Fiscal Cliff Deal. Goldman Sachs won. The top 0.1% won. Large Corporations won. The politicians won. America lost Updated 01/04
by Ian Shilling
Jan 4 2013
Corporate welfare was protected while marginal and middle class taxpayers got a huge tax hike.
Linking Social Security (and other government expenses) to chained cpi is now part of the public consciousness.
It needs time to permeate in – it was way too early to actually implement it. Public Opinion is against it at the moment.
They will keep working on ways to cut Social Security and bring it up again at some future date.
Corporate profits were protected, even though they are at record levels.
Corporations are to share none of the pain.
The top 0.1% derive most of their income directly from Corporate profits. So the income of the top 0.1% was protected too.
Facebook kept their 0.34% Corporation Tax rate.
Google can keep diverting US generated profits to Bermuda to pay almost no Corporation tax.
There are many ways for multinationals to pay very little or zero Corporation Tax – just about all multinationals do it.
Closing these Corporation Tax loopholes would have brought in far more revenue than the expiry of the Payroll Tax break.
Update 01/04 GE and Citibank get huge tax breaks plus other items of Corporate Welfare – Ben Swann.