Time to ramble through some latest polls and surveys that bear reading.
Forbes Magazine reports “Corporations are getting smarter, not just about doing more business in low-tax countries, but in moving their more valuable assets there as well. That means setting up overseas subsidiaries, then transferring to them ownership of long-lived, often intangible but highly profitable assets, like patents and software.” They estimate $28 billion a year does not go into the U.S. Treasury.
The Wall Street Journal found the above to be true in that General Electric, Wal-Mart, Chevron, Caterpillar, Microsoft, Oracle, Cisco, Intel, Stanley, Merck, and United Technologies, phased out their U.S. workforces by 2.9 million people over the past 10 years and then hired 2.4 million people overseas.
Not all Republican Tea Party advocates are intellectually challenged concerning corporation taxes. Scott Keyes of Thinkprogess.com asked Senator Marco Rubio (R-Tea Party-Fla.) if he was worried about corporations paying their fair share. “Of course. That’s the problem. Here’s the problem. Big corporations and big companies, they’ve got the best accountants and lawyers in the world, they’ll always figure out a way to pay the least amount possible. The people who get killed through high tax rates are the little guys, the small businesses and the mid-size businesses. They can’t afford to hire lobbyists to change the tax code or lawyers to figure it out.”
Meanwhile, the IRS reports that you and I pay more taxes than most rich people do.
As for the little guy, USA Today revealed that only 45.4 percent of Americans had jobs in 2010, the lowest rate since 1983. Just 66.8 percent of men had jobs, the lowest on record. Missouri only had 44.2 percent of its work force working.
Moreover, the latest polls from the Washington Post, ABC and McClatchy revealed that respondents overwhelmingly don’t want cuts in Medicare and Medicaid.
FYI, I don’t place much credence in economists, pundits and columnists extolling economic prognostications.
My trust lies mostly in the Congressional Budget Office, where impartial government workers are charged with providing Congress with “objective, nonpartisan, and timely analyses to aid in economic and budgetary decisions on the wide array of programs covered by the federal budget and the information and estimates required for the Congressional budget process.”
It is a site where true mathematics, facts and common sense reside.
I give you President John Adams’ toast: Independence forever.
And Happy Easter everyone!