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Mitt Romney has invested his money around the world, from the Cayman Islands to Ireland to Australia. We don’t know if he’s using these accounts to avoid paying his fair share in taxes, but we do know that in 2010, Romney’s tax rate was a startlingly low 13.9%. This means Romney pays a lower tax rate than many teachers, firefighters, police officers, and other middle-class Americans—even a lower rate than most other millionaires.
If elected, Romney’s proposed tax plan would cut tax rates for the wealthy even further—cutting his own taxes and protecting loopholes that he benefits from. At the same time, he opposes the President’s Buffett Rule, which would require millionaires and billionaires to pay their fair share. That’s not right.
See, our American Corporate Overlords aren’t the worst tone deaf greedy bastards. By the way, how did we get in this global financial mess anyway? Oh, that’s right, the banks.
A German bank that shed 300 British jobs at the height of the financial crisis has paid US singer Janet Jackson half a million pounds to entertain its wealthy clients for just 45 minutes.
Deutsche Bank, the world’s largest foreign exchange dealer, took over a five-star golfing hotel in Hertfordshire for 48 hours last week, closing it off to the public.
The banking giant spent close to £1.1million on accommodation, drinks and entertainment for 300 clients from the world of finance at The Grove golf and spa hotel at Chandler’s Cross, near Watford.
The bank’s wealthy guests were provided with champagne, spa treatments and unlimited rounds of golf.
Guests were also treated to culinary creations by Michelin-starred TV chef Heston Blumenthal who was on hand to ‘meet and greet’ the financiers upon arrival on Wednesday evening.
Think Progress has a must-read post up about the blatantly obvious pigginess of Wall Street. If only they’d do the patriotic thing and pay their fair share of taxes, it would– ready?– add jobs.
That’s funny, this is exactly the opposite of what GOP lawmakers claim:
In one particularly shocking statistic, the report notes that the six biggest banks in the United States together paid “income tax at an approximate rate of 11″ percent in 2009 and 2010. If they had paid 35 percent, which is the legally mandated rate without loopholes, the federal government would have received “$13 billion in tax revenue” — a sum which would cover the salaries, for two years, of every single one of the 132,000 teachers laid off since the beginning of the economic recession.
Please go to TP for much more here.
Forbes’s Andy Greenberg interviewed Julian Assange. If anyone can leak about leaks, it’s Julian.
“It will give a true and representative insight into how banks behave at the executive level in a way that will stimulate investigations and reforms, I presume,” he said, adding: “For this, there’s only one similar example. It’s like the Enron emails.” [...]
So do you have very high impact corporate stuff to release then?
Yes, but maybe not as high impact…I mean, it could take down a bank or two. [...]
Yes, there will be some flagrant violations, unethical practices that will be revealed, but it will also be all the supporting decision-making structures and the internal executive ethos that cames out, and that’s tremendously valuable. [...]
You could call it the ecosystem of corruption.
Yes, you could call it that. Very easily.
I hate being so wishy-washy, but have mixed feelings about all these leaks. While sometimes leaks can serve a real purpose, others don’t seem necessary and, obviously, could be harmful. Color me befuddled.
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Kuwaiti Citizen Detained at Guantanamo since 2002
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