Conservative economic ideology goes something like this: “Cut.” Everything. Cut until there’s nothing left to cut. Cut until the nation falls apart. Cut until there’s no nation left to keep them from the unfettered pursuit of money and power that they crave.
Now, many progressives are no less ardent about making America solvent again, but most accept the notion that balancing the books can be done just as well by raising money as by cutting the nation to useless shreds.
And, where might we raise that money? Well, we could start by closing the $180 billion dollars a year worth of corporate tax loopholes — at least, the ones we know about, and know need to be closed. We could continue by cutting some of the $100 billion a year worth of corporate welfare, or by demanding that corporations like Walmart pay living wages instead of subsiding their profit margins with taxpayer dollars.
In 2012, the gross national product was $16 trillion; total federal expenditures were $3.6 Trillion, or about 22.5% of the GNP. That’s all we’d have needed to tax in order to cover the entire Federal budget — and yet, even with the highest-level personal and corporate tax rates for the same year running 35% to 38%, we still couldn’t come up with the 22.5% that we’d have needed to fully pay America’s bills. Corporations hire legions of accountants and lawyers to find and exploit the loopholes in our tax laws, depriving the American people of the toll that we charge to make money here.
And right from the horse’s mouth, from the online Accounting School Guide, we present a fascinating light, shining into the darkness that is the art and science of off-shore tax dodging.