It Ain't Fair

Corporate America is shutting average Americans' voices out, while they help themselves to taxpayer dollars. The economic playing field is tilted against the middle class — and we have the power to change that.

bad government

bad government politics Taxes

B.P.’s Gulf oil spill got them a $61 billion fine with a $17 billion tax break-When fines are tax-deductible, taxpayers get screwed.

On April 10, 2010, B.P.’s Deep-water Horizon rig had a blowout a mile underwater. The rig caught fire and eventually sank. The well leaked for 87 days, pouring 3.2 billion barrels of oil into the Gulf of Mexico. A barrel of oil contains 42 gallons, so 133,980,000 million gallons of oil spilled into the Gulf.

bad government Taxes

Corporations get a break and taxpayers get screwed, due to the tax-deductibility of government-levied fines.

Government agencies sometimes make deals with corporate wrongdoers. They impose a hefty fine, then specify how much is considered punitive and not deductible, and lastly what is remedial, which is deductible for the corporation. This information can be kept secret. As such, the agency can brag about a hefty fine, but the corporation gets a significant tax deduction.

bad government politics Taxes

Carried Interest Tax Break

Private equity, hedge funds and investment funds are made up of two different kind of partners, general partners, who put the investment group together and have all the authority to direct the investments of the group and limited partners who are the ones that put in the bulk of the money but have no say in what investments the general partners participate in.

bad government

Hard Rock Mining in America. Miners get the Minerals, and the Taxpayers Get the Shaft.

Mining companies both foreign and domestic can lease land from the Federal Government for $2 to $4 an acre and pay no royalties for all the minerals taken out.

From 1977 to 2017, Mining companies had to put up bonds or collateral to prove they had the financial wherewithal to clean up their abandoned mine site. That’s no longer true.

The Nevada Current, a business newspaper, said that $26.6 billion of gold was taken out of Nevada from 2008 to 2017, so even a 5% royalty would amount to $1.6 billion.

The government does not keep track of all the minerals taken out by the various mining companies or monitor these companies’ financial health. That’s important because once the mines are not economically feasible many file bankruptcy.

The Federal Government owns 662 million acres of land in America.

Some states get a nominal fee for any minerals taken from within their boundaries.

Should the American taxpayers be compensated for those minerals, and why should taxpayers be the ones to have to pay for mine reclamation?

bad government politics state property taxes

Dark Store Theory

The tax break big box stores use to avoid funding your cities schools, police, and fire departments. This tax avoidance gimmick allows big box stores to lower their property taxes and push it on to homeowners. Some of the companies using this gimmick are Target, Walgreens, Wal-Mart, Lowes, Menards, CVS, and Kohls, really any big superstore; some car dealers are even trying to take advantage of the loophole.