Flickr Photostream

Monday, 20 May 2013

Must read, view from within US, corporate tax nationally, and what has changed.. very real national problem! re We’re living in an Ayn Rand economy - Salon.com

We’re living in an Ayn Rand economy - Salon.com:

This is a very important national view in US, the other side of the coin of the last post.

must read article and highlighted a very important national issue!

the system is indeed broken. no end or solution in sight sadly.

BR
@GarethWong


"So Who Has To Pay?
Middle-class families. The $2 trillion in tax losses from underpayments, expenditures, and tax havens costs every middle-class family about $20,000 in community benefits, including health care and education and food and housing.
Schoolkids, too. A study of 265 large companies by Citizens for Tax Justice (CTJ) determined that about $14 billion per year in state income taxes was unpaid over three years. That’s approximately equal to the loss of 2012-13 education funding due to budget cuts.
And the lowest-income taxpayers make up the difference, based on new data that shows that the Earned Income Tax Credit is the single biggest compliance problem cited by the IRS. The average sentence for cheating with secret offshore financial accounts, according to the Wall Street Journal, is about half as long as in some other types of tax cases.
Atlas Can’t Be Found Among the Rich
Only 3 percent of the CEOs, upper management, and financial professionals were entrepreneurs in 2005, even though they made up about 60 percent of the richest .1% of Americans. A recent study found that less than 1 percent of all entrepreneurs came from very rich or very poor backgrounds. Job creators come from the middle class.
So if the super-rich are not holding the world on their shoulders, what do they do with their money? According to both Marketwatch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate.
Ayn Rand’s hero John Galt said, “We are on strike against those who believe that one man must exist for the sake of another.” In his world, Atlas has it easy, with only himself to think about."

No comments: