Thank you, Quazi!
Public pensions, in addition to being paid for by taxpayers as everyone points out, ALSO are not only guaranteed by tax payers, but their investment risk is ALSO backed by taxpayers.
Wisconson pensions use around 8% discount rate to value their pension investments. Private industry uses 6%.
How can public pensions take the risk to get that extra 2% compounded over a lifetime of work (30+ years?)?
Well, beacuse they are the government, and can back that risk since they know they will always be there, nor real risk of going out of business, and worst case they do, the fed picks up the tab.
It's a travesty of the market and everyone knows it...that's why they are steadily going away.
"It is a sad day in society when people adjust the facts to fit their beliefs, rather than adjust their beliefs to fit the facts."
2) Exon Mobil-47%
4) Conoco Phillips-51%
Seems to me many of our employers (not all) are indeed paying their fair share in taxes.
Regardless, you are missing the bigger picture, With such punitive corporate tax rates in this country, many large companies are going off shore to shelter income! If you would open your mind to what is going on, you would then possibly start seeing the trees in the forest instead of being blinded by your own political dogma. Companies shelter income to avoid taxes. Yet guys like yourself keep complaining that they are not paying enough. Your consistent mantra, 'tax them more and more' is resulting in them (corporations) in sheltering more and more. Its no wonder why companies like GE hide income. As a shareholder in many of these companies, I applaud their margin saving measures!
If you want to see these corporations start paying more--REDUCE THE CORPORATE TAX RATES, which incentivizes multi-national corporations (which all of these are) into paying taxes in the United States instead of abroad. Yet your monolithic thinking still calls for increasing their taxes.
Remember this fact: Countries compete against each other on many different levels, one of which is tax rates. If it ever becomes advantageous to pay taxes in the United States, companies would flock to the U.S. to pay their taxes AND HIRE OUR CITIZENS. I can't help it if you fail to see this.
I stand behind my original commentary.
Until liberals like yourself understand this basic lesson in human behavior (corporations are run by humans) you will fail achieve the tax revenues you crave.
Should Obama be successful in closing these so call 'tax loopholes', (they are not tax loopholes but that is what he calls them) then two things will happen. 1) corporations will pass the tax on to the consumer, weakening the middle class even further 2) they will continue to go offshore in their hiring. Either way the middle class will suffer and guys like you will continue to spew forth your 'tax the rich' filth.
BTW: If you want to stop the US economy from turning into a 'third world country' the only savior is to tax corporations AND INDIVIDUALS less, not more.
I get it, you're one of the people who don't like to pay taxes. I guess the hundred of public services that benefit you, directly or indirectly, every single day all just magically happen.Secondly, it obivously shows, since they have the second highest public pension debt, next to my beloved Illinois. The fact that the public sector gets upset about tax breaks is beyond me, they're merely getting upset that the government won't take away a company's profit and give it to them through a legal theft process, called tax.
So, please tell name one privately owned business that makes no use of public services--including roads, streets, police, fire... Is their home office on the moon?
we're not getting what we pay for
gao, govt accountability office, congressional audit of authority, yesterday, march 1: a full HALF TRILLION dollars of WASTE and DUPLICATION of bureaucratic arrogance, largesse, incompetence, corruption...
and "most came in fiscal years 2009 and 2010"
that's g-a-o, gentlepeople
a HALF A TRILLION---pfft
reported TUESDAY, march 1
and you want to give these grafters MORE?
no wonder you got so hellaciously shellacked on tsunami tuesday
Gov't Watchdog IDs Billions In Federal Waste - Politics News Story - WSMV Nashville
GAO Finds Massive Waste, Duplication - FoxBusiness.com
and don't forget what we're facing, folks---a housing market which popped and brought us here and is still no basement in sight, the states are facing TWO POINT FIVE TRILLION of unfunded public pensions, the states are straining with another QUARTER TRIL via medicaid's expansion, unfunded liabilities in medicare and social security approach the combined gdp of the entire planet, service on the debt---mere INTEREST ALONE---will approach a full ONE TRILLION DOLLARS per year by just after mid decade (according to the nyt), fannie and fred could cost another HALF T...