“Identity politics”, assuming (part of) the average voter’s identity is taxpayer…
NEW: @EWarren rolls out a new plan to impose a 7% tax on corporate profits above $100 million, “no loopholes or exemptions.”
It would raise $1 trillion in revenue over a decade, per two UC Berkeley economists.https://t.co/OsVzov4p8A
— Sahil Kapur (@sahilkapur) April 11, 2019
… Using a surtax, rather than raising the corporate rate, would allow the tax code to target larger, more profitable companies.
Warren said the tax code is “so littered with loopholes that simply raising the regular corporate tax rate alone is not enough” to combat the “armies of lawyers and accountants” that large businesses have to lower their tax bills. The tax code has an array of breaks for corporations to lower their liability — by, say, depreciating their buildings and machinery, deducting interest on debt and taking tax credits for research costs…
The 2017 Republican tax overhaul slashed the corporate tax rate to 21 percent from 35 percent. Democrats have criticized the overhaul for reducing the levy too much.
Warren’s tax plan would effectively increase that rate for many publicly traded companies on profits of more than $100 million to 28 percent, a rate that other prominent Democrats, including former President Barack Obama, have backed.
Amazon has faced public criticism for using the U.S. tax code to get a refund for 2017 and 2018, even as it made hundreds of billions in revenue and about $10 billion in profits in 2018. The online retail giant gets both the benefits usually used by technology companies — deductions for paying employees in stock — as well as the write-offs for companies that rely heavily on building physical infrastructure…
The 2017 tax law also eliminated the corporate alternative minimum tax, a calculation that prohibited companies from taking too many tax breaks to reduce their liability. Warren’s plan would be a backstop for savvy corporations who are now able to use the full force of the tax law to cut down their tax bills…
Here's a list of some of the biggest profitable companies not paying federal taxes. In many cases, American taxpayers are subsidizing THEM. https://t.co/MQrwZ7wDIE pic.twitter.com/41K10MxQxA
— The Center for Public Integrity (@Publici) April 11, 2019
In response to my plan, Amazon says it "pays all the taxes we are required to pay in the US." Yeah, I know. You made more than $10 billion in profits last year and you were required to pay $0 in federal corporate taxes. That's the problem. https://t.co/FWajm72V9g
— Elizabeth Warren (@ewarren) April 11, 2019
(Should’ve posted this earlier in the day, but at least the left-coast Amazon stans will be able to have their say… )
Major Major Major Major
Go Sen. Warren!
Luthe
While we’re at it, can we crack down on overseas tax havens by declaring that if a company has *any* physical presence in the US it’s liable to pay US taxes? Because the whole thing where companies can hide profits by incorporating a shell company in the Bahamas or whatever is redonk.
Mary G
Good article in Politico today:
It’s the Sexism, Stupid
Why men are dominating the Democratic 2020 primary.
Major Major Major Major
@Mary G: I wonder how that compares to what people thought about a black candidate in 2008.
jl
There has long been a cottage industry in the business and economics media explaining why Amazon and similar tech/internet companies’ low profit margins are a choice and strategy, not a necessity. Here is a recent specimen:
The Amazon Era: No Profits, No Problem
Jon Markman, Forbes
https://www.forbes.com/sites/jonmarkman/2017/05/23/the-amazon-era-no-profits-no-problem/#530cee31437a
So, not much reason to put much stock in Amazon’s pleas of poverty.
My additional two cents is that our era of very low interest rates may play a role in this. It costs wealthy investors very little, in terms of time cost of money, by holding an asset like Amazon stock with little annual return in profits that should be by normal standards the objective evidence that the company is worth something. It has never paid dividends, or if it has once or twice, they had to have been tiny.
A wealthy investor parking his money in Amazon, or similar profitless tech/internet company is similar to parking money in a vacant luxury condo, or some timber play out in some forest someplace. Why not? You don’t get much from lending in private market, or in any big government bond market. Given the absence of an effective fiscal policy (during and right after Great Recession, not running a deficit that was big enough, and now a very ineffective fiscal stimulus through a rich person’s tax cut) in one of the historically weakest recoveries, we need low interest rates.
But there are economic costs to low interest rates, and a chronically profitless Amazon might be one of them. It would be better to have a far more effective fiscal policy that would allow Fed to increase interest rates at a slightly faster rate.
rikyrah
Keep on bringing the ideas, Senator Warren
Villago Delenda Est
Two words:
Fuck Amazon.
jl
@Mary G: Good point. But polling shows Warren and Harris are going to give the front runners a good race.
Among centrist candidates, from what I’ve read of policy, I unexpectedly like Klobuchar better than O’Rourke or Buttigieg (who I think can be fairly said to be presenting himself as blend of progressive and centrist). I think Klobuchar has been clearer and more stable in her core policy positions, even though the way CNN presented her performance at her townhall initially made me dislike her. But now I wonder if the corporate media was trying to shape her approach to policy as being more fluid than it really is. I think ‘fluid’ is a fair characterization for O’Rourke and Buttigieg, they are ‘fluid’ on details and meanings of their policy slogans.
So, not sure about sexism explaining Warren versus Biden or BS (though Warren is coming up fast, despite dislike of her in corporate quarters). I do wonder about Klobuchar, though.
Anyway, all the candidates I feel confident about in terms of understanding their policy positions, and trusting that they are stable and straightforward and they have a good understanding of the issues behind the proposals and slogans, are Warren, Harris and Klobuchar. I still strongly favor Warren though. But, go beat the crap out of the dingus dudes, ladies. Full speed ahead.
Ramalama
Another blog started referring to Warren as ‘Professor Zero F%cks.’
I can’t stop thinking about that name every time I read about her now. She’s on fie-yah.
Mary G
@Major Major Major Major: They brush past him as a uniquely charismatic anomaly. But it does seem to me that the major media are all like “Mayor Pete/Beto is cool and lots of people like him” in heavy rotation with a brief mention of Senator Warren’s amazing idea as dull numbers stuff. It’s getting on my last nerve.
jl
@Mary G: I liked what seemed to be Gillibrand’s strong move to more progressive policy stands and was at least willing to lend her the benefit of the doubt, if she was consistent and clear. But lately the ads I’ve seen from her are very light on policy, and more on personality and why I should contribute for the sake of a wide open primary and ‘democracy’. Not very convincing. The primary will be wide open with or without Gillibrand. If she is trying to play the same game as O’Rourke and Buttigieg in downplaying policy details relative BS, EW and KH, then I have to wonder how much sexism plays a role in what seems to be relative media neglect of her campaign
But, I admit I don’t follow all the primary campaigns very closely, so my impression might be wrong.
prob50
I like the concept, but I’m having a little trouble imagining`this getting through Congress, even if the Democrats win a Senate majority in 2020. That said I think that putting it out there is a positive step towards getting those huge corporate behemoths to pay their fair share. If nothing else it will make the other candidates offer up plans of their own.
Expect the full weight of American mega-corporate interests to get behind derailing her in the primaries. They will be offering up some very scary and dire sounding warnings of an economic disaster.
Tenar Arha
Biden keeps on sticking his whole foot in his mouth. And today he really pissed me off bc if anyone in this world could understand the pain of terminal cancer patients, it would be him. And yet
MisterForkbeard
@Tenar Arha: I think Biden’s not wrong here – we do have an over-reliance on painkillers and it does cause some problems.
However, it’s a boneheaded thing to say. There are a LOT more urgent things he could wish people knew, including a bunch of really simple statements that would play well, like “I wish people knew how difficult it is to vote without a car” or “That people know how hard it is to get by in poverty and how difficult it is to crawl out” or even something silly but charismatic like “That everyone knows the joy of driving a sweet trans-am”. :)
Okay, maybe something else for a charismatic joke.
Mary G
@Tenar Arha: God, I hate that attitude.
Jay
@Tenar Arha:
Opoids were sold and marketed as being rarely addictive.
They wern’t.
When the pharma douches finally made opiod abuse harder, people switched to cheaper, illegal opioids like heroin.
Dealers cut their drugs with an even cheaper, almost unregulated synthetic opioid, fentanol, which made hot shots a crapshoot.
To sum up, Pharma sold doctors that opiods were rarely addictive,
Doctors sold opiods to patients like candy, for pain,
A huge number of people, live lives of chronic pain, and became addicts,
Mary G
At the other end of the scale of Democratic senators, there is this guy:
jl
@Jay: IMHO, everything you mentioned was just as important for people to know about the crisis of addictive pain meds in the US.
But, for a presidential campaign, even more important things for people to know. Biden has had a rep for being strong on voting rights. That wasn’t more important? Maybe I’m unfair. I looked at the tweet thread but didn’t see the full context of Biden’s quote there.
B.B.A.
@Tenar Arha: The olds in the D party love him, and they vote. He’s going to be our nominee. God help us all.
prob50
@Luthe asks:: “can we crack down on overseas tax havens by declaring that if a company has *any* physical presence in the US it’s liable to pay US taxes?”
We would need to deal not only with the physical presence test but also with the company’s sales and other factors within the United States. Many states use weighted formulas to determine a company’s state income tax nexus. thus a company could be taxed even if it had no physical presence if it sold its product to U.S. consumers or businesses. This type of formula could be adopted to be used at the Federal level.
It works like this:
Establishing Nexus for state Income Tax Purposes: Nexus is created for income tax purposes if an entity derives income from sources within the state, owns or leases property in the state, has employees in the state in activities that exceed “mere solicitation,” or has capital assets or property in the state. The requirements vary from state to state. Some states weight certain tests more heavily, particularly sales. So you could have 4 tests with sales perhaps weighted times 2 or 3 and the other tests x1.
So the goal would be to apply these tests at the national level instead of or in addition to the state level. I think it would create a more responsible corp tax system, but once again passing such a bill would require overcoming a whole host of political obstacles.
Ramalama
@jl: Gilli brand gave a pretty good interview with the crew at Pod Save America, podcast run by former Obama writers. I haven’t followed up with what she’s been doing and saying lately bc the field of candidates is so strong. An embarrassment of riches.
Jay
@jl:
Were I campaigning and were asked “the question”,
I would point out that many, many people in the US are trying to live their lives, with constant pain. Rather than adressing the poverty and economic injustice that requires them to keep working, or adressing the pain issue with pain management programs from PT to affordable surgury, the US Medical System sold highly addictive opiods, while claiming they were rarely addictive.
The Opiod Crisis highlights many of the issues we need to address, for the good of all Americans.
jl
@Ramalama: Thanks for reminder. I’ll listen. You or someone else may have mentioned that before, but it slipped my mind.
jl
@Jay: You gonna run? You a guy? Your answer seems better than Biden’s to me. The guys gotta up their game this cycle.
?BillinGlendaleCA
@jl: IIRC, Jay’s from ‘merica’s attic and is ineligible to run for Prezident.
Jay
@jl:
I’m a guy, but I’m Canadian.
I look and sound like John Malcovitch, so that and youthful indescrecions, prevent a political career in front of the cameras.
prob50
Opiods are a critical but tricky problem to deal with. Yes, over-prescribing and Big Pharma’s manipulations need to be dealt with, but it’s important to recognize that a lot of people actually need strong pain medications for their conditions. Until a couple years ago I was strongly against opiods for all but the most extreme situations, having lost a brother to over-dependence, but watching my best friend of 50+ years wither away in pain has given me a more nuanced view.
So yes, by all means deal with deceitful and abusive marketing and prescription practices, but keep in mind the people who truly need these meds.
jl
@Jay: OK. If your interested in the job opening coming up in 2020 I guess the US could amend the constitution to let naturalized citizens serve as president, or we could invade and annex Canada and retroactively declare all of you birthright citizens. You have a preference?
Tenar Arha
@Jay: @MisterForkbeard: I agree with all this.
He also said exactly the worst thing possible to everyone who is a chronic pain patient. The goal of chronic pain treatment is to get people down to “only a little pain.” It’s just like his handsy apology, which he then immediately followed by joking about it in his next speech. He’s a walking talking gaffe either because he’s too old and out of touch to change, or he’s doing it on purpose.
At the same event he said this
And his legislative record, when he wasn’t the loyal VP of another man, is abysmal on just about every major issue the Democratic Party care’s about now. (Not going to list them all but like with bankruptcy law, he sucks).
Jay
@jl:
Y’all have a shitload of highly qualified and dedicated female cantidates not only able to clean up the mess, but supporting each others campaigns, not sabotaging them.
I’ll pass on both suggestions.
Jay
@Tenar Arha:
Beto got big props for a shortish, insightful and relevant comment on people taking the knee.
A bunch of out of touch politico’s want to just toss off a quick, viral quip and move on. Soundbites.
?BillinGlendaleCA
@jl: Why would we need to go to all that trouble, we have Baud!2020!.
Ramalama
@jl: Sorry but no feckin way is Canada to be annexed. I just got my legal papers to live here, and one major reason was the healthcare.
A little niece caught a thumb in a blender. Gruesome and serious. She got treatment at the best hospital in Ontario … Just by walking in and … Expecting care. Blows my mind still that her parents had microscopic bills (maybe 100 to cover tv in her room and hospital ride to get a test done). No referral, no this code used wrong therefore you are denied coverage…none of that.
My first visit to the doctor is tomorrow morning.
Nervous bc my French isn’t all that. But I’m covered so will be marcel Marceau of physicals…watch out for my umbrella.
patrick II
@jl:
Everything is carrots for large companies, by that I mean profit is the lone currently acceptable incentive for not sitting on your money. I think a little loss might be in order in addition to the carrot of profit. The stick of loss for sitting capital in the form of some inflation combined with some tax on capital would make just sitting on your money a losing proposition. Add simple, unavoidable tax as Warren is suggesting and that would generate taxes and give the government a chance to do some positive things with infrastructure, education, health care, and actually making sure people in the richest country in the world have enough to eat.
Jay
@Ramalama:
Just remember, it’s pronounced “putin” not “putine”, and it’s fries, fresh cheese curds and “sauce”, not gravy, no fru fru stuff,
And it’s the “ Montreal Canadinnes” not the Montreal Canadians.
Bonus points for mentioning the Nordiques and dissing the Leafs.
Redshift
@Mary G:
The fact that voters are “wary” because of that, but Biden is the frontrunner despite having lost two presidential races early in the primaries, tells me yeah, it’s sexism.
Jay
@Ramalama:
Oh, and “Welcome to Canada”.
Jay
@Redshift:
Biden polls high because of nym recognition and the people who answer polls.
It doesn’t reflect his real support.
And the MSM is doing it’s absolute best to fluff white males and ignore everbody else.
Jay
BTDubs,
Welcome to Canada:
https://youtu.be/eBq7i4qlzqg
Ramalama
@Jay: So much to learn! But please be advised that I am in Quebec. Anglophones say “noice” rather than “nice” and the rest is all French to me. Curiously no one ever says sacre bleu. I guess that’s left for the cartoons.
Anne Laurie
@Tenar Arha:
Again: That’s the Irish Jansenism he grew up being taught. God wants you to suffer, sometimes — it’s not your place to question His judgement! He’s punishing you because He loves you, it’s part of His plan!
That philosophy was getting major side-eye after Vatican II, which came along when I was in second or third grade… but I’m about 15 years younger than Biden. The older people get, the more they either retreat to the “rules” they learned when they were very young, or they start throwing a lot of psychological baggage away. Uncle Joe’s going back to his safe spaces, when bipartisanship was (supposedly) every voter’s dream, and (just a little!) suffering was ennobling. And he’s got the right to do that! — but it’s a bad, bad attitude for a Democratic presidential candidate in 2019.
Jay
@Ramalama:
That was the cornerstone of my advice, you being in Quebec,
Allthough the Leafs thing works everywhere, even in Torantah!
Mary G
Really interesting thread about Russian interference in another country’s presidential elections last year:
Vhh
@Ramalama: how bout “tabernacle”?
Jay
@Ramalama:
BTDubs, you are in the best place in the world to learn Quebeqois.
Jay
@Vhh:
It’s “tabernaq”,
https://m.youtube.com/watch?v=kUgKv7aE-vM
Jay
@Ramalama:
Oh, and 12:30, Saturday, CBC Radio 1, the Debaters
6:30, same Bat time, same Bat Channel, Ali Hassan’s Laugh out Loud.
All available on demand from the CBC website and as podcasts.
Jay
“Alexandria Ocasio-Cortez
@AOC
·
14h
I’m not going to quote the NY Post’s horrifying, hateful cover.
Here’s 1 fact:
@IlhanMN
is a cosponsor of the 9/11 Victim Compensation Fund. She‘s done more for 9/11 families than the GOP who won’t even support healthcare for 1st responders- yet are happy to weaponize her faith.”
Tenar Arha
@Anne Laurie: I gotta wonder, at this point, with this many candidates, does he really expect an invitation when he’s wearing out his welcome every day? The longer he dithers outside the race, yet getting all this play as if he was a reasonable choice, the more he’s turning me off. But worse I believe he’s pissing off the Democratic base, which is a lot different than he remembers. I’m like WTH? (And as I’m sure it’s clear, ticked off).
David ??Merry Christmas?? Koch
@Tenar Arha: I think there’s a disconnect btwn high information voters who frequent blogs and the rest of the electorate.
I say this because a new Iowa poll just came out and Joe has a big lead. The recent media attacks on him had no affect.
Amir Khalid
@Jay:
I can’t resist:
It’s frou-frou, not fru fru; and the Montreal Canadiens, not the Canadinnes.
Ramalama
@Vhh: Yes, No Mormon Tabernacle Choir for this girl. Those are fighting words.
Really the term I hear is more “Tabernoosh.”
@Jay: thanks for the advice. My partner, who you’d swear was raised in the circus, doesn’t know all the niceties. She is French, her mother spoke no English. I can tell the difference. And there are a fair share of the diaspora in our parts, so not everything is Quebecois. Colin debin.
lee
Why wouldn’t a large company just split into smaller shell companies to split the profit down to under $100m for each?
Uncle Cosmo
@Amir Khalid: Ignore the idiot Mr. “BTDubs” (how cute!) who if he had a shred of self-knowledge & honesty would change his nym to something like “Canucklehead.”
john fremont
@Anne Laurie: So Joe Biden is saying those in pain should offer it up for the souls in Purgatory. I’m catching what your throwing now.
Danjos
@Mary G: Hi Mary. First, my priors. I am a 61 year old white male. My parents, both alive, are diehard Repubs. I lean Democrat. I voted for Hillary last election. The main priority for 2020 is to remove the ignoramus from power. I just think that any woman against the ignorant one has no chance in the election. Imagine if E. Warren, as an example, wins the primary, the man-child will go full “Pocahontas” on Warren. She has no chance against the fat bastard. The race will be close even with our best candidate. Should we chance the election knowing that a certain percentage of voters will lean male over female? I believe that the Democrats need to put forward a white male gen. X candidate as the best way to take back the office. Sexist? Perhaps, but I prefer to think of it as pragmatic and strategic. This is our elephant in the room.