“‘The universe of offshore tax cheating has become so large that no one, not even the United States government, could go after all of it.” A new Senate report delves into offshore tax shelter schemes by extremely wealthy individuals, ones which cost the American public billions in federal tax revenues (and which often utilized fronts based in the Isle of Man, once the long-time home of my now-deceased English grandparents.) “‘We need to significantly strengthen the aiding and abetting statutes to get at the lawyers and accountants and other advisers who enable this cheating,’ Senator Levin said, adding that ‘we need major changes in law to stop the use of tax havens’ by tax cheats.”
Tag: Inequality
Post-Borns in Poverty = Evildoers?
So, the pre-born aside, how does Dubya feel about the plight of actual, honest-to-goodness post-born American kids living in poverty these days? Well, judging from his recent statements on poverty, or complete and utter lack thereof since Katrina faded from public memory, he couldn’t care less. “Domestic poverty did not come up in his State of the Union address in January, and his most recent budget included no new initiatives directed at the poor.”
Minimum humanity…
Forced to capitulate somewhat on the estate tax in the House, the Republicans nevertheless illustrated anew their grotesque economic priorities in the Senate by voting down a raise in the minimum wage (Still at $5.15, it hasn’t been raised in nine years.) “Just last week, the House rejected an effort to block a $3,300 annual increase in the base salary for a member of Congress. If the raise goes through, rank-and-file members will earn $168,500 — a $31,600 increase since the last minimum-wage increase was enacted in 1997.“
The Softer Name of Revenue.
“‘If you want to look at why the Republican Party is down in the dumps and why the president’s numbers are down in the dumps,’ Sen. Charles Schumer (D-N.Y.) said this afternoon, ‘it’s that the American people are beginning to understand that when they talk about tax cuts, they’re not talking about helping middle-class people. They’re talking about helping the wealthiest corporations and individuals among us.’” True, that. And, since Dubya signed the dividend tax giveaway extension into law this afternoon, the Dems now have another potent issue in their arsenal through November. “‘Today’s really a good day to be a millionaire, but it’s a bad day if you want to be a millionaire,’ Senate Democratic Leader Harry Reid (Nev.) said at a news conference minutes after Bush signed the bill.”
Taxing Days for the GOP.
“‘The point is the preponderance of these revenues will go to upper-income people, people who make a million dollars or more,’ Sen. Olympia J. Snowe (R-Maine) said yesterday. ‘It’s a question of priorities.‘” Nevertheless, as expected, House and Senate GOP leaders strike a deal to extend Dubya’s tax breaks for the wealthy to 2010, with the House passing their end 244-185 today. Well, this tax gambit may help the GOP with their base among the “haves and have-mores,” I guess, but I really don’t see how this will stop the GOP’s 14-point freefall across the rest of the country. Update: The Senate follows suit, 54-44.
Offset Pt. II.
With the first round of Operation Offset on its way to becoming law, Dubya submits a $2.8 trillion budget that further reflects the egregiously screwed-up priorities of this administration. The proposed budget “would cut billions of dollars from domestic programs ranging from Medicare and food stamps to local law enforcement and disease control while extending most of his tax cuts beyond their 2010 expiration date… [these] tax cuts, tax incentives and tax-cut extensions would cost the Treasury $1.7 trillion over the next decade, dwarfing the $172 billion in entitlement savings and proposed user fees in the budget.” Why didn’t anyone think of this before? Conducting war is so much easier when only the poorest Americans have to sacrifice. And as for the exploding deficits? Hoo boy. For an administration that purportedly cares about the unborn, this White House seems to have no qualms about foisting debt on the next generation.
That’ll teach the poor.
Operation Offsetted: By the slimmest of margins (216-214), the House GOP pass the “deficit-cutting” (read: millionaire tax-giveaway off-setting) bill striking $40 billion from “Medicaid, welfare, child support and student lending.” (It previously passed the Senate on Cheney’s vote.) I’m reminded of a quote by Walter Lippmann on the Goldwater ’64 campaign: “We all know of demagogues and agitators who arouse the poor against the rich. But in Barry Goldwater we have a demagogue who dreams of arousing the rich against the poor.“
ANWR’s Nine Lives.
“The legislation would allow states to impose new fees on Medicaid recipients, cut federal child support enforcement funds, impose new work requirements on state welfare programs and squeeze student lenders.” Although a tie-breaking vote by Cheney got the deficit bill passed — meaning people on Medicaid, welfare recipients, and students with loans will soon be paying for Dubya’s millionaire tax breaks — the Dems do succeed in beating back ANWR drilling, much to the chagrin of Ted Stevens, who gambled that the Senate wouldn’t vote down a defense bill.
The Eye of the Needle.
“They are trading the lives of poor people for their agenda. They’re being, and this is the worst insult, unbiblical.” As liberal Christian groups protest GOP cuts in poverty programs, the Post looks into why the usual right-wing suspects are AWOL on the issue of poverty.
The Recrudescence of Dividend Dubya.
Ever the one-trick pony, Dubya tries to make the case anew for dividend and capital gains tax breaks for the wealthy. But, to their credit, GOP moderates such as Olympia Snowe (R-ME) are no longer buying, and even cultural conservatives don’t want tax credits for Vegas-style businesses along the rebuilding Gulf Coast.