Corporate Welfare By Job Blackmail

pickpocketYou know how States are hurting? How budgets are in the red to the point some towns cannot even hold elections? Adding insult to injury comes the news States are allowing corporations to pocket taxes they take out of your paycheck and pocket the money for themselves. I kid you not.

Nearly $700 million a year in state income taxes withheld from worker paychecks in 16 states is being used to provide lavish subsidies to corporations rather than paying for vital public services. These diversions have gone to more than 2,700 companies, including major firms such as Sears, Goldman Sachs and General Electric. Few if any of the affected workers are aware, because no state requires they be informed on their pay stubs.

David Cay Johnston put together this nifty video overviewing how corporations manage to take state taxes out of your paycheck yet pocket the money.


Naming Names Of Corporations Who Pay No Taxes

G.E., yes that G.E. who is in the White House, not only hasn't paid taxes for the last three years, our government actually paid them. From 2008-2010, G.E. received tax rebates of $4.737 billion, while earning a pretax profit of $10.46 billion. This is while they offshore outsource jobs to China and get bail outs for their financial branch, G.E. Capital.

Citizens for Tax Justice have published a new study, Corporate Taxpayers & Corporate Tax Dodgers, 2008-2010, which is simply a must read for every American. Some of the most notorious multinational corporations, complete with bail outs and offshore outsourcing your job, paid negative taxes for the last three years. In other words, we paid them.

The study covers 280 corporations. Some of what they found:

  • Seventy-eight of the 280 companies paid zero or less in federal income taxes in at least one year from 2008 to 2010.
  • Thirty corporations paid less than nothing in aggregate federal income taxes over the entire 2008-10 period.
  • 2009 was a particularly banner year for non-payment of taxes. In that year, 49 companies paid zero or less in federal income taxes.
  • In 2008, 22 companies paid no federal income tax, and got $3.3 billion in tax rebates. In 2010, 37 companies paid no income tax, and got $7.8 billion in rebates.

Below is a table from the report, showing the top worst offenders, their pretax profits, their tax or rebate and their effective tax rate.

GAO Audit of Federal Reserve Reveals Strong Conflicts of Interest

The Government Accountability Office has completed their audit of the Federal Reserve. Guess what the GAO found? Conflicts of Interest. It seems the Banksters are sitting on the Federal Reserve board, supervising their own institutions. The fox is guarding the hen house in other words. One of the most damning GAO discoveries is the timeline of Goldman Sachs turning into a holding bank and a Goldman Sachs board of directors, Stephen Friedman, also serving as the New York Federal Reserve chair.

This is What Happens When a President Outsources Job Creation to Multinational Corporate Executives

one trick ponyMultinational corporations are one trick ponies when it comes to their agenda. By hell or high water they want to offshore outsource jobs and have controlled, unlimited migration per their globalization agenda.

It should be no surprise when putting these same greedy bastards in the White House who outsource, they publish a faux job creation agenda. Such is the case of the latest report.

Instead of hire America, buy American or a manufacturing policy, we get these multinational's typical labor arbitraging agenda wish list. The corruption is so bad, literally corporate lobbyists' economic and statistical fiction is used in this report. Probably the most debunked economic fiction spinner of them all, the NFAP, is used. The NFAP is also these very multinational's personal white paper spin machine.

Guess what folks, labor arbitraging U.S. professionals does not create jobs, it loses jobs. The statistics show it and anyone with a 2nd grade education would know this to be true. You fire people, that is a job loss, not a job gain as this jobs agenda report tries to claim.