Wednesday, October 29, 2008

ZOMFG! John McCain and Sarah Palin Are Socialists!

from blogger Jed L at Daily Kos:

Down in the polls, John McCain's Divide & Flail™ strategy is to call Barack Obama's tax cut for 95% of Americans "socialism."

Well, John McCain must have once been a socialist, because it turns out that for years he supported higher taxes on the wealthy to pay for lower taxes on the middle-class. The YouTube don't lie:

Side note: Isn't it amazing how much John McCain has changed over the years?


Oh No, Sarah Palin Is A Socialist Too!

It's not just John McCain -- Sarah Palin is a socialist too! Hendrik Hertzberg notes (emphasis added):

A few weeks before she was nominated for Vice-President, she told a visiting journalist—Philip Gourevitch, of this magazine—that "we’re set up, unlike other states in the union, where it’s collectively Alaskans own the resources. So we share in the wealth when the development of these resources occurs."

Also discussed in The Wife of Bath's diary.

Lyrics of the Day:

We don't care what flag you're waving
We don't even want to know your name
We don't care where you're from or where you're going
All we know is that you came
You're making all our decisions
We have just one request of you
That while you're thinking things over
Here's something you just better do

Free the people now
Do it, do it, do it, do it, do it now
Free the people now
Do it, do it, do it, do it, do it now

Well we were caught with our hands in the air
Don't despair paranoia is everywhere
We can shake it with love when we're scared
So let's shout it aloud like a prayer

Free the people now
Do it, do it, do it, do it, do it now
Free the people now
Do it, do it, do it, do it, do it now

We understand your paranoia
But we don't want to play your game
You think you're cool and know what you are doing
666 is your name
So while you're jerking off each other
You better bear this thought in mind
Your time is up you better know it
But maybe you don't read the signs

Free the people now
Do it, do it, do it, do it, do it now
Free the people now
Do it, do it, do it, do it, do it now

Well you were caught with your hands in the kill
And you still got to swallow your pill
As you slip and you slide down the hill
On the blood of the people you killed

Stop the killing (Free the people now)
Do it, do it, do it, do it, do it now
Stop the killing (Free the people now)
Do it, do it, do it, do it, do it now

Bring on the lucie

"Bring on the Lucie" - John Lennon and the Plastic Ono Band


Shimmy said...

Dear Lord,

Millions of people around this world are praying to their god -- whether it’s Vishnu, Allah, Avalokiteshvara, Horus, Marduk, Loki, Shakyamuni Buddha, Green Tara -- that Sarah Palin's enemies win, for a variety of reasons.

And Lord, I pray that you will guard your own reputation, because they’re going to think that their God is bigger than you, if that happens.

Yours, in the heaven of the spectacle,

Ronaldus Magnus said...
This comment has been removed by the author.
New American Patriot said...

Wow. Shimmy, that post is completely fucking nuts! I AM impressed!

clap clap clap!

ronaldus macdonaldus:
I gather you didn't even watch the video clips. How can you be sure you're right when you're too afraid to even look at other points of view?

Ronaldus Magnus said...
This comment has been removed by the author.
New American Patriot said...

Great! Works for me!

Why -- are you REALLY earning over 150K a YEAR dude? And, if you are, why the hell would you have a problem with spending some of that to save your country?!?

If you're NOT, even MORE to the point, why the Hell are you DEFENDING greedy tossers who are trying to cheat the system and not pay to take care of the country that gave them their lives?!?

Ronaldus Magnus said...
This comment has been removed by the author.
New American Patriot said...

And, of course, that is what I hate about your party - this exaggerated sense of entitlement.

But aside from that, you and I both know that the wealthiest corporations and CEOs use offshore tax havens to avoid paying ANYTHING.

So instead of just moaning about the horrible unfairness of it all, how about we look at the FACTS as reported by the Wall Street Journal, Fortune Magazine and Business Week.

For starters, there's this little gem from the Associated Press as reported on Fock Snooze and ABC: "Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress....
Collectively, the companies reported trillions of dollars in sales, according to GAO's estimate."

But the stink of greed is far thicker and more pervasive than that alone:

After peaking at 531:1 in 2000, the CEO-to-Worker wage ratio has fallen back
to 1997 levels, now standing at 282 times average worker pay. Even with drops
in each of the last two years, average CEO pay since 1990 has still grown faster
than other indicators of corporate health, and much faster than worker pay.
The decline in average CEO pay in recent years is due to the reduction in top
pay packages. As Business Week magazine points out, however, median CEO pay
— the number in the middle of the distribution — is still on the rise, up 5.9
percent in 2002 to $3.7 million.

Median CEO pay at the 50 corporations that announced the most layoffs in 2001 rose 44 percent from 2001 to 2002, more than seven times as fast as the 6 percent increase in median
CEO pay at the 365 companies surveyed by Business Week magazine. Median 2002 CEO pay at the 2001 layoff leaders was $5.1 million, 38 percent higher than the Business Week median of $3.7 million. All told, the top 50 job-cutting CEOs pulled down more than $570 million in
2002, the year after they collectively slashed over 465,000 jobs.

Under current rules, companies are not required to report stock option grants as
expenses in their income statements, even though they can deduct the cost of
options from their taxable income. The deduction is taken in the year when the
options are “exercised,” or cashed in.

Excessive stock options earnings are a major factor in the dwindling share of government
revenues comprised by corporate taxes. Corporate taxes as a share of federal taxes dropped from 12 percent in 1996 to 8.7 percent in 2001. Between 1997 and 2002 the 350 leading firms listed in the Wall Street Journal’s annual compensation survey received an estimated $3.6 billion in tax deductions. The defeat of FASB’s 1993 proposal to require options expensing allowed corporate boards to continue to lavish massive options grants on top executives with no repercussions for their income statements.

For some firms, the deduction claimed for options exercised by all their employees was so large that it wiped out their entire tax bill.

The tax deductions received by these 350 firms just from their CEOs’ options
earnings is particularly significant in light of the budget crises faced by most
state governments. The amount of these options-related corporate tax
deductions ($3.6 billion) is roughly equivalent to the combined 2003 budget
deficits of seven of the top ten largest U.S. states (Florida, Illinois, Pennsylvania,
Ohio, Michigan, New Jersey, and Georgia).30 To address these shortfalls, many
states are considering further austerity measures in 2004.

While the workers’ pensions were sinking, many firms were busy rescuing their
executives’ pensions. This trend came to light earlier this year, when two airlines,
AMR Corporation and Delta Airlines, each revealed they were secretly
bankruptcy-proofing their executives’ pensions while at the same time asking
employees for billions of dollars of wage and benefit concessions in order to save
the company. Executives of both firms encountered severe turbulence from
employees after the platinum-plated retirement plans for executives were
announced. Delta Airlines CEO Leo Mullin, who had orchestrated a $45
million supplemental retirement program (SRP) contribution for the benefit of
33 top Delta executives, was forced to give back a portion of his 2002 pay
package and to renounce some of the future pay increases called for by his
contract. After it was recently revealed that three executives were leaving despite
the inducement of a bankruptcy-proof pension, another round of criticism
forced Delta to reduce its SRP fund by an undisclosed amount in an effort to
quiet the uproar. American’s CEO Donald Carty was not so lucky: in order to
quell the employee mutiny, Carty was forced to abandon ship and leave the
company in disgrace.

While the situations at AMR and Delta are most widely known, the use of SRPs
for executives is widening. Three-fourths of all large companies currently have
platinum plated SRPs for their executives according to a survey of 200 Fortune
1000 companies conducted by Clark Consulting.10 Among the companies with
underfunded pension plans offering executive SRPs are Altria Group and
Motorola, which added $38 million to its SRP in 2002, while its employee
pension plan was underfunded by a third.

Corporate taxes as a share of federal taxes dropped from 12 percent in 1996 to 8.7 percent in 2001.

In addition to stock options, U.S. corporations are increasingly setting up subsidiaries in offshore tax havens to reduce their federal tax bills. This use of subsidiaries in tax haven nations such as Bermuda, the Bahamas, and the Cayman Islands is more subtle and complex than simply re-incorporating overseas, as Tyco and Global Crossing did, but if anything it is more lucrative and offers corporations a wide range of tax-sheltering options. One such
scheme, in which corporations arrange phony-priced transactions with overseas subsidiaries to transfer profits to offshore tax havens, netted U.S. firms $53 billion in tax savings in 2001, according to a report released by Senator Byron Dorgan (D-ND).34

Other tax-avoiding strategies include:
• Deferred tax payments. Corporations can postpone taxes on income earned overseas by re-investing that income in overseas operations. This technique is particularly popular with oil and gas companies.

• Income stripping. A corporation’s offshore subsidiary “lends” money to a U.S. unit, which then pays the loan back with interest. The interest is tax-deductible.

• Parking intangibles overseas. Especially popular with computer and pharmaceutical companies, this tax dodge works by transferring intellectual property such as patents and trademarks to offshore subsidiaries. The offshore unit then charges a licensing fee or royalty for use of the intellectual property, and this income escapes U.S. taxation. Cash-strapped state governments are also coping with reduced corporate income taxes as companies hide billions of dollars of income in shell companies located in low-tax states.
In April 2003, the nonpartisan organization Citizen Works compiled a list of the 24 Fortune 500 companies with the largest number of subsidiaries in offshore
tax havens. Among these corporations, median CEO pay over the 2000-2002 period was $26.5 million, 87 percent more than the $14.2 million median three-year pay at 365 corporations surveyed by Business Week.

If it were up to me, anyone who owned more than one house, while a single person lay homeless in the street, would be guilty of a felony, have their excessive assets seized, and, if the homeless person was known to them and died, be up on charges of manslaughter.

Personally, I'd just like to physically beat the greed out of such soulless monsters, but that's just me.

Ronaldus Magnus said...
This comment has been removed by the author.
New American Patriot said...

WTF?!? If the Wall Street Journal, the General Accounting Office of the US federal government, Business Week, and Fortune Magazine's figures are MEANINGLESS to you, who the fuck ARE you listening to for your "information"? Reading fucking TEAleaves? Crystal fucking BALLS?

Dude, by dismissing the entire foregoing data completely, without a single cogent criticism, you have sunk to a new level of stupidity and proven you don't even bother to skim over something than might jeopardize the frantic mantra of the right's propaganda.

Stupidity is excusable; WILLFUL stupidity is not.