Major US Corporations Pocketing your Tax Dollars

Now, I've not a clue where to post this. While it is a fairly recent article, the content is not new. Nor is there an economics forum or a business forum. And so, it's here.

I read this article this morning, found it full of interesting data, from an economist. One that, in his own words, "Went to the Chicago School 40 years ago, but I did not drink the Kool-Aid."

It has goodies for everyone here, including Anti-Obamisms, outrage at the cost of and rotten quality of the internet in the US, conservative anti-science "idiots". It's got something for every one.

I'm going to quote from the last couple of paragraphs:

JH: I want to talk about one of the practices you describe that I find to be... I don’t know, I’d say shocking, but I’m pretty hard to shock these days. You wrote about this in a Reuters column -- how in 16 states, big corporations collect state taxes from their employees and pocket them.

DCJ: It’s now up to 21 states. In 21 states, they’ve passed a law that says that taxes withheld from your paycheck, for the state, can be kept by the company. Now, every employer doesn’t get this windfall -- you have to have to get a deal from the government to do it -- 2,700 big companies, every big company you’ve ever heard of, General Electric, Procter and Gamble, Deutsche Bank, you name it, they’ve got these deals, where they get to keep the taxes. Billions of dollars are diverted this way. You know the best thing for the companies about this?

JH: What’s that?

DCJ: The workers don’t know, because once the taxes are withheld, the state government treats you as having paid your taxes. You paid your taxes. They just then give a credit to let the company keep the taxes. I’ve called journalists. I’ve called union people who negotiate union contracts. And they say, “What are you talking about?” I showed them the work I’ve done. They go, “Oh my God!” They have no idea that this is what’s happening, and the fact that it’s spread from the 16 states when I first wrote about this and it’s now grown to 21 – eventually, all of the 44 states with income taxes are going to allow this, if we don’t put a stop to it.

This appears to be just States doing this not the Feds.

Personally - the taxes I pay, in good faith, to the state to pay for services, I want to go for those services. Individuals still get credit for the taxes from the agency. The agencies don't get the money, the employees and public at large are lied to and stolen from in the name of private profit.

I hope you'll read the whole thing, it's a doozy, whatever your political/economic predilection.

www.alternet.org...

Some other sources (about your taxes going to corporations):

www.cpapracticeadvisor.com...

www.goodjobsfirst.org...

www.csmonitor.com...

reply to post by FyreByrd


Regulations?
We don't need no stinking regulations!

BTW here's another one.
With some pretty pictures.


blogs.reuters.com...





and a video

reply to post by FyreByrd


Soon you will have people on this thread who believe in Socialism, bashing Capitalism! WRONG! It is a Plutocracy, where the wealthy few rule over the poor masses below them!

The sad thing is, we elect those into office who either blindly buy into it, or our forced to buy into it, while screwing us serfs who elected them into their position.........

What to do........what to do...........

You know, I read all the time how humans are a virus on the planet and to a certain extent I understand the sentiment but holy SH*T, if we're a virus, then corporations are an inbound ten mile wide asteroid!

reply to post by minkmouse

You know, I read all the time how humans are a virus on the planet and to a certain extent I understand the sentiment but holy SH*T, if we're a virus, then corporations are and inbound ten mile wide asteroid!

Agreed!



Why though?

Could it be lobbyists? Could it be elected officials whom once get elected turn on those who put them in their position? I say all of the above! Governments are controlled by those whom have the most money! The only time these criminals need us, is when they need us to select a new tyrannical master who controls us versus represents us.......

Originally posted by grey580
reply to post by FyreByrd

 

Regulations?
We don't need no stinking regulations!

You can have all the regulations in the world in place and still have injustice happen on a daily basis. What I'm saying is that having a whole lot of regulations doesn't always keep the right people in line and in fact these regulations hurt the smaller folks the most. The big guys can pay off regulatory agencies to look the other way while the little guys are forced to bow down. I would even go so far as to argue that the big guys love regulations simply because it weeds out their potential competitors who just don't have the money for bribes.