Federal Budget and Taxes

Jeffrey Sachs on the Federal Budget

Jeffrey SachsJeffrey D. Sachs, an economist and director of the Earth Institute at Columbia University, discusses the Democratic and Republican federal budget proposals.  He argues both proposals focus on the wrong priorities by cutting services vital to working- and middle-class families as well as cutting programs aimed at fighting climate change.

Watch the video here. (Sorry, we can't embed it on the blog.)

Hat tip to Penn Action's Robin Stelly for sharing this video.

President Obama Unveils Federal Budget Plan - Updated

President Obama unveiled his federal budget plan for the 2012 Fiscal Year this morning. In its initial analysis, the Center on Budget and Policy Priorities notes that the plan would shrink the federal deficit "very significantly as a share of the economy over the course of this decade."

Pa. Is Not Alone! The U.S. Has a Swiss Cheese Corporate Tax System Too

I'm shocked! The U.S. corporate tax system has enormous numbers of loopholes, according to The New York Times.

One hundred and fifteen of the biggest 500 companies paid a total corporate tax rate — federal, state, and local — of less than 20%  over the last five years, even though the federal corporate tax rate alone is 35% for most companies. There are also wide variations in the tax rates that companies pay within the same industry.

What Obama Should Say to the U.S. Chamber

President Obama addresses the U.S. Chamber of Commerce today as part of his post-election effort to improve relations with U.S. business.

What part of U.S. business does the Chamber represent? Mostly big business and corporate CEOs — people who make many millions, often without risking any of their own money. That’s the only way to explain that the extension of the Bush tax cuts for the very rich was the top Chamber priority last year — even though this won’t benefit the vast majority of businesses.

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