Monday, November 26, 2012

Avoid The "The Fiscal Cliff".....Only shove The "Low Priorities"

We don't have to worry about any upcoming "disaster". The good folks from the Big Corporations are going to tell us how to do it: take money away from the seniors, sick, and poor. Or "entitlements" in Frank Luntz know, those words that can be spoken to conjure up a negative appeal to the masses.
The new push comes from Fix The Debt,..... consisting of such people as the head of Goldman Sachs, JP Morgan Chase, Honeywell...... another innocuous sounding group with ulterior motives.

"Yet the CEOs are not offering to forgo federal money or pay a higher tax rate, on their personal income or corporate profits. Instead, council recommendations include cutting "entitlement" programs, as well as what they call "low-priority spending."
As part of their push, they are advocating a "territorial tax system" that would exempt their companies' foreign profits from taxation, netting them about $134 billion in tax savings, according to a new report from the Institute for Policy Studies titled "The CEO Campaign to ‘Fix’ the Debt: A Trojan Horse for Massive Corporate Tax Breaks" -- money that could help pay off the federal budget deficit."

 I'm so glad I have these guys, CEOs of about thirty-two companies looking out for me, my family and my future, since these "entitlements" will be the mainstay of my retirement plan. Remember those pension plans, 401Ks, CDs stocks, appreciating home values you used to have to live comfortably after you've worked 30 to 40 years.........?

Again, consider the facts:
1. They've destroyed jobs. According to Newsweek, "the CEOs of the 50 firms that laid off the most workers since the onset of the economic crisis took home 42 percent more pay in 2009 than their peers did -- largely because cutting workers boosts short-term profits."
2. They've made the country less productive. As noted by Frontline's Money, Power, and Wall Street, the financial industry is almost double the size of the manufacturing sector.
3. They've taken massive bonuses for their failures. Again from Frontline's Money, Power, and Wall Street: Since the crash of 2008, banks have paid out more than $80 billion in bonuses.

Another tactic being used now is trying to "protect folks from these awful upcoming tax increases that would hurt seniors" when in fact, it would only seriously hurt their own already wealthy investors:

" As negotiations to avert the so-called fiscal cliff intensify, corporate lobbying groups are pushing key tax perks that benefit the wealthy. A coalition of financial institutions, fossil fuel companies, telecommunications firms and even the cigarette company Altria are teaming up to block a tax increase on dividends -- a policy that overwhelmingly aids the rich."
The reality is that most of us would not be affected by this increase as most low to middle class seniors have retirement plans which invest in stocks, like 401K or IRAs which are already exempt from these taxes. Most of today's seniors depend on Social Security as the basis of their retirement since even these are being phased out by employers.

Doesn't their concern make you feel all warm and fuzzy inside?

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