from the Working Life blog:
Two Trillion In Corporate Welfare: Start Hereby Jonathan Tasini
Tuesday 24 of May, 2011
Tomorrow, Peter Peterson is going to hold another one of his dumb national "fiscal summits" to further fan the flames of the phony debt and deficit "crisis"--a non-existent crisis that covers up the bigger problem of the widening divide between rich and poor. Since people want to talk about saving money, let's start by cutting over two trillion dollars in corporate welfare. Two trillion dollars. That's real money--and doesn't require taking a single dime from schools, infrastructure investments and other social programs.
I underscore: there is no debt or deficit "crisis". So, the proposal below (developed as part of the Job Party's drive for a 21st Century WPA) to cut corporate welfare is offered simply because we should always try to use money wisely and more productively--and our tax dollars should be used to subsidize outlandish CEO salaries and benefits.
What is astonishing about the list below is that we can redirect two trillion dollars WITHOUT even talking about raising taxes on the rich (which we should do), enacting single-payer health care (which would save hundreds of billions of dollars and be the easiest way to shore up Medicare) and ending immoral wars.
End Big Oil and Big Gas Tax Breaks
2011-2015 savings: $80 billion (Taxpayers for Common Sense).
Big Oil has made almost $855 billion in profits in the past decade. There is no need to give such a profitable industry a tax break.
End Deferral of Taxes on Income of U.S.-Controlled Corporations Abroad
2011-2015 savings: $199 billion (Citizen for Tax Justice estimate).
Encourages off-shoring of work and capital.
End Accelerated Depreciation on Equipment
2011-2015 savings: $141 billion (CTJ estimate).
Accelerated depreciation can result in a very low, or even negative, tax rate on profits from a particular investment.
End Deduction for Domestic Manufacturing
2011-2015 savings: $76.7 billion (CTJ estimate).
Provides virtually no benefit to the economy and is blatant corporate welfare. ............(more)
The complete piece is at:
http://www.workinglife.org/blogs/view_post.php?content_id=15188
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