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Lewis Black Rants Against Corporate Greed - 6/4/2008 6:29:37 PM

SugarMyChurro

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Lewis Black Rants Against Corporate Greed
http://www.alternet.org/blogs/video/87036/

...At stake was the elimination of a single tax loophole that saved Henry Kravis up to $96 million in 2006. Because of the loophole, Kravis and a handful of other buyout executives are able to pay a 15 percent tax rate on much of their income, far less than the tax rates that many middle class Americans pay.

That loophole was just the tip of the iceberg.

Kravis’ portfolio companies pay significantly less in taxes to state and federal treasuries after being bought out by KKR. Why? Because he has the companies borrow up to 70 percent of the purchase price, and the companies can then deduct that interest from their taxes, frequently eliminating their tax burden altogether. By our estimate, just two of KKR’s deals (Biomet and SunGard) could cost the government up to $1.2 billion in tax revenue.

-----

Legalized thievery. They take it from you and me and give it to these guys on a silver platter.

A lot of you are looking at the wrong issues. What is the overall tax loss because of this bullshit?

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RE: Lewis Black Rants Against Corporate Greed - 6/5/2008 6:23:05 AM

pahunkboy

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--I worked at H and R block in the 90s. The talk of credits confuses me. some credits are against income- tho 1 credit is actual credit.

when I see the arguments. I think, bull; this all will happen again... it always does.   when the cat eats my gold fish; the cat could be sorry, promise to never do it again..ever.   but - the cat does not return the gold fish. and if the cat could- he would not. if the cat could get away with it he does.

i hate big money.   but thinking on it- it apparantly works.

greed.   that is what it is.

irs code is immensely esoteric. the irs says it is not reposable for knowing its own rule/regs.

BTW i once again, as i do every year - argue w the system claiming i am a person who recived 2x the income. they blame it on outdated software. oh well, too early to deal w that now.

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RE: Lewis Black Rants Against Corporate Greed - 6/5/2008 6:32:42 AM

Irishknight

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This has to be easily the best thing I've seen you post Sugar. Thanx.

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RE: Lewis Black Rants Against Corporate Greed - 6/5/2008 8:43:23 PM

Moloch

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Lewis black is the man!

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RE: Lewis Black Rants Against Corporate Greed - 6/5/2008 9:38:52 PM

pinksugarsub

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The creation and maintenance of loopholes for the wealthy are the single biggest reason we have such a complex body of tax laws and regulations. What needs to be addressed is the activities of the tax bar and their cohorts, severely restricting their ability to affect legislation and regulations.

This is similar to the need to restrict the activities of the wealthy in the political arena by passage of effective election funding laws and similar acts.

It is not impossible. It is not even especially hard to craft a bill that would pass constiutional muster and effectively clip their wings. There is just a complete lack of will on the part of Congress to do so.

We deserve better and we should be getting it...now.

pinksugarsub

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RE: Lewis Black Rants Against Corporate Greed - 6/5/2008 9:47:09 PM

Leatherist

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This is the reason that a flat rate uniform tax code is being resisted. Especially if applied to actual profits made in the united states itself.

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RE: Lewis Black Rants Against Corporate Greed - 6/5/2008 9:56:39 PM

pinksugarsub

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quote:

ORIGINAL: Leatherist

This is the reason that a flat rate uniform tax code is being resisted. Especially if applied to actual profits made in the united states itself.

Actually, the idea of a flat tax -- which has been bandied about almost since this country began -- is resisted by most academics and others because it reduces the tax on the wealthy and increases the tax on the middle class and poor.

A progressive tax, which is what we have now, has the opposite effect (leaving aside the effect of loopholes). It is criticised mainly because it is necessarially more complex than a flat tax.

pinksugarsub

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RE: Lewis Black Rants Against Corporate Greed - 6/5/2008 11:55:40 PM

popeye1250

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quote:

ORIGINAL: pinksugarsub

The creation and maintenance of loopholes for the wealthy are the single biggest reason we have such a complex body of tax laws and regulations. What needs to be addressed is the activities of the tax bar and their cohorts, severely restricting their ability to affect legislation and regulations.

This is similar to the need to restrict the activities of the wealthy in the political arena by passage of effective election funding laws and similar acts.

It is not impossible. It is not even especially hard to craft a bill that would pass constiutional muster and effectively clip their wings. There is just a complete lack of will on the part of Congress to do so.

We deserve better and we should be getting it...now.

pinksugarsub

Pinksugarsub, I doubt we'll get it in such a civilized manner though.
I'd like to see some drive-by shootings on "K" street in D.C. at 5 pm some afternoon. And I mean some really bloody ones that kill a hundred of those cockroaches!
Let me on that jury! "NOT GUILTY!"
Take it right to 'em!
I'm personally rooting for a Depression so all of those bastards will lose everything they own.
Who cares anyway? They're not "American" companies anymore.
At least they won't be laying off American workers this time.
The American People have no stake in those companies.
And, our govt no longer functions for the people!
"The tree of Liberty needs to be refreshed occaisionally with the blood of Patriots."

< Message edited by popeye1250 -- 6/5/2008 11:57:16 PM >

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RE: Lewis Black Rants Against Corporate Greed - 6/6/2008 6:02:33 AM

pahunkboy

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LMAO!! on Popeys drive by K street. Ill offer to drive, anyone want to go along? :-D

-- 5pm- thats clever!

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RE: Lewis Black Rants Against Corporate Greed - 6/6/2008 7:33:25 AM

Irishknight

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quote:

ORIGINAL: pahunkboy

LMAO!! on Popeys drive by K street. Ill offer to drive, anyone want to go along? :-D

-- 5pm- thats clever!

How many of us can fit on your bicycle?

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RE: Lewis Black Rants Against Corporate Greed - 6/6/2008 10:02:46 AM

UtopianRanger

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quote:

ORIGINAL: SugarMyChurro

Lewis Black Rants Against Corporate Greed
http://www.alternet.org/blogs/video/87036/

...At stake was the elimination of a single tax loophole that saved Henry Kravis up to $96 million in 2006. Because of the loophole, Kravis and a handful of other buyout executives are able to pay a 15 percent tax rate on much of their income, far less than the tax rates that many middle class Americans pay.

That loophole was just the tip of the iceberg.

Kravis’ portfolio companies pay significantly less in taxes to state and federal treasuries after being bought out by KKR. Why? Because he has the companies borrow up to 70 percent of the purchase price, and the companies can then deduct that interest from their taxes, frequently eliminating their tax burden altogether. By our estimate, just two of KKR’s deals (Biomet and SunGard) could cost the government up to $1.2 billion in tax revenue.

-----

Legalized thievery. They take it from you and me and give it to these guys on a silver platter.

A lot of you are looking at the wrong issues. What is the overall tax loss because of this bullshit?

Heh....My father is/was M/A-LBO attornery for over twenty years, and he's worked on the structering aspect of deals that were spearheaded by the likes of T. Boone Pickens, Kerkorian, etc, etc.

I'm sitn' here right now, on the desert floor, having just flown-in to Rancho Mirage for a short visit......and I just finished showing him this video.

His first comment : In a monetary sense - These are both the greediest and shrewdist people on the planet.....And any third world dictatator that's looted his country's treasury in the past and then fled, pales in comparrison to these guys.

- R

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RE: Lewis Black Rants Against Corporate Greed - 6/6/2008 11:00:10 AM

popeye1250

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I was waiting for someone to say; "but what about the innocent people?"
There are no innocent people on "K" street.
They know *exactly* what they're doing!
Thomas Jefferson was right about that "every 20 years" thing.

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