The EU has ruled that Apple has to pay taxes on the billions it laundered through Ireland by pretending that an empty room with no employees was the company's "head office," a move that has enraged the Business Roundtable, which has sent a letter calling on the EU to respect the "rule of law," whose five signatories have all presided over acts of shameless lawbreaking. Read the rest
The Campaign to Fix the Debt is a coalition of hyper-rich CEOs and bankers that's been formed to campaign for social safety net cuts, seizing the "fiscal cliff" moment as a chance to change the public debate and protect tax breaks to the richest 1% while slashing services upon which the rest of the country relies. Alternet's Lynn Parramore provides a handy crib-sheet for translating the Campaign's manifesto to plain English:
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1. “Fix” means cut: When they say “fix” Social Security, they mean cut Social Security. Fixers want to convince the public that a well-managed, hugely popular program that does not add to the deficit (it’s self-funded) is somehow in crisis and requires intervention in the form of various cutting schemes. They seek this because many of the rich do not want to pay taxes for Social Security, and financiers want very much to move toward privitization of retirement accounts so they can collect fees on such accounts.
2. “Reform” means rob. When the say “reform” the tax code, they mean “make taxes even lower for the rich.” The wealthy do not pay their fair share of taxes in the United States, which is a major reason there is a large deficit in the first place. When the very wealthy pay lower tax rates than ordinary working people, the result is an increasing redistribution of income upward that puts the U.S. in the top 30 percent in income inequality out of 140 nations, according to the Central Intelligence Agency. We’re a shameful #42.