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Also, why do you think the corporate tax rate should actually hit an an effective rate of 35 percent? Today, most corporates pay around 18 to 22 percent with the marginal rate around 35 percent. You want to push the taxes up to a 35 percent effective rate?
Do you know the Europe has vat taxes in the 20 to 25 percent range in addition to their income taxes? That's why their income tax is lower than in America when foolish people directly compare the two.
The point is that any company that does NOT get enough money from its customers goes BUST.
So there is no reason to slam taxes on businesses that get shifted to the consumer. Which is one reason why foreign imports are so cheap - they have no hidden tax inflation. VAT countries refund any taxes levied on exports. Technically,American law forbids export taxes but since taxes on business and labor shift to the retail price, it hurts Americans and subsidizes foreign producers.
If all taxes were abolished on American business and labor, expatriate industries would fly back to the USA in a New York Minute.
Jobs would boom.
Prices would drop. But government would be so diminished. Boo Hoo.
Ah the trickle down kool-aid drinker. A fascinating beast. The one who really get me are the middle class clowns making 50K who've taken on the diction of gilded age robber barons. Welfare queens myth buying Limbaugh listeners, mostly.
Economy good? Cut taxes
Economy bad? cut taxes.
Jobs leaving? cut taxes
Jobs growing? cut taxes.
Anti-government anti-tax is an ideology, not a policy position.
If you cut corporate taxes and a company takes the profits and invests in a new Chinese plant, how is that good policy for the country? It isn't, but it's not about what's good for the country to you guys. It's about ideology.
Also, why do you think the corporate tax rate should actually hit an an effective rate of 35 percent? Today, most corporates pay around 18 to 22 percent with the marginal rate around 35 percent. You want to push the taxes up to a 35 percent effective rate?
Do you know the Europe has vat taxes in the 20 to 25 percent range in addition to their income taxes? That's why their income tax is lower than in America when foolish people directly compare the two.
There's quite a bit of variability as far as european income tax rates are concerned. The total tax burden is a lot higher overall though. This lets them pay for healthcare and education in some cases. We opt to send folks to the ER instead as a form of primary care.
Ah the trickle down kool-aid drinker. A fascinating beast. The one who really get me are the middle class clowns making 50K who've taken on the diction of gilded age robber barons. Welfare queens myth buying Limbaugh listeners, mostly.
Economy good? Cut taxes
Economy bad? cut taxes.
Jobs leaving? cut taxes
Jobs growing? cut taxes.
Anti-government anti-tax is an ideology, not a policy position.
If you cut corporate taxes and a company takes the profits and invests in a new Chinese plant, how is that good policy for the country? It isn't, but it's not about what's good for the country to you guys. It's about ideology.
That corporate tax return is complex does not mean one cannot understand it unless you lack education. That it is complex is due to the many loopholes stitched into it by corporate lobbyists. This is how they end up paying much less than the 35% rate.
Has anyone been talking about cutting the corporate rate and take away deductions and credits, as it is being done for the middleclass?
Not only are you unlikely to understand it, you won't even have access to it (unless in some very strange occurrence, GE chose to release it.
Not only are you unlikely to understand it, you won't even have access to it (unless in some very strange occurrence, GE chose to release it.
OK, I meant to say Financial Statements which indeed are public and available to shareholders if you own GE stocks. I don't really care to look at the tax return, who cares. GE through its spokesman has said it pays nowhere near 35% tax rate. Any corporation that does need to fire its tax department.
One can also read analysis and opinions by independent economists. Of course one can choose only to watch Fox News or some other outlet that reemphasize one's own bias. There is a wide world of information from which one can choose to educate oneself. It merely requires a curious mind and ability to understand.
You have a very strange definition of "sky high stock price." The price of GE stock has fallen over 25% this year, in contrast to an almost 13% increase in the Dow Jones Industrial Average:
The move will enable PwC to expand its tax service line while retaining GE as a client. And it enables GE—which files more than 5,500 tax returns annually in more than 300 jurisdictions—to cut costs and focus on core operations. The agreement, which is renewable after five years, takes effect April 1.
Quote:
Originally Posted by cb2008
Immelt has driven it practically to the ground
Clearly, Immelt was the wrong choice to lead GE. GE's Board of Directors shares the blame - they just didn't do their job and haven't done their job ever since.
Quote:
Originally Posted by cb2008
Taxpayers pay for all this by paying a higher rate of tax than GE does.
As shown in this thread, your statement is factually false.
You have a very strange definition of "sky high stock price." The price of GE stock has fallen over 25% this year, in contrast to an almost 13% increase in the Dow Jones Industrial Average:
Clearly, Immelt was the wrong choice to lead GE. GE's Board of Directors shares the blame - they just didn't do their job and haven't done their job ever since.
As shown in this thread, your statement is factually false.
OK, I meant to say Financial Statements which indeed are public and available to shareholders if you own GE stocks. I don't really care to look at the tax return, who cares. GE through its spokesman has said it pays nowhere near 35% tax rate. Any corporation that does need to fire its tax department.
You keep saying that when you have no idea what you're talking about. There are many instances where a corporation pays well in excess of 35% even with excellent tax advice.
Learn the profession before you make blanket statements like this.
And please explain why financial statement worldwide income it the appropriate metric to use when determining the proper effective tax rate.
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