A discussion of race, politics, media and the like… What I see is what you get.

60 Minutes’ Leslie Stahl, Corporate Whore


60 Minutes (Australian TV program)

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I don’t believe in “trickle-down” economics…in any of it’s forms (Reaganomics, supply-side economics). I don’t believe in any of it’s current incarnations (lowering corporate taxes so they can create jobs, budget cutting and austerity measures that only seem to target the poor and middle class).  I don’t believe in it because the data shows me it doesn’t work for the vast majority of the people.
What I saw Sunday night on 60 minutes really angered me. Not because it seems to cast the corporations who dodge taxes as victims looking for relief, unable to bare the tax burden imposed on them by the US tax system, but because 60 Minutes is a respected news source that is seen as fair…but this Leslie Stahl piece was tantamount to corporate propaganda as far as I’m concerned. When the effective tax rate in the US, after loopholes, carve-outs, lobbying and paying government officials to write and re-write beneficial tax laws all for the sake of capitalism and profit making, is clearly NOT even close to the 35% that was claimed in the 60 Minutes piece, and news just broke that 2/3rds of US companies pay zero ($0) in taxes (for example, GE paid zero in taxes and actually received billions as their tax refund), and the percent of corporate taxes collected has shrunk from 30% to just 6% of the total amount of taxes collected from everyone…we should all be crying “foul”!! Instead we hear that corporations have to move their “headquarters” to mailboxes in countries where they have no or limited physical presence to save money. And even though these corporations are making immense profits after the 2008 recession that is still rippling and ripping apart communities on main street, Wall Street is claiming they cannot bring their profits back into the states for fear of paying taxes. Is the tax liability the reason these companies have actively shipped jobs overseas? Was NAFTA put in place as a way to save in money in taxes? Is their any economic patriotism left in these multi-national corporations!? Or is it only a matter of profiteering? Is there anything greater than the profit-motive for corporations? Is money the root of all evil?

Capitalism at its best….or should I say…worst.

 

60 Minutes’ Leslie Stahl, Corporate Whore | MyFDL.

A Look at the World’s New Corporate Tax Havens | Lesley Stahl explains how U.S. corporations are cutting their tax bills by moving business overseas.

How to Shift Profits | video

The New Tax Havens | video

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