War on the middle class. Corporate profits are way up, but there is no trickling down to middle class, and no creating of jobs for middle class.

UYGUR: Well, we end the show with good news today, everybody. Corporate profits are way up. In fact the fortune 500 companies made a combined $10.8 trillion last year and their profits soared 81 percent. So obviously you`ve all been rehired, right? I thought this was supposed to trickle down to all of us, but yet we still have about nine percent unemployment. Now, corporations are asking for bigger tax breaks, because I guess they didn`t make enough money by not hiring you. They say if we just give them more breaks, then out of the infinite mercy of their hearts, they will consider hiring some of us. Maybe.

In fact, this is the one thing Democrats and Republicans agree on unfortunately, that we should lower corporate tax rates. Treasury Secretary Tim Geithner is proposing taking out some of the loopholes in the system and lowering corporate taxes from 35 percent all the way down to 26 percent. And of course, his fellow Republicans, yes, he is a republican, he just happens to work on a democratic administration, of course love the idea, they`ve all enthusiastically agree to start planning on this.

The reality, of course is that these profits get concentrated at the very top to give you a sense of that. There`s a startling new analysis done by Dean Baker that compares an average executive salary to the salary of a Navy SEAL, you know, the guys who just risked their lives to take out Bin Laden. A Navy SEAL makes $54,000 on average. The CEO`s of Goldman Sachs and JP Morgan make about 20 million a year. But let`s be fair and take the average pay of a CEO at an S&P 500 company. That number is $11,358,445. That means they earn 200 times the salary of our bravest troops. But we do have to retain their talent, right?

Now, who thinks these are the right priorities? And where have these priorities left us? With worst economic inequality than Pakistan, where our SEALs insisted that rate. Yes, Pakistan is more equitable than us. So, are the Ivory Coast, Utopia, and Kazakhstan. To be fair, we are nip and tuck with Uganda. I`m afraid we`re slipping into a banana republic where the rich are super-rich and everyone else grovels. Let`s get back to that American middle class, stop it with the corporate tax cuts, whether you`re a democrat or a republican.

About William Brighenti

William Brighenti is a Certified Public Accountant, Certified QuickBooks ProAdvisor, and Certified Business Valuation Analyst. Bill began his career in public accounting in 1979. Since then he has worked at various public accounting firms throughout Connecticut. Bill received a Master of Science in Professional Accounting degree from the University of Hartford, after attending the University of Connecticut and Central Connecticut State University for his Bachelor of Arts and Master of Arts degrees. He subsequently attended Purdue University for doctoral studies in Accounting and Quantitative Methods in Business. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals throughout the country as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. In addition to the blog, Accounting and Taxes Simplified, Bill writes a blog, "The Barefoot Accountant", for the Accounting Web, a Sift Media publication.
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