Them and you

tax.jpgIt’s tax day. If this is coming as a surprise to you, I am sorry. If you think the tax code isn’t rigged against you, and for them, I am also sorry.

Both are very true.

The average American taxpayer (that’s you) pays an extra $1,000 in taxes to cover the lost revenue from corporations and the very wealthy exploiting offshore tax havens.

Billionaires (that’s them) still pay lower taxes than their secretaries, and the biggest corporations like GE and Verizon are getting away with paying nothing at all while working families and small business owners pay their taxes so we can invest in America and make everyone better off, not so we can give hedge fund managers another tax break.  In 2009, 22,000 households that made more than $1 million paid less than 15% in income taxes and nearly 1,500 paid no federal income taxes.

WhereOurTaxDollarsGo-f1_rev4-12-13.jpgCorporate tax lobbyists are pushing Congress to give them more special tax breaks while making everyone else bear more of the burden, cutting even basic cost-of-living adjustments and health care benefits that hardworking families count on. According to one study, ten of the largest companies in the U.S. paid no federal income tax on $16 billion in profits in 2012. Over the past five years, they paid zero federal income tax on nearly $60 billion in profits.

Lobbyists for billionaires claim that we can fix the budget by giving more to those who already have a lot, but the only way to make their math add up is if regular people pay more. The same lobbyists complaining that the corporate tax rate is too high to be competitive want us to forget that most other advanced countries actually tax corporations at higher rates and raise more revenues from corporations than we do.

So, while big corporations and those who run them are enjoying record profits at 60-year highs and hoarding massive amounts of cash while stiffing the workers who keep their companies going. They are just complaining that you are  not paying enough of their share.

Those who've done well in America ought to do well by America and pay their fair share. Otherwise, you will (continue) to be the one covering their bill.