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Thread: Over 90% of the income gains in the first year of the recovery went to the top 1%

  1. #201
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    I guess I will include my paper on the shrinking of the middle class, and how they are losing a huge chunk of their income to necessities, and losing their tremendous spending power they had before the 1970's:

    https://docs.google.com/document/d/1...BMo/edit?pli=1
    My blog, where I talk latest news on economics and some other issues.

    http://hereticaldruthers.wordpress.com/

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    GE and other big corporations like Exxon weren't paying taxes under the Bush administration. And which party is it that wants to close the loopholes?

    Wall street changed their tune after Obama went after them. Look who they are supporting this time:

    "So who do they want to win in 2012? Based on contribution patterns so far, the overwhelming favorite of the Wall Street banks to win in 2012 is Mitt Romney."

    The Big Wall Street Banks Are Already Trying To Buy The 2012 Election
    Orly? GE :
    COLUMN-America is GE's tax haven: David Cay Johnston | Reuters

    From 2001 through 2005, GE paid almost identical tax rates on its profits, 19.3 percent in the U.S. and 19.7 percent offshore. During those five years GE reported 56.1 percent of its profits in the United States.
    A good part of the reason why GE did not pay as many taxes is because of green credits enabled by Obama and the losses they wrote off account for 2009 and 2010.

  3. #203
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by JP Hochbaum View Post
    I guess I will include my paper on the shrinking of the middle class, and how they are losing a huge chunk of their income to necessities, and losing their tremendous spending power they had before the 1970's:

    https://docs.google.com/document/d/1...BMo/edit?pli=1
    Hey JP, the link just took me to an account log in page for Google.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by OpportunityCost View Post
    Orly? GE :
    "WASHINGTON---With federal income taxes due in a few weeks, Sen. Bernie Sanders, the Vermont independent allied with Democrats, on Sunday released a list of ten big profitable U.S. companies paying little or no taxes. Sanders wants to close the loopholes that make this tax avoidance legal. Some people call the income tax system with generous loopholes for big companies corporate welfare or corporate entitlements. As Congress returns to work this week--after yet another break--to negotiate over big budget cuts--with social safety net programs facing reductions--Sanders is pushing for corporations to pay more of a fair "share."

    The Bernie Sanders Ten, per release....

    1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

    2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

    3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.

    4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

    5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

    6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

    7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

    8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

    9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

    10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent."

    Ten giant U.S. companies avoiding income taxes: Sen. Bernie Sanders list - Lynn Sweet
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    Hey JP, the link just took me to an account log in page for Google.
    It is a gdoc.
    My blog, where I talk latest news on economics and some other issues.

    http://hereticaldruthers.wordpress.com/

  6. #206
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by JP Hochbaum View Post
    Opportunity Cost,

    I am pretty sure this post was not something you grasped. It had nothing to do with the stimulus in any way.
    It does have something to do with it in a "How many straws does it take to break the came'ls back" sorta way.
    I'm Finding it Harder to be a Gentleman, White Stripes ~ "You think I care about me and only me. When every girl needs help climbing up a tree."

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    "WASHINGTON---With federal income taxes due in a few weeks, Sen. Bernie Sanders, the Vermont independent allied with Democrats, on Sunday released a list of ten big profitable U.S. companies paying little or no taxes. Sanders wants to close the loopholes that make this tax avoidance legal. Some people call the income tax system with generous loopholes for big companies corporate welfare or corporate entitlements. As Congress returns to work this week--after yet another break--to negotiate over big budget cuts--with social safety net programs facing reductions--Sanders is pushing for corporations to pay more of a fair "share."

    The Bernie Sanders Ten, per release....

    1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

    2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

    3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.

    4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

    5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

    6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

    7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

    8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

    9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

    10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent."

    Ten giant U.S. companies avoiding income taxes: Sen. Bernie Sanders list - Lynn Sweet
    With all due respect this is your original premise :
    GE and other big corporations like Exxon weren't paying taxes under the Bush administration. And which party is it that wants to close the loopholes?

    Wall street changed their tune after Obama went after them. Look who they are supporting this time:
    I take one of your own examples and prove it is not true as you present it and you turn around with a list of companies that are not paying taxes right now. I think you better get on your Obama phone and have a talk with him. Democrats currently control 2/3 of the branches that control the tax code, maybe you ought to be a little less partisan in your accusations.

    My personal opinion is throw out all incumbants with more than 2 or 3 terms, Dem or R. They seem to sell out awfully easy after that 2nd term.

    Second, Id go over that list with a fine tooth comb if I could, Im betting its not as accurate as its portrayed.

  8. #208
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by OpportunityCost View Post
    With all due respect this is your original premise :

    I take one of your own examples and prove it is not true as you present it and you turn around with a list of companies that are not paying taxes right now. I think you better get on your Obama phone and have a talk with him. Democrats currently control 2/3 of the branches that control the tax code, maybe you ought to be a little less partisan in your accusations.

    My personal opinion is throw out all incumbants with more than 2 or 3 terms, Dem or R. They seem to sell out awfully easy after that 2nd term.

    Second, Id go over that list with a fine tooth comb if I could, Im betting its not as accurate as its portrayed.
    You couldn't be bothered to note the dates that predated the Obama presidency??? These are the same tax loopholes provided under the Bush tax cuts that the Democrats want to eliminate. Glad you are in concurrence with the President and the Democrats in Congress that we should eliminate them!
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    You couldn't be bothered to note the dates that predated the Obama presidency??? These are the same tax loopholes provided under the Bush tax cuts that the Democrats want to eliminate. Glad you are in concurrence with the President and the Democrats in Congress that we should eliminate them!
    Im totally sure its that simple. Is it even possible they are getting partial refunds from their quarterly filings? We dont know. We get a narrative that is about an inch deep. Im skeptical those numbers are 100% accurate and I cant even really find out from the data presented. So I went and got some data that showed your conclusion to be false and get a (bolded) strawman from you.

    I cant even honestly say well played...because it wasnt.

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by OpportunityCost View Post
    Im totally sure its that simple. Is it even possible they are getting partial refunds from their quarterly filings? We dont know. We get a narrative that is about an inch deep. Im skeptical those numbers are 100% accurate and I cant even really find out from the data presented. So I went and got some data that showed your conclusion to be false and get a (bolded) strawman from you.

    I cant even honestly say well played...because it wasnt.
    You are the one that brought up the tax loopholes and now you are unsure of them??? Let me know when you make up your mind.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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