General Discussion

packman

(16,296 posts) Thu Dec 31, 2015, 11:46 AM Dec 2015

The Rich and their own tax system-bought and paid for

"Operating largely out of public view — in tax court, through arcane legislative provisions and in private negotiations with the Internal Revenue Service — the wealthy have used their influence to steadily whittle away at the government’s ability to tax them. The effect has been to create a kind of private tax system, catering to only several thousand Americans."

Article tells how the rich are corrupting the tax system of the US , mostly thru bribery and manipulating the tax codes they engineered themselves.

http://www.nytimes.com/2015/12/30/business/economy/for-the-wealthiest-private-tax-system-saves-them-billions.html

13 replies

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Highlight:

The Rich and their own tax system-bought and paid for (Original Post) packman Dec 2015 OP

If you can't Faux pas Dec 2015 #1

It's not personal, it's "just business". In our capitalist culture greed rules. Sadly we let the rhett o rick Dec 2015 #3

To me Faux pas Dec 2015 #6

My first jury pengu Dec 2015 #8

Great, important article. Thanks! cali Dec 2015 #2

. . . Triana Dec 2015 #4

So I'm guessing these folks are against a flat tax. *sarcasm* Gormy Cuss Dec 2015 #5

You say ''bribery'' and 'manipulating the tax code'' like they're bad things. Octafish Dec 2015 #7

Huge +1! Great post!!!! Enthusiast Dec 2015 #9

That should piss people off. Spitfire of ATJ Dec 2015 #11

++++++ nt laundry_queen Dec 2015 #12

Kicked and recommended! Enthusiast Dec 2015 #10

Yep laundry_queen Dec 2015 #13

Faux pas

(14,681 posts)

1. If you can't

Reply to packman (Original post)

Thu Dec 31, 2015, 11:52 AM

Dec 2015

beat 'em cheat 'em.

rhett o rick

(55,981 posts)

3. It's not personal, it's "just business". In our capitalist culture greed rules. Sadly we let the

Reply to Faux pas (Reply #1)

Thu Dec 31, 2015, 12:06 PM

Dec 2015

greedy buy our politicians. Goldman-Sachs and HRC are very close. They expect quid pro quo. This is the culture we need to change. Some of us hoped that Obama would bring this change but he either lied to us as a candidate or he was "bought off" after he became president.

Faux pas

(14,681 posts)

6. To me

Reply to rhett o rick (Reply #3)

Thu Dec 31, 2015, 01:12 PM

Dec 2015

'just business' means f all you peons. We need more Bernies and Warrens running things. Maybe Bernie's landslide (hope a hope a hope) victory will help bring the serious changes this country needs.

pengu

(462 posts)

8. My first jury

Reply to rhett o rick (Reply #3)

Thu Dec 31, 2015, 01:26 PM

Dec 2015

I believe the tradition is to post the results?

REASON FOR ALERT

This post is disruptive, hurtful, rude, insensitive, over-the-top, or otherwise inappropriate.

ALERTER'S COMMENTS

He's saying that President Obama is either a liar, or is crooked and accepts bribes. Way over the top.

You served on a randomly-selected Jury of DU members which reviewed this post. The review was completed at Thu Dec 31, 2015, 08:51 AM, and the Jury voted 1-6 to LEAVE IT.

Juror #1 voted to LEAVE IT ALONE
Explanation: Something a little over the top on the internet? I'm shocked. Try arguing the points if you disagree.
Juror #2 voted to HIDE IT
Explanation: No explanation given
Juror #3 voted to LEAVE IT ALONE
Explanation: No explanation given
Juror #4 voted to LEAVE IT ALONE
Explanation: No explanation given
Juror #5 voted to LEAVE IT ALONE
Explanation: Itchy alert finger. I don't like hearing President Obama disrespected, but it's not a hideable offense.
Juror #6 voted to LEAVE IT ALONE
Explanation: Oh please. This is a discussion board, not a cheering section.
Juror #7 voted to LEAVE IT ALONE
Explanation: No explanation given

Thank you very much for participating in our Jury system, and we hope you will be able to participate again in the future.

cali

(114,904 posts)

2. Great, important article. Thanks!

Reply to packman (Original post)

Thu Dec 31, 2015, 11:54 AM

Dec 2015

Triana

(22,666 posts)

4. . . .

Reply to packman (Original post)

Thu Dec 31, 2015, 12:27 PM

Dec 2015

http://www.democraticunderground.com/10027482540

Should be posted here and everywhere every day. Media should report on it if media was worth a damn. Of course we know media is controlled by the same/similar entities who are getting all this welfare from us.

Gormy Cuss

(30,884 posts)

5. So I'm guessing these folks are against a flat tax. *sarcasm*

Reply to packman (Original post)

Thu Dec 31, 2015, 12:29 PM

Dec 2015

IMHO if more people understood how little many wealthy people pay relative to income, they'd stop falling for nonsense like flat tax schemes, eliminating inheritance taxes, and blanket lower rates on some forms of income.

It will always be a case of whack-a-mole with the uber-wealthy and taxation but we should at least fund the IRS audits and investigations of these loopholes.

From Mr. Obama’s inauguration through the end of 2012, federal income tax rates on individuals did not change (excluding payroll taxes). But the highest-earning one-thousandth of Americans went from paying an average of 20.9 percent to 17.6 percent. By contrast, the top 1 percent, excluding the very wealthy, went from paying just under 24 percent on average to just over that level.

“We do have two different tax systems, one for normal wage-earners and another for those who can afford sophisticated tax advice,” said Victor Fleischer, a law professor at the University of San Diego who studies the intersection of tax policy and inequality. “At the very top of the income distribution, the effective rate of tax goes down, contrary to the principles of a progressive income tax system.”

Octafish

(55,745 posts)

7. You say ''bribery'' and 'manipulating the tax code'' like they're bad things.

Reply to packman (Original post)

Thu Dec 31, 2015, 01:20 PM

Dec 2015

What are you, some kind of a...of...of...D-D-Democrat?

We need true Buy Partisanship when it comes to offshoring loot and dodging taxes. For instance:

After his exit from the US Senate, Phil Gramm found a job at Swiss bank UBS as vice chairman. He later brought on former President Bill Clinton. What a coincidence, they are the two key figures in repealing Glass-Steagal. Since the New Deal it was the financial regulation that protected the US taxpayer from the Wall Street casino. Oh well, what's a $16 trillion bailout among friends?

It's a Buy-Partisan Who's Who:

President William J. Clinton
President George W. Bush Heh heh heh.
Robert J. McCann
James Carville
John V. Miller
Paula D. Polito
Anthony Roth
Mike Ryan
John Savercool

SOURCE: http://financialservicesinc.ubs.com/revitalizingamerica/SenatorPhilGramm.html

One of my attorney chums doesn't like to see his name on any committees, event letterhead or political campaign literature. These folks, it seems to me, are past caring.

Some of why DUers and ALL voters should care about Phil Gramm and his work in Wealth Management at UBS.

The fact the nation's "news media" don't should also be of great concern.