“We’re broke” many in congress have and will tell you over
and over and over again.
“We do not have a tax problem, we have a spending problem”
is another line regurgitated reflexively.
But the truth is we do have a tax problem and as a result a
revenue problem. Too many multinational
corporations are not paying their fair share of U.S. taxes. As a result, individuals and small businesses
are subsidizing the government services—defense, infrastructure, courts,
education, etc.—that these multinational corporations are using and all of us
want.
How bad is the problem?
A film called “We’re Not Broke” tells the story. I was fortunate to be asked to contribute to
this project but that’s not why I encourage you to watch it. Here is a trailer made specifically for small
business owners. http://youtu.be/h5HQKZDjWvg
You can watch the whole film at no cost on HULU.
I guarantee that after watching the film, you’ll understand that all the
cuts in government spending you’ll be told are needed over the next several months
to fix our deficit are not where we need to start. We have a taxation problem that allows free
loading multinational corporations to profit from our government services
without paying their fair share.
Watch the trailer and then the film.
Take action.
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Frank,
ReplyDeleteI watched the trailer. I thought you did a good job of humanizing the problems to small business.
Saying that can you point to legislation in congress that can close the loopholes your referring too?
Also the approach has to be multifaceted. It can't just be go after people abusing the system. Entitlements must be addressed as well.
Here is a link to a CBO chart on rising cost of health care DOUBLING over the next decade. From aug 2012
http://taxfoundation.org/sites/taxfoundation.org/files/mcbride_healthcare_0.jpg
As far as social security here is a quote from the trustee report
" After 2020, Treasury will redeem trust fund assets in amounts that exceed interest earnings until exhaustion of trust fund reserves in 2033, three years earlier than projected last year. Thereafter, tax income would be sufficient to pay only about three-quarters of scheduled benefits through 2086. "
http://www.ssa.gov/oact/trsum/index.html
They also summarize
"The drawdown of Social Security and HI trust fund reserves and the general revenue transfers into SMI will result in mounting pressure on the Federal budget. In fact, pressure is already evident. For the sixth consecutive year, the Social Security Act requires that the Trustees issue a "Medicare funding warning" because projected non-dedicated sources of revenues—primarily general revenues—are expected to continue to account for more than 45 percent of Medicare's outlays, a threshold breached for the first time in fiscal year 2010. "
That is INCLUDING saving due to the ACA.
I'm all for you going after multinational corporations. Saying we can pay for snowballing entitlement programs with the "waste, fraud and abuse savings" is irresponsible.
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