61 replies to this topic

[opinionated]

I am a Republican, but I don't like Boehner. I actually like the Affordable Care Act as it should actually lower the costs and it is one of the growing hurdle of the corporations. They are dropping the coverage of their employees anyway. I don't think social security or medicare will really run out of money either, the benefits can be slightly adjusted and the costs will eventually come down a bit with better technologies too. The gap in between the median income and top 1% must be closed, it really means the top 1% must be taxed at 90% again to pay off the national debt, not more current account deficit. There is only one viable way to balance the budget, and it is to tax the top 1%. Sad, I know...

Omg!

You believe that those who are rich or have more than you or another should be taxed at 90% while those without pay 0% or even 25%? You have got to be kidding me. Your all about trickle down I guess.. amazed...

I support dr ben carson who I pray runs next term. A very smart man who will end the hand out an swears by a 10% tax across the board for everyone. No loopholes and no deductions. EVERYONE rich and poor pays the same. Period...

Violating tos here but my got your statement is amazing. Once this is flagged or Im warned I'll take action to never read your thoughts even by mistake.

[pdx5]

arbman, the problem is not taxes are too low on individuals. The problem is taxes are too high on profitable corporations. Corporations create all the wealth and all the PRODUCTIVE jobs. Corporate tax gets passed on to consumers and buyers of their products. It punishes the most efficient and productive corporations and helps the less efficient by giving them taxloss carryovers and tax breaks. GE paid no taxes using tax loopholes. We need 9-9-9 type of tax. You don't create national wealth by punishing the productive and successful. You create it by encouraging more people to create businesses and allow them to keep profits. Opinionated, I am with you. After the good doctor Ben clears up his 3rd audit by the IRS, I hope he runs. It is curious that his audits started after he became well known for his views.

[arbman]

Opinionated, you do not realize how screwed up the current economic system is. I used to think like you do, but the game field is not even. The income inequality is asymmetrically favoring the top 1% as all govt reflations, rescues, and incentives immediately benefit the top 1%. You may never see the way I do, but it is OK. It is what it is... PDX exactly. When you actually lower the corporate tax instead, and keep their tax bracket higher on the 1%, the top 1% are forced to reinvest the profits instead of cashing them out out of the companies. When you allow the rich to extract out their wealth at low taxes now, they prefer to cash out their entire wealth instead, actually they go and invest offshore.

Edited by arbman, 07 October 2013 - 12:35 AM.

[dougie]

arbman,
the problem is not taxes are too low on individuals. The problem is taxes are too high on profitable corporations. Corporations create all the wealth and all the PRODUCTIVE jobs. Corporate tax gets passed on to consumers and buyers of their products. It punishes the most efficient and productive corporations and helps the less efficient by giving them taxloss carryovers and tax breaks. GE paid no taxes using tax loopholes. We need 9-9-9 type of tax.

You don't create national wealth by punishing the productive and successful. You create it by encouraging more people to create businesses and allow them to keep profits.

Opinionated, I am with you. After the good doctor Ben clears up his 3rd audit by the IRS,
I hope he runs. It is curious that his audits started after he became well known for his views.

Yeah those 1950s were tough times in the USA. Things have gotten so much better ! LOL

Corporate Taxes as a Percentage of Federal Revenue
1955 . . . 27.3%
2010 . . . 8.9%

Corporate Taxes as a Percentage of GDP
1955 . . . 4.3%
2010 . . . 1.3%

Individual Income/Payrolls as a Percentage of Federal Revenue
1955 . . . 58.0%
2010 . . . 81.5%

[arbman]

Dougie, could you find the ratios for the top 1% as a percentage of the Federal Revenue? If you have the data...

[diogenes227]

I am a Republican, but I don't like Boehner. I actually like the Affordable Care Act as it should actually lower the costs and it is one of the growing hurdle of the corporations. They are dropping the coverage of their employees anyway. I don't think social security or medicare will really run out of money either, the benefits can be slightly adjusted and the costs will eventually come down a bit with better technologies too. The gap in between the median income and top 1% must be closed, it really means the top 1% must be taxed at 90% again to pay off the national debt, not by running more current account deficit. There is only one viable way to balance the budget, and it is to tax the top 1%. Sad, I know...

Yeah, that pretty much covers it, except not sad.

[pdx5]

arbman,
the problem is not taxes are too low on individuals. The problem is taxes are too high on profitable corporations. Corporations create all the wealth and all the PRODUCTIVE jobs. Corporate tax gets passed on to consumers and buyers of their products. It punishes the most efficient and productive corporations and helps the less efficient by giving them taxloss carryovers and tax breaks. GE paid no taxes using tax loopholes. We need 9-9-9 type of tax.

You don't create national wealth by punishing the productive and successful. You create it by encouraging more people to create businesses and allow them to keep profits.

Opinionated, I am with you. After the good doctor Ben clears up his 3rd audit by the IRS,
I hope he runs. It is curious that his audits started after he became well known for his views.

Yeah those 1950s were tough times in the USA. Things have gotten so much better ! LOL

Corporate Taxes as a Percentage of Federal Revenue
1955 . . . 27.3%
2010 . . . 8.9%

Corporate Taxes as a Percentage of GDP
1955 . . . 4.3%
2010 . . . 1.3%

Individual Income/Payrolls as a Percentage of Federal Revenue
1955 . . . 58.0%
2010 . . . 81.5%

If you are comparing 1955 with 2010, you have lost a lot of context.
In 1955, the factories of Germany & Japan were barely operable after
carpet bombing by the allies. While USA factories were untouched .

China and India had almost no manufacturing infrastructure in 1955.
Now both countries have all the technology to manufacture anything
they want including space rockets. And their combined labor force is
NINE times (900%) that of US. Back in 1955 we manufactured close to
50% of all industrial production. Now it is under 15%.

Comparing the two periods is a game which is out of context.

You seem to have completely missed my main point, which is that
most profitable corporations pay the highest tax rates while those
with loop holes and losses pay less. Which is why the average
seems low. In other words the good corporations subsidize the
lousy ones. That is why a sales tax levels the playing field. GE had
Billions in sales but paid ZERO tax in one recent year. That tax model
is the problem.

As an example take 2 corporations A and B.
Both had sales of $1 Billion.
But Corp A had $200 million profit, while corp B had zero profit.
This skews the average tax rate for the two to half paid by corp A.

Edited by pdx5, 07 October 2013 - 01:36 AM.

[thespookyone]

"The problem is taxes are too high on profitable corporations." Wow, is that the issue? Are corporate profits low here? Are the large corporations really paying an overabundance of tax? Which do you mean, like AAPL or say GE?

[arbman]

andiron, good call... Huge gap down.

[typicalbear]

The problem is that we have inequality in corporate taxes. Large multinationals pay little to no taxes while smaller domestic corporations, who don't get comparable tax breaks, and who create most new jobs, pay the higher rates. Be careful about trying to compete with some of the foreign countries with low corporate rates. They don't create new jobs....they steal jobs and then with their lower tax rates require bailouts. It's the old race to the bottom situation. How's it working out for Ireland? We need development....not theft via lower taxes.