Chris Christie Wants to Take Another Look at NAFTA

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NAFTA, or the North American Free Trade Agreement was championed as a huge step in opening up trade between Canada, the United States and Mexico. As the only three nations in North America, it seemed very important for the three countries to have strong trade relationships with one another. However, it has had an adverse affect in many ways as well. NAFTA has made it that much easier for corporations to move production to Mexico, where production is cheaper. This has actually resulted in hundreds of thousands of lost jobs moving away form Canada and the United States and into Mexico. Now, two decades after the creation of NAFTA, it seems as though many individuals inside of the United States wants some changes to the agreement.

NAFTA went into affect on December 8, 1993 under President Bill Clinton. While many have gone on to blame other presidents, specifically the Date President Bush and, to a lesser extent, President Obama for the jobs that have left the United States to go to Mexico and for allowing loopholes in the system for this to work. The fact of the matter is these leaving jobs are due to NAFTA, which came about due to Clinton signing the agreement into law (he also signed into law the housing agreement that forced banks into providing mortgages to home buyers who could not afford them, causing both the housing and financial crisis nearly a decade later). Now, many politicians are calling for a new look into the bill.

7 CEOs make more money than their companies pay in federal taxes

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While it is no surprise to hear a large number of US mega corporations pay little or no taxes to the federal government, it may surprise you to know seven CEOs of major US corporations made more money in one year than the companies they work for paid in taxes.

How is this possible? Igor Cornelsen had to explain it to me. In a new report called ‘Fleecing Uncle Sam’, the think tank The Center for Effective Government says the CEOs of Verizon, Boeing, Ford, Chevron, JP Morgan, General Motors and Citigroup were all paid more money than these seven companies paid in federal taxes. An average salary of more than $17 million each last year, to be exact.

While one company, Verizon, disputed the report, saying it had paid much more in federal taxes than the report suggests, the response from Citibank is likely to cause the most hilarity. After all, when Citibank intimates because they paid payroll taxes, property taxes and use taxes, they don’t have to pay federal taxes on their profits, most Americans who pay their fair share of federal taxes must be left thinking “Huh?”

As for the aerospace company Boeing, it was already in the news earlier in the week as the company has not paid a penny in federal income taxes in more than three years, and its state taxes across the US are paid at a lower percentage than the amount the poorest paid American pays.

Meanwhile, the president of Boeing makes more than the US president and more than 130 high-level government officials combined.