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Fear, Uncertainty, and Doubt: Big Business's Tax Code Strategy

Fear, Uncertainty, and Doubt: Big Business's Tax Code Strategy | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

Today's New York Times article titled "Major Companies Push the Limits of a Tax Break" strikes me as a microcosm of the challenges with the federal tax code.

It also reveals something else. It's a marketing strategy called FUD - Fear, Uncertainty, and Doubt - and it's being used by the rich and powerful to protect tax codes which benefit them by making the rest of us afraid to support efforts to change or eliminate those tax loopholes.

The article describes a 90-year old tax code modification supposedly meant to be helpful to farmers and small businesses. When discussing tax codes as "helpful" it's important to always remember that that help comes with a price tag. That "help" means that the government isn't taxing a transaction. That, of course, means less tax revenues into the federal treasury and, like it or not, we will not see our federal debt lowered and our federal budget come closer to balance unless both sides of the ledger - expenses AND revenues - are tackled.

Don't get me wrong. I don't oppose every tax code meant to help businesses, especially small businesses. What I vehemently oppose is what seems to have happened here. It appears from this article that this incentive originally intended to benefit farmers and small businesses was eventually expanded and perverted into something that the likes of JPMorgan, Wells Fargo, and GE may have abused.

How does that happen and why aren't we capable of doing something about it?

Perhaps this is one possible answer.

Whenever the topic turns to the economy, business, and taxation, we seem to allow the rich and powerful to control the discussion and to set the framework for what to do next. We allow the to do this by employing a strategy those of us in the sales and marketing profession know as FUD - Fear, Uncertainty, and Doubt. Here's how it works.

We allow them to manipulate and control us by controlling the discussion mostly through fear and with heavy doses of uncertainty and doubt. Too many of us are easily (and to some degree, justifiably) frightened by the threat of the loss of the most basic thing needed to survive in a modern society; namely and for starters, a job which pays enough (but not always enough) just for food and shelter.

The things that used to signal the arrival into the middle class - higher education, vacations, and even a little free time to pursue interests outside of two or three part-time jobs - are now available and affordable to fewer and fewer people. All this at a time when taxes are at historic lows, regulation on businesses of all types has been progressively shredded over the last 30 years, the wealth gap is wider than it's been since the Gilded Age, and the federal debt keeps ballooning.

When it comes to taxes, the rich and powerful use FUD to make the same argument they always make: the beneficial tax treatment of these "...asset exchanges spur investment and help create jobs." They frame the discussion about raising taxes and doing away with loopholes by saying that if they are taken away there will be less investment and fewer jobs. My response to that argument is pretty consistently this: if that's true then why is unemployment still just under 8% and why isn't the economy growing faster? You rich and powerful people are getting what you want and it's still not enough?

This is overly simplistic, I know, but I still believe it's a valid stance to take in this argument. It's still a legitimate way to tear down and take back the framing they want to use when it comes to the tax code. If tax breaks like this are so great, then why are we in the terrible state we're in and why aren't the rich and powerful investing more into a recovery? 

And when it comes to changing the tax code as a means for helping to reverse the federal government's mounting debt, the discussion must be first and foremost about the sort of code changes like this one that benefit GE and Wells Fargo long before even thinking about code changes such as eliminating mortgage interest deductions.

It's far past the time to end the corporate welfare system. That must begin with changes to the corporate tax codes. They must pay more, not less. Corporations have already proven they'll adapt and, besides, how much more is left for them to outsource overseas? They've refused to do anything except hold us all hostage through fear of job loss while they sit atop record-setting profits.

It's time to call their bluff.

One of the greatest challenges we face for reversing tax codes that benefit only the strong, the wealthy, and the powerful is our ability and willingness to call them out on their FUD strategy and to tell them that, "We're mad as hell and..."Well, you know the rest.

More than that, our elected officials need to know they can't use FUD on us either. If they have the courage to stand up to big money and the power elite, then they need to know that we will stand with them. We need more people like Bernie Sanders and Elizabeth Warren who seem to actually care about the middle class enough to stand up to Wall Street, big corporations, and the infinitesimally small number of wealthy people in America who already have rigged the system far too long and far too much to their advantage.

The wealthy aren't doing anything much to help the rest of us, so why should we keep kowtowing to them and their interests? Let's close tax loopholes that benefit large and wealthy corporations. It's a better place to start than with my home mortgage interest deduction.

Click here to find your Congressional Representative and tell him/her what you think. It's the only way they'll know.

Click here to learn more about and to get involved with Coffee Party USA and the work they're doing to restore our democracy.


Via Michael Charney
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AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US
GOP News, Libertarian news, Democratic News, World News and Reflections of Trends & Events that impact Austerity, Oppression or Progression of Societies.
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At Success Academy School, a Stumble in Math and a Teacher’s Anger on Video - NYTimes.com

At Success Academy School, a Stumble in Math and a Teacher’s Anger on Video - NYTimes.com | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
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The Kids Are for Bernie, but Are the Kids Alright?

The Kids Are for Bernie, but Are the Kids Alright? | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

Sanders’s youth movement is powered by the energy of the new campus left. What does it believe?

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Hundreds Of Thousands Could Starve If Syrian Forces Surround Aleppo

Hundreds Of Thousands Could Starve If Syrian Forces Surround Aleppo | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

The assault to surround Aleppo has killed 250,000 people and forced 11 million to flee from their homes.

Monica S Mcfeeters's insight:

I heard a Russian spokesman refer to this situation as civilian collateral damage that should be expected.

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5 Real Ways to Actually Make Money Online

5 Real Ways to Actually Make Money Online | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Have you ever read an article on how to make money online that ended up being a sales pitch? You were looking for real ways. Here are the real ways.
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First Corbyn, now Sanders: how young voters' despair is fuelling movements on the left | Owen Jones

First Corbyn, now Sanders: how young voters' despair is fuelling movements on the left | Owen Jones | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
On both sides of the Atlantic, economic insecurity is fuelling the rise of new movements on the left
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Her Father Shot Her in the Head, as an ‘Honor Killing’ - NYTimes.com

Her Father Shot Her in the Head, as an ‘Honor Killing’ - NYTimes.com | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

I invite you to sign up for my free, twice-weekly newsletter. When you do, you’ll receive an email about my columns as they’re published and other occasional commentary. Sign up here.

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How to Avoid War With Russia

How to Avoid War With Russia | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
The year ahead could bring conflict or cooperation in these key areas.
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Immigration minister: UK to resettle unaccompanied Syrian refugee children – video

Immigration minister: UK to resettle unaccompanied Syrian refugee children – video | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

Immigration minister James Brokenshire announces on Thursday that the UK will be working with UNHCR to lead a new initiative to resettle unaccompanied children from conflict regions

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Mark Zuckerberg Made A LOT Of Money During His Paternity Leave

Mark Zuckerberg Made A LOT Of Money During His Paternity Leave | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

Pretty sweet payout for all that snuggle time.

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Sanders to co-sponsor gun control bill – campaign live

Sanders to co-sponsor gun control bill – campaign live | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

Trump’s closest competitor in the Iowa polls throws gauntlet down to billionaire after Trump says he’ll shirk the final pre-primary Republican debate

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Was there ever a time when so few people controlled so much wealth?

Was there ever a time when so few people controlled so much wealth? | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

Oxfam’s latest report claims that income inequality has reached a new global extreme, exceeding even its predictions from the previous year.

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Why is Gilead charging VA $40,000 for drug? (Opinion) - CNN.com

Why is Gilead charging VA $40,000 for drug? (Opinion) - CNN.com | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

U.S. Rep. Jeff Miller asks why does drugmaker Gilead favors Egyptians over American veterans when it comes to treating hepatitis C.

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Bankers Warn Dems To Shut Elizabeth Warren Down - The Ring of Fire

Bankers Warn Dems To Shut Elizabeth Warren Down - The Ring of Fire | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
From March 2015: Since taking office in January of 2013, Senator Elizabeth Warren (D-MA) has made a name for herself with her fiery takedowns of big banks and the regulators who failed to keep those big banks in check. 

Via ScionOfScorpio
Monica S Mcfeeters's insight:

Would we be surprised that they might want to shut down the truth?

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Cottonmouth

Cottonmouth | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

This appears to be a Blog from the left news...in Mississippi.... Interesting Blog to check out if you live in the South,

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Big Mother: is tracking technology a threat to a healthy childhood?

Big Mother: is tracking technology a threat to a healthy childhood? | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

Tracking children with GPS-enabled devices is becoming practical and affordable, but child rights and privacy campaigners are worried

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Toxic Loans Around the World Weigh on Global Growth - NYTimes.com

Toxic Loans Around the World Weigh on Global Growth - NYTimes.com | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
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The Obama economy in 3 charts

CNN's Christine Romans takes a look at how unemployment, wages and stocks have fared since 2009.
Monica S Mcfeeters's insight:

How the Obama economy really looks.

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Forbes' 2016 Presidential Candidate Wealth List

Forbes' 2016 Presidential Candidate Wealth List | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Forbes put together the definitive wealth list of the 2016 presidential candidates. Looking at both major parties, we have come up with net worth estimates for the 20 top Republican and Democratic contenders.

To piece together a precise picture of their individual wealth, Forbes used a variety of
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After Living in Norway, America Feels Backward. Here's Why. - BillMoyers.com

After Living in Norway, America Feels Backward. Here's Why. - BillMoyers.com | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Some years ago, I faced up to the futility of reporting true things about America’s disastrous wars and so I left Afghanistan for another remote mountainous country far away. It was the polar opposite of Afghanistan: a peaceful, prosperous land where nearly everybody seemed to enjoy a good life, on the job and in the family.It’s true that they didn’t work much, not by American standards anyway. In the US, full-time salaried workers supposedly laboring 40 hours a week actually average 49, with almost 20 percent clocking more than 60. These people, on the other hand, worked only about 37 hours a week, when they weren’t away on long paid vacations. At the end of the work day, about four in the afternoon (perhaps three in the summer), they had time to enjoy a hike in the forest or a swim with the kids or a beer with friends -- which helps explain why, unlike so many Americans, they are pleased with their jobs. Continue reading
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Flint water crisis drives widespread grassroots efforts

Flint water crisis drives widespread grassroots efforts | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
The crisis over lead-contaminated water in impoverished Flint, Mich., is prompting a flood of quickly assembled grassroots campaigns to get clean, bottled water to the Midwestern city.
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Macklemore's 'White Privilege II': Roles for White People in Black Lives Matter

Macklemore's 'White Privilege II': Roles for White People in Black Lives Matter | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

Macklemore and Ryan Lewis recently released "White Privilege II" (feat. Jamila Woods), a nearly nine-minute song in which Macklemore attempts to understand his place in black culture, specifically ...

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Want to be a 2016 Power Player? Just Ask.

Want to be a 2016 Power Player? Just Ask. | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

When a young Civil Service Commissioner named Theodore Roosevelt wanted to publicize his corruption-busting in 19th Century Washington, he couldn't turn to Twitter or Facebook. Instead, Roosevelt s...

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Leonardo DiCaprio meets the pope – video

Leonardo DiCaprio meets the pope – video | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

Oscar-nominated actor Leonardo DiCaprio meets with Pope Francis at the Vatican to discuss their shared views on climate change

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How to Corral the Donor Class - BillMoyers.com

How to Corral the Donor Class - BillMoyers.com | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

Two thousand and eight was a discouraging year for anyone concerned about the role of money in politics.

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