Bob Hennelly, WNYC's contributing editor for politics and investigations, discusses his reporting around corporate taxes, Mayor Bloomberg's tax policy, and New York gun laws.
Bob, thanks for the BB&B shoutout. I work there, and some of us are frustrated with the sales tax exemptions enjoyed by Internet-only competitors. 'Nuff said.
Thank you for saying "young men of color" it is all inclusive and appropriate.
@ Mike - You're right about Bob.
Gotta give him props because he's one of the few journalists in the U.S., regardless of outlet, that actually talks about and understands how the forces of globalization, U.S. foreign policy, and the projection of U.S. military power effects domestic matters and even daily home life.
bobHow are NY NJ & CT the lagers if they are paying all the federal taxes. The red states are the lagers here
You do have to pay taxes on internet purchases. The sellers just don't have to collect them. If you don't pay use tax on internet purchases, you are evading state taxes.
Bob, You are my hero! It is about time that someone mentions that the US military makes the stable business world possible. And that the international corporations and the wealthy individuals who make their money by holding relatively large numbers of shares in those corporations do not pay their fair share of the cost of the military that is needed to enforce that stability. The US will always need a military, it is only for international business interests that the US needs a bigger military than the combined forces of the rest of the developed world.
Bob Hennelly's statement about the value of Bloomberg LLP is misleading. The value was underestimated for many years until Michael Bloomberg purchased Merrill Lynch's remaining interest in the firm. The press extrapolated the value of the company, based on that publicly-disclosed purchase. No doubt, the firm's value rose in recent years, but the amount of the increase was exaggerated by initial underestimates of its value. Regardless, there's no suspicion of malfeasance on Michael Bloomberg's part; he built a successful business that filled a profitable, growing niche.
Within the 30+ year study of our current form of hegemonic Neoliberal Globalization, the concept of "footloose capital" and its ability to drive a "race to the bottom" has _LONG_ been understood and is a basic premise of our current economic structure.
Even Jeffrey Sachs is way late to the game on this. A good introduction to this is Anthony McGrew's work.
The Federal Reserve created [from thin air] and gave $16.1 Trillion since 2007 to various international banks.This dwarfs the advertised revenues from any tax the rich schemes.Tax revenues diminish at any rate above 28%, and are flat above 18.5%. Social Security tax is already at 15%, leaving only 3% to income tax the poor before diminishing returns. Stupid, unless the objective is to keep new people from getting rich.In 1913 the word "income" meant Corporate Profit, not wages. The proposed income tax was to be below %10.
The USA statutory corporate tax rate is high.
The corporate tax rate actually paid is much less & often zero and may include refunds to corporations. See GE, etc.
Also the last tax holiday on overseas fund did not work. The US still lost money because only a small amount of $$ got re-patriated.
Mr. Hennelly loses his credibility whenever he quotes David Brooks. Brooks, Friedman & the NYT have limited credibilty these days for many reasons.
Why do the rich get richer while workers barely crawl along? Simple.Money meets no borders; workers do. Money can run at the speed of light to find the highest return. Workers cannot cross borders as readily to better better jobs elsewhere. Workers are basically stuck, while flies around the world seeking quick and fast returns.
Another story that amounts to the problem of poor distribution of income here in the U.S. I'm detecting a meme, here.
Mayor Bloomberg is not the guilty party - in fact, we would all think him foolish if he didn't take advantage of every deduction, credit, exclusion and loophole for which he is legally due.
We need to un-rig the game...and that starts with public campaign financing. Once the lawmakers aren't streetwalking for donations, maybe they can get to work making laws that benefit ALL the citizens and not just the rich ones. If they still cannot, we need to fire them.
how tax break for fine art?
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