Big business hits the jackpot with billions in tax breaks

[Wry Catcher]

"Once upon a time, in a faraway land called Texas, two men owned a bank. They called it Guaranty Federal Savings & Loan.

"The two men paid themselves lots of money and loaned other people lots of money.

"But they wanted to make even more money, so they met with people from a distant kingdom with very tall buildings, called Wall Street."

For the rest of the story, please refer to:

Big business hits the jackpot with billions in tax breaks

 

[Wry Catcher]

Cognitive Dissonance

Clearly Leon was wrong: "Leon Festinger (1957) proposed cognitive dissonance theory, which states that a powerful motive to maintain cognitive consistency can give rise to irrational and sometimes maladaptive behavior. According to Festinger, we hold many cognitions about the world and ourselves; when they clash, a discrepancy is evoked, resulting in a state of tension known as cognitive dissonance. As the experience of dissonance is unpleasant, we are motivated to reduce or eliminate it, and achieve consonance (i.e. agreement).

Leon did not factor in Willful Ignorance (WI), a common and (it seems) permanent condition. Empirical evidenced suggest WI is epidemic in the conservative Republican population.

 

[Oddball]

Now, Google "Freudian projection", Danny Vermin.

 

[Wry Catcher]

Now, Google "Freudian projection", Danny Vermin.

Don't need to Danielle. Since you don't have the ability to respond with anything of substance I'll move on with some detail on the issue of the thread.

A bit more of the story:

They liked the Wall Street people very much and decided to buy pieces of paper from them called bonds.

They bought and sold the pieces of paper over and over again.

When they made money doing this, they kept it for themselves.

When they wanted even more money to build castles of sand in yet another kingdom, they just took it out of the bank.

This worked OK. Until one day the bank ran out of money.

Then some government people came to Dallas to look into the way they ran the bank. These people called the two men crooks and put them in a building with bars on the windows.

The government people took the bank away from the two men and sold it to a big Texas company.

Then the government people gave the big Texas company lots of money so the bank wouldn't run out again. Best of all, the government people also gave the company a very special magic wand that came with the bank.

The wand is called NOL, and it is wondrous.

It makes taxes disappear.

The government actually invented the wand.

By waving the wand, the big Texas company that now owns the bank can make taxes vanish for years and years and years. The money it used to pay in taxes it can now keep for itself.

Isn't this a nice deal for the big Texas company?

Nicer than you think.

First of all, the wand invented by the government people is available to only a select few.

You, for example, can't have one.

What's more, you pay for the wands that do get passed around.

NOL stands for net operating loss deduction, a tax break that allows corporations to reduce this year's taxes - and next year's taxes, and so on - because of money lost last year.

Through the 1980s, the NOL enabled corporations to escape payment of more than $100 billion in income taxes.

But it is not the largest of the many generous writeoffs available to businesses.


Link to the whole story:

Big business hits the jackpot with billions in tax breaks

 

[iamwhatiseem]

Wry - so...do you think that only Republican politicians are corrupt with the banks and Wall Street?
Really?
Ever hear of Larry Summers, or how about Bill Clinton? Or Robert Rubin?
Or Rahm Emanual? Or how about Barrack Obama?

 

[georgephillip]

"Once upon a time, in a faraway land called Texas, two men owned a bank. They called it Guaranty Federal Savings & Loan.

"The two men paid themselves lots of money and loaned other people lots of money.

"But they wanted to make even more money, so they met with people from a distant kingdom with very tall buildings, called Wall Street."

For the rest of the story, please refer to:

Big business hits the jackpot with billions in tax breaks

"NOL stands for net operating loss deduction, a tax break that allows corporations to reduce this year's taxes - and next year's taxes, and so on - because of money lost last year.

"Through the 1980s, the NOL enabled corporations to escape payment of more than $100 billion in income taxes."

Big business hits the jackpot with billions in tax breaks

It's only gotten worse in the last three decades.
As productive wealth creation has given way to FIRE sector wealth extraction, our fundamental economic institutions increasingly serve the 1% at the expense of jobs and security for the 99%:

"After a few months of breaking down what the simplest trade in the world is, that would be frontrunning the Fed for the cheap seats, Zero Hedge is happy to advise our readers that finally Goldman Sachs itself has capitulated and is now indirectly telling its clients to frontrun Ben Bernanke via POMO.

"No complicated value investor nonsense, no pair trades, no cap structure arbitrage, no hedging, no levered beta plays. Buy ahead of POMO. Sell. Rinse. Repeat.

Goldman Sachs- World's top trading firm: The Fed's insanity has created the easiest trade in the world

 

[iamwhatiseem]

Wry - so...do you think that only Republican politicians are corrupt with the banks and Wall Street?
Really?
Ever hear of Larry Summers, or how about Bill Clinton? Or Robert Rubin?
Or Rahm Emanual? Or how about Barrack Obama?

Didn't think you would answer..

 

[Wry Catcher]

Wry - so...do you think that only Republican politicians are corrupt with the banks and Wall Street?
Really?
Ever hear of Larry Summers, or how about Bill Clinton? Or Robert Rubin?
Or Rahm Emanual? Or how about Barrack Obama?

No, I do not think only Republicans are corrupt; corruption is a systemic problem and one which is most problematic for the solution is a makeover of human nature. I can only point out the historical consequences of allowing unfettered human nature to rule a people.

I do think the first step to finding a solution is the repeal - if necessary a constitutional amendment - of Citizens United v. FEC.

The second step is to enact and enforce criminal penalties and imprison those who bribe elected officials and elected/appointed officials who accept bribes. Fines are nothing to the wealthy, taking away the freedom of white collar criminals and putting them in prison - not luxury facilities - seems a necessary step.

 

[georgephillip]

is the difference between the way nature works and the way people think."

DAOISM AND ENVIRONMENT PROTECTION

 

[whitehall]

I guess you gotta blame the ignorance on the union based education system. Hypocritical lefties see nothing wrong with Soros propaganda machines like Media Matters and American Bridge being completely tax exempt but when the companies who employ people and manufacture the products that make life easier get a tax break the left gets their underwear in a bunch.

 

[georgephillip]

While righties dishonestly conflate "companies who employ people and manufacture products" with "a system that has turned much of the economy into a betting parlor that nearly imploded in 2008, destroying millions of jobs and devastating household incomes.

"The winners in this system are top Wall Street executives and traders, private-equity managers and hedge-fund moguls, 
and the losers are most of the rest of us."

Robert Reich (Mitt Romney and the New Gilded Age)

Should we blame rich-bitch talk radio?