from capital gains on the Facebook IPO. Bruce Ackerman points out that he can continue to come and go freely to the US and proposes that people who renounce their citizenship should be banned from re-entry except for hardship.

To h–l with hardship. People to whom tax savings are more important than country should have to share the fate of The Man Without a Country. May Saverin eat his d–n money.

Posted in (Rich) Taxpayers League, impunity, The Plunderbund | 6 Comments »

Wingnut-Welfare Recipient And Ayn Rand Fan Craig Westover Lectures Us On Self-Reliance, Morals

Posted by Phoenix Woman on February 8, 2012

In the course of his StarTribune missive seeking to enhance the right wing’s desire to demonize Saul Alinsky and any and all other lefties who have effectively fought against Westover and his fellow one-percenters, sings the praises of Ayn Rand, who of course taught that the one-percenters like Westover were so far above we mere mortals in the 99% class because they’re so much stronger and self-reliant and unhindered by things like morality and conscience and compassion.

Westover, in fact, is one of the Minnesota right wing’s leading recipients of wingnut welfare, having for many years drawn a paycheck at the Minnesota Free Market Institute (he’s still there in an unpaid capacity as a “Senior Fellow”), a notorious sheltered workshop for otherwise-unemployable conservatives, before going on to be the paid mouthpiece for the incompetent and crazy Pat Awada Anderson and was hired last year by disgraced former RPM Chair Tony Sutton to be the the Republican Party of Minnesota’s Communications Director.

As for whether Ayn Rand is more moral than Saul Alinsky, well — Guess who based the male heroes of several novels on a vicious punk of a serial killer named William Hickman? (Hint: Her name rhymes with “Mine Bland”, and she herself became what she scathingly called a “moocher” in later life, turning to Social Security benefits when her conservative buddies refused to significantly assist her and her ailing husband.)

I think I’ll take the guy who improved the lives of millions of Americans over the woman who spun turgid tales for the elites in order to provide comfy justifications for their own amorality and sociopathy.

Posted in (Rich) Taxpayers League | Tagged: , , , , | Comments Off

Shh! Don’t Let On That The Freeloading 1%ers Are The Problem!

Posted by Phoenix Woman on January 30, 2012

The exercise today for you, the reader, is to connect the dots between the following stories and bits of information:

– The real news (and the motivation for the otherwise-inexplicably-appropriate move by the usually-1%-loving French leader) is buried at the end of this Bloomberg article on Nicolas Sarkozy’s plan to charge a 0.1% tax on all French financial transactions:

Socialist candidate Francois Hollande leads in the French presidential election polls. He has the support of 31 percent of voters in the first round, 6 points more than Sarkozy, and his second-round lead has risen to 20 points at 60 percent, according to a CSA poll published last week. Hollande, too, has pledged to impose a tax on financial transactions, if he’s elected.

Fred Hiatt once again whines that we must kick Grandma and Grandpa in the groins yet again and finish giving to the 1%ers the last remaining nickels from the pockets of what used to be America’s middle class, all in the name of “deficit reduction”. Dean Baker eviscerates him for us: “The House is on Fire and Fred Hiatt is Worried About What Color to Paint the Kitchen“.

Prominent American Enterprise Institute wingnut-welfare recipient, Powerline darling, and 1%er apologist James Q. Wilson gets caught echoing Ayn Rand worshiper and idiotic 1%er apologist Paul Ryan’s lies about taxes and upward mobility; contrary to Wilson’s and Ryan’s shared spew, upward mobility is greater in the nations that actually tax their rich — such as most of Europe — than it is in America.

Oh, by the way, the Powerliner who waxed so wet-pantily over Wilson’s prose? None other than Steven Hayward, a typical hypocritical libertarian stand-on-your-own-two-feet kinda guy who has seldom if ever held a real job and who has depended most of his adult life on Claremont and AEI wingnut-welfare subsidies for his daily bread — subsidies that are themselves provided in part by the lumber firm Weyerhauser, which pays him to trash environmentalists.

Posted in (Rich) Taxpayers League, 2012 | Tagged: , , , , , , | Comments Off

Guess What: Individual Persons Carry MUCH Higher Tax Burden Than Corporations

Posted by Phoenix Woman on December 21, 2011

Since Tony Sutton, some dude called Love, and the Minnesota College Republicans are now following me on Twitter, this is for them:

Ever wonder whether people or corporations carry a heavier tax burden? Well, it’s not even close: people pay more in taxes by a long shot.

Yes, that’s for both Federal and state taxes. In 2008, corporate entities paid only 12.0 percent of federal revenues, while individual taxpayers contributed 45.3 percent to the Treasury. In that same year, corporations accounted for a measly 4.27 percent of state and local revenues, whereas individuals paid 27.9 percent of state revenues in 2008. State corporate income taxes were $52 billion while state personal income taxes were nearly six times greater at $301 billion, and state sales taxes were, at $ 278 billion, not far behind.

Posted in 'starving the beast', (Rich) Taxpayers League | Tagged: , , | Comments Off

Ayn Rand Fan Tyler Cowen Doesn’t Like The Results Of Decades Of Randism On Conservatives

Posted by Phoenix Woman on November 13, 2011

This just cracked me up.

Tyler Cowen, Ayn-Rand-worshiping product of and coddled hothouse flower in the conservative ideology factory and Koch Brothers plaything known as George Mason University, is all bummed out at how lazy and amoral conservatives and libertarian producers are letting themselves be outshone by liberal moochers in the intellectual and other departments:

The first problem is that higher status for the wealthy can easily lead to crony capitalism. In public discourse social status judgments are often crude. Critical differences are lost, like the distinction between earning money through production for consumers, as Apple has done, and earning money through the manipulation of government, which heavily subsidized agribusinesses have done. The relevant question, in my view, is not about how much you have earned but about how you have earned it. To further confuse matters, many right-wing Republican politicians supported corporate bailouts and corporate welfare far beyond what was necessary to stabilize the economy, in doing so further muddying the difference between productive and predatory capitalism.

The second problem is that many conservatives have become so attached to their cultural vision that they have ceded sound, technocratic reasoning to the left and center. For instance there is a common willingness among conservatives to defend the Bush tax cuts, even though the evidence does not show much of an economic payoff.

[...]

…today’s elites are so wedded to permissive values — in part for their own pleasure and convenience — that a new conservative cultural revolution may have little chance of succeeding.

Well, boo hoo hoo.

The spoiled-brat Cons Cowen rails about are precisely what you get when you rear three generations of conservatives on Ayn Rand’s mid-20th-century Social-Darwinist gloss on the Calvinistic idea that they are the Elect and everyone else is the Preterite.

Of course the modern Cons are lazy, stupid, greedy, and amoral — and it’s because they are Randians, even the self-alleged Christians among them like Mark Sanford.

They have been trained to think of themselves as the embodiment of her perfect elite, the studly producers and “makers” whose every action per Rand (including rape and murder) is self-justified, and to have nothing but contempt for the 99% — or as they call us, the “moochers”, “parasites” (a term adopted by rabid Randian Alan Greenspan (aka Mr. Andrea Mitchell) when he was a young man: “Parasites who persistently avoid either purpose or reason perish as they should.”), “looters”, and “takers” (which math-challenged Rand worshiper Paul Ryan favors).

So when Cowen says that everyone needs to behave like “the hero from an Ayn Rand novel”, what he doesn’t mention is that the very conservatives and Republicans he’s allegedly complaining about are the ones who have taken Rand’s words most strongly to what passes for their self-interested, self-centered, other-ignoring, empathy-shunning hearts. Quelle surprise — not.

Posted in 'starving the beast', (Rich) Taxpayers League, libertoonians, Republicans acting badly, Republicans as cancer, rightwing moral cripples | Tagged: , , , , , , , , , , | 4 Comments »

Mitch McConnell: Why Isn’t Obama Shipping More Jobs To Narcostates And Other Overseas Sweatshops?

Posted by Phoenix Woman on September 6, 2011

Mitch McConnell was given valuable Washington Post column space to argue for the further destruction of America’s industrial base and what’s left of America’s middle and working classes so that their jobs can be done overseas by people in horrific working conditions who risk being murdered if they try to improve them, all so Mitch’s already-phenomenally wealthy buddies in the Chamber of Commerce can get even richer off of the collective misery of people in the US and elsewhere.

That’s the only sensible way to read his recent whine urging Obama to wave through free trade agreements for Colombia (narcostate with murderously repressive government and US client state), Panama (once similar to Colombia, except their caudillo lipped off to the US once too often and so was replaced with a “democracy” where the principals hew closely to the US neoliberal line), and South Korea (another US client state where workers’ rights are suppressed).

War is Peace. Freedom is Slavery. Shipping Jobs Overseas to Further Enrich Plutocrats Makes More Jobs at Home.

Posted in 'starving the beast', (Rich) Taxpayers League | Tagged: , , , , , , , , | 2 Comments »

Is Austerity Killing Europe’s Recovery? Well, Duh.

Posted by Phoenix Woman on September 2, 2011

The WaPo’s Howard Schneider (or his headline writer) asks “Is austerity killing Europe’s recovery?”

He then proceeds to answer his own question:

The campaign to reduce government deficits has come in response to a European debt crisis that could endanger the global banking system. And the budget cutting has been coupled with a reluctance by the the European Central Bank to stimulate economic growth like the Federal Reserve has in the United States; the ECB has instead raised interest rates twice this year to contain inflation.

Those steps have sucked hundreds of billions of dollars out of a European economy that may be edging towards recession.

Such a downturn, by choking off government revenues and increasing the demand for public services, could put struggling countries such as Spain and Italy at risk of missing the very deficit-reduction targets that budget cuts and other austerity measures were meant to achieve.

You don’t have to look at Spain and Italy for proof that austerity kills economies — just look at the UK. Their recovery ground to a halt once Nick Clegg fell for the extortion of the BNP Paribas ratings agency, which threatened to downgrade the UK’s credit rating if Clegg didn’t form a government with the austerity-jonesing Tories.

I’ve been seeing more pro-Keynesian rumblings lately. Could it be that some of the elites realize that they may be slowly smothering their own golden geese and need to back off from the neoliberal plan to destroy public social services worldwide?

Posted in 'starving the beast', (Rich) Taxpayers League | Tagged: , , , , , , | 1 Comment »

GOP’s Corporate Owners And Their Little Shop Of Tea Party Horrors

Posted by Phoenix Woman on August 27, 2011

Jane Hamsher pointed out last month that the corporate owners and operators of the Republican Party are finally starting to realize that in feeding the Tea Party and “values voters” types, they have created a monster which is actively fighting their control:

Corporate America and the GOP have been playing a very dangerous game, throwing enormous amounts of money behind PR campaigns demagoguing the very deficit that their radical manipulation of the political system created in the first place. They thought they could hide their true intentions under the cloak of fiscal responsibility and good governance. The fact that the very tool they virtually invented to captivate the democratic process finally turned around and bit them in the ass is almost Shakespearean in its irony.

About time.

Posted in 'starving the beast', (Rich) Taxpayers League, Uncategorized | 1 Comment »

 
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