One of the reasons for the 2008 meltdown was Monopoly in disguise By Multinational Corp., which is continuing and until major tax overhaul implemented This is some ideas; Corporate Taxes: This is how the wheels of economy turn. We should be doing these steps if we want to have full or almost full employment, and a strong Middle-class which is the insurance policy of any strong economy: 1) Actual living base pay for the full time employees in these Multi-National Corporations. 2) Full Medical Insurance payable by employer for all full time employees. 3) Full Union ‘rights’ for all employees. 4) Profit sharing plans for all Corporations (at least 10% of profit through stocks) to all employees, no other bonuses for top echelons of the corp. 5) Use a FLAT rate of at least (say) 30% of “Gross Profit”. Let the corporations decide how they have to run their business regardless of the tax policies for expansions and profits. 6) International Corporations should pay the difference of what they have actually paid overseas in the host country (by percentage of their “Gross Profit”) and the US applicable rate (say 3o%) for tax liabilities. No more parking and hiding the Profit form aboard to be taxed on arrival to the US. I.e.: Foreign tax rate paid (-) 30% = Tax Rate payable to IRS on their Gross Profit from other countries. 7) Proportion of total tax collection should be 60% from Corporations and 40% from Individuals. Or compare the total Corporate Profit with total Personal Income and arrive at some proportional tax rate for corporations and individuals. 8) Make sure to leave the door open for any unintended consequences and loopholes that may arise in the future for any legislation, ie: GEs, Apples(s) of the world would not be able to use loophole to dodge their intended taxes. Correction and tweaking should be part of a good intention of the law, in this case Flat rate verses the actual Tax payment and Tax payment of International Corporation yearly. 9) Use Percentage of Profitability (Gross Profit/Working Capital) to determine a different rate for different brackets for taxing Corporate Profits (progressive corporate tax system). This is good to avoid Price gauging by Corporations such as Oil, Wall Street and Banking types, the higher the percentage of the (Gross Profit/Working Capital), the higher the tax rate. 10) Tax break for any foreign incoming Capital Investments to the US, at least for 5 years. 11) Tax any outgoing Capital Investment from the US by at least 39% (will stop unintended job outsourcing). 12) Go back to charging “Import Duties” for foreign goods. “Free Trade” does not work; China will not let most imports in, even after implementation of all the free trade laws. You can also use the “Import Duties” as a tool to help any given domestic industries. 13) Multi-National Corporations should not have more than 1% “Part time workers”. 12:54 am August 27, 2014 Marcello Mastokhiari wrote: One of the reasons for the 2008 meltdown was Monopoly in disguise By Multinational Corp., which is continuing and until major tax overhaul implemented which I will post later. Today it was announced that Comcast to Acquire Time Warner Cable for $45 Billion. The all-stock deal will combine the biggest and second-biggest cable television operators, in a radical reshaping of the country’s media landscape. What this monopolistic action will bring for consumers in a short or long term? I am firm believer of fair capitalism for all and fair tax system for all. I believe “Wal-Marts” and “MacDonald’s” of the world are doing business in an unfair and Monopolistic environment. Multi-National Corporations (such as Wal-Mart and MacDonald) have made all mom and pop shops (Small Businesses) out of business, and have turned them into the minimum wage earner at those Corporations (a minimum wage that could not support a family, even if they work 60 hours a week). I would like to see this very important and unfair practice of “Monopoly in disguise” by these multinational Corporations to be ended or break up into smaller entities. I believe this is one of the most important reasons for the ills of economy, the 1% and the 99%. They are paying minimum wage paycheck to vast majority of their workers. The people that work for these multinational corporations, cannot afford purchasing house, feed their family, and cannot afford any kind of health insurance, and vast majority of them are on some kind of Government subsidy to be able to live and not go hungry. They are working poor. Another word the Gov. subsidies ‘payroll expenses’ of these corporation, so they can be MORE profitable. Can we allow these Multi-National Corporations ruin the economy by practicing disguise Slavery as a form of Employment? Their powerful lobbies have manipulated, bribed Representatives of Congress through elections, to write and/or modify the rules so lopsided against the 99% and for the interest of the 1%. These changes have started 30 years ago to take shape, by these lobbing groups of Multi-National Corporations and Banks. The accumulation effect of these one sided laws by Congress and State Houses, with the strong support of these lobbies for Multinational Banks and Corporations have weakened the “Trade Unions” in general and have blocked formation of any “Trade Unions” in these new Multi-National Corporations. It has also made the present economy a “Trickle-down Economy” type of economy, where as it is not trickling down that much and the wealth has stays only in the hands of the 1%. These policies have made it impossible for members of the 99% to make money in this environment, the “Trickle-down Economy” policies with special form of Supper Mega-Capitalism, works only for Multi-National Corporations. Multi-National Corporations provide almost entirely a minimum wage employments (Wal-Mart(s), Mac Donald’s(s)). Multi-National Banks with the help of privately owned, Federal Reserve Bank control and support the financial side of the same coin. The Fed, as it is known, would print money and lend it to the US Government, and to the big banks that are too big to fail, and will be parked right there, and will never make it to the 99% in the form of loan or grants. Off course the taxpayers will be charged interest for that printed money, a form of robbery that has been going on since 1931. Despite of being a private bank, Federal Reserve Bank has never been audited, even against the request of Congress numerous times, yet to this date, this private bank has never been audited. During the Financial crisis of 2008, the Federal Reserve Bank pumped over $6 Trillion to the troubled banks with almost no interest charge. How many of us could have used portions of that $6 Trillion as an interest free loan to make our life and businesses better, and by extensions make the economy better? But NO! Let’s save the “too big to fall” banks, funk the 99%! These Multinational Banks and Corporations believe in real Capitalism, sure they do, with some exceptions. In case they were going to go bankrupt (such as in 2008), due to their own malpractice, and charlatan actions, they would want to exercise socialism and be saved by Government. These Multinational Banks and Corporations forced the US Government to save them, a form of corporate socialism. They should have been forced to go through the processes of bankruptcy courts. Just because they have made bad business decision which lead to their bankruptcy, they should not have been save by the US Government. During the economic melt-down of 2008, the US Government knew at that the Economy is in a very bad shape. The only way to stimulate and revive the economy was by pumping money to the economy via consumers so they can spend it on the economy to be revived. Another word to fix the rusted wheels of the economy during the melt-down, government should had to grease the wheels of the economy, and by the way, NOT the way it did (Pumping money to the failed Banks). You may ask then how? Well this is how it could have been done the correct way, the old fashion capitalistic way: One of the ways the 99% could have used some of that $6 Trillion (very small portion of it), was through a form of buy back the old mortgages from the bankrupt banks and mortgage institutions at very discounted prices in auctions(pennies for Dollars). In the normal course of capitalism, any businesses going bust because of their bad business decisions and practices would have to file for chapter 11 or 13 bankruptcy court. And the court would order the sales of their assets (mortgages on people’s home) through auction which would have been sold to the highest bidder for pennies to the Dollars. At this point the court could have given the first buy back option to the owners of those mortgages, and let them refinance those mortgages at new “Principal Amount” (purchased at auctions at Pennies to the Dollar) with the help of US Government. Had they done that, in many cases people would own their houses outright, or they would have to pay much less monthly mortgage payments, which would have been a ‘normal capitalism’ correction and shifting some wealth form the1% to the 99%. The “too big to fall” Banks would get their wings clipped and come back after bankruptcy proceeding, smaller and much leaner to earth to be a real community and business banks again. This correction would have made these hi-roller gambling machine of derivatives of Wall Street, to a regular community and business banks that would lend money to their own community for business purposes, and not to use those interest free money form the privet Federal Reserve for gambling in Wall Street. According to most of the economist it [derivatives trade] does not serve any economic purpose and was the number one cause of the “financial collapse of 2008.” During 50s, 60s, and 70s, with the help of Trade Unions that were present in most of the Corporations, employees were enjoying a modest paycheck, entrepreneurship and type of capitalism which was being exercised in the widest range among people. In every neighborhood there were local Groceries, local Butchers, local Hardware stores, local Supermarkets, local Pharmacies, local hamburger joint and many other mom and pop Restaurant, coffee shop and other types of ‘small businesses’ in the local areas, making good business and employed many with good wages. Vast majority of those people were in the Middle-Class category in those days. All those entrepreneurs have become employees of new Multi-National Corporations for minimum wages now. The Globalist Corporations worshiped by the 1% “investors” depend on Corporate Law and a Justice System, written by their cronies in Congress and for their own interest only. They use the power of strong US military such as aircraft-carriers and such to protect their precious container ships, to protect their “assets” like Oil Treaties, Gold and diamond mines and dozens other benefits. And make People pay the cost for all these benefits through Taxes. And yet they don’t pay hardy any Taxes, i.e., GE, Apple, Mobile Oil, etc… etc…etc. I sincerely believe that until we address this “Monopoly in disguise”, which is being practiced by Multi-National Corporations (Banking, Finance, Food, and all other retail type of industries), you can not fix the economy in the long run.
Posted on: Wed, 27 Aug 2014 08:47:01 +0000
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