Obama announces plan to close U.S. tax loopholes
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adaydream
I'm all for nailing the rich who hide their US dollars overseas without paying taxes on them. I pay taxes on all my money, they should pay taxes on all theirs.
I heard about this 35% corporate tax rate. By the time they get their deductions are exceptions it's about 11%.
Want to revamp the tax code? I'm all for a flat tax. No deductions or writeoffs. < :-)
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JoeBigs
I for one am for getting the evaders. I suspect that the President will have trouble with this idea because of all the lobbyist who own politicians.
These well paid and bought politicians will fight for their backers tooth and nail. Forget about what is good for the country, they need to protect their bread and butter. How will these politicians be able to play golf in Scotland if their friends have to pay their fair share?
We need to turn on the lights and start stumping some of these corrupt politicians. The country deserves politicians who are not bought and paid for.
I am glad it is President Obama in there rather than anyone else!
A long time ago the term Made in America meant something. These days the only thing Made in America is usually the label. The quality of the MiA items were high quality at one time. Now with most of the labor coming from other countries that quality and pride has disappeared.
Many companies have moved many jobs out of American and put them into cheaper less advanced nations. By doing this they can pay someone .10 cents an hour and sell the item for a huge profit.
The only one making out here is the companies. Time to end this farce, time to make the companies pay people what they deserve.
I expect our far right friends here will begin to scream and yell in favor of the companies. But what have these companies done for the workers? The high level execs get paid huge bonuses and the common worker loses his/her job because of a tax loophole.
Pride left "Made in America" when it was outsourced....
I for one think the slave labor needs to end. Fair pay for a days work!
0
Kwaabish
I wonder how this may affect GM, where the foreign subsidiaries are the only ones having a chance to turn a profit these days...
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Helter_Skelter
Yeah, that should be good for business. :-D
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teleprompter
The War on Prosperity continues...
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adaydream
They don't pay anything close to 35%. Some companies haven't paid anything in years.
And just 8 years ago the last president gave corporations $4Trillion just bacause he and the republican congress could. < :-)
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teleprompter
Another Dem hypocrite. Rangel was caught trying to evade paying taxes.
http://www.usnews.com/blogs/sam-dealey/2008/9/5/another-rangel-property-scandal.html
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adaydream
teleprompter you're right about that. I was curious as to when someone would bring that up. That's been going on a while.
That being said, do you defend the ones who either aren't paying any taxes at all or no where what they should? < :-)
0
ppayne
Just for the record, "companies can subtract taxes already paid" is the ONLY way to work this. If I had to pay American taxes on top of my Japanese taxes without subtracting taxes already paid, I'd be unable to live and would be forced to become a tax cheat. Do NOT mess with this, for companies or for individuals.
Adaydream, not sure if you understand what deductions are. I run two companies and things like the computers I buy, the salaries and bonuses I pay etc. are deductions. I'm sure there are bad deductions of course, and having millions of dollars going to CEOs has to be a bizarre thing (that money would then he paid to the individual rather than as the company). Be careful that you're not imaginging that gross profit is anything like net profit.
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adaydream
ppayne, yeah I understand. I can imagine all kinds of bad deductions. I also understand the deductions you've mentioned. I'm not criminalizing just and right deductions. But I am criminalizing hiding money in accounts disquised as qualified charities, sending money off shore to untouchable accounts and many other things imagined up by CPAs. < :-)
0
buddha4brains
Actually, that is exactly what war is. War is a hungry beast that Bush unleashed and one that will not heel easily. America is a rich country, no doubt, but these two wars, Iraq and Afghanistan, are indeed eating up America's prosperity.
Glad to see you are beginning to see the folly of some of Bush's policies.
0
Sarge
"crack down on companies that ship jobs overseas"
How about reforming the tax system/cutting taxes so that compamies don't ship jobs overseas?
Nah...
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TheQuestion
How about instituting a flat tax and ending corporate double taxation and we'll call it fixed. Sure would make my job a whole lot easier.
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Sarge
TheQuestion - Nah...
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goodDonkey
Sarge said:
/
If they cut corporate taxes in half, how would that stop a company from shipping jobs overseas? I use as an example that $7. is a fairly low wage for manufacturing in America. For $1.00 to $2.00 an employer could get the same work done in a foreign country. When you get to higher end hourly wages like $35. to $60. per hour a corporation could hire an equivalent worker for $10. to $20. per hour. Although you could see the productivity of the foreign worker drop by as much as 15% it would never close the gap.
"Reforming the tax system/cutting taxes" would have little to no effect on ending the practice of outsourcing or other uses of foreign labor.
We must be very careful when changing the tax structure for countries that use foreign workers. If we were to see a significant level of income loss for those companies with such practices and it effected the overall value of American companies that alone translates to a loss of jobs.
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goodDonkey
I did not mean to post those last comments. I accidentally hit a key or something when I was setting down my container of probiotic yogurt (with strawberries). I had not proof read the text and I was still formulating ideas on the profits vs. jobs scenario. I do know if a corporation using foreign labor is not doling out all its profits in dividends then some of the money may be used for capital investment and higher operating costs. Capital investment for instance would create jobs. Increased operating costs can also create jobs if sustained.
If the profits are used to acquire other corporations it can be a mixed bag of job creation and job loss. Jobs can certainly be lost by the economy of scale providing efficiency, which could mean a job loss where operations are combined or eliminating duplicate jobs.
There are corporations that have seen increased profits through the use of foreign workers, which then gradually move more of their operations off of American soil.
This issue is significantly more complicated that it might initially appear. One objective must be to continually move capital to corporations with American headquarters whether they use foreign workers or not. A percentage of that money will be distributed in the U.S. on average for all corporations. It just makes good sense to have various currencies flowing into the U.S.. Besides if we don't cut costs foreign industry will capture that market share eventually anyway.
There may be sensible ways of using tax incentives to increase the percentage of American jobs used on average by corporations. What the eventual perfect solution is, is well beyond my understanding. I do know that it is a balancing act and we were not just idiots by allowing these corporations to export jobs in the first place.
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Sarge
"the U.S. government needs the money"
The U.S. government needs to quit spending so much money.
"If they cut corporate taxes in half, how would that stop a company from shipping jobs overseas?"
You've never run a business, have you, goodDonkey?
0
IvanCoughalot
I wonder why Sarge had a different song to sing in 2003, immediately before the world-famously-prudent investment that was the Iraq War?
People have to pay tax. And so do rich people. And so do corporations. And governments have an obligation to spend that tax revenue responsibly and with full accountability.
It's not such a tricky thing to figure out, surely?
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sailwind
How about a tax system that did not encourange corporations to go overseas at all. They only did because it was MORE TAX FRIENDLY to them then in the U.S in the first place. Think about that.
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jeancolmar
If I were to meet Obama I'd ask him, "What's a nice guy like you doing in a rotten system like this?" Obama is no doubt sincere in making the super-rich pay their fair share of taxes. But because he is aiming at the most powerful of the dry rot that controls the US he is going to get a minor concession on this.
You heard it from me first: Obama is the American Gorbarchev. The system Obama is trying to reform a system as rigid and lethal as the one Gorbachev had to deal with.
0
Sarge
"Obama is the American Gorbachev"
Nyet We Can!
"The system Obama is trying to reform is a system as rigid and lethal as the one Gorbachev had to deal with"
jeancolmar needs to take a basic economic class.
0
Sarge
jean: "If I were to meet Obama I'd ask him, "What's a nice guy like you doing in a rotten system like this?"
He wanted this so bad, and now he's got it, ha ha ha!
0
JoeBigs
Ah yes, the poor fortune 500 need more money. We need to make sure that their profits keep going up up and away. If we tax them then they will take the rest of the jobs away.LOL
Come now far right, wake up and smell the facts about out sourcing. The only reason these companies are taking jobs out of the US is because the far right had allowed them for 8 years.
Come on, these companies have been giving the workers the short end for the longest time now. All the far right can say is the same thing you guys are told to say.
Let us see what the outsources does for the world.
Well to start child labor and slave labor, yes you know using kids and slaves to do the work. What a great way to make a profit! Every far rights dream, real cheap labor and huge profits! It's a win win situation!
Now who is doing it.......
Nike does it, China does it, India does it, major United States Companies do it so it must be okay to do it! It's good to be the king!
http://ihscslnews.org/view_article.php?id=32
http://www.ihscslnews.org/view_article.php?id=57
http://www.ihscslnews.org/view_article.php?id=232
Here is a list of American companies that have sent United States jobs overseas.....
http://edition.cnn.com/CNN/Programs/lou.dobbs.tonight/popups/exporting.america/content.html
Wake up and smell the coffee, these companies are taking jobs that pay well to the workers closing shop and then using slave labor to make a huge profit.
Nike dunk low shoe retail for $75.00 each. It costs about $4.90 to make one shoe including transportation. The total profit for that shoe is. $70.10 per shoe.
This is with paying the worker any where from $0.00 to 1.20$ per hour.
It is really sad see people trying to defend a company that is using loopholes to give it to the workers.
All the far right supporters can say is,"May I have another please, SIR!" Just like a well trained machine.
0
Molenir
And just like Gorbachev, he is trying to destroy the system, to bring it to its knees. My question is, will we let him completely collapse the most effective generator of wealth the world has ever seen? IE. The US economy? Or will people stop him?
"Fixing" this will cost these companies billions of dollars in lost profits. It won't just encourage the companies to outsource jobs, it will encourage the companies to completely move their operations out of the country. This will cost Americans their jobs, and tighten the screws on an already ailing economy. At this point, I'm really starting to wonder what Obama's real goals are? Is it to save the economy, or destroy it?
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adaydream
Institute a flat tax for all. One for individuals and one for corporations. Even if we were all taxed at 15%, and no deductions, you'd see a profit for the country and for the corporations.
They say they are paying 35%, bah-hogwash. It's actually about 11%. Then they'd save $Millions of shysty (sp) lawyers and CPAs. < :-)
0
Taka313
Sailwind,
It was all about taxes? Really?
So, the opportunity to set up shop in 3rd world countries where they could pay a dollar a day wages in sweat shops where OSHA standards were unheard of never entered into the decision making process at all?
I did not know that. Boy, I guess I'm more cynical than I thought.
Taka
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TheQuestion
Nonsense, as long as there is a single contract to be signed or balance sheet to be interpreted we will never fade away. Some hopefulls even think a flat tax would eliminate the IRS, oh the audacity of people and their insufferable dreams. I want a flat tax because it would make my job, the lawyers job, and the IRS's job easier.
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