Update Notes for July 19, 2011

We had some rather extensive updates today:

 

One thought on “Update Notes for July 19, 2011

  1. As a concerned citizen, I think the government must improve its efficiency. Britain has been wise and cut down their government, and it is time our government does the same. I love this country. But our government has become so large that it can not even sustain or manage itself. It is time to cut the fat. I think it is good for government to supervise the workings of our economy, to regulate interstate commerce, and our defense with wisdom and fair judgment, but our federal government is putting a huge financial burden on America’s small businesses .

    Look at all the businesses that have died in the last two to three years, and all the rest who are hanging on only because they were willing to cut down staff, take cuts in salaries, and cut overhead. How can congress, who is supposed to be a servant of the people, give themselves a cost of living increase when the rest of Americans are suffering? It is time for government to take some of the financial burden by cutting staffing and unnecessary programs.

    The solution to our deficit problem according to Ralph Nader is,
    “The first thing you do is you get rid of corporate welfare. That’s hundreds of billions of dollars a year. The second is you tax corporations so that they don’t get away with no taxation. The Citizens for Tax Justice put out a report recently. They had 12 major corporations, like Honeywell, Verizon, General Electric, and in three years, they made $167 billion in profit, paid zero tax, and got $2.5 billion back from the Treasury.” Who paid them this $2.5 billion; we did.

    Large corporations and companies that use our roads, are protected by our military and have access to our markets should pay their fair share of U.S. taxes. These companies, known as inverted corporations, grow their business in the United States and establish a nominal presence in a foreign country for tax purposes. Right now remaining loopholes within our laws permit profitable companies to legally skip out on their taxes and shift their tax burden to America’s taxpayers and responsible businesses already facing tough times in this economy.

    Scott Klinger, tax policy director of Business for Shared Prosperity stated,
    “It’s obscene to put everything from the Small Business Administration to Medicare and Social Security on the chopping block while corporate tax dodging deprives us of major revenue. Today, large corporations as a group contribute just nine percent toward federal government bills – down from 32 percent in 1952,” . . . “It’s time to plug the trillion dollar hole in the U.S. Treasury from tax haven abuse.” Social Security is not an entitlement, as some have stated, but money owed by our government, which we the people entrusted to them for our retirement. If Americans are to trust their government, then the U.S. must pay everything it citizens have put into the system. Our trust must be restored.

    Small businesses and the middle class are the lifeblood of local economies. We pay our fair share of taxes and generate most of the new jobs. However, the big companies who move their capital offshore to hide it from taxation in the U.S. still demand subsidies and benefits from taxpayer-funded programs. Who pays for all of this—the American workers. Government cannot give to anyone what it has not taken from someone else.

    “WASHINGTON Today” back in 2007, cited $100 billion in revenue drained from the U.S. Treasury at the expense of honest, hardworking American families who pay their fair share, Sen. Carl Levin, D-Mich., Sen. Norm Coleman, R-Minn., and (then) Sen. Barack Obama, D-Ill., introduced comprehensive legislation to stop offshore tax haven and tax shelter abuses.

    I believe America will suffer for all its legalistically selfish approach of self gratification and materialism. But if we can earnestly seek to care for one another and take a stand for moral growth, then we can leave this life a better human being and leave behind a better and stronger America.

    We need to keep America noble, free and strong, and it is my hope you will make every effort to get us ‘out of the ditch’. I would like you to take a long look at the revised Stop Tax Haven Abuse Act, just introduced by Sens. Carl Levin, D-Mich., and Kent Conrad, D-N.D. This bill is designed to stop the use of tax havens and encourage large U.S. corporations to move back home.