Much has been made of the fact that nearly half of Americans paid no federal income tax in 2010. Some people interpret that statistic as saying that we are a nation of makers and takers, with the makers paying the taxes that support the takers. But the story is not that simple. This video explains who doesn't pay income taxes and why, and notes that the share of non-payers is headed down to just a third a decade from now.
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- Affordable Care Act
- Bank of America
- Barack Obama
- Big banks
- Bush Tax Cuts
- California Federation of Teachers
- Caymen Islands
- Corporate Profits
- Corporate Tax Dodging Prevention Act (S.250)
- Economic Crisis
- Economic Policy Institute
- Ed Asner
- Eli Lilly
- Eliot Spitzer
- Federal Reserve
- Fred Glass
- Global Warming
- Goldman Sacs
- JPMorgan Chase
- John Fugelsang
- Lee Camp
- Mike Konopacki
- Moment of Clarity
- Mortgage Electronic Registration System
- New York
- New York City
- Party of the Wealthy
- President Barack Obama
- Private Equity
- Reggie Watts
- Republican extremism
- Rio de Janeiro
- Robert Reich
- Social Security
- Stephen Colbert
- Superstorm Sandy
- Tea Partiers
- Wall Street
- Wall Street backers
- World Cup
- animated fairy tale
- carbon destruction
- chained CPI
- corporate welfare
- drug patents
- economic inequality
- extortionist demands escalate
- federal income tax
- financial regulation
- fiscal cliff
- former Secretary of Labor
- grand bargain
- illegal behavior
- land records
- medical bills
- offshore tax schemes
- policy decisions
- prosperous economy
- public opinion
- public services
- senator bernie sanders
- shell corporations
- super committee
- tax havens
- weather disasters
Now is the time to lance the boil of Republican extremism once and for all. Since Barack Obama became president, the extremists who have taken over the Republican Party have escalated their demands every time he’s caved, using the entire government…
Guest Eliot Spitzer -- who's leading in the polls after tossing his hat in the ring hoping for a return to politics as a contender for NYC comptroller -- was asked by comedy host Stephen Colbert if forgiving voters signals the "slow decay of our moral values."
While Spitzer laughed the question off, Colbert declared, "This ain't Charlie Rose, motherf**ker!"
"Shouldn't the job of comptroller go to someone who has shown a modicum of self-comptrol," Colbert continued. "Why should the people trust you?"
Spitzer suggested that "The totality of a record," including his many years as New York attorney general, make him a suitable candidate.
Luckily, Spitzer seems to have a good sense of humor, as nothing was off-limits for Mr. Colbert on Thursday night.
Inequality is real, it's personal, it's expensive and it was created. Today, 1% of Americans are taking home nearly 20% of the country's total income and own nearly 35% of the country's wealth. This didn't happen by accident. As former Secretary of Labor Robert Reich explains, we allowed it to happen.
We can't have a prosperous economy without a strong and prosperous middle class. Inequality can be fixed. So, let's fix it.
inequality.is, a new interactive site from the Economic Policy Institute, explains the causes of and solutions to income inequality.
The recent past has seen greater economic inequality in America than at any time since the Great Depression.
In the three decades after World War II American incomes grew quickly and equally, but starting in the late 1970s things began to change.
Today, 1% of Americans are taking home nearly 20 percent of the country's total income, and own more than 35% of America's wealth.
And it didn't happen by accident. It's the result of policy decisions on taxes, education, trade, labor, macroeconomics, and financial regulation -- all of which shifted economic power away from low and moderate-income American families.
Economic inequality is real, it's personal, it's expensive. And it was created.
As many as 200,000 Brazilians in 11 cities marched this week to protest tax burdens, lack of funding for healthcare, education and rising transportation costs that are associated with numerous national events, including the 2014 World Cup and 2016 Summer Olympics.
While the demonstrations were mostly peaceful, there were flare-ups of violence in Rio de Janeiro when a group set fires to cars and barricades and clashed with police. Another protest saw marchers throw rocks at trains. Police fired rubber bullets, tear gas and used water canons on protesters. In at least one instance, live ammunition was fired by police.
Costs of hosting next summer’s World Cup are expected to top $13 billion, a figure that’s criticized by citizens who say the country should be spending money elsewhere. The main points of the protests are summarized in this short video by Brazilian filmmaker Carla Dauden, entitled “No, I’m not going to the World Cup.” It has more than 500,000 views in its first 24 hours.
A moving moment about a minute into the video as a doctor in one of Rio's understaffed, and underfunded hospitals rages "I am a doctor. I am revolted. I am alone in this crap here! There is nothing I can do for the excess of sick patients and the secretariat, the governor, they don't do anything!"
“It’s time we started thinking about our priorities and what’s important,” Dauden says at the end of the clip.
From Superstorm Sandy to soaring temperatures in Australia, ongoing drought that has parched more than 60% of the U.S., and flooding from hurricanes around the world, we are experiencing the consequences of our carbon pollution now. We are paying the cost of these dirty weather disasters and other climate impacts through taxes, medical bills, and insurance rates (to name just a few). It’s past time to talk about the real cost of carbon pollution and to take action so that the polluters are paying their fair share.
Carbon pollution is not only disrupting our lives, it’s hitting our wallets. Comedian and musician Reggie Watts shows how, laying out the billion-dollar connection between fossil-fuel energy and dirty weather events like Superstorm Sandy caused by carbon pollution.
In the spirit of moving forward to solve the climate crisis, it’s time to jump-start a real carbon conversation.
For more information, visit The Climate Reality Project.
This is your Moment of Clarity #215: The banks use something called MERS in order to destroy local land records, avoid taxes, and foreclose on our homes. The truth is slowly coming out about it and people are fighting back.
At the advent of MERS, this bastion of our recordation system was rendered obsolete, to the detriment of every owner of real property in the United States.
In September the highest court in the state of Washington ruled that a company that has foreclosed on millions of mortgages nationwide can be sued for fraud, a decision that could cause a new round of trouble for the nation's banks.
The ruling is one of the first to allow consumers to seek damages from Mortgage Electronic Registration Systems (MERS), a company set up by the nation's major banks, if they can prove they were harmed.
Legal experts said last month's decision from the Washington Supreme Court could become a precedent for courts in other states. The case also endorsed the view of other state courts that MERS does not have the legal authority to foreclose on a home.
Here you can sign a petition demanding integrity in our land records, and an end to MERS.
Former U.S. Labor Secretary Robert Reich, a professor at the University of California, Berkeley, joins Current TV's John Fugelsang to discuss what's next for President Obama and the GOP now that the sequester has gone into effect. Reich argues that Republicans aren't opposed to the sequester because they're simply against raising taxes, but because they represent the wealthy.
"Republicans are saying no taxes on the rich, no closing of any loopholes at all. Mitt Romney's ... special privileges with regard to private equity and all of the other privileges that the rich have — we want to protect. And we want to protect even at the expense of schools and roads and bridges and women and infants and children programs, and everything else the public needs," Reich says.
Tax the rich: An animated fairy tale, is narrated by Ed Asner, with animation by Mike Konopacki. Written and directed by Fred Glass for the California Federation of Teachers. An 8 minute video about how we arrived at this moment of poorly funded public services and widening economic inequality. Things go downhill in a happy and prosperous land after the rich decide they don't want to pay taxes anymore. They tell the people that there is no alternative, but the people aren't so sure. This land bears a startling resemblance to our land.
For more information, visit http://www.cft.org/.
When the greed, recklessness, and illegal behavior on Wall Street drove this country into the deepest recession since the 1930s, the largest financial institutions in the United States took every advantage of being American. They just loved their country - and the willingness of the American people to provide them with the largest bailout in world history. In 2008, Congress approved a $700 billion gift to Wall Street. Another $16 trillion in virtually zero interest loans and other financial assistance came from the Federal Reserve. America. What a great country.
But just two years later, as soon as these giant financial institutions started making record-breaking profits again, they suddenly lost their love for their native country. At a time when the nation was suffering from a huge deficit, largely created by the recession that Wall Street caused, the major financial institutions did everything they could to avoid paying American taxes by establishing shell corporations in the Cayman Islands and other tax havens.
In 2010, Bank of America set up more than 200 subsidiaries in the Cayman Islands (which has a corporate tax rate of 0.0 percent) to avoid paying U.S. taxes. It worked. Not only did Bank of America pay nothing in federal income taxes, but it received a rebate from the IRS worth $1.9 billion that year. They are not alone. In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens to avoid paying some $4.9 billion in U.S. taxes. That same year Goldman Sachs operated 39 subsidiaries in offshore tax havens to avoid an estimated $3.3 billion in U.S. taxes. Citigroup has paid no federal income taxes for the last four years after receiving a total of $2.5 trillion in financial assistance from the Federal Reserve during the financial crisis.