Invest in us for 8 22 webinar
•Download as PPTX, PDF•
1 like•159 views
The document discusses how large corporations and Wall Street want austerity measures and cuts to social programs to lower their tax rates and avoid paying taxes, despite most Americans wanting the wealthy and corporations to pay more. It outlines how the "Fix the Debt" campaign of CEOs is lobbying for these changes but polling shows the public supports closing tax loopholes, ensuring the rich pay their fair share, and does not want cuts to education, Medicare, Medicaid, or Social Security. In the end, the document argues Americans want corporations to pay their fair share rather than enacting cuts-only approaches to deficit reduction favored by large companies.
More Related Content
What's hot
What's hot (20)
Viewers also liked
Viewers also liked (13)
Similar to Invest in us for 8 22 webinar
Similar to Invest in us for 8 22 webinar (20)
Recently uploaded
Recently uploaded (20)
Invest in us for 8 22 webinar
- 1. Who Pays? Our Families or Wall Street Corporations?
- 2. Since Wall Street and the big banks took our economy over the cliff in 2008: Tens of millions of people have lost: • their jobs • their homes • access to education • critical services Incomes haven’t gone up since then but expenses have Corporate profits are up but they pay even less in taxes Wall Street Corporations are coming after us
- 3. The Campaign to Fix the Debt Who are they? Over 80 CEOs & former legislators raising $60 million to influence budget talks in their own favor
- 4. The Campaign to Fix the Debt What do the say they want? Balanced Approach to Solve Our Debt Crisis Make the US More Competitive Common Sense Entitlement Reform
- 5. The Campaign to Fix the Debt What do they really want? Balanced Approach to Solve Our Debt Crisis Make the US More Competitive Common Sense Entitlement Reform Austerity Lower Corporate Tax Rates and Pay $0 on all Foreign Profits Cut Social Security and Medicare to Pay for It
- 6. Lloyd Blankfein on Social Security: “…people have to lower (their) expectations of what they’re going to get …because you’re not going to get it”
- 10. Who Pays? Our Families? Or Wall Street Corporations? Are our elected officials with us or them?
- 11. The Campaign to Fix the Debt How are they trying to get it? • “Normal” Budgeting Process COUNTDOWN to September 30 • Debt Ceiling Negotiations Oct/Nov • Grand Bargain – Wild Card
- 12. What’s in the Budgets on the Table? Public Opinion: What Do Americans Want? President Obama Rep. Paul Ryan & the House Budget Committee Sen. Patty Murray & the Senate Budget Committee Corporate Taxes 64% want to see corporations pay more in taxes, while 73% want to prevent corporations from avoiding taxes by shifting profits overseas. Proposes no new taxes on corporations. Would close some tax loopholes and lower tax rates, raising no new tax revenue from corporations. Reduces the top corporate tax rate from 35% to 25% and releases ALL overseas profits from U.S. taxation. Close loopholes that allow corporations to avoid taxes with offshore operations.
- 13. And Where is Fix the Debt Getting What They Want? Public Opinion: What Do Americans Want? President Obama Rep. Paul Ryan & the House Budget Committee Sen. Patty Murray & the Senate Budget Committee Social Security 88% say it’s very important to preserve the long- term stability of Social Security. Proposes changing cost-of-living adjustments using“chained CPI” to reduce benefits Requires the president and Congress to submit plans for the long- term financial outlook of SS. No proposed changes. Medicare 88% say it is very important to preserve the long- term stability of Medicare. Negotiates for lower prescription drug prices and raises premiums on upper income retirees, among other changes. Beginning in 2024 would privatize Medicare. Saves $275 billion over 10 years by accelerating health care reforms that reward quality of care rather than pay fee-for-service. What’s in the Budgets on the Table?
- 14. The Media Narrative • What Sequester? Members See Little Political Fallout So Far (Roll Call) • Democrats Come Up Short in Sequestration Standoff (TPM) • Post Analysis of Dow 30 firms shows declining tax burden as a share of profits (Washington Post) • As momentum builds toward tax reform, lobbyists prepare for a fight (Washington Post) • CEOs set tax reform goal (The Hill)
- 15. HERE’S A SURPRISE: THE REST OF THE COUNTRY IS WITH US
- 16. Voters Still Want Top 2% to Pay More Taxes should pay MORE in taxes pay the right amount in taxes should pay LESS in taxes The richest 2% Large corporations The middle class April 2012 70% 18% 6% 66% 18% 6% 7% 55% 34%
- 17. 11% 21% 49% 51% 55%Ensure big corporations pay fair share of taxes Close tax loopholes that benefit big corporations Ensure rich pay their fair share of taxes Reduce tax rates on all taxpayers Reduce tax rates on corporations Public’s Priorities on Taxes Percentage of voters who say this should be a very important goal* for the new budget bill: *Polling done by Hart Research for Americans for Tax Fairness – January 2013
- 18. 41% 15% 51% 13% 63% 6% 71% 6% Cut spending on K-12 public education Cut medicaid health program Reduce annual cost of living increase for social security benefits Raise age for Medicare eligibility from 65 to 67 Strong Opposition to Specific Spending Cuts Strongly approve Somewhat approve Strongly disapprove Somewhat disapprove *Polling done by Hart Research for Americans for Tax Fairness – January 2013
- 19. Voters reject: Cuts-Only Approach to Deficit Reduction Voters say: “Next budget must include revenue from the wealthy and corporations!”
- 20. Americans want: • Closing of corporate tax loopholes • Corporations to pay their fair share • No cuts to education, Medicare, Medicaid or Social Security
- 21. Almost NO support for: Cutting tax rates Great support for: Cutting deductions for the wealthy Closing corporate tax loopholes
- 22. IT’S TIME TO STOP CORPORATE TAX DODGING AND INVEST IN US! So What Does it All Mean?
- 24. Hosted by: GRO – Grass Roots Organizing Twitter: @GROMissouri Web: GROMo.org To learn more, contact: Americans for Tax Fairness Twitter: @4TaxFairness Web: www.americansfortaxfairness.org/ National People’s Action Twitter: @NPAction Web: npa-us.org/ Credits
Editor's Notes
- Hello. I’m Sean Nicholson with Progress Missouri and I’d like to welcome you to today’s presentation, Who Pays? Our Families or Wall Street Corporations?Our presenters are Brenda Procter, who is a Consumer and Family Economist in MO and Development Director for GRO – Grass Roots Organizing; and Jordan Estevao, who is Director of the National People’s Action Hold Banks Accountable Campaign in Washington, D.C.I’ll turn it over to Brenda to begin.
- In 2008, Wall Street and the big investment banks took our economy over the cliff, but unlike the rest of us they got a soft landing. Because of what they did, since 2008: Tens of millions of people have lost their jobs, homes, money for their children’s education, and critical services The average income for working people has stayed roughly the same while their expenses have gone up and up Corporations pay less in taxes now than they have for the last 100 years and are back to record profits Wall Street Corporations keep coming after us
- A group of wealthy politicians and corporate executives created a campaign they call “Fix the Debt.”Over 80 CEOs & former legislators are raising $60 million for a public relations campaign and massive lobbying effortto influence budget talks in their own favor
- The Fix-the-Debt group says they want to: Solve what they say is a “debt crisis” through a “balanced approach” Make the U.S. more competitive Common sense “entitlement” reformWhat they really want is: Austerity (meaning we all must do with less) Lower corporate tax rates To pay $0 in taxes on all foreign profits Cuts to Medicare and Social Security to pay for it
- This is Mr. Lloyd Blankfein, CEO of Goldman Sachs & a Fix the Debt Council Member.Mr. Blankfein’s 2012 Salary: $22 million Goldman Sachs profit for 1st Quarter,2013, was $2.2 BILLIONThis is what LloydBlankfein said about Social Security:“…people have to lower (their) expectations of what they’re going to get …because you’re not going to get it”
- So, let’s reframe this “Fix-the-Debt” concept. It’s not about the debt – it is really about WHO PAYS!In 2013, sequester cuts will cost the U.S. about 750,000 jobs.General Electric has paid an average 1.8% in the last ten years, while raking in $81 billion in profits.
- Sequester cuts mean that 225,000 families will lose public housing vouchers and assistance for the formerly homeless.Meanwhile, Boeing spent $63.2 million on lobbying and campaign contributions. They paid less than $0 in income taxes – they got a rebate.
- The average Social Security benefit is $1,230 a month.David Cote from Honeywell has advocated for a long time for cuts in Social Security benefits BUT he has a $78 million pension fund.He’ll get a check for $428,000 every month after he turns 65.
- So who really pays? Is it our families? Yes.Is it Wall Street Corporations? No.The big question is, “Are our elected officials with us or them?
- The “normal” budgeting process is counting down to September 30. But budget processes have become anything but normal. There will be another negotiation over raising the debt ceiling (so we can pay the bills we have already run up) in October/November.Like in a big city highway system, these two roads crisscross, merge and sometimes split from each other. The debates and negotiations over the budget and the debt ceiling will impact each other.This “might” lead to a Grand Bargain made by opposing factions.
- Let’s look at what different budgets on the table right now would do. First we’ll look at corporate taxes.The people’s budget:64%want to see corporations pay more in taxes, while 73% want to prevent corporations from avoiding taxes by shifting profits overseas.President Obama’s budget:Proposes no new taxes on corporations. Would close some tax loopholes and lower tax rates, raising no new tax revenue from corporations.Representative Paul Ryan & the House Budget Committee:Reduces the marginal corporate tax rate from 35% to 25% and releases ALL overseas profits from U.S. taxation.Senator Patty Murray & the Senate Budget Committee:Close loopholes that allow corporations to avoid taxes with offshore operations.
- For Social Security:The people’s budget:88% say it’s very important to preserve the long-term stability of Social Security.President Obama’s budget:Proposes changing cost-of-living adjustments using“chained CPI” to reduce benefitsRepresentative Paul Ryan & the House Budget Committee:Requires the president and Congress to submit plans for the long-term financial outlook of SS.Senator Patty Murray & the Senate Budget Committee:No proposed changes.For Medicare: The people’s budget:88 percent say it is very important to preserve the long-term stability of Medicare.President Obama’s budget:Negotiates for lower prescription drug prices and raises premiums on upper income retirees, among other changes.Representative Paul Ryan & the House Budget Committee:Beginning in 2024 would privatize Medicare. Senator Patty Murray & the Senate Budget Committee:Saves $275 billion over 10 years by accelerating health care reforms that reward quality of care rather than pay fee-for-service.
- Whose side is the media on? Here are some recent headlines:What Sequester? Members See Little Political Fallout So FarDemocrats Come Up Short In Sequestration StandoffPost analysis of Dow 30 firms shows declining tax burden as a share of profitsAs momentum builds toward tax reform, lobbyists prepare for a fightCEOs set tax reform goal: 25 percent corporate rate (down from 40%) (The Hill)The challenge for us as progressives and why we should be alarmed is that corporate lobbyists have captured not only our lawmakers but the media, as well. How do we reframe the debate?
- Let’s take strength from the fact that, when we break through the media noise machine and ask the public what they want, we know the rest of the country is with us.
- Even after the fiscal cliff deal,:66% of voters want the richest 2% to pay more in taxes 64% want large corporations to pay more in taxesWhile ONLY 9% want the middle class to pay more in taxes These numbers virtually unchanged since last year before the fiscal cliff deal
- When asked what should be an important goal in the new budget:56% say ensure corporations pay their fair share51% say close tax loopholes that benefit corporations 49% ensure rich pay their fair share on taxes21% reduce tax rates on all taxpayers 11% say reduce taxes rates for corporations
- As you can see, there is strong and intense opposition to cutting education spending and Medicaid. Opposition to cuts in benefits for Social Security and Medicare is still strong but not as much as education and Medicaid
- Voters decisively reject a cuts-only approach to deficit reduction, and say that the next budget agreement must include revenues raised from the wealthy and corporations.This means that they are primed for our message.
- Tax reforms that close corporate tax loopholes are especially popular, commanding overwhelming support. Americans want to see corporations pay their fair share, rather than see cuts in education or major earned benefit programs like Medicare, Medicaid and Social Security.
- Virtually no support exists for cutting tax rates as part of tax reform. The public insists that revenue from limiting deductions for the wealthy or closing corporate loopholes be used for public investment and deficit reduction, not lowering tax rates. Now let’s demand that the public get what we want – an investment in US and eliminating tax loopholes for the wealthy and coporations.
- This is the message we HAVE to get out as the September 30 sequester deadline and October/November debt ceiling deadlines loom.Forget a grand bargain! Stop corporate tax dodging and invest in US!
- Bottom line:Put. People. First.