IT’S A COMPLIMENT.
DON’T SETTLE FOR HOMECOMING
QUEEN OR LINEBACKER.
DO BOTH.
IF YOU’RE A GIRL FROM COMPTON,
DON’T JUST BECOME A TENNIS
PLAYER.
BECOME THE GREATEST ATHLETE
EVER.
>> IT’S GOT TO BE THE SHOES.
>> SHOES.
>> YOU SURE IT’S NOT THE SHOES?
>> I’M SURE.
>> NIKE IS AN ICONIC COMPANY FOR
MANY REASONS.
IN 2020 IT MADE NEARLY
$3 BILLION.
THE COMPANY SAID THEY BEAT A
DYNAMIC ENVIRONMENT BY STAYING
ON THE OFFENSE.
MR. DONAHUE, THE CEO, TOOK OVER
RUNNING NIKE AND OVERSEES A
WORKFORCE WHERE THE MEDIAN
EMPLOYEE MAKES $25,000 A YEAR.
TO PUT THAT IN PERSPECTIVE, IT
MEANS A SINGLE PARENT OF THREE
KIDS IS LIVING BELOW THE POVERTY
LINE.
HALF OF NIKE EMPLOYEES MAKE LESS
THAN THAT.
MANY MIGHT WORK AND STILL NEED
ASSISTANCE TO GET BY, LIKE THE
FOOD LINES I MENTIONED.
AS FOR CEO DONAHUE, VERY
DIFFERENT STORY.
HE MAKES OVER 500 TIMES THE
SALARY OF HIS MEDIAN EMPLOYEE IN
WHAT HE CALLED THE DYNAMIC YEAR
OF 2020 HIS OVERALL COMPENSATION
WAS $23 MILLION.
WHILE NIKE BENEFITS ENORMOUSLY
WITH THE U.S. GOVERNMENT,
REGULATING THE MARKETS, SYSTEM,
THE MAIL, THE COMPANY IS NOT
PAYING ITS SHARE AT ALL.
IN THAT SAME YEAR OF 2020 NIKE
PAID ZERO FEDERAL TAXES, NONE.
WHICH IS WILD.
A COMPANY MAKING BILLIONS AND
PAYING ITS CEO MILLIONS IS
PAYING OUR GOVERNMENT PROBABLY
LESS THAN YOU.
WHERE ARE THE NIKE PROFITS
GOING?
WELL, TO PARAPHRASE SOME RICK
ROSS LINES, COUNT THE PROFITS,
YOU COULD BRING THEM IN A NIKE
BOX.
GRINDING IN MY JORDANS KICK THEM
OFF.
THEY MIGHT BE HOT.
ROSS IS SAYING HIS OWN NIKES
MIGHT BE STOLEN, BUT WHEN IT
COMES TO NIKE’S TAX MONEY, THAT
SHOE BOX WOULD BE EMPTY.
THAT’S NOT FAIR TO EVERYONE ELSE
PAYING TAXES.
FOR ITS PART NIKE SAYS IT
FOLLOWS THE LAW AND PAID
SIGNIFICANT TAXES OVER THE
YEARS.
MY POINT HERE IS NOT EVEN TO
SINGLE OUT NIKE AS A SPECIAL
CASE.
IT’S ACTUALLY THE OPPOSITE.
WHAT NIKE DOES IS COMMON.
IT’S USUALLY LEGAL WHICH RAISES
QUESTIONS ABOUT WHETHER THIS
SHOULD BE LEGAL.
55 U.S. COMPANIES PAID ZERO
TAXES.
COMPANIES LIKE FEDEX, DISH AND
COMPANIES THAT HAD THEIR
BUSINESSES SURGE AS CUSTOMERS
FACED LIMITED OPTIONS.
THESE VERY FIGURES ARE FACTS
BIDEN CITED IN THAT SPEECH TO
CONGRESS.
>> RECENT STUDIES SHOW THAT 55
OF THE NATION’S BIGGEST
CORPORATIONS PAID ZERO FEDERAL
TAX LAST YEAR.
THOSE 55 CORPORATIONS MADE IN
EXCESS OF $40 BILLION IN
PROFITS.
A LOT OF COMPANIES ALSO EVADE
TAXES THROUGH TAX SAVINGS IN
SWITZERLAND AND BERMUDA.
IT’S NOT RIGHT.
>> IT’S A HUGE PROBLEM.
WITH CUSTOMERS HURTING AND
>> ALL YOU’RE GOING TO DO IS
KILL JOB CREATION, PUSH
INVESTMENT OFF SHORE.
>> NOW ECONOMISTS DEBATE ALL
KINDS OF THINGS.
HERE’S ONE THING WE KNOW.
CORPORATIONS PAY LESS BECAUSE
TRUMP SLASHED THEIR RATES BY
ABOUT 40% WHEN HE GOT IN OFFICE.
MOVING OVER $1 TRILLION OFF
THEIR CORPORATE BALANCE SHEETS.
THAT BILL GOES SOMEWHERE ELSE.
TRUMP EVEN TOLD HIS MILLIONAIRE
DONORS THAT HIS TAX REFORMS
WOULD HELP THEM.
HE WAS BLUNT HOW IT WAS A WILD
PERK FOR CORPORATIONS.
>> CORPORATIONS ARE LITERALLY
GOING WILD OVER THIS.
THE BIGGEST TAX CUT, BIGGEST
REFORM OF ALL TIME.
>> GOING BACK TO JUST BEFORE THE
ABERRATION OF THE TRUMP PRESIDENCY CORPORATIONS PAID
PRESIDENCY CORPORATIONS PAID
ABOVE 30%.
IN THE ’50s AND ’60s MANY PAID
HALF WHICH PAID FOR SCHOOLS AND
BRIDGES.
THIS CHANGE WAS LED BY
REPUBLICANS AND SOME DEMOCRATS.
THE TOP REPUBLICAN LEADER IN THE
DAY WARNED THAT THIS WOULD COST
SO MUCH THAT SURPLUS MONEY FOR
THE ELDERLY AND HEALTH CARE
WOULD BE RAIDED.
>> IT WILL USE SOCIAL SECURITY
SURPLUSES, I PROMISE YOU AS WE
SAW THROUGH THE 1980s AND EARLY
’90s.
>> AS CORPORATE RATES CRASH,
THESE ARE MAXIMUM POSSIBLE
RATES.
THE NUMBER OF COMPANIES PAYING
ZERO DOUBLED AFTER TRUMP’S TAX
CUTS PASSED.
SOME HAVE A FINANCIAL PURPOSE,
LIKE HONESTLY DECLARING YOUR
LOSSES.
OTHERS ARE TRICKS DID HEESIGNED
TAX DODGING, AN ISSUE MANY TOP
DEMOCRATS HAVE HAMMERED.
>> IF ANYBODY HERE THINKS THAT
CORPORATE AMERICA GIVES ONE DAMN
ABOUT THE AVERAGE AMERICAN
WORKER, YOU’RE MISTAKEN.
>> FACEBOOK HAS KEPT BILLIONS OF
DOLLARS IN TAX BREAKS.
>> YOU BUILD SOMETHING GREAT IN
THIS COUNTRY, GOOD FOR YOU.
YOU DID IT USING WORKERS ALL OF
US HELPED PAID TO EDUCATE.
>> IF THEY CAN SAFE FIVE CENTS
BY GOING TO CHINA, THAT’S WHAT
THEY’LL DO.
>> UNLIKE MY OPPONENT I WILL NOT
LET OIL COMPANIES COLLECT
ANOTHER $4 BILLION IN CORPORATE
WELFARE FROM OUR TAX PAYERS.
WE’VE GOT A BETTER PATH.
>> SO WHY IS THIS IN THE NEWS
NOW?
DEMOCRATS ARE PUSHING TO FUND
THE NEW INFRASTRUCTURE BILL BY
REFORMING CORPORATE TAX.
THEY WANT TO UP THE TAX RATE UP
A BIT.
BIDEN PUSHING FOR BACK TO 28%.
MOST VOTERS SUPPORT THAT.
SOME MODERATE DEMOCRATS ARE
SAYING IT SHOULDN’T GO BACK UP
TO PRE TRUMP LEVELS ARGUING FOR
A MIDDLE GROUND OF 25%.
HERE’S THE THING.
THIS ENTIRE DEBATE IS STILL
HAPPENING RIGHT NOW WITHIN THE
NARROW CORPORATE TERMS SET
BASICALLY BY TRUMP WHICH CAME
AFTER DECADES OF CORPORATE GIVE
AWAYS.
IN THE ’80s IT WAS A
CONSERVATIVE WALL STREET VICTORY
WHEN REAGAN SLASHED THE
CORPORATE RATES FROM 46% TO 34%.
THIS WAS BACK IN THE DAYS OF AN
OFTEN BIPARTISAN ATTACK ON
TAXES.
>> THE AMERICAN TAX PAYERS MUST
EITHER BAIL IT OUT OR SOMEONE
ELSE WILL COME IN AND BUY IT
OUT.
WHEN I ARGUED THAT WE SHOULD
FREEZE FEDERAL SPENDING, I MEANT
SOCIAL SECURITY AS WELL,
MEDICARE AND MEDICAID.
I MEANT EVERY THING IN THE
GOVERNMENT.
THE LIBERALS IN MY PARTY SAID
IT’S AN AWFUL THING YOU’RE
DOING, JOE.
IF WE HAD NOT HAD THE REAGAN
BUDGETS THAT WE ALL VOTED ON, WE
COULD HAVE STOPPED THEM, WE
WOULD HAVE A BUDGET IN BALANCE
RIGHT NOW.
THE DEBT THAT’S OCCURRED IS A
CONSEQUENCE OF THE REAGAN
ADDITIONAL DEFICITS.
THE REAGAN AND THE DEMOCRATIC
CONGRESS BOTH.
>> FACTS.
REAGAN AND DEMOCRATS AND THEN
SENATOR BIDEN BACKED THOSE
REAGAN RATES BRINGING THE
CORPORATE TAX BACK DOWN TO 34%.
AT THE TIME WALL STREET CHEERED
THAT AS A BIG VICTORY AND A LOW
RATE.
HERE WE ARE DECADES LATER IN A
PANDEMIC RECESSION WHERE THE
GOVERNMENT HAS BEEN LITERALLY
CUTTING THESE CORPORATIONS NEW
CHECKS AND FAVORABLE LOANS AND
VACCINATED THEIR WORKERS AND
PROPPING UP THE ECONOMY AND
WASHINGTON’S FRAME OF REFERENCE
IS WHETHER TO KEEP THE TRUMP TAX
RATES IN THAT 20% RANGE OR BUMP
THEM.
MOST OF CONGRESS ISN’T LOOKING
AT GOING TO THE REAGAN RATES OF
34%.
BIDEN HAS CHANGED HIS TAX
APPROACH FOR A NEW WORLD.
HE’S MADE THE CASE FOR REFORMING
CORPORATE TAXES.
>> WE’RE GOING TO REFORM
CORPORATE TAXES SO THEY PAY
THEIR FAIR SHARE AND HELP PAY
FOR THE PUBLIC INVESTMENTS THEIR
BUSINESSES WILL BENEFIT FROM.
>> WHEN YOU SEE THE BILLIONAIRES
WHO RUN NIKE AND AMAZON AND BIG
COMPANIES THRIVING WHILE PEOPLE
ARE SUFFERING, IF YOU REMEMBER
NOTHING ELSE, REMEMBER THIS, THE
BILLIONS THEY HAVE WHILE PEOPLE
WAIT IN LINE FOR FOOD, THAT’S
NOT JUST THE WAY THE ECONOMY
WORKS.
THIS IS THE WAY CONGRESS WORKS.
IT’S THE WAY POLITICIANS LOCK IN
GAINS FOR WALL STREET DONORS WHO
HAVE BEEN DEMANDING THAT EACH
ADMINISTRATION TREATS THIS
UNTOUCHABLE FOR ANY NEW PLANS.
AMAZON GAVE $12 MILLION IN
POLITICAL CONTRIBUTIONS LAST
CYCLE.
THEY DID IT TO GET SOMETHING.
BLACK STONE AND CITADEL, THEY
GAVE OVER $40 MILLION, MAKING
THEM AMONG THE TOP TEN COMPANIES
FOR HIGHEST POLITICAL DONATIONS
IN THE WHOLE COUNTRY.
REPUBLICAN ADMINISTRATIONS OFTEN
LOCK THEM IN.
IT’S BASICALLY CHEAPER TO LOBBY
CONGRESS UPFRONT AND AVOID
PAYING TAXES LATER.
WITH A BLUE WAVE ELECTION, HERE
WE ARE NOW.
THE ACTUAL D.C. BOUNDARIES ARE CHOOSING BETWEEN THE TRUMP ERA
CHOOSING BETWEEN THE TRUMP ERA
TAX CUTS OR THE REAGAN ERA TAX
RATES.
SOME DEMOCRATIC SENATORS ARE
SAYING EVEN ENDING THE ENTIRE
TRUMP TAX CUTS WOULD BE TOO
MUCH.
WHEN A BLUE NATION AND A BLUE
GOVERNMENT ARE STUCK DEBATING ON
TERMS SET BY TRUMP AND REAGAN,
SOMETHING IS SERIOUSLY OFF.
BY CONTRAST DEBATES OVER SOCIAL
ISSUES AREN’T CAUGHT THIS FAR IN
THE PAST.
THIS ONE COMES DOWN TO MONEY.
AMERICA HAS TO DECIDE, BEYOND
GOING BACK AND FORTH BETWEEN
PARTIES, AT A STRUCTURAL LEVEL
AMERICA HAS TO DECIDE IF IT CAN