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Abolish The Income Tax: You Won’t Believe Who Is Getting Away With Paying Zero Taxes While The Middle Class Gets Hammered

Abolish The Income Tax - You Won't Believe Who Is Getting Away With Paying Zero Taxes While The Middle Class Gets Hammered - Photo by TravisThe federal income tax is a bad joke and it needs to be abolished.  All over the nation, hard working American families are being absolutely crushed by oppressive levels of taxation, and our politicians are constantly coming up with new ways to extract money from all of us every single year.  Meanwhile, many ultra-wealthy Americans and many of the most profitable corporations in the country pay little to nothing in taxes.  In fact, as you will see below, there are dozens of very prominent corporations that make billions of dollars in profits and yet don't pay a dime in taxes.  Tax avoidance has become a multi-billion dollar industry in the United States.  Those that have the resources to "play the game" use shell companies, offshore tax havens and the thousands of loopholes in our tax code to minimize their tax burdens as much as possible.  Meanwhile, the rest of us get absolutely hammered.  This is fundamentally unfair.  The federal income tax system is irreversibly broken at this point, and it is time to abolish it.  If you think that the federal income tax system can be "fixed", then you probably have never studied it.  Our tax code is nearly 4 million words long and it is absolutely riddled with thousands of loopholes that favor big corporations and the ultra-wealthy.  We should come up with a better, fairer way to fund the government.  The United States once prospered greatly without a federal income tax, and it could do so again.

Many people simply do not believe that it is possible for corporations inside the United States to make billions of dollars in profits each year and not pay a dime in income taxes.

Well, according to a report put out by Public Campaign, that is exactly what is happening.  Posted below are numbers that come directly from their report.  30 large corporations are listed, and 29 of them had a tax burden for 2008 through 2010 that was less than zero even though they all made enormous profits.  And all 30 of them spent more on lobbying than they did on taxes.

The numbers that you are about to see are for 2008, 2009 and 2010 combined.  For "taxes paid", please note that for 29 of the corporations a negative number is given.  That means that the net tax liability for 2008 through 2010 was actually less than zero.

After seeing these numbers, is there anyone out there that is still willing to claim that our tax system is "fair"?...

General Electric
U.S. Profits: $10,460,000,000
Taxes Paid: ‐$4,737,000,000

PG&E Corp.
U.S. Profits: $4,855,000,000
Taxes Paid: ‐$1,027,000,000

Verizon Communications
U.S. Profits: $32,518,000,000
­Taxes Paid: ‐$951,000,000

Wells Fargo
U.S. Profits: $49,370,000,000
­Taxes Paid: ‐$681,000,000

American Electric Power
U.S. Profits: $5,899,000,000
­Taxes Paid: ‐$545,000,000

Pepco Holdings
U.S. Profits: $882,000,000
­Taxes Paid: ‐$508,000,000

Computer Sciences
U.S. Profits: $1,666,000,000
Taxes Paid: ‐$305,000,000

CenterPoint Energy
U.S. Profits: $1,931,000,000
Taxes Paid: ‐$284,000,000

NiSource
U.S. Profits: $1,385,000,000
­Taxes Paid: ‐$227,000,000

Duke Energy
U.S. Profits: $5,475,000,000
­Taxes Paid: ‐$216,000,000

Boeing
U.S. Profits: $9,735,000,000
Taxes Paid: ‐$178,000,000

NextEra Energy
U.S. Profits: $6,403,000,000
­Taxes Paid: ‐$139,000,000

Consolidated Edison
U.S. Profits: $4,263,000,000
­Taxes Paid: ‐$127,000,000

Paccar
U.S. Profits: $365,000,000
­Taxes Paid: ‐$112,000,000

Integrys Energy Group
U.S. Profits: $818,000,000
Taxes Paid: ‐$92,000,000

Wisconsin Energy
U.S. Profits: $1,725,000,000
Taxes Paid: ‐$85,000,000

DuPont
U.S. Profits: $2,124,000,000
Taxes Paid: ‐$72,000,000

Baxter International
U.S. Profits: $926,000,000
­Taxes Paid: ‐$66,000,000

Tenet Healthcare
U.S. Profits: $415,000,000
Taxes Paid: ‐$48,000,000

Ryder System
U.S. Profits: $627,000,000
­Taxes Paid: ‐$46,000,000

El Paso
U.S. Profits: $4,105,000,000
­Taxes Paid: ‐$41,000,000

Honeywell International
U.S. Profits: $4,903,000,000
­Taxes Paid: ‐$34,000,000

CMS Energy
U.S. Profits: $1,292,000,000
­Taxes Paid: ‐$29,000,000

Con-­way
U.S. Profits: $286,000,000
Taxes Paid: ‐$26,000,000

Navistar International
U.S. Profits: $896,000,000
­Taxes Paid: ‐$18,000,000

DTE Energy
U.S. Profits: $2,551,000,000
­Taxes Paid: ‐$17,000,000

Interpublic Group
U.S. Profits: $571,000,000
­Taxes Paid: ‐$15,000,000

Mattel
U.S. Profits: $1,020,000,000
­Taxes Paid: ‐$9,000,000

Corning
U.S. Profits: $1,977,000,000
­Taxes Paid: ‐$4,000,000

FedEx
U.S. Profits: $4,247,000,000
Taxes Paid: $37,000,000 (a rate of less than 1%)

Total
U.S. Profits: $163,691,000,000
­Taxes Paid: ‐$10,602,000,000

Just look at that combined total again.

Those 30 companies had combined profits of more than 163 billion dollars during those three years, and yet the combined net tax liability of those companies was negative 10.6 billion dollars.

I wish I could make my taxes look like that.

Another company that is making headlines because of their taxes these days is Facebook.

It turns out that Facebook made more than a billion dollars in 2012 but did not pay a single dime in federal or state income taxes.  The following is from a report that was just released by Citizens for Tax Justice...

Earlier this month, the Facebook Inc. released its first “10-K” annual financial report since going public last year. Hidden in the report’s footnotes is an amazing admission: despite $1.1 billion in U.S. profits in 2012, Facebook did not pay even a dime in federal and state income taxes.

Instead, Facebook says it will receive net tax refunds totaling $429 million.

According to Businessweek, Facebook has an additional 2 billion dollars in tax credits that it will be able to use in future years...

Facebook says that it anticipates reducing its tax liability in the future by an additional $2.17 billion by using further net operating loss carry-forwards that it has banked.

And of course when it comes to abusing the tax system, the big Wall Street banks are some of the worst offenders.  The following is an excerpt from a report put out by the office of U.S. Senator Bernie Sanders...

-----

Here are just a few examples of how the corporations and Wall Street banks these CEOs work for have significantly harmed our economy and the federal budget:

1. Bank of America CEO Brian Moynihan

Number of Offshore Tax Havens in 2010? 371.

In 2010, Bank of America operated 371 subsidiaries incorporated in offshore tax havens. 204 of these subsidiaries are incorporated in the Cayman Islands, which has a corporate tax rate of 0%.

Amount of federal income taxes Bank of America would have owed if offshore tax havens were eliminated? $2.5 billion.

Bank of America has stashed $18.5 billion in offshore tax havens to avoid paying U.S. income taxes. Bank of America would owe an estimated $2.5 billion in federal income taxes if its use of offshore tax avoidance was eliminated.

Amount of federal income taxes paid in 2010? Zero. $1.9 billion tax refund.

Bank of America received a $1.9 billion tax refund from the IRS in 2010, even though it made $4.4 billion in profits.

Taxpayer Bailout from the Federal Reserve and the Treasury Department? Over $1.3 trillion.

During the financial crisis, Bank of America received a total of more than $1.3 trillion in virtually zero interest loans from the Federal Reserve and a $45 billion bailout from the Treasury Department.

2. JP Morgan Chase CEO James Dimon

Number of Offshore Tax Havens in 2010? 83.

In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens.

Amount of federal income taxes JP Morgan Chase would have owed if offshore tax havens were eliminated? $4.9 billion

JP Morgan Chase has stashed $21.8 billion in offshore tax haven countries to avoid payng income taxes. If this practice was outlawed, it would have paid $4.9 billion in federal income taxes.

Taxpayer Bailout from the Federal Reserve and the Treasury Department? $416 billion

During the financial crisis, JP Morgan Chase received a total of more than $391 billion in virtually zero interest loans from the Federal Reserve and a $25 billion bailout from the Treasury Department, while Jamie DImon served as a director of the New York Federal Reserve.

3. Goldman Sachs CEO Lloyd Blankfein

Amount of federal income taxes paid in 2008? Zero. $278 million tax refund.

In 2008, Goldman Sachs received a $278 million refund from the IRS, even though it earned a profit of $2.3 billion that year.

Number of offshore tax havens in 2010? 39.

In 2010, Goldman Sachs operated 39 subsidiaries in offshore tax haven countries.

Amount of federal income taxes Goldman Sachs would have owed if offshore tax havens were eliminated? $3.32 billion.

Goldman Sachs has stashed $20.63 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $3.32 billion in federal income taxes.

Taxpayer Bailout from the Federal Reserve and the Treasury Department? $824 billion.

During the financial crisis, Goldman Sachs received a total of $814 billion in virtually zero interest loans from the Federal Reserve and a $10 billion bailout from the Treasury Department.

-----

Are you starting to get the picture?

The big banks and the big corporations make billions, but they pay nothing or next to nothing.

The rest of us bust our rear ends to try to get ahead, and we get gouged by dozens of different taxes.

Over time, the percentage of the overall tax burden shouldered by corporations has gotten smaller and smaller.

Back in 1950, corporate taxes accounted for about 30 percent of all federal revenue.  In 2012, corporate taxes accounted for less than 7 percent of all federal revenue.

These days, large corporations have become absolute masters at avoiding taxes.  In fact, there are many international tax havens that are doing a booming business in setting up sham headquarters for U.S. corporations.  For example, the city of Zug, Switzerland only has a population of 26,000 people but it is the headquarters for 30,000 companies.

But corporations are not the only ones doing this kind of thing.

The ultra-wealthy have also mastered the art of legally not paying taxes.

As I mentioned in a previous article, it has been reported that the global elite have up to 32 TRILLION dollars stashed in offshore banks around the globe.

With that amount of money, you could pay off the entire U.S. national debt and still have enough money left over to buy every product and service produced in the United States during an entire year.

It is time to admit that our tax system is broken.

Congress has had decades to fix it, and yet the abuses just keep getting worse.

What we are doing is not working.

We need to abolish the income tax.

If you are still not convinced that the federal income tax is an abomination and that we need to abolish it, here are some more shocking facts about our tax system from one of my previous articles about taxes...

1 - The U.S. tax code is now 3.8 million words long.  If you took all of William Shakespeare's works and collected them together, the entire collection would only be about 900,000 words long.

2 - According to the National Taxpayers Union, U.S. taxpayers spend more than 7.6 billion hours complying with federal tax requirements.  Imagine what our society would look like if all that time was spent on more economically profitable activities.

3 - 75 years ago, the instructions for Form 1040 were two pages long.  Today, they are 189 pages long.

4 - There have been 4,428 changes to the tax code over the last decade.  It is incredibly costly to change tax software, tax manuals and tax instruction booklets for all of those changes.

5 - According to the National Taxpayers Union, the IRS currently has 1,999 different publications, forms, and instruction sheets that you can download from the IRS website.

6 - Our tax system has become so complicated that it is almost impossible to file your taxes correctly.  For example, back in 1998 Money Magazine had 46 different tax professionals complete a tax return for a hypothetical household.  All 46 of them came up with a different result.

7 - In 2009, PC World had five of the most popular tax preparation software websites prepare a tax return for a hypothetical household.  All five of them came up with a different result.

8 - The IRS spends $2.45 for every $100 that it collects in taxes.

9 - According to The Tax Foundation, the average American has to work until April 17th just to pay federal, state, and local taxes.  Back in 1900, "Tax Freedom Day" came on January 22nd.

10 - When the U.S. government first implemented a personal income tax back in 1913, the vast majority of the population paid a rate of just 1 percent, and the highest marginal tax rate was just 7 percent.

11 - Residents of New Jersey pay $1.64 in taxes for every $1.00 of federal spending that they get back.

12 - The United States is the only nation on the planet that tries to tax citizens on what they earn in foreign countries.

13 - According to Forbes, the 400 highest earning Americans pay an average federal income tax rate of just 18 percent.

14 - Warren Buffett had an effective tax rate of just 17.4 percent for 2010.

15 - The top 20 percent of all income earners in the United States pay approximately 86 percent of all federal income taxes.

16 - Sadly, as Bill Whittle has shown, you could take every single penny that every American earns above $250,000 and it would only fund about 38 percent of the federal budget.

Please share this article with as many people as you can.  We have now entered a time of the year when tens of millions of Americans will be filling out their tax returns, and the pain of going through that process will make people even more receptive than normal to the truth about how broken our system is.

So what do you think?

Do you think that it is fair for the ultra-wealthy and hugely profitable corporations to get away with paying zero taxes while you get hammered?

Do you believe that it is time to abolish the income tax?

Please feel free to post a comment with your thoughts below...

No Federal Income Tax

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  • http://profile.yahoo.com/VAW3NDROKTQBWW4CSS6CC6QUGQ __

    i think gary and ralfine are liberal pieces of low information garbage.

    • 2Gary2

      Thanks for the post! You make my points extremely well every time you post you simply prove how clueless the right is.

  • http://www.booksbyoliver.com/ MountainHome

    Oppressive taxation by the Democrats with the elitist Republicans quietly going along so the ruling class can continue their high style living of jetting around the world on ‘fact finding missions’ & the president can take 17 vacations a year.
    It’s just wrong!

  • http://karmaeconomics.blogspot.com/ lavista4u

    The government don’t need our money to run, its a myth created by the Feds, The have printing press and can print any amount they wish.

    Taxes are just to screw you over some more. It does absolutely nothing to you or the society. They use the propaganda lame stream media to make you feel more guilty with words such as..

    1. Its my tax dollars government is using to fight wars.

    2. My tax dollars goes into pay police, military and teachers…Its time, i have a say in it.

    3. My tax dollar runs the country

    4. Without my tax dollars, the country would be ruined.

  • Syrin

    The income tax PUNISHES PRODUCTIVE behavior. Tax consumption, not productivity.

    • 2Gary2

      how about speculation?

      • markthetruth

        Gary this subject hit you like you lost your best friend Sponge Bob, now you turned into the Greedy MR.Crab and must Steal all the Money. Must swim in Money,Money,Money .

        the end…

    • Hambone

      Absolutely. And, as an added benefit, it enables us to see and FEEL how heavy our tax burden really is. With payroll withholding, it’s just a magic number, and most people don’t feel the emotional loss when it’s taken away – quite the contrary, they feel grateful when they get some of it back at the end of the year.

      If you have to pay $25 consumption tax on a $100 item, you’re going to have some emotions.

    • WarriorClass3

      Why tax at all? The Fed can print all the money government needs, and does it every day. Taxes just go to pay interest to the Fed. Stop paying the Fed.

    • markthetruth

      In Away though, Corp. Taxes help communities strive as they promote a higher class community that the Head honcho’s and higher ups move into. Which is good for them better schools,roads, ext.
      A better environment for their families.
      So in away its a win win for them since the valve of there properties go up. Also the other employee’s can move close.

      the end…

  • cannuc21

    Very, very good article Michael. One which needs to be broadcast as far as possible – but given the ownership of the major media this is unlikely to happen.
    I also suspect that given the size of the problem and the ‘status’ (sic) of the corporations & individuals involved, nothing will be done to resolve this ‘crime’. A little ‘window dressing’ perhaps.

    May I add that this ‘crime’ is not limited to the US but is spread well across the western world. What a huge pity and a shame.

    • MichaelfromTheEconomicCollapse

      Thank you for the kind words. :)

      Michael

  • cpgone

    Exactly. People go on and on about the USA is a 16 T.. economy.But if few pay taxes and we borrow from China to survive what diff. does it make? It about taxes actually paid and actual spending.We spend around 3.6 T. and take in maybe 2.5 T. The USA military industrial scum blow 1.1 T/yr.

  • cpgone

    PLEASE ADD AN EASY TO SHARE BUTTON.
    IE , How do I share from yahoo?
    I DON’T DO FACEBOOK

    • MichaelfromTheEconomicCollapse

      What share button do you want specifically? I always want to make it easier to share these articles.

      Michael

      • cpgone

        yahoo share button or like ZH, send to a friend

  • DiscouragedOne

    We need a flat tax, a fair one.

    • markthetruth

      “Never will Happen” The big Corps. will funnel there money to non tax assets and Forgo profits but still please the stock holders with their investment. Just like Sear the stock was dead until they realized the company own all it’s realestate.

      the end…

    • sharonsj

      There is no such thing as a fair flat tax. Every study shows that a flat tax benefits the rich and screws the rest of us.

      • Frank

        How do you figure that? You would pay tax every time you spent a $. Rich people spend more than poor people. Drug dealers pay N0 Taxes. Anyone that owns a cash business and waitresses, hairdressers, etc. do not claim all their money. We have an entire Underground economy that pay very little taxes.

  • markthetruth

    I Guess they get to Claim the Goldfish in their ponds at the Offices as Workers = Big deductions.

    the end…

  • http://twitter.com/mijj mijj

    what is it that enforces the existence of a particular form of money? The requirement for that form of money to be used to pay tax.

  • Mondobeyondo

    The income tax should have been abolished 100 years ago. The same year it was created – 1913.

    • TtT Engine

      Happy TAX birthday Woody. YES Woodie “woodpecker” Wilson, you pirate with that evil look on your face. Shame on you and all your governmental bandits ! 1913 gave us the Federal Reserve Act [now a money laundry service] and the Federal Income Tax [a tax serfdom service]. Flat tax filings could fit on a 4X6 index card if they truly wanted to simplify things. Ooops, can’t do that. Tax shops are more plentiful that pizza and massage parlors. Christi Fidelis !

  • markthetruth

    “DIGITAL MONEY”

    That’s why they are pushing for all “Digital Money”, so they can track every transaction , no more Cash Deals to avoid taxes and it will hit the middle class the Worst. And It Will Happen in the near Future Without a doubt.

    the end..

    • RICHARD

      Mark isn’t that the truth.

    • bitcoin

      bitcoin

  • RICHARD

    You would most likely have to lay off three quarters of government workers hopefully starting with the senate, and the house. We would save a lot of money there.

  • 2Gary2

    Last September, the non-partisan Congressional Research Service released a report showing that tax cuts for the rich — contrary to GOP orthodoxy — have minimal effect on economic growth or job creation. Instead, they simply increase income inequality. Republicans pressured the CRS to pull the report down; it was eventually re-posted with the same conclusions.

    • Syrin

      Oh please. Care to dabble in actual #’s moron?

      Kennedy tax cuts – 6 mllion more jobs, $200 BILLION more in tax revenue

      Reagan tax cuts – 12 MILLION more jobs, $300 BILLION more in tax revenue

      Bush tax cuts – 10 MILLION more jobs, $250 BILLION more in tax revenue

      Same results when done in Ireland, Sweden, India, etc. It’s a mathematical formula that’s held true across decades, across both parties and across all nations.

      You are such an idiot.

      • Ralfine

        Bush: 8 trillion more debt, more jobs that were subsidised by taxpayer instead of paid by employer, rising profit.

        do you really want all jobs being paid by the taxpayer?

      • 2Gary2

        reagan made the debt worse. You can have your own opinion but not your own facts,

    • Hambone

      I think the problem and danger area is the definition of “rich.” When you start the rallying cry “tax the rich,” it invariably hits those caught between the working slobs like you and me and the uber-wealthy that get away with the S in this article. These are the people that work their tails off but don’t make enough to find the loopholes of the uber-wealthy.

      Make no mistake, this article turns my stomach, especially since evil Facebook is in that company.

      These corporations get away with it because our politicians enable them to. They enable them to because their pockets are lined by doing so.

      It’s criminal.

  • 2Gary2

    Tax the rich HARD and spread the wealth.

    • Syrin

      Hey f’tard. Re-read the article, It’s what we’re doing now. How’s it working for you?

      Hey f’tard. I would LOVE to go to a European tax rate where the rich pay on average 10% less, and douche bag parasites like you pay 10-15% higher by comparison.

      Why do you like to live off other people? You live at home and suck your parents dry too? Why do you think I should take care of a bitter bag of piss and hatred like yourself who apparently only has the energy to shriek like a little girl in a first grade class “Tax the rich HARD” much like your dad after he apparently molested you and after being told to say that by someone named Soros.

      • Ralfine

        forget the tax rate.
        close the loop holes and abolish the exceptions.
        then you can reduce the tax rate.

        in hong kong , most tax is generated from horce racing and gambling.
        max income tax is 15%. deductions for $1000 education per year and $1000 donations. no other tax deduction.
        tax free: $10,000 per year for adults, $6,000 for children.

      • 2Gary2

        Are you finished? Just about every post you do in response to me simply makes my point and shows how irrational conservatives are.

    • Viking

      eh eh eh…u said ‘hard’…

    • Bad Kitty Cat

      Something tells me taxing the rich just a little will be enough…

  • Makati1

    Corporation run the world. Why should they pay taxes? You still have some blood they can drain. This is typical in every country, not just the Us. Be patient, it is all about to collapse.

  • 2Gary2

    Gan Golan, cofounder of Flip the Debt, laid out his group’s goals. “We
    will disrupt Fix the Debt meetings across the country to elevate our
    message that the biggest corporations in the country aren’t paying
    taxes, and now they want the rest of us to pay for it. Sustained public
    pressure against corporate tax dodgers in the UK has put the issue at
    the top of the agenda there, and we hope to do the same.”

  • 2Gary2

    Wall Street banks and big corporations love America when they want
    corporate welfare. But when it comes to paying taxes, they want nothing
    to do with this country.”

  • 2Gary2

    Pay your freakin’ taxes. I am so tired of corporations “shopping
    around” to get the best tax breaks and regulatory situations and cheap
    employees. They’re the biggest exploiters in the world and need to be
    defeated like the Soviet Union.

  • 2Gary2

    Michael–good article. Nice to see you focus on the real welfare queens–rich and corporations.

    • Ralfine

      Yes a change.

      Regarding tax havens, maybe China has a good idea.
      If you want to transfer money out of china, you need to prove that you have paid all relevant taxes.
      If you want to pay for services a company outside of China has given you, then this means that service is done in China by that outside company, therefore tax needs to be paid for that service. Income tax, like an employee providing service for a company.
      If that company is providing a service inside China for you, they need to have permission to do so. A business license.

      You can’t just borrow money from your parent company abroad and then pay interest back.

      If you need a loan, you can only get a loan in China from authorized banks operating within China.

      This means, you can’t transfer profit out of China disguised as “service” or “interest payment” and then declare that you made loss in China and avoid tax payment.

    • MichaelfromTheEconomicCollapse

      See, I am concerned about all forms of welfare abuse.

      Michael

  • 2Gary2

    Sometimes it seems to me that Government and state jobs hire under qualified people at a premium wage. Mainly a lot of government/state employment is simply affirmative action job program.

    • Mark

      A small government with less power is the only way to fix that problem. A supervisor in government gets a promotion if they hire more people to supervise. In turn if the boss pays higher wages to those that they supervise, the boss can then be paid more. As government grows, the worse this problem becomes.

      • markthetruth

        Have to break the Unions first.

        the end…

        • Colin

          The Unions are pretty much broken now. That is why the right is hammering the teachers and government employees unions. They are the last strong unions in this county. And, with their collapse, the middle class will be one day closer to death. (There is a connection between the middle class and the unions. Unions created the middle class, and the destruction of the middle class is brought on by the destruction of the unions.)

          If you hate unions, I suggest that you live in a right-to-work state. This can be any southern state or several of the flyby states. Of course, just about everything in those states in rated the worst, except the number of people who read the Bible.

          • markthetruth

            I am a 25 year plus Union member but the cause was good and until i seen the corruption creep right into the union too , i saw pension money disappear until we got control of it. and as time when on the founda

        • Mark

          If the government was very small, the unions would not have enough members to pay enough dues to pay the union bosses wages, they would seek out greener pastures elsewhere.

  • 2Gary2

    all studies show that a flat tax is a tax cut on the rich.

    • http://profile.yahoo.com/VAW3NDROKTQBWW4CSS6CC6QUGQ __

      gary for “piece of garbage of the year”!

    • Jack Lohman

      Implement a flat tax and the wealthy crooks will find a way to avoid it, and the politicians will get a piece of the loot.

  • MeMadMax

    We wouldn’t need a tax system if it weren’t for the entitlement programs.

    • Ralfine

      you wouldnt need the entitlements if employees were paid properly, survivable, by their employers.
      anybody without a job should be free to survive by any means , including robbery, drug trafficking, fraud.

      • Mark

        You really need to cut back on the dope after your last statement.

        • Ralfine

          why? either you give the people a job, or you give them welfare or you have to realize they find other means to support themselves.

          what do you expect from the lazy after you fire them and cut their welfare, that they stay dutyfully at home and die?

  • 2Gary2

    USA! USA! America Now Has Less Class Mobility Than Most of Europe

    Today, the U.S. has less “equality of opportunity” than other advanced industrial nations.

    And what do these other countries do that we do not do??? They tax the rich HARD and spread the wealth.

    • http://profile.yahoo.com/VAW3NDROKTQBWW4CSS6CC6QUGQ __

      lmao at fools like low-information-gary. you can thank pos obama you fellationist

  • raustin56

    Well thought-out and researched piece! The wealthy individuals and Corporations, with all their tax dodges written into our tax code by complicit members of Congress, should be taxed, preferably in a progressive manner. Dropping the income tax would mean no funding for the US government, allowing the now-unregulated Corporations to sell us rat meat as ‘USDA top beef’ without fear of repercussion.

    • TtT Engine

      GOVERNMENT WILL NOT SAVE YOU ! STOP GROWING GOVERNMENT ! WE ARE BANKRUPT ! People getting sick and then starting up an honest meat business is the check and balance. Remember the days when the corner butcherman had to look you in the face when you came into his store ? If you were having diarrhea in his bathroom, how long would he stay in business ?

  • jaded

    Gary is going to have a field day on this one.

  • Ralfine

    Just quit your job.
    No more income tax and with the food stamps you can have lobster every day.

  • Hans

    I have devised a new simplified income tax form that should please Gary:
    1. How much did you earn this year?
    2.Where can it be collected?
    Your taxes will make a big difference. We PROMISE that it will be used in YOUR best interest !!!!

  • ICU

    I didn’t see the big oil companies that the liberals are always ranting get such big tax breaks. The reality is, big oil pays way more than its “fair share.” Try explaining that to a liberal though

  • FounderChurch Church
  • jox

    Michael, I think the logic of the article is flawed. If the rich and big corporations are not paying a fair amount of taxes, and provided that you really want to eliminate the federal deficit, what you should ask for is the fight against tax avoidance and tax havens, not the elimination of the income tax for everybody.

    • Hambone

      We are too far gone for that. The code is so bloated and so complicated, any attempt to do so would just create more loopholes.

      No, the solution is total abolition. Eliminate the income tax, eliminate the IRS. Start over.

    • MichaelfromTheEconomicCollapse

      I am fully convinced that we can eliminate the income tax and also get rid of the federal debt, but not under our current system.

      Michael

  • http://profile.yahoo.com/VAW3NDROKTQBWW4CSS6CC6QUGQ __

    i think gary and ralfine are liberal pieces of low information garbage, bwahahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

  • FounderChurch Church

    Why do my posts keep disappearing? Somebody doesn’t like them?

  • WarriorClass3

    Time for a real Revolution – Stop Paying Income Tax!

  • WarriorClass3

    The next 1776 begins April 15, 2013.

  • Jack Lohman

    Michael, I see my earlier post was not accepted, obviously because I included a link. I suggest TELLING posters that links are not allowed.

    • Jack Lohman

      I will repeat my comment. A flat tax means a different set of tricks, all approved of by the politicians that get a piece of the action. ONLY public funding of campaigns will fix it.

    • MichaelfromTheEconomicCollapse

      Links are allowed – they just go into the moderation que first so spam doesn’t get through.

      Michael

  • http://www.facebook.com/joe.kleinkamp Joe Kleinkamp

    Do you really expect things will change? Lobbyists have been rewriting our tax code for decades and Congress has no interest in losing their payoffs. Think! Treasury secretary Geithner blamed his tax underpayment (fraud?) on TurboTax. Charlie Rangel gets away with his tax cheat scheme. Also Maxine Waters, Pelosi, Wes Cooley all tied to illegal financial doings or fraud. Look at where Obama and most other presidents troll for cabinet appointees. Goldman Sachs, Citi, B of A. How about our new Treasury secretary Jack Lew? He came from Citigroup where he was chief operating officer of the “alternative investments unit” check out his bio if you don’t believe the corporations listed above have a stranglehold on our tax system.

  • Gerald Bakes

    You forgot to mention the IMF & World bank are UN agencies & pay no tax (as we ater taxes to fund them).

    “In fact, her IMF salary of $467,940 plus an $83,760 additional allowance is not subject to any taxes. See Christine Lagarde, Scourge of Tax Evaders, Pays No Tax. No taxes is the norm for most United Nations employees …”

    A behemoth,tax eating,authoritative,supra-nat­­ionally sovereign,un-elected, bloated ‘world regulating’, banking bureaucracy pushing Agenda 21,carbon taxes,water,land control,vaccines,’their’ world core curriculum &anti-gun rights… and banker debt, austerity forced on you.

    The other giant vampire squid… the UN & the many UN agencies.

    Time to audit the UN.

    Is the UN also ‘backdoor’ funded (with our taxes)?

    The EPA in the USA has awarded a five-year, $2.5 million grant (US citizen’s taxes) to the UNU Institute for Sustainability and Peace (UNU-ISP)…we’ve been taxed to fund UNU since 1972, how’s that ‘sustainablility and peace’ going UNU? How many of these UNU professors and administrators are now retired with tax funded pensions? For accomplishing what? and where the fek did the EPA get the money?

    Did they first mention that to the people freezing in New Jersey?

    Think the UN is there for the world’s citizens?

    Remember this?

    Armed Troops Burn Down Homes, Kill Children To Evict Ugandans In Name Of Global Warming

    Prison Planet

    September 23, 2011

    Armed troops acting on behalf of a British carbon trading company backed by the World Bank burned houses to the ground and killed children to evict Ugandans from their homes in the name of seizing land to protect against “global warming,” a shocking illustration of how the climate change con is a barbarian form of neo-colonialism.”

    “The evictions were ordered by New Forests Company, an outfit that seizes land in Africa to grow trees then sells the “carbon credits” on to transnational corporations. The company is backed by the World Bank and HSBC. Its Board of Directors includes HSBC Managing Director Sajjad Sabur, as well as other former Goldman Sachs investment bankers.”

    Google: Amid Federal Land Grab in Brazil, Whole Towns Evicted at Gunpoint by Alex Newman

    Federal Brazilian police and military personnel, some wearing United Nations insignia, are forcibly relocating whole communities in Brazil at gunpoint under the guise of returning huge tracts of land to a small group of Indians whose ancestors were allegedly there at some point.

    Excerpt:Critics& local residents have accused the government of Brazil of mass corruption, saying the end goal is to smash private property ownership &all potential resistance — starting with the rural population. They argue, among other points, that federal authorities are doing the bidding of foreign interests &are in cahoots w/ the UN, massive international corporations, Western-based non-governmental organizations like Greenpeace, &other interests.

    “other interests” ? like Harvard?

    Remember this?

    Harvard, Vanderbilt, Spelman Exposed for Taking Part in “African Land Grab”, June 20, 2011

    Excerpts:

    Called “Understanding Land Investment Deals in Africa,” the report by the Oakland Institute claims farmers in Africa are being driven off their lands to make way for new industrial farming projects backed by hedge funds seeking profits and foreign countries looking for cheap food.

    “But when they start buying even the means of production — they control labor, they control large tracts of land, they control water, they dictate what is grown and how it is grown — it is the kind of vertical integration of a food system that we have never seen before.
    -
    Spotlight on Harvard in Brazil, March 24, 2011
    “From the 17th floor of Harvard’s David Rockefeller Center for Latin American Studies’ Brazil Office on Avenida Paulista, President Drew Faust looked beyond nearby helicopter pads to the center of São Paulo and the Guarulhos International Airport, where she had arrived two days before. The clear day allowed her to take in the Serra da Cantareira mountains to the north, the green oasis of the University of São Paulo’s campus to the west, the Museum of Art of São Paulo across the street, and the sea of buildings that define South America’s largest city.”
    -
    Can Timber Rebuild Harvard’s Endowment?

    By Michael McDonald on September 20, 2012

    Jane Mendillo boarded a turboprop plane in Brasília in April and flew deep into the Brazilian countryside. The flight took her over dirt roads running through endless hills and valleys and unimaginably beautiful wilderness. But Mendillo, head of Harvard University’s $32 billion endowment, wasn’t there to sightsee. She was visiting tree plantations and inspecting Harvard’s holdings.

    Hmmmmm?

  • Strangewalk

    “What we need to do is abolish the federal income tax”…What we need to do is roll out the guillotines.

  • Darin

    This article and many of the comments have put things in perspective. Nothing will change. True reformers will never get a chance to fix the system because they cant even get in the system. This tax code is to lucrative for the big corporations and the politicians they own!

  • http://www.facebook.com/erikcb84 Erik Christian Bergum

    Our tax system has been broken for you. I agree with you Michael, the only way to fix this problem is to abolish the tax income law or reducing the amount of taxes for low and middle income families so they have more than enough to live on.

  • Roger Smith

    “We don’t pay taxes. Only the little people pay taxes.”

    -Leona Hemsley (October 1983)

  • SanKuKai

    When the Petrodollar system comes to an end, everybody will see that the dollar doesn’t even worth the paper used to print it out… this tax issue will be the last of USA’s problems… So keep working like dogs to feed some plutocrats because the nightmare is far from over…

  • http://www.facebook.com/people/David-Webb/100001371414176 David Webb

    Very nice article with a lot of information I didn’t know about our Masters of Finance in this country.

    The problem is our over complicated system of taxation. I think any system where 46 professional tax services come up with 46 different answers is unconstitutional!
    As for the IRS it is known near and far as the KGB of America. Anything with that kind of power over people should be done away with.
    But that and an appropriate amount of money will get you a cup of coffee anywhere in America.
    To change things would take a very expensive course of action. It would mean that the entire system would have to be reassembled to gain some kind of fairness to everyone, rich, middle class, poor, corporations, you name it.
    I suggest we make it a straight 10% across the board for everyone. Collect it on a sales tax on everything everyone buys. But do away with all other taxation in the country.
    That would mean everyone has to get their cut of the tax pie from one source. So every state, county, city, and other agency that has its hand out has to have it come from that 10 per cent.
    Everything that does not fit into a budget getting its money from that 10 per cent would have go.
    That includes any and all real estate taxes have to go as well.
    Even all your welfare and medicaid programs has to come out of that meager 10%. So the entire system has to change to make that possible. There is going to be a lot of programs killed.

    I know this is unrealistic. That is what it would take to put this country back together again.
    But I am very old fashioned. If you do not work, you do not eat. That should describe the entire welfare system.
    The more you work, the more benefits you are entitled to, not the other way around.
    That is the law of the market place. It is the law of the jungle. The reason we are in trouble is we are trying to change those laws to our own benefit. It won’t work and never has worked. Now we are almost bankrupt because of it.
    If such a government and such a tax law were put into place, I think your corporations would flock back here fast. No other country in the world has a system that would benefit them more.

  • http://twitter.com/Lanto2012 Jorge Lanto

    This is why the physiocrats and Henry George were right about suggesting a Single Tax on land values and abolishing ALL OTHER TAXES

  • hillbillyhustle

    I read somewhere that there is no law requiring us to pay taxes…not sure if its true or not? I no there is tax code but not sure about tax law?

  • Melissa

    I agree with the comment that before anyone us citizen send money else where or for those denounce citizenship to avoid tax, make sure they pay what they owe first.

  • MC

    Exfoliate the IRS !!!!!!!!!!!!

  • 98Bravo

    Abolish the entire tax code, then implement the 9-9-9 plan. Everyone files taxes on post cards, no deductions so there are no loopholes..

  • Justice

    I am going to ask the IRS to figure my taxes.. I dont want to pay for the accountant …The IRS can just send me the bill.. then I can dispute it…

  • http://www.facebook.com/mark.wandrey Mark Wandrey

    Corporations don’t pay taxes, customers of corporations do. That would be us. Remove ALL corporate taxes, millions of jobs will flock to the USA. Cancel and withdraw from all FTAs, and institute a 5% across the board duty rate on all imports. Trillions in basic income taxes will roll in, then we can reduce those taxes as well. This isn’t rocket science.

  • Vernie

    There is nothing wrong about the Tax Laws if people understood what it really is. 90% of people that are doing what they THINK is right about taxes are wrong!! Most people do not owe taxes, do not have to file, do not have an income nor a profit, and sign the forms illegally!! How does anyone claim Notes/IOU’s as income?? Are they profits?? Just because “they” placed a minimum wage, is that what YOU are worth? I could go on and on on this but people need to understand WHO is requiered to file and/or pay a tax. And then, WHAT do you pay them with, more Iou’s/Notes??? It is nearly a joke if it wasn’t such a SCAM!!!

  • Gina

    This only makes the rich richer and the poor poorer. If I didnt pay federal tax I would be in jail right now. Meanwhile these criminals go about their business. Something must be done to stop this. We need a revolution of truth, instead of complaining, go talk to your neighbors. Inform your friends & family. Waking up others is our only hope at this point

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