The 1% – They Always Have Some Mighty Fine Whine

With their “We are the 99%” chant, Occupy Wall Street protesters call for and end to the corporate corruption of democracy, to America’s two-tiered system of justice, and to the rigged economics that concentrates the nation’s wealth in the hands of the top 1%. By cheating, says Rolling Stone  contributing editor Matt Taibbi, who reminds readers that even as it had its hand out for a taxpayer-funded bailout, Goldman Sachs’ effective tax rate was 1% in 2008, “the same year the bank reported $2.9 billion in profits, and paid out over $10 billion in compensation.” At the time, Texas Democrat Rep. Lloyd Doggett explained that the problem was larger than Goldman Sachs, “With the right hand out begging for bailout money, the left is hiding it offshore.”

The other day, I posted a video from Jared Bernstein critiquing the proposed repatriation tax holiday sponsored by Sen. Kay Hagan (D-NC) and Sen. John McCain (R-AZ). Taibbi lists four ways in which Wall Street makes a killing cheating the system, but let’s examine how the 1% whines about it all the way to their own banks.

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