What's Wrong With Corporate America

The Biden administration is proposing changing the corporate tax rate from 21% to 28% with a 15% alternative minimum tax.  Republicans are screaming with their hair on fire that it is an unacceptable increase on corporations.  Prior to the trump tax give-away to corporations it was a tiered rate ranging from 15% to 39% depending on taxable income. 

Effectively, this is not a tax increase on corporations.  It returns corporate taxes to reasonable pre-trump rates.  In fact most corporations will not be impacted since many now pay ZERO income taxes. 

"Fifty-five of the nation’s largest corporations paid no federal income tax on more than $40 billion in profits last year, according to an analysis by the Institute on Taxation and Economic Policy.

In fact, they received a combined federal rebate of more than $3 billion, for an effective tax rate of about negative 9 percent.

“Their total corporate tax breaks for 2020, including $8.5 billion in tax avoidance and $3.5 billion in rebates, comes to $12 billion,” according to the study’s authors, Matthew Gardner and Steve Wamhoff."  Washington Post, April 5, 2021

And that brings me to the point of how one corporation is sticking it to my wife and I.  Back in 2008 we purchased long term care insurance from Genworth.  

The annual premiums were substantial, however doable.  This month we received notice that effective this month the premiums were being raised 42%.  That's right, 42%.  We had a choice of either accepting the rate increase, giving up significant benefits to lower premiums or forfeiting all we had paid in since 2008.  Their explanation for the hefty rate increase was that the actuary tables drawn up in the past did not anticipate the number of claims.  (Seriously, you didn't anticipate baby boomers starting to make claims?!)  Our combined annual premiums will go from $3556 this year to $4500 in 2023.  And that is on the reduced benefits option.  No doubt there will be another increase in 2024.

What is even more unconscionable is the fact that in 2016 Genworth was acquired by China Oceanwide Holdings Group for $2.7 billion.  That's right, $2.7 billion.  And what is Genworth paying its CEO annually?  $9,102,630.  That's right $9,102,630.

That's what's wrong with corporate America. 

 

More People Will DIe

With 149 mass shootings in the first quarter of 2021 in America the now everyday normal plods on.

All the while Republicans in Congress refuse to deal with the military style assault guns that are predominant in the killings.

In Nebraska our billionaire Republican governor has issued a proclamation declaring Nebraska a gun sanctuary.  So long as America fosters a gun culture more people will die.

So long as Congress fails to act and the Supreme Court is controlled by Republican idealogues nothing will change.  More people will die.  

So long as the strained interpretation of the Second Amendment endures more people will die.

Anyone who passed high school English can clearly see that splicing a section out of the Second Amendment to justify "anything goes" with guns is erroneous.  There is no period after "a free State."  There is no capital letter or emphasis on "the right."  This is all one sentence.  The Amendment addresses guns in terms of a well regulated malitia.   

Contrary to the Republican Supreme Court decisions, an AR-15 military style assault rifle cannot be equated to a musket.  More people will die.