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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 John Cashon, 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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Scooped by Monica S Mcfeeters
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Pa. cop charged with homicide for killing unarmed man

Pa. cop charged with homicide for killing unarmed man | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Lisa Joellen Mearkle had already fired her taser, hitting 59-year-old David Kassick, when she fired two rounds from her service gun into the prone man, according to Dauphin County prosecutors. He died at the scene.
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Jimmy Kimmel, Chelsea Clinton announce Serve a Year campaign

Jimmy Kimmel, Chelsea Clinton announce Serve a Year campaign | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Jimmy Kimmel helped Chelsea Clinton kick off a brand new campaign - even if he didn't quite understand it.
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Cruz packed 2016 bid event because attendance was mandatory

Cruz packed 2016 bid event because attendance was mandatory | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Cruz packed the house at his 2016 campaign announcement at Liberty University because it was held during a mandatory “convocation."
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Pedagogies of Revolt: Translating Egypt in Flux

Pedagogies of Revolt: Translating Egypt in Flux | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
26 March 2015 Salle des thèses Bernard Maris, Espace Deleuze Université Paris 8 - Vincennes-Saint-Denis One of the most remarkable accomplishments of the revolutionary spirit in Egypt since January...

Via Charles Tiayon
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Indiana Expected To Pass Bill That Could Legalize Discrimination Against LGBT Citizens

Indiana Expected To Pass Bill That Could Legalize Discrimination Against LGBT Citizens | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
This post first appeared at The Huffington Post.
(Photo: Tony Webster/ flickr CC 2.0/Edited from original)
Indiana is expected to pass a religious freedom bill that could legalize discrimination against LGBT citizens.
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How and Why Data Will Save Small Business

How and Why Data Will Save Small Business | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Small business is in the biggest decline since the industrial revolution.

They’re losing grou...
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How Uncertainty Fuels Anxiety - The Atlantic

How Uncertainty Fuels Anxiety - The Atlantic | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
People who are less able to tolerate uncertainty worry more.
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Fiscal Policy Institute calls New York state the cause of failing schools

Fiscal Policy Institute calls New York state the cause of failing schools | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Less than a month after Gov. Andrew Cuomo released his report on New York's "failing schools," the Fiscal Policy Institute released its own report, citing New York as the real cause of struggling s...
Monica S Mcfeeters's insight:

Wow! This is pretty much what it is like for Mississippi grossly underfunded schools for over a decade and  where Charter schools are also promoted as an solution and option. Also, how many of you  think the Governor of Mississippi and Florida should explain personally to all 3rd graders held back until they can read on grade level how that doesn't make them a flunky and failure?  I personally think not being mature enough to have empathy for an 8 year old is a far greater failure and these leaders that are too cheap with state funds to hire enough reading specialist teachers to work with weak readers at all grade levels k-12 are sad examples of humanity. These governors should have been held in the 3rd grade till they displayed empathy for others. Just my thoughts..

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9 Billionaires Are About to Remake New York’s Public Schools—Here’s Their Story

9 Billionaires Are About to Remake New York’s Public Schools—Here’s Their Story | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Hedge-fund manager Whitney Tilson stands at a Harvard club podium in midtown Manhattan, facing a room full of investors eating eggs and bacon, and eager to learn more about charter schools. The walls of the wood-paneled room are lined with the portraits of Tilson’s Harvard forefathers.
Monica S Mcfeeters's insight:

From Occupy Posters:

"A Nation investigation reveals how a group of hedge funders are about to get exactly what they paid for. "


My insight:

Read here about the Charter school take over of Publicly held and locally controlled schools. How do these these billionaires plan to pocket the education billions from our pockets to theirs.....(read the article)....This trend by the way runs from New York to Mississippi.


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Proposed TTIP Agreement Is Profoundly Undemocratic

Proposed TTIP Agreement Is Profoundly Undemocratic | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
A flash mob demonstrates against the proposed Transatlantic Trade and Investment Partnership in Hamburg, Germany, March 17, 2014. (Photo: campact)
This post first appeared at Truthout.
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Morning Reads: Jim Webb on Fundraising; More Info on Clinton Foundation Donors

Morning Reads: Jim Webb on Fundraising; More Info on Clinton Foundation Donors | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
As we continue our effort to keep you up-to-date with all the news on how money continues to corrupt American government and politics, BillMoyers.com is pleased to publish this daily digest of money and politics news compiled and edited by Adam...
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137 dead after suicide bombings in Yemen mosques: report

137 dead after suicide bombings in Yemen mosques: report | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
ISIS reared its ugly head in Yemen after four suicide bombers struck two Shiite mosques packed with worshippers, killing dozens and turning sanctuaries into slaughterhouses.
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Why automation means we need a new economic model

Why automation means we need a new economic model | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
A future of unlimited production by few, for consumption by whoever can afford it, is a recipe for economic and social collapse, Robert Reich writes.
Monica S Mcfeeters's insight:

This is so true I can't believe we hardly discuss this or face this truth!

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ISIS recruits more children than adults: activists

ISIS recruits more children than adults: activists | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
The Islamic State has recruited at least 400 children this year — far more than the number of new adult recruits, activists said.
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Dzhokhar Tsarnaev ‘radicalized’ by Anwar al-Awlaki: expert

Dzhokhar Tsarnaev ‘radicalized’ by Anwar al-Awlaki: expert | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Boston Marathon bomber Dzhokhar Tsarnaev was a follower of radical Islamic cleric Anwar al-Awlaki — as well as his big brother.
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Election 2015: Alex Salmond rules out SNP deal with Tories – live

Election 2015: Alex Salmond rules out SNP deal with Tories – live | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
With 44 days until polling day, follow all the twists and turns of the election campaign with Andrew Sparrow and the Guardian’s team of reportersSenior Tories condemn Salmond commentsCameron may have opened door to leadership challenges, Tories...
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AT&T - SourceWatch

AT&T - SourceWatch | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

AT&T is a member of the American Legislative Exchange Council (ALEC) and is on ALEC's corporate "Private Enterprise" Board. William Leahy, Vice President of State and Legislative Affairs for AT&T, represents the corporation on ALEC's corporate board as of 2011. [7] [8] AT&T is the State corporate co-chair of Arkansas, California, Connecticut, Louisiana, Mississippi and Texas as of 2011.[9]

A list of ALEC Corporations can be found here.

Monica S Mcfeeters's insight:

US Senator Roger Wicker sides with A&TT in Mississippi against internet neutrality and open access. It is clear to see money speaks.

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Bangkok's Big Brother is watching you - The Guardian

Bangkok's Big Brother is watching you - The Guardian | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
General Prayuth Chan-ocha is determined to make Thailand a happy place. He’s doing this by throttling civil liberties. Abigail Haworth charts the surreal rise of his despotic regime
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Export-Import Bank Is No Friend of Small Business - U.S. News & World Report (blog)

Export-Import Bank Is No Friend of Small Business - U.S. News & World Report (blog) | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
The Export-Import Bank's claims to champion small business simply don't hold water.
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6 Female Illustrators Weigh in on Sexism, Feminism and the Newsweek Fiasco - Huffington Post

6 Female Illustrators Weigh in on Sexism, Feminism and the Newsweek Fiasco - Huffington Post | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
What does it mean that women across the globe are paid significantly less than men? Doesn't this suggest our thoughts, projects, words and actions are less valued?...
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Clinical psychologist explains how Ayn Rand helped turn the US into a selfish and greedy nation

Clinical psychologist explains how Ayn Rand helped turn the US into a selfish and greedy nation | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
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10 Poverty Myths, Busted | BillMoyers.com

10 Poverty Myths, Busted | BillMoyers.com | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Single moms and absentee dads are not the problem. And going to college does not mean you'll escape the poverty trap.
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The SEC’s Andrew Bowden: A Regulator for Sale?

The SEC’s Andrew Bowden: A Regulator for Sale? | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
This post first appeared at Naked Capitalism blog.
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Manual Labor, All Night Long: The Reality of Paying for College

Manual Labor, All Night Long: The Reality of Paying for College | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Alana Semuels LOUISVILLE, Ky.–Most college students are busy. But Alexis McLin’s schedule is even more jam-packed than the average student's.
One day last week, for instance, she attended a lab from 3 p.m.
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Why Workers Won't Unite - The Atlantic

Why Workers Won't Unite - The Atlantic | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Globalization and technology have gutted the labor movement, and part-time work is sabotaging solidarity. Is there a new way to challenge the politics of inequality?
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