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who in his column this morning wrote, as quoted by bobswern,

…In short, we’re giving huge sums to the financial industry while receiving little or nothing — maybe less than nothing — in return. Mr. Philippon puts the waste at 2 percent of G.D.P. Yet even that figure, I’d argue, understates the true cost of our bloated financial industry. For there is a clear correlation between the rise of modern finance and America’s return to Gilded Age levels of inequality.
The following was written as a comment to bobswern's diary, but is buried so far down the thread I thought I would offer it as a stand-alone, and perhaps flesh it out a bit more:

Krugman thinks the 2% of GDP is low

the estimates for our GDP as of January were 17.4 Trillion dollars.

each percent, therefore, is 174 Billion.

Two percent would be 348 Billion dollars.

if three percent, that would be 522 billion - more than half a trillion.  

Now consider how much we need the following items, not getting funded by Wall Street:

infrastructure repair
 - roads
 - bridges
 - dams
 - tunnels
 - school buildings  (over 150 billion for this alone)
long term unemployment
affordable health care for all
class size reduction in schools

and that list would go on

We have a system in which public money is spent primarily when it benefits those who already have it, and enables them to make more.

I said primarily.  

Because I include tax expenditures

Those tax expenditures include the lower tax rates given to hedge fund operators, as well as the obscenely low rate of capital gains

Those tax expenditures also include our refusal to enact a financial transactions tax

We have the further refusal to extend the notion of using taxes to discourage behavior that is unhealthy to society, the way we have taxed cigarettes and alcohol.

Our financial system is not only immoral, it is rapidly sowing the seeds of destruction of our society, our democracy, and ultimately even itself.

The rest of this was not part of that comment.

We have many critical issues facing us.   Certainly climate change is the most serious.   Our inability to address that political in this country is largely because of the influence of the great wealth of the energy industry.  But that wealth is only part of the problem.  Because there is so much money made investing in fossil fuel energy, too often we see the power of the financial sector amplifying the efforts of the coal industry and the likes of the Brothers Koch.

Nevertheless, if we do not rein in our financial sector and soon, it will destroy what is left of our democracy even as it destroys our environment.

At some point that will lead to violence.

I cannot help but think of a stanza from Fitzgerald's Rubaiyat of Omar Khayyam:

The Moving Finger writes; and, having writ,
Moves on: nor all thy Piety nor Wit
Shall lure it back to cancel half a Line,
Nor all thy Tears wash out a Word of it.
The record is clear.  

The path we are on is inexorable.

If we do not act, the inequity and gluttony of the Gilded Age will seem like a small mound of sand compared to the mighty Rockies, or even the Himalayas.

Or if you would prefer a more appropriate comparison, think of the Gilded Age as being on the scale of a child's sand castle, or a building made of legos or Lincoln Logs.  Now consider two edifices the result of the Gilded Age-

The Breakers in Newport, RI
The Biltmore in Asheville, NC

and remember - both were built by the same family, the Vanderbilts.

A family that was willing to finance a coup to overthrow the New Deal - Smedley Butler testified to that before the United States Congress.

We know we have little time left to prevent the devastation of global climate change.

We may have even less to save our democracy from the predations of the financial sector.

And if we do not, then the violence of our current society will pale in comparison to what we will then experience, because desperate people have little to lose, and far more will be desperate than you can now imagine.

Originally posted to teacherken on Mon Apr 14, 2014 at 05:00 AM PDT.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement.

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Comment Preferences

  •  Ozymandias... (21+ / 0-)
    I met a traveller from an antique land
    Who said: Two vast and trunkless legs of stone
    Stand in the desert. Near them, on the sand,
    Half sunk, a shattered visage lies, whose frown,
    And wrinkled lip, and sneer of cold command,
    Tell that its sculptor well those passions read
    Which yet survive, stamped on these lifeless things,
    The hand that mocked them and the heart that fed:
    And on the pedestal these words appear:
    "My name is Ozymandias, king of kings:
    Look on my works, ye Mighty, and despair!"
    Nothing beside remains. Round the decay
    Of that colossal wreck, boundless and bare
    The lone and level sands stretch far away

    Dudehisattva...

    "Generosity, Ethics, Patience, Effort, Concentration, and Wisdom"

    by Dood Abides on Mon Apr 14, 2014 at 05:08:36 AM PDT

  •  I think the American people have got it. (22+ / 0-)

    People are holding on to their money. Were it not for the dollars being poured into banks by the Federal Reserve, the stock market would not have bubbled. Ordinary people are not borrowing on credit cards. They are not borrowing for more housing. Parents' basements, it turned out, are rather nice.
    (We've had children and grandchildren living in the house for about eight years and before that we had my mother).
    Families can get along, if people just learn to mind their own business.
    The so-called underground economy is now up over two trillion. But, there seems to be only one emeritus professor in the entire United States studying it. (California is trying to do something about it by restricting the number of yard sales a household can have in a month or quarter because of the sales taxes that aren't paid).

    I would add, however, that using the tax system to manipulate behavior into socially approved patterns is entirely wrong. The purpose of taxes is to return the currency to the source (the U.S. Treasury) for purposes of calculation and recycling. The rate at which currency now travels through the economy is less than at any time since the Federal Reserve started tracking it in the 1960s.
    No matter how much water gets collected behind the dam, if the dam keeps being raised higher, the downstream communities will dry up. Of course, it's not possible to keep raising a concrete dam; it is, however, possible to constrict the flow of the currency down to a trickle. All that's necessary is to keep charging more and distributing less.

    Wall Street hoarding and Congress rationing work in tandem. The one percent are not a happenstance. They are the inevitable result of those two coercive forces.

    http://hannah.smith-family.com

    by hannah on Mon Apr 14, 2014 at 05:20:53 AM PDT

    •  The purpose of taxation (4+ / 0-)

      is to drain excess demand from the real economy, thereby reducing inflation pressure.

      One result of taxation is tax-avoidance behaviors. There is nothing inherently wrong in devising a tax system that aligns tax-avoidance with the common good.

      The current tax structure encourages earnings from investment over earnings from labor, which favors the finance sector over the real economy. Shifting this bias the other way would increase both demand and velocity in the real economy.

      ...if you plant ice you're gonna harvest wind. (RH/JG)

      by telebob1 on Mon Apr 14, 2014 at 09:02:53 AM PDT

      [ Parent ]

      •  Worse than that... (6+ / 0-)
        The current tax structure encourages earnings from investment over earnings from labor, which favors the finance sector over the real economy.
        If only REAL investment was occurring.  Instead, what we get is a rigged game where suckers invest in Casino and the already rich walk away with more money.  If all of this excess cash was going into the building of factories or the improvement in infrastructure, that would at least be something. Instead is going to sustain the dragon's hoard.

        “Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.” - John Steinbeck (Disputed)

        by RichM on Mon Apr 14, 2014 at 09:16:58 AM PDT

        [ Parent ]

      •  There is nothing inherently good in not (2+ / 0-)
        Recommended by:
        Alexandra Lynch, jrudisill

        giving unto Caesar the things that are Caesar's.

        In a democracy we the people are Caesar. It is presumptuous of our agents, call them stewards or public servants, to be rationing currency to sustain some sort of quasi moral purpose. There's a reason why the currency is in with the other weights and measures.
        Since the founders had the example of the Dutch bankers and their cohorts in New Amsterdam, that control of the currency was vested in the Congress is telling. As a response to constant banker whining, the Federal Reserve was set up as another one of those "compromises" our agents are keen on, as long as it gets them out of being accountable for their obligations.
        Ron Paul had it right.  Having been created by Congress as one of the few statutory corporations (along with the Boy Scouts and the Corporation for Public Broadcasting) the Fed can be terminated by Congress. Dollars can be distributed directly to individual citizens, as Switzerland is considering doing, and then those individuals can contract with financial institutions to manage their accounts for a modest fee. Of course, we'd have to be able to trust them.

        http://hannah.smith-family.com

        by hannah on Mon Apr 14, 2014 at 10:21:02 AM PDT

        [ Parent ]

        •  Wow. (0+ / 0-)

          Your choice of language is obfuscating your meaning.

          ...if you plant ice you're gonna harvest wind. (RH/JG)

          by telebob1 on Mon Apr 14, 2014 at 01:08:40 PM PDT

          [ Parent ]

        •  Look at the real culprits (3+ / 0-)

          For the next five to ten years the IRS should suspend 100% any audits of anyone making less than $200,000 to maybe 250k per year and concentrate solely on those in excess of that. I believe they would find a lot of hidden money that could be used to shore up our crappy infra structure, our insufficient public schools, veteran's issues, the social safety net and so on. Plus, it may put a crimp in excessive campaign contributions.

          •  Real culprits (0+ / 0-)

            Rorytroy, I don't disagree with your suggestion re: "cracking down" on high income tax payers.

            But my understanding is that the increased taxes collected from the rich would in no way be used to "shore up..." etc. Federal taxes are not part of the money supply, M1, M2, M3. Rather, Federal taxes, when paid, reduce the money supply.

            Other thoughts on this perspective welcomed.

      •  The purpose of taxation is to provide funding for (1+ / 0-)
        Recommended by:
        chelonia testudines

        needed services to the populace. An effect of taxation is to drain excess demand from the real economy.

        Republicans - A pathology, not a party.

        by storeysound on Mon Apr 14, 2014 at 01:24:50 PM PDT

        [ Parent ]

        •  The purpose of taxes is to promote the general (0+ / 0-)

          welfare.  We declared we needed the Constitution "in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty..."

          The money addicts and hoarders, the pimps of the GOTP,  don't want to promote the general welfare. They have corrupted Justice. They have curtailed our Liberties. They have worked to divide our perfect union by promoting unrest and inequality - - not tranquility. They don't want Unions of any sort. They need to be stopped.

        •  Use of Federal taxes (0+ / 0-)

          According to Modern Monetary Theory and concepts of monetary sovereignty, which seem reasonable and logical to me, Federal taxes are NOT used to fund ANY Federal services. Such funding is done through the Federal budgeting process.

          I understand that annually collected Federal income taxes are credited against the annual deficit, but then, in essence, disappear. This makes sense to me as follows: if I consider US dollars to be IOU's of the US Treasury, just as other notes and bills (T-securities), when I use US dollars to pay my Federal taxes, that money effectively disappears. Why keep an IOU that has been redeemed? It doesn't go back into the cash box to be spent elsewhere. There is no cash box. There is no cash. Only accounting entries. I welcome additional perspectives.

          Managing the Federal monetary process is NOT like managing your household budget, though the austerity wonks want you to think it is. Think John Boehner: "We're broke." A monetarily sovereign country like the US CAN'T "be broke" or EVER "go broke". By definition, it can create as many US dollars as needed to fund its responsibilities.

          I strongly believe that the mythunderstanding of our monetary system - the history, creation and control of same - is a giant smoke screen to keep us Peasants in the dark, and allows the slight of hand we're seeing by the Financially Aristocratic Feudalists.

    •  Not all middle classers (0+ / 0-)

      I personally know no one who has enough money to "hang onto."

  •  Well Again It's Been 2 Generations Since (20+ / 0-)

    the US government represented its people in any policy where the aristocracy opposed them. That's a hard measurement of votes and government policy and its beneficiaries since the mid Carter Administration or so.

    So the threat to democracy is not in the future, the last American generation to have experienced US democracy now have children of college age.

    It seems certain we will make it 3 generations, but we might manage to live out an entire human lifespan still talking about oligarchy in the future tense. If anyone can do it, certainly Democrats can.

    Have a little "Ebeneezer."

    And the choice goes by forever, ’twixt that darkness and that light.

    We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

    by Gooserock on Mon Apr 14, 2014 at 05:31:21 AM PDT

  •  Dangerous to more than democracy (9+ / 0-)

    Wall Street and conservatism at large are responsible for a)the enormous fragility of the economy, which barely hobbles now and can easily go belly up.
    b)  huge, devastating unemployment
    c)  impossible real estate prices coupled with a horrible level of foreclosure
    d)  radically shrinking middle and working class earning power.
           Wall Street is a cancer and a power keg.  It must be reined in.

  •  there is a simple test now applied to every piece (10+ / 0-)

    of legislation or policy: "how will this affect the wealthy?"

    the answer to this simple question tells us if it will be implemented or not

  •  The Wall Street financial parasites... (6+ / 0-)

    ...party inside their fortified mansions at the top of the hill.  They have all the money and they own the Supreme Court let alone the political parties.

    It is increasingly looking like we need a movement to put them back in their place.

    Constitutional amendment to overturn Citizens United, re-introduction of Glass-Steagall and much more.  This will not come from within the Koch brothers/Tea Party/ex-GOP or from a "third way" Democratic party.

    We don't just need better Democrats, we need true FDR type Democrats and we need them now.

    Daily Kos an oasis of truth. Truth that leads to action.

    by Shockwave on Mon Apr 14, 2014 at 08:20:13 AM PDT

    •  We outnumber them (0+ / 0-)

      Like a sea of ants, with sheer force of numbers, we could stop them without having to kill them. One way would be to just change the economic system. Nationalize the national resources and confiscate the refineries, pipelines, reservoirs, etc. that we paid for.  Declare that the old dollar is worthless. Cold turkey the money addicts by devaluing their money. Japan and Germany underwent such a monetary transformation at the end of WWII and went on to become the economic powerhouses of the next generation.

  •  Hey ... (2+ / 0-)
    Recommended by:
    Wolf10, raspberryberet

    It's the Republican way ... what do you think capitalism is all about. Don't confuse capitalism with an open and free market. Fact is - especially as we have allowed it to evolve - capitalism is the biggest enemy that a Democracy could ever have ... or, more appropriately, the biggest enemy that our Democracy now has.

    The real welfare in this nation is at the top - if you don't already know that - start paying attention. The record speaks for itself.

  •  Well said Ken. The problem with the out of touch (4+ / 0-)

    Filthy Rich (tm), is they don't even understand what will become of themselves if they continue down this path.

    The problem with a trend is .... it keeps trending. As inequality grows and poverty deepens, there will be a breaking point. I don't know when, but there is NOTHING slowing or stopping the trend, so eventually the poverty and desperation will go so far that people just snap.

    I will predict the symptoms of the tipping point being reached will be news reports of wealthy families being the victims of home invasions and murders. The situation will escalate from there, leading to low level class/civil war breaking out.

    It will have a different look to it, given technology and communications now, but the meaning will be the same, the same as ...

    1789

    Will the Filthy Rich (tm) see the signs in time, or will their drive into "enough is never enough" continue straight into mass suicide for their ilk? Only time will tell.

    The rest of us had better get organized and shift political power back into the hands of the majority and reinstate progressive policies .... the out look for our failure is bleak.

    •  Prescient warnings (0+ / 0-)

      I believe the breaking point you mention is likely, and your prediction as likely as another. But I'm not sure that home invasions of the wealthy are as realistic as something more dystopian...along the lines as depicted in the movie, Elysium. I think the wealthy will spend any amount to successfully secure their wealth and person against the rable. In other words, the Ancien Regime didn't have the equivalent of the NSA nor the current military technology to protect them.

      What concerns me more are catastrophes caused by the effects of financial decisions on natural systems: climate change. The Feudalists may be able to avoid the wrath of the Peasants, but nature doesn't care about their wealth. Just to be sure, though, maybe we should take measures to insure mutually assured destruction in the event of catastrophic climate change.

  •  Paul (0+ / 0-)

    it is rapidly sowing the seeds of destruction of our society, our democracy, and ultimately even itself....
    The destruction was in the ACT to set up the Federal reserve in 1913. Woodrow Wilson said, I have unwittingly destroyed my country by placing the banks in the hands of a few.

  •  Thoughts inspired by Paul Krugman (3+ / 0-)

    WE [OUR REPUBLICAN CONTROLLED CONGRESS] MAKE THE RICH AND POWERFUL EVEN RICHER.

    I ASSUME YOU ALL KNOW THAT THE "RICH AND POWERFUL" ONLY HAVE TO PAY TAXES ON 50% OF THE CAPITAL GAINS THEY EARN. THAT IS FEDERAL INCOME TAX CODE LAW.

    REPEAL THE ENTIRE FEDERAL INCOME TAX CODE AND REPLACE IT WITH ONE LIKE THIS:

    PRESENTLY WE HAVE AN INCOME TAX CODE WITH THOUSANDS OF LOOP-HOLES, EXCEPTIONS, EXEMPTIONS AND DEDUCTIONS AND SEVERAL DIFFERENT TIERS OF TAX BRACKETS [I HAVE ROUNDED OFF THE NUMBERS TO MAKE IT EASIER TO FOLLOW.]:

    PRESENT Taxable Income / Tax Rate
     $0 - $10,000 / 10%
     $10,000 - $30,000 / 15%
     $30,000 - $80,000 / 25%
     $80,000 - $200,000 / 28%
     $200,000 - $400,000 / 33%
     More than $400,000 / 35%

    PROPOSAL FOR INCOME TAX REFORM TO REPLACE THE EXISTING ONE WHICH IS GROSSLY UNFAIR BECAUSE OF ALL OF THE EXCEPTIONS, EXEMPTIONS AND DEDUCTIONS.   I WOULD TREAT ALL INCOME NO MATTER HOW EARNED OR WHERE EARNED EXACTLY THE SAME.  I WOULD ELIMINATE EVERY EXCEPTION, EXEMPTION AND DEDUCTION.

    STOP PROVIDING THE INCOME TAX EXEMPTION TO CHURCHES.  MAKE THEM PAY THE SAME INCOME TAX RATES A CORPORATION PAYS ON ALL OF THE MONEY THAT THEY COLLECT FROM DONATION AND CONTRIBUTIONS, OR EARN FROM BUSINESSES ACTIVITIES THAT THEY OWN OR OPERATE. THEY SHOULD PAY INCOME TAX “ONLY” ON THE MONEY THAT THEY DO NOT SPEND TO PERFORM CHARITABLE WORK.....

    I WOULD CREATE 10 TIERS OF INCOME TAX RATES BASED UPON THE PROGRESSIVE ABILITY TO PAY, SO THAT THE INDIVIDUAL THAT REAPS THE GREATEST SHARE OF THE GDP PAYS THE MOST.  

    AN UPDATED REPORT SHOWS THE MOST PROFITABLE U.S. CORPORATIONS PAY LITTLE OR NO FEDERAL INCOME TAX, WHICH HURTS THE PUBLIC EDUCATIONAL SYSTEM.  I WOULD ALSO CREATE A FLAT INCOME TAX RATE OF 15% FOR CORPORATIONS WITH NO EXCEPTIONS, NO EXEMPTIONS AND NO DEDUCTIONS.

    MY REASON IS THAT I TREAT ALL DIVIDENDS, INTEREST AND CAPITAL GAINS THE SAME AS HOURLY WAGES.

    I WOULD DOUBLE THE INCOME TAX ON ANY AND ALL INCOME THAT ANY INDIVIDUALS, CORPORATIONS, COMPANIES, INSTITUTIONS AND FOR PROFIT ORGANIZATIONS TRIED TO HIDE FROM TAXES IN AN OFFSHORE TAX HAVEN.

    MEMBERS OF CONGRESS MUST RAISE THE MINIMUM WAGE TO $15.50 PER HOUR ADJUSTED ANNUALLY FOR THE COST OF LIVING CHANGES.  

    THE NEW PROPOSED INCOME TAX TIERS:
    [1.0] $0 TO $20,000.00 TAX RATE WOULD BE 2.5%
    [2.0] $20,000.01 TO $50,000.00 TAX RATE WOULD BE 10%
    [3.0[ $50,000.01 TO $100,000.00 TAX RATE WOULD BE 15%
    [4.0] $100,000.01 TO $250,000.00 TAX RATE WOULD BE 20%
    [5.0] $250,000.01 TO $500,000.00 TAX RATE WOULD BE 30%
    [6.0] $500,000.01 TO $1,000,000.00 TAX RATE WOULD BE 35%
    [7.0] $1,000,000.01 T0 $25,000,000.00 TAX RATE WOULD BE 40%
    [8.0] $25,000,000.01 TO $100,000,000.00 TAX RATE WOULD BE 45%
    [9.0] $100,000,000.01 TO 500,000,000.00 TAX RATE WOULD BE 50%
    [10.0] ALL INCOME OVER $500,000,000.01 WOULD BE 55%

    I HAVE SUGGESTED THAT WE CREATE A 1% FINANCIAL TRANSACTION TAX.

    WE CAN NO LONGER WAIT TO ACT ON THE PROBLEMS THAT THE POLLUTION ARE HAVING ON OUR ENVIRONMENT AND CAUSING CLIMATE CHANGE. THERE IS NO LAST MINUTE FIX. WE MUST EXERCISE THE OLD ADAGE, "IT IS BETTER TO BE SAFE [ACT NOW] THAN TO BE SORRY." [DIE LATER.]

    I SUGGEST THAT THE CONGRESS PASS A CARBON EMISSION TAX THAT WILL BE USED TO STUDY HOW WE ARE GOING TO FIX THE PROBLEMS. THEN TO PAY THE COST OF IMPLEMENTING THE NECESSARY CHANGES.

  •  What we did (0+ / 0-)

    This generation had agreed to years of massive upward wealth redistribution, from Reagan's deregulation mania to Clinton's welfare repeal/workfare replacement labor. Dems and pundits have spent years dividing the "masses," middle class vs the poor, to prevent the sort of people's backlash/uprising seen in the 1900s, 1930s, 1960s.  Surely, Mr. Krugman knows that you can't rebuild the middle class out of thin air. It would be necessary to first shore up the poor (can't get a job when you no longer have a home address, phone , bus fare). Instead, America looked at the policies that were in place from FDR to Reagan, which took the US to its height of wealth and productivity, and reversed course.

  •  Tax rates (0+ / 0-)

    I was reading a book recently that was published in the late '40s.

    The protagonist was being made a partner of his company, and it comes with a rather large cash payment.

    In order to minimize taxes he was given a large amount of company stock which he could then sell, since capital gains were ONLY 25%

    And how well did the country do with that tax rate?

    •  take a look at 1950s (1+ / 0-)
      Recommended by:
      NoMoreLies

      we built the middle class

      we began graduating a majority of our age cohort from high school

      we built the interstate highway system

      we began to build the community college system

      we had the highest percentage of the work force unionized

      incremental tax rates reached their highest level ever, with the very wealthy paying rates of over 90%

      and our economy boomed

      HMMMMM

      "Don't ask what the world needs. Ask what makes you come alive and go do it, because what the world needs is more people who have come alive." - Howard Thurman

      by teacherken on Mon Apr 14, 2014 at 04:45:15 PM PDT

      [ Parent ]

  •  Everyone (1+ / 0-)
    Recommended by:
    jrudisill

    had better listen. If we let it go to violence no one will be safe. Believe me, that is exactly where it is headed. When you can not feed your family, your little baby, what will you do. One will do little, many will do much. Let us change things before it goes any further. I for one love my country and it is clear to me we have some that want to destroy everything our parents and grandparents fought and died for.

  •  What we are doing (0+ / 0-)

    is going the way of Greece and Rome. Destroy the middle class, revolt, military rule, despot. In that order. Who says history doesn't repeat itself?

  •  The fate and plight of our nation (0+ / 0-)

    Our once and great nation has fallen into this economic abyss at the hands of "our" government.  "Ours?"  No, not any longer.  I say "once and great" because behind the veil of corporate media and corporate control of the system at multiple levels, there is the increasing opportunity to witness the fall of our great empire. Or, perhaps greater earlier in her history.  

    Adriana Huffington said it well in her book, "Pigs at the trough".  A thoughtful, spot on tome, few bought into her prophecy.  Then there is Robert Kuttner in his, "Everything for sale", basically putting the United States on the auction block.  Yet many perhaps too many scoff at such musings.

    Our nation is crumbling (literally if one looks at our national infrastructure) and declining from within.  When what I describe as "the idiot factor" rises to celebrity and the pursuit of excellent falls to the pursuit of self-gratification and the amassing of personal wealth among the very few, our "democratic Republic" falls to decay.  "We the people" are a cog in their wheel.  "They" seek to make us less relevant; and, they are determined to keep it that way.  If the people continue to sit idly by as our nation wastes away, we simply have helped "them" write the script.  And, if they have their way we no longer will even be a part of that script.

  •  Taxes (0+ / 0-)

    It is past time for a complete tax reform. A reform that starts with closing all loopholes that allows people and corporations pay no taxes or less taxes than the rest of us. If a tax loophole can not be used by all , then it should not be allowed for anyone. No tax deductions for yachts, planes. helicopters, more than one home as the rich have today. All loopholes need to be closed and rethought out. The tax breaks a home owner receives in regards to their mortgage should stay and be for only one home not the 2 or more that most rich owns. There shouldn't be any loophole that allows a person to make millions this year yet not pay taxes for 30 years on those millions. There should be no tax exemptions for any political party or related organizations and all should have to report there donors and amounts donated so we can be sure that donation doesn't show up on their tax  filling forms as something else. Tax exemptions for charities should only be allowed if 91 or more percent of the donated money is used for charitable work and the rest to run the organization and pay the employees and they should have to show where every penny that is donated is spent. Contribute  to a political candidate or organization, lose your tax exemption.  

    VOTE NOVEMBER 2014-----------IMPEACH THE 5 REPUBLICAN APPOINTED SUPREME COURT JUSTICES. THEY ARE ANTI CONSTITUTIONAL LAW

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