Wednesday, July 13, 2011

One Tax System for You and One Tax System for the Rich.

Journalist David Cay Johnston talks with NPR about his new book that explains how government subsidies and new regulations shift money away from low and middle income people and to the to the wealthy and well connected. He explains in easy to understand detail the infuriating inequality of our tax system. How can we expect shared sacrifice when we have system built to go after the poor and enrich the already rich? When it comes to taxes, here's how Murdoch has the government pay him--rather than the other way around: 
Over the past four years Murdoch's U.S.-based News Corp. has made money on income taxes. Having earned $10.4 billion in profits, News Corp. would have been expected to pay $3.6 billion at the 35 percent corporate tax rate. Instead, it actually collected $4.8 billion in income tax refunds, all or nearly all from the U.S. government. (View the original article
Source: David Cay Johnson

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