Americans are gaining, ever so slowly, a more accurate picture of just how wide the gap has stretched between the nation’s most fabulously privileged and everyone else. New data from Social Security statisticians are helping fill in the holes. But a full picture remains elusive.
House Oversight Committee chair Darrell Issa has failed to pin the “IRS scandal” on President Obama — or even prove the existence of a major scandal. But if his goal all along has been a weaker IRS, and happier days for wealthy tax avoiders, he has certainly scored a major triumph.
Romney went to the trouble of filling out a Form 4684 (Casualties and Thefts) to report losses of $39. One can only wonder what was broken or stolen. I like to think that the $39 were lost in the world’s smallest shipwreck. I guess it’s just the romantic in me.
To keep corporate income taxes low, either we have to keep individual income taxes high or we have to cut back on government services. In other words, it’s corporations versus people. That’s not class warfare. That’s simple arithmetic.
By statute, corporations are supposed to face a basic 35 percent income tax on their corporate profits. Over the last three years, a new Citizens for Tax Justice report documents, top U.S. corporations have actually been paying only 18.5 percent of their profits to Uncle Sam.