Tell me...What would YOU do about this economic mess?

People do not pass up profit because of income taxes. That is a flat out fallacy. You are much better off making $100,000 and paying 50% tax rate than making $0 because you think 50% is too high.

Truth be told, high personal income taxes make business investment much more attractive, since individuals would not want to take their money out of their business and be subject to the higher tax.

We need to start promoting businesses that actually produce goods, and move away from this... "financialization" of America bull crap. Reward innovators, not people who are best at extracting money out of the public with out giving anything back in return.

 

I think there is also and argument that, contrary to supply side theory, a reasonably higher tax rate motivates more effort.

If taking home $100,000 a year meets your goal, and there is a 20% tax, you will be motivated to make $125,000, because after paying the 20% tax you will have met your goal.

But if the tax is 25%, now you are motivated to make more, $133,000, because that is the amount you will need to make to achieve the objective of $100,000 take home pay.

Similarly, a lower tax rate enables higher income earners to retire earlier in life, thus reducing the motivation to work for such persons to zer0, again, inconsistent with supply side theory.

 

Actually if they can make $100,000 profit in Cambodia, for example, and pay 10% on taxes they are better off investing their money there than using it up in the US and paying that 50% tax. Then the Cambodians will get the jobs not US citizens.

You see rich people can take their money elsewhere and still make money.

 

No, the just move to China, Mexico or somewhere offshore where the KEEP most of their profit.

Oh, by the way.... they leave behind unemployment and a depleated tax base when they move.... and a workforce that is put on welfare and unemployment for the rest of society to carry.

High taxes are a real good idea.... for countries wishing to tap into the American dream and reap the rewards of companies migrating away FROM them.

 

#1 The United States has the the highest corporate tax rate in the developed world.

#2 In the United States, the corporate tax rate is 35 percent. In Ireland, it is only 12.5 percent. Needless to say, hundreds of American companies have been moving at least some of their operations over to Ireland.

#3 As corporations have become experts at gaming the system, their contribution to federal revenue has gone way down. Back in the 1950s, corporate taxes accounted for about 30 percent of all federal revenue, but in 2009 corporate taxes accounted for just 6.6 percent.

#4 Switzerland has become an extremely attractive tax haven for multinational corporations. In fact, some cities in Switzerland do a booming business in setting up sham headquarters for foreign corporations. For example: Zug, Switzerland is home to 26,000 people and 30,000 companies.

#5 Transocean, the owner of the rig involved in the BP oil spill, has approximately 13,000 employees in Houston, Texas and about a dozen or so employees in Zug, Switzerland. But by moving their "headquarters" to Zug for tax purposes, Transocean has saved about 2 billion dollars.

#6 According to the New York Times, General Electric made a total of 14.2 billion dollars in profits last year. So how much did they pay in taxes to the U.S. Treasury? According to the New York Times, not one penny was paid. However, General Electric disputes this.

#7 Even though Boeing receives billions in federal subsidies every year and even though it has a bunch of juicy government contracts it did not pay a single penny in federal corporate income taxes from 2008 to 2010.

#8 Exxon-Mobil paid $15 billion in taxes in 2009, but not a single penny went to the U.S. government. Meanwhile, their CEO brought in over 29 million dollars in total compensation that year.

#9 It is estimated that U.S. companies have approximately 1.2 trillion dollars "trapped" overseas, because they cannot bring that money back into the country without being subjected to the 35 percent corporate tax rate. But that money certainly could go a long way towards stimulating the stagnating U.S. economy.

#10 Sadly, the 1.2 trillion dollars that is "trapped" overseas is just the tip of the iceberg. The largest corporations and the ultra-wealthy have turned tax avoidance into an art form. The truth is that according to an article in Forbes magazine, there is somewhere between 15 and 20 trillion dollars in offshore bank accounts, brokerage accounts and hedge fund portfolios. In fact, it has been estimated that a third of all the wealth in the world is held in "offshore" banks.

 

But one of the lowest rates of actual taxes collected.

In the United States, corporate tax collections are only 1.8% of GDP. In Ireland, corporate tax collections are 2.8% of GDP. Needless to say, American companies aren't moving to Ireland to pay lower taxes.

It was 14.4% in 2007. Your point is that corporate taxes should be higher?

Switzerland has been historically attractive as a tax haven because of its bank secrecy laws. There are several other tax have countries.

Good for them. I agree we should remove the loopholes that allows companies to avoid taxes in this manner.

Good for them. I agree we should remove the loopholes that allows companies to avoid taxes in this manner.

Good for them. I agree we should remove the loopholes that allows companies to avoid taxes in this manner.

Good for them. I agree we should remove the loopholes that allows companies to avoid taxes in this manner.

What about all the loopholes?

Good for them. I agree we should remove the loopholes that allows companies to avoid taxes in this manner.

Is it your regular practice to plagiarize the work of others?

http://libertynewsradio.com/wire/ar...xes_That_Will_Make_Your_Blood_Boil_105814.php
http://howthehellshouldiknow-wallyw...3/8-exxon-mobil-paid-15-billion-in-taxes.html
http://hubpages.com/forum/topic/71633
http://endoftheamericandream.com/ar...orporate-taxes-that-will-make-your-blood-boil

 

I wish you would share some evidence of this dream ...to help me sleep better at night.

Insanity is doing the same thing over and over and expecting a different outcome.

 

I had to post this as Subdermal's Daily Irony Post #2, as you - and other leftists - love to claim that "taxes were so much higher years ago!" - and you cite top marginal rates of 90%+ as though that level is meaningful...

...but no one paid THOSE EITHER.

So which is it, Iriemon? You cannot have your cake and eat it too. Either we DO NOT collect taxes when rates are HIGH, or you cannot claim that our taxes are LOW now, and whine that we're not collecting enough!

WHICH IS IT?

I'll let you know a little secret: no matter what the rates are, the economy (this is a cite from Congressman Ron Johnson, (R) WI) doesn't pay Government more than ~18% of total revenues in taxes.

Doesn't. Never has.

How much productivity and revenue is lost trying to avoid these punitive taxes?

 

Excellent point... I don't believe he thought about that.

But still we have to return economic power (freedom) to the citizens or the weight of bloated/heavy government will simply crushes us all. The only idea I think that will work is to expand the anti-trust regulations to regulate PROFITS on ALL businesses that provide ESSENTIAL goods and services.

The roll of government is to referee commerce, protecting buyer and seller. But buyers have been looted at the gas stations on the way to work.. or to buy automobiles, homes, etc.... and by drug companies while on the way to eat out at a restaurant or take a vacation.

For a list of top looters/price gougers, simply look at the list of campaign contributors. They are right there for everyone to see.

 

Deport 4 million illegals over a 14 month period .

 

Of course people pay the top marginal rate.

We do not collect taxes when rates are HIGH or I cannot claim our taxes are LOW now? Huh?

False dichotomy.

In 2000 the Govt collected 20.4% of GDP in revenues.

I'd consider getting a more reliable source of information.

I don't know? How much?

 

NO, they did NOT pay the top marginal rates to which I referred: do you really need to have Google pulled out to point out that nearly no one paid 90+% as a top marginal rate? That they avoided such rates by investing in collectibles, etc?

That rate WASN'T paid. It didn't bring in SQUAT for revenue.

You were quick to point out that the US collects close to the lowest percentages in Corporate Taxes after a poster pointed out to you that our rates are the highest.

You clearly understand that stated rates don't result in mathematically comparable collections - but then you take the opposite tack here and actually claim that people pay those rates.

Not so.

I'd consider posting a cite. My stats come from Ron Johnson.

It's a false premise to point out something as obvious as saying that companies spend a ton of time and money avoiding taxes? I'm asking you how much it costs, and you claim it is a false premise?

 

Sure. Show me a source that says no one ever paid the top marginal tax rate.

You are confusing effective rates and marginal rates.

OK. Post a cite. Who is Ron Johnson what makes him credible?

I had misread your sentence and modified my response after re-reading it.

I don't know how much it costs. How much?

 

Absolutely, ever since I learned to copy/paste I've claimed evey idea I liked. Perhape someday I'll read something you posted and you'll have the honor of being plagiarized. Keep trying!

 

Many find it to be dishonest to take someone else's work and pass it off as your own.

 

Here are two liberal elitist. After three years, they have become quite identical in their policies and their differences have become very minor! They ignore Congress when it comes to their war policies and they both think they can spend their way back into national economic prosperity. Obama, like Bush, has increased the power of the NSA, he has broadened the scope of warrantless wiretapping of Americans and both have done nothing to scale back and limit the abuses of the Patriot Act. Obama is clearly the greatest authoritarian and one of the phoniest and most insincere presidents we have ever had.

 

...and the produce department of the grocery store will be empty. Who do you think is actually working in this country? I can say with 100% certainty that YOU will not take one of those jobs.

 

Ironically you stole what YOU just said:

Jeremiah 23:30

Therefore, behold, I am against the prophets, declares the Lord, who steal my words from one another.

 

I see. Now making false accusations that I've plagiarized something?

 

By they way... here is one of your posts that gives NO credit to your source... did you just make up these numbers or did you steal the work of someone else and post it as your own?

 

Neither.

............

 

Not false.. I just proved you DO plagiarize... but I don't care.

You are being petty and silly to attack someone for supporting their point with other material, be it charts, statistics or videos... etc. I have enough common sense to identify what you were doing. So why try to pick a fight and make it personal? Just make your points and use reason to support your beliefs and leave the accusations for another forum where "Flaming" is admired.

 

You proved no such thing. You've demonstrated you openly plagiarize. Now you are demonstrating you fabricate and falsely accuse.

Plagiarizing other peoples' work is viewed by many as dishonest and reflects on the credibility and veracity of the person doing it. If you think that is a negative reflection, that is your own conclusion. I think it does. Others can decide for themselves.

 

Ok... I'm evil... just ignore me. I'm here to learn, share ideas and I'm not going to fight with anyone.