While adding six seats will technically give Republicans a majority in the Senate, history shows that Democrats are great at flipping Republican RINOs when they need a seat -- Jim Jeffords in 2001 and Arlen Specter in 2009.
Our top 10% of earners pay 47% of the taxes, according to the OECD. Their counterparts in Europe and Japan pay nothing near that. The closest is the United Kingdom at 38%.
Nevertheless, Bernie Sanders told the AFL-CIO: “A nation will not survive morally or economically when so few have so much while so many have so little. We need a tax system which asks the billionaire class to pay its fair share of taxes and which reduces the obscene degree of wealth inequality in America,”
He is full of it.
Bernie has never worked for an entity that paid taxes. The AFL-CIO is tax-exempt. In fact, there are hundreds of tax-exempt corporations that spend millions each year lobbying for higher taxes on others, while at the same time demanding larger government subsidies for themselves.
The Non-Profit Times said tax-exempt corporations receive $33 billion a year in tax-exempt donations. Their entire budgets, often supplemented by government, top $66 billion in untaxed money each year.
The largest 100 dominate the tax-free market.
“Program service revenue was the second-largest portion of funds for NPT 100 organizations, comprising about one-quarter of revenues at $16.767 billion. Government support was $11.1 billion, up slightly from $10.745 billion, accounting for more than 16 percent of all revenues. Other revenue and investment income each contributed about 4 percent to the overall revenue pie, at $2.859 billion and $2.763 billion, respectively,” the Non-Profit Times reported.
Let’s do the math. Instead of paying a top corporate tax rate of 35%, these entities are receiving subsidies that average 65%.
In other words, instead of taxing 35 cents of every dollar they collect, the government is giving them 65 cents.
Sanders is right. This is immoral. This does hurt the economy.