Forum Post: Top Donors 2008 election (combined federal and state donations)
Posted 13 years ago on Oct. 29, 2011, 11:20 p.m. EST by bronxj
(150)
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ttp://www.opensecrets.org/orgs/list_stfed.php?order=A
Top National Donors 2008 election Based on Combined State and Federal Contributions, 2007-2008
1 National Education Assn Total $56,228,408 Federal $2,676,297 State $53,552,11
2 Pechanga Band of Mission Indians Total $43,969,951 Federal $599,754 State $43,370,197
3 Penn National Gaming Total $40,557,472 Federal $65,100 State $40,492,372
4 Morongo Band of Mission Indians Total $39,063,909 Federal $600,312 State $38,463,597
5 Community Financial Services Assn Total $34,841,693 Federal $198,760 state $34,642,933
6 Service Employees International Union Total 30,405,549 Federal $2,921,463 State $27,484,086
7 National Assn of Realtors Total $28,788,109 Federal $4,888,640 State$23,899,469
8 Lakes Entertainment Total $25,694,898 Federal $2,000 State$25,692,898
9 Tribes for fair Play Total 24,754,413 Federal $0 State $24,754,413
10 ActBlue Total $23,184,380 Federal $23,184,380 State $0
If this gang of Corporations had this much money why were they not paying AET. So far I have not seen on the news one constructive point via the media coming out of the OWS movement which would accomplish what is desired to increase the amount of taxation on the 1%. As a retired IRS Agent I can tell you that if you want to get at the fat cats being the corporations here is an ironclad way to do it. There does exist a federal tax directed exactly at the problem herein in the USA which is never enforced. If a corporation witholds too much earnings it is subject to a tax called the Accumulated Earnings Tax. It is explained at Internal Revenue Code Section: " Sec. 531. Imposition of accumulated earnings tax In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the accumulated taxable income (as defined in section 535) of each corporation described in section 532, an accumulated earnings tax equal to 15 percent of the accumulated taxable income.." Anyone can call the IRS toll free number and have it explained then you can call the Office of the White House and ask the question as to why the IRS is not enforcing this law on the Corporations for whom the media states that they are holding onto trillions of dollars not spending into the economy to create jobs. I can tell you the IRS is not enforcing the law because the law does not have enough meat into it and it has not been enforced because of that thus making the law a joke. The OWS movement will absolutely grab the attention of the world wide media if it focuses on the AET and makes it a World Wide buzz in protest signs and does interviews regarding it with the business news programs of Fox Business Channel and NBC's Business Channel and CNN. If you make the AET a household term instead of Herman Cain's stupid 999 = 9% sales tax = regressive taxation of poor and compete with that you can get it to become a part of the Republican Presidential candidate debates especially with Michelle Bachman who should be aware of it being a former tax attorney. Do you think Herman even knows what the AET is? You don't so find out about it because it could force corporations to start spending their cash hoards to create jobs and end force the stopping of foreclosures because Corporation HATE and FEAR the AET when an IRS Agent brings it up in an audit examination. Put some muscle in your arguments. In addition sound off to the White House on the issue of taxing: "Unreasonable Compensation" being paid to Corporate Officers wherein "Reasonable Compensation" should = what the President of the USA makes and let the IRS go after all amounts in excess of that be considered as "unreasonable" = not deductible by the corporations on their tax returns of income tax purposes. WALL STREET will definitely not like that one and discuss that in interviews you give with the business networks. REPOST this if you understand this tax talk. If you don't ask questions for further explanation.
It's not just corps, but a gang of special interests. Elected leaders enact legislation and policy favorable to special interests ranging from corporations to associations to unions without regard to whether or not it is beneficial or detrimental to the rest of us.As long as you focus only on corporations instead of the wide range of special interests, you miss the big picture.
Rome wasn't built in a day. Of course there are many special interests but the interest of the OWS movement is on the Corps being the big Corps registered on the exchanges.
then I fear you are doomed to failure. Americans are angered, in my opinion, because they feel that government is favoring certain groups over the general population. Even if you were able to eliminate the influence of, say, only banks eliminating the undue influence of only one of those groups will only give greater power to the rest as they rush in to fill the vacuum.
You are definitely a subscriber to pessimism and one can not argue with a pessimist. Pessimism is not what the OWS movement is about but rather it's about action.
I like to think of it more as realism. You want to get rid of big money influence in politics, you have to advocate getting rid of ALL big money influence in politics otherwise you come off as hypocritical .
Realism dictates that you can never get rid of money in politics and the media in example MSNBC, CNN, Fox, etc. as well as talk radio would not get the revenue from advertising. Lobbying is a constitutional right but it swings both ways and the OWS movement must recognize themselves as lobbyist but what are the lobbying for? It should include putting some meat into the AET. Query: What is OWS about? Answer: The 99% Query: How do you help the 99% and even the 1%? Answer: Get the economy going so people have jobs and less foreclosures. Query: How do you do that? Answer: Get people spending in the private sector = 1% Query: How do you get the 1% to do that? Answer: Tell them they have to because of the AET. Query: How do you get them to do that? Answer: By having the President of the USA put into HIGH PROFILE the IRS daily with news of actions it is taking to enforce the AET by having Harry Reid hold Senate hearing to put more teeth into the Internal Revenue Code. By having OWS do interviews with the business networks regarding the lack of enforcement on the AET. By flooding the Republican debates with questions regarding the AET instead of a regressive 9% Sales tax on people who earn no wages wherein you have Herman Cain telling them they will not have to pay as much employment tax = social security tax and medicare tax on their wages wherein not everyone is even working and paying in employment taxes but everybody has to pay a sales tax when they go to the grocery store. These are tax issues not to be directed at the White House not Wall Street as the White House does nothing even though they have all the power.
The rules and regulations promulgated under the law would be required to be tightened much more than they are now. i don't believe it would require the law itself to be amended, though such a procedure would open the new rules to legal challenge.
Your absolutely correct and the OWS should have members occupy the halls of Congress for the hearings which would keep them in the news as they gave out interviews to all the media. Everyone should be for the AET as it keeps the economy going. The only ones against it would be misguided hoarders on the corporate boards. They, the big corps would be forced to spend the money they currently hold which would create tons of jobs. It's a win, win, win and I can't understand why OWS doesn't get behind it except for the fact that they are ignorant of the law.
The AET can be offset by, among other things, a credit in the amount of current year earnings and profits that are retained for reasonable business needs in excess of dividends paid to the shareholders, less the net capital gains deducted in calculating accumulated taxable income.
Again that's why it's so important for OWS to send a message to Obama to put some meat into the law by calling Harry Reid and changing the law. Essentially OWS should be viewed as a lobbying group to change the law just like the Tea Party which was so effective in the last elections because of Obama care. The law as written needs to be strengthened or gotten rid of but it's truly the only thing that OWS has to work with.
Very interesting. Given all the posts on Glass-Steagall, perhaps you can spark some interest in the Accumulated Earnings Tax.