Forum Post: Wall Street Makes Record Profit of $1.66 Trillion and is Taxed at Lowest in History 12%

Yes, Wall Street has seen a decade of record profits while we are struggling and Wall Street pays next to nothing in taxes. Wall Street has had record profits, health insurance companies have had record profits, oil companies have had record profits, businesses are flush with cash and are doing great, executives have had record salaries, and businesses pay half in taxes than they used to pay in the 1960's. The system is broken.

Bush lowered the capital gains tax on Wall Street profits to a meager 12% and Republicans have REFUSED to roll back the Bush tax cuts.

We have this budget crisis because Bush engaged in two wars on a credit card -- literally -- he did not raise taxes or make cuts to figure out how to pay for it and Obama continued the expensive wars on a credit card.

Furthermore, we are in this deficit crisis because Bush passed the expensive Medicare part D prescription drug program which does not allow the government to negotiate with pharmaceutical companies over prices and was an unfunded mandate.

Bush pushed TARP and Obama did a stimulus -- both benefitting only the banks and wall street. This is what caused our deficit that they now say was "out of control spending" and requires cuts to social problems. No way! Cut off the corporate welfare first.

Corporations now pay far less in taxes than they ever have. The I.R.S. 2010 Data Book offers some information. In Table 6 on page 15, it details gross tax receipts for every fiscal year since 1960. In the 1960s, corporate taxes amounted to about 22 percent of overall tax receipts, and averaged 3.9 percent of gross domestic product. In the most recent decade, the figures are about 12 percent of total taxes and 2.2 percent of G.D.P. In other words, the corporate tax burden in roughly half what it was.

So, although the corporate tax rate is 35% here, after deductions, credits, and loop holes, we actually collect far less from businesses than we have in more than 50 years.

Occupy Wall Street -- Enough is Enough! Take Back the American Dream!

Wall Street Record Profits: http://www.huffingtonpost.com/2010/11/23/corporate-profits-q3-2010-_n_787573.html

Healthcare record Profits: http://www.dailyfinance.com/2010/02/18/health-insurer-profits-jumped-250-in-last-decade/ http://abcnews.go.com/Health/HealthCare/health-insurers-post-record-profits/story?id=9818699 http://thehill.com/blogs/healthwatch/corporate-news/129427-health-insurance-companies-likely-to-break-profit-records-for-2010 http://www.vanityfair.com/politics/features/2009/09/health-care200909#gotopage1

Oil Companies Record Profits: http://www.wtrg.com/prices.htm http://www.nytimes.com/2008/02/01/business/01cnd-exxon.html http://abcnews.go.com/Business/high-gas-prices-record-profits-big-oil/story?id=13447922 http://www.washingtonpost.com/wp-dyn/content/article/2009/01/30/AR2009013003744.html

Corporate Record profits: http://www.dailyfinance.com/2010/11/23/record-corporate-profits-are-coming-out-of-workers-hides/ http://www.slate.com/articles/business/moneybox/2011/03/more_profits_fewer_jobs.html http://communities.washingtontimes.com/neighborhood/21st-century-pacifist/2011/feb/16/2010-realizes-record-profits-us-corporations/ http://articles.latimes.com/2011/apr/01/business/la-fi-profits-20110401

Executive Pay Record Highs: THE RATIO OF AVERAGE CEO COMPENSATION AND WORKER PAY IN THE US 1965-2005 2005 - 262:1 (Av. CEO-$10,982,000/Av. Worker- $41,861) 2004 - 238:1 2003 - 181:1 2002 - 143:1 2000 - 300:1 1989 - 71:1 1978 - 35:1 1965 - 24:1 Source: Mercer Survey of 350 large industrial and service firms conducted for the Wall Street Journal as reported by Mishel, Bernstein, Allegretto http://www.businessinsider.com/15-charts-about-wealth-and-inequality-in-america-2010-4#the-gap-between-the-top-1-and-everyone-else-hasnt-been-this-bad-since-the-roaring-twenties-1

American Workers Working Harder than ever with no pay increases: http://www.cbsnews.com/stories/2007/09/03/business/main3228735.shtml http://www.usatoday.com/money/economy/2011-04-04-us-economy-jobs.htm http://www.usatoday.com/money/workplace/2003-12-16-hours-cover_x.htm http://www.dollarsandsense.org/archives/2011/0711cypher.html http://www.usatoday.com/money/economy/story/2011-10-08/economy-productivity-jobs-hiring/50689670/1