March, 14 2018, 09:00am EDT
For Immediate Release
Contact:
Chris Fleming,Email:,chris@redhorsestrategies.com
Trump to Promote His Tax Plan at Boeing, Company has Rewarded Shareholders -- Not Workers
With Tax Cut, Plane Maker Decided to Buy Back $4B of Stock, Boost Dividend by 20%, but not Give Employees a Pay Hike or Bonuses
WASHINGTON
President Trump will try to rally support for his unpopular corporate tax giveaway at a St. Louis Boeing plant Wednesday, but the company serving as his backdrop has yet to share its tax cut directly with workers through higher pay, as Trump and his fellow Republicans had promised corporations would do.
Instead, after the U.S. Senate approved the corporate tax-cut bonanza last December, the plane maker boosted stock buybacks by $4 billion and hiked its dividend by 20%, both overwhelmingly benefiting wealthy shareholders and top executives, not workers. After Congress passed the tax plan that month, Boeing unveiled a $300 million spending program to indirectly assist employees through charitable giving, workforce development and "infrastructure enhancements." But that investment will be less than a tenth of what it gives shareholders through buybacks alone, and it does nothing to boost workers' take-home pay
Moreover, Boeing is estimated to be getting a $221 million tax cut in 2018 thanks to the new law, according to JUST Capital. Like a lot of big American corporations, Boeing hardly needs this handout: it paid an average effective federal income-tax rate of just 5.4% over a recent eight-year period, per the Institute on Taxation and Economic Policy.
"By highlighting Boeing, President Trump is making the case against his huge corporate tax giveaway," said Frank Clemente, executive director of Americans for Tax Fairness. "Boeing makes jumbo jets, but it has frequently paid tiny if any U.S. taxes. Now it's using its latest large tax cut to reward already wealthy shareholders and top executives, not to give raises or even bonuses to hard-working employees. This is what opponents of the Trump-GOP tax scam predicted would happen."
Boeing had profits of nearly $5 billion last year on revenues of more than $94 billion and is number 24 on the Fortune 500 list.
Americans for Tax Fairness (ATF) is a diverse campaign of more than 420 national, state and local endorsing organizations united in support of a fair tax system that works for all Americans. It has come together based on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. This requires big corporations and the wealthy to pay their fair share in taxes, not to live by their own set of rules.
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Watchdogs' Database Details Right-Wing Efforts to Sway US Supreme Court
"Supreme corruption demands supreme transparency," said one campaigner behind the new effort.
Apr 18, 2024
A trio of progressive watchdog groups on Thursday unveiled a new database detailing the "troubling connections" between the U.S. Supreme Court's right-wing justices, the conservative organizations that have intervened in cases before the court, and the wealthy donors funding them.
Take Back the Court, Revolving Door Project, and True North Research published the database at SupremeTransparency.org, which "shines a spotlight on the complex web connecting justices to powerbrokers and the organizations that those powerbrokers fund, lead, and are otherwise linked to."
The watchdogs found that nearly 1 in 7 amicus briefs filed during the 2023-24 Supreme Court term were lodged by at least one powerbroker-affiliated organization. This affects 32 different cases before the court.
"The current U.S. Supreme Court has gone rogue."
For example, in Moore v. United States—in which the Supreme Court could preemptively ban or limit wealth taxes—half of all amicus briefs were filed by groups affiliated with right-wing powerbrokers.
In Loper Bright Enterprises v. Raimondo, groups funded by billionaire industrialist Charles Koch want to scupper the Chevron deference, a 40-year precedent under which judges defer to the legal interpretations of federal agencies if Congress has not passed any laws on an issue. Powerbroker-affiliated organizations have filed more than one-third of the amicus briefs seeking to overturn the Chevron doctrine.
"Far too often people with insidiously close ties to justices like Clarence Thomas and Samuel Alito, such as Harlan Crow and Paul Singer, signal their interest in the outcome of cases by funding, leading, or influencing organizations that file amicus briefs," Revolving Door Project executive director Jeff Hauser said in a statement.
"There is just as much of a conflict of interest when a justice hears a case involving a benefactor as a named party and one in which the person who illicitly enabled their luxurious lifestyle is 'merely' similarly situated to one of the parties," Hauser added.
According to SupremeTransparency.org:
The current U.S. Supreme Court has gone rogue. The right-wing justices that make up the court's supermajority frequently toy with precedent and the rule of law to issue opinions that not only defy the will of a majority of Americans, but also rewrite constitutional principles, overturn widely respected legal precedents, and gut longstanding rules that protect the public interest.
In just the 2021 and 2022 Supreme Court terms alone, the court overturned Roe v. Wadeafter 49 years; gutted both the decades-old Clean Air Act and Clean Water Act; overturned a 100+ year old gun safety law; eroded the National Labor Relations Act (adopted as part of New Deal reforms to protect workers); broke with their own procedures regarding standing to sue in order to block student debt relief; and reversed decades of precedent to end the decadeslong practice of race-conscious college admissions policies that promoted diversity and redressed discrimination. But this radically reactionary court and its radically reactionary justices aren't acting alone.
"Supreme corruption demands supreme transparency," said Take Back the Court president Sarah Lipton-Lubet. "It's no secret that the many of the rich benefactors cozying up to the conservative justices are the same people who fund right-wing organizations with business before the court."
"But too often, stories about the Supreme Court don't connect these dots—and as a result, they leave us with an incomplete picture," she continued. "The truth is right-wing powerbrokers are seemingly paying to play; they're funding groups that are weighing in on court cases even as they buy access to the justices who will rule on those cases."
"It's just one of the ways our Supreme Court is deeply, fundamentally broken," Lipton-Lubet added. "And it's a reminder of how urgent and necessary it is that we reform this corrupt court."
Last year, the Supreme Court adopted a Code of Conduct that contained few new rules, no enforcement mechanism, and was widely panned as a toothless public relations stunt. Bolder proposals for reforming the high court include term limits and increasing the number of justices.
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Climate Crisis to Cost Global Economy $38 Trillion a Year by 2050
"This clearly shows that protecting our climate is much cheaper than not doing so, and that is without even considering noneconomic impacts such as loss of life or biodiversity," a new study's lead author said.
Apr 18, 2024
The climate crisis will shrink the average global income 19% in the next 26 years compared to what it would have been without global heating caused primarily by the burning of fossil fuels, a study published in Nature Wednesday has found.
The researchers, from the Potsdam Institute for Climate Impact Research (PIK), said that economic shrinkage was largely locked in by mid-century by existing climate change, but that actions taken to reduce emissions now could determine whether income losses hold steady at around 20% or triple through the second half of the century.
"These near-term damages are a result of our past emissions," study lead author and PIK scientist Leonie Wenz said in a statement. "We will need more adaptation efforts if we want to avoid at least some of them. And we have to cut down our emissions drastically and immediately—if not, economic losses will become even bigger in the second half of the century, amounting to up to 60% on global average by 2100."
"I am used to my work not having a nice societal outcome, but I was surprised by how big the damages were."
Put in dollar terms, the climate crisis will take a yearly $38 trillion chunk out of the global economy in damages by 2050, the study authors found.
"That seems like… a lot," writer and climate advocate Bill McKibben wrote in response to the findings. "The entire world economy at the moment is about $100 trillion a year; the federal budget is about $6 trillion a year."
This means that the costs of inaction have already exceeded the costs of limiting global heating to 2°C by six times, the study authors said. However, limiting warming to 2°C can still significantly reduce economic losses through 2100.
"This clearly shows that protecting our climate is much cheaper than not doing so, and that is without even considering noneconomic impacts such as loss of life or biodiversity," Wenz said.
The damages predicted by the study were more than twice those of similar analyses because the researchers looked beyond national temperature data to also incorporate the impacts of extreme weather and rainfall on more than 1,600 subnational regions over a 40-year period, The Guardian explained.
"Strong income reductions are projected for the majority of regions, including North America and Europe, with South Asia and Africa being most strongly affected," PIK scientist and first author Maximilian Kotz said in a statement. "These are caused by the impact of climate change on various aspects that are relevant for economic growth such as agricultural yields, labor productivity, or infrastructure."
However, Wenz told the paper that the paper's projected reduction was likely a "lower bound" because the study still doesn't include climate impacts such as heatwaves, tropical storms, sea-level rise, and harms to human health.
Unlike previous studies, the research predicted economic losses for most wealthier countries in the Global North, with the U.S. and German economies shrinking by 11% by mid-century, France's by 13%, and the U.K.'s by 7%. However, the countries set to suffer the most are countries closer to the equator that have lower incomes already and have historically done much less to contribute to the climate crisis. Iraq, for example, could see incomes drop by 30%, Botswana 25%, and Brazil 21%.
"Our study highlights the considerable inequity of climate impacts: We find damages almost everywhere, but countries in the tropics will suffer the most because they are already warmer," study co-author Anders Levermann, who leads Research Department Complexity Science at PIK, said in a statement. "Further temperature increases will therefore be most harmful there. The countries least responsible for climate change, are predicted to suffer income loss that is 60% greater than the higher-income countries and 40% greater than higher-emission countries. They are also the ones with the least resources to adapt to its impacts."
Wenz told The Guardian that the results were "devastating."
"I am used to my work not having a nice societal outcome, but I was surprised by how big the damages were. The inequality dimension was really shocking," Wenz said.
Levermann said the paper presented society with a clear choice:
It is on us to decide: Structural change towards a renewable energy system is needed for our security and will save us money. Staying on the path we are currently on, will lead to catastrophic consequences. The temperature of the planet can only be stabilized if we stop burning oil, gas, and coal.
McKibben, meanwhile, argued that the findings should persuade major companies to embrace climate action for self-interested reasons. He noted that most corporate emissions come from how company money is invested by banks, particularly in the continued exploitation of fossil fuel resources.
"If Amazon and Apple and Microsoft wanted to avoid a world where, by century's end, people had 60% less money to spend on buying whatever phones and software and weird junk (doubtless weirder by then) they plan on selling, then they should be putting pressure on their banks to stop making the problem worse. They should also be unleashing their lobbying teams to demand climate action from Congress," McKibben wrote.
"These people are supposed to care about money, and for once it would help us if they actually did," he continued. "Stop putting out ads about how green your products are—start making this system you dominate actually work."
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Congressional Progressives Unveil 'Bold' Agenda for Second Biden Term
The Congressional Progressive Caucus says its legislative blueprint for 2025 and beyond aims to "deliver equality, justice, and economic security for working people."
Apr 18, 2024
The Congressional Progressive Caucus on Thursday published a "comprehensive domestic policy legislative agenda" for U.S. President Joe Biden's possible second White House term that seeks to "deliver equality, justice, and economic security for working people."
The CPC's Progressive Proposition Agenda is a seven-point plan aimed at lowering the cost of living, boosting wages and worker power, advancing justice, combating climate change and protecting the environment, strengthening democracy, breaking the corporate stranglehold on the economy, and bolstering public education.
"Progressives are proud to have been part of the most significant Democratic legislative accomplishments of this century. We have made real progress for everyday Americans—but there's much more work to be done," Congressional Progressive Caucus Chair Pramila Jayapal (D-Wash.) said in a statement.
"That's why the Progressive Caucus has identified these popular, populist, and possible solutions," she added. "Democrats in Congress can meet the urgent needs people are facing; rewrite the rules to ensure majorities of this country are no longer barred from the American promise of equality, justice, and economic opportunity; and motivate people with a vision of progressive governance under Democratic majorities in the House and Senate and a Democratic White House."
Progressive lawmakers have already introduced bills for many items on the agenda, including a Green New Deal for Public Schools, expanding the Supreme Court, comprehensive voting rights protection, and legalizing marijuana.
Critics noted the conspicuous absence of Medicare for All—once a top progressive agenda item—and foreign policy issues including ending Israel's genocide, apartheid, occupation, settler colonization, and ethnic cleansing in Palestine.
Jayapal toldNBC News that the CPC is focusing its blueprint exclusively on domestic goals—especially ones it feels can be achieved.
"The way we came to this agenda is to say that we were going to put into this agenda things that were populist and possible... and affected a huge number of people," she said. "We haven't taken a position on particularly Israel and Gaza in the progressive caucus, and so that's not on here."
The CPC agenda is backed by a wide range of labor, climate, environmental, civil rights, consumer, faith-based, and other organizations.
"The Congressional Progressive Caucus is leading the way for Congress to address the major issues affecting working families, from reducing healthcare and housing costs to strengthening workers' rights to join unions, earn living wages and benefits, and have safe workplaces," Service Employees International Union president Mary Kay Henry said in a statement.
"SEIU is proud to partner with the CPC to move these priorities forward and build a more equitable economy in which corporations are held accountable for their actions," she added.
Mary Small, chief strategy officer at Indivisible, said: "House progressives were the engine at the heart of our legislative accomplishments in 2021 and 2022. They've continued that momentum to be true governing partners to the Biden administration as those laws and programs are implemented."
"That's why Indivisible is so supportive of the CPC's Proposition Agenda, a bold vision for progressive governance in 2025 and beyond. From reproductive rights to saving our democracy to economic security for all, the CPC is driving forward exactly the sort of legislative goals we want to see in our next governing moment."
That moment is far from guaranteed, with not only the White House hanging in the balance as Biden will all but certainly face former Republican President Donald Trump in November's election but also the Senate Democratic Caucus clinging to a single-seat advantage over the GOP. Republicans currently hold the House of Representatives by a five-seat margin.
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