T Boone Pickens says its WRONG to raise taxes in any way right now!
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"Are we doing better after 30 years of cutting corporate taxes?"
I guess that's had to say since today only Japan has higher corporate income taxes.
"with all this regulation and investors will go elsewhere. Precisely your argument"
Where on CD did I say that?
GSE subcommittee chair Baker called for reform that was resisted by Frank, Pelosi, Waters and the rest of the dems in congress because they wanted to put more poor people in houses. Bush pushed for GSE oversight in 2003 and every year thereafter, McCain joined 3 other repubs in 2006 trying to get the same thing done. Even Bill Clinton had the decency to lay the blame where it belongs, with the dems.
Why were the Pay Go rules allowed to expire in 2003? Do you recall Greenspan's comment's and the subsequent fight in 2003? The 2003 walk down memory lane will be unpleasant considering today's financial atmosphere.
Nonfarm payroll employment declined by 159,000 in September, and
the unemployment rate held at 6.1 percent, the Bureau of Labor Sta-
tistics of the U.S. Department of Labor reported today. Employment
continued to fall in construction, manufacturing, and retail trade,
while mining and health care
continued to add jobs.
Unemployment (Household Survey Data)
The unemployment rate (6.1 percent) was unchanged in September,
following a 0.4 percentage point rise in August. The number of
unemployed persons was little changed at 9.5 million. Over the past
12 months, the number of unemployed persons has increased by 2.2 mil-
lion and the unemployment rate has risen by 1.4 percentage points.
Study says most corporations pay no U.S. income taxes
WASHINGTON (Reuters) - Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released on Tuesday said.
TheGovernment Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.
More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.
During that time corporate sales in the United States totaled $2.5 trillion, according to Democratic Sens. Carl Levin of Michigan and Byron Dorgan of North Dakota, who requested the GAO study.
The report did not name any companies. The GAO said corporations escaped paying federal income taxes for a variety of reasons including operating losses, tax credits and an ability to use transactions within the company to shift income to low tax countries. Source
You consistently make this argument Sunshine, however the logic behind your argument is flawed. It doesn't work and it isn't working right now.
I tried to follow your link, but it didn't work. The information available from GAO states that these corporations didn't pay taxes because they lost money. If they're performing money losing operations here and profitable ones elsewhere, that just makes my point.
"Another possibility could be the use of transfer pricing, which companies use to account for transactions between subsidiaries in different countries. Creative, rule-stretching use of transfer pricing can allow companies to push their profits into lower-taxed jurisdictions. The report does not attempt to examine whether illegal transfer-pricing caused the difference between foreign and domestic companies.
But companies looking for lower-taxed jurisdictions often take profits out of the United States. The country's 35 percent top rate on corporate income is among the highest in the industrialized world."
Ultra liberal Sen. Levin is my senator. I'm sure he would have absolutely no issues with picking the bones of industry clean. Fine for him, he has a job. But if you look at the area I live in, the southern suburbs of Detroit, you will see literally thousands of closed factories that used to service the US auto industry. The bottom line reason they are idle is because it is not cost effective for them to be here. Our auto industry now does little esle but final assembly of Mexican parts. I thank NAFTA for that. But I should also thank non-sensical ideologue Levin and his stripe for making our area hostel to business. Their is no free lunch. Levin knows that. But in this area, anti-corporate sells and we have the number one worst economy in the nation to prove it.
Why were the Pay Go rules allowed to expire in 2003? Do you recall Greenspan's comment's and the subsequent fight in 2003? The 2003 walk down memory lane will be unpleasant considering today's financial atmosphere.
OK, I'm with you on financially responsible government. Try to get elected dog catcher in America without promising the moon. If I were the King of America it would be easy, but we have a system that lends itself to corruption. The parliamentary system would work better. This one's not working anymore. Watch what happens when an ultra liberal Obama gets together with a Democrat house and senate. We're screwed!
Nonfarm payroll employment declined by 159,000 in September, and
the unemployment rate held at 6.1 percent, the Bureau of Labor Sta-
tistics of the U.S. Department of Labor reported today. Employment
continued to fall in construction, manufacturing, and retail trade,
while mining and health care
continued to add jobs.
Unemployment (Household Survey Data)
The unemployment rate (6.1 percent) was unchanged in September,
following a 0.4 percentage point rise in August. The number of
unemployed persons was little changed at 9.5 million. Over the past
12 months, the number of unemployed persons has increased by 2.2 mil-
lion and the unemployment rate has risen by 1.4 percentage points.
Study says most corporations pay no U.S. income taxes
WASHINGTON (Reuters) - Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released on Tuesday said.
TheGovernment Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.
More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.
During that time corporate sales in the United States totaled $2.5 trillion, according to Democratic Sens. Carl Levin of Michigan and Byron Dorgan of North Dakota, who requested the GAO study.
The report did not name any companies. The GAO said corporations escaped paying federal income taxes for a variety of reasons including operating losses, tax credits and an ability to use transactions within the company to shift income to low tax countries. Source
You consistently make this argument Sunshine, however the logic behind your argument is flawed. It doesn't work and it isn't working right now.
Quote:
Originally Posted by momonkey
I tried to follow your link, but it didn't work. The information available from GAO states that these corporations didn't pay taxes because they lost money. If they're performing money losing operations here and profitable ones elsewhere, that just makes my point.
"Another possibility could be the use of transfer pricing, which companies use to account for transactions between subsidiaries in different countries. Creative, rule-stretching use of transfer pricing can allow companies to push their profits into lower-taxed jurisdictions. The report does not attempt to examine whether illegal transfer-pricing caused the difference between foreign and domestic companies.
But companies looking for lower-taxed jurisdictions often take profits out of the United States. The country's 35 percent top rate on corporate income is among the highest in the industrialized world."
Ultra liberal Sen. Levin is my senator. I'm sure he would have absolutely no issues with picking the bones of industry clean. Fine for him, he has a job. But if you look at the area I live in, the southern suburbs of Detroit, you will see literally thousands of closed factories that used to service the US auto industry. The bottom line reason they are idle is because it is not cost effective for them to be here. Our auto industry now does little esle but final assembly of Mexican parts. I thank NAFTA for that. But I should also thank non-sensical ideologue Levin and his stripe for making our area hostel to business. Their is no free lunch. Levin knows that. But in this area, anti-corporate sells and we have the number one worst economy in the nation to prove it.
They work. Select Reuters or Source. From your link.
" In addition, Levin, Finance Chairman Max Baucus , D-Mont., and other senators have been trying to close the "tax gap," the difference between taxes owed and taxes collected. In a statement, Baucus said, "I'm committed to finding ways to improve compliance and reduce taxpayer burden so that we begin to bridge the tax gap, which accounts for $345 billion in legally owed but uncollected federal revenues each year."" Source
Is it difficult to imagine what 345 Billion collected federal taxes could do to spur the Economy or pay for the War? I understand Michigan's environment intimately. "They are idle" because of a refusal to shift to a product line in compliance with the needs and wishes of the Consumer. "They" are here, their competition had to relocate here. They ignored for years the cry of the consumer for a different product and allowed Honda to build what they wouldn't....and then Toyota, and then Hyundai. Each time ignoring automation, product diversity & reliability, customer retention and costs in favor of scaring the worker and local consumer base into believing his job would be lost to "the Foreign Companies"....have you seen Honda's sales? Pop the hood on a Lexus, who's working for whom? Toyota's number 1, and GM builds their parts while GMAC run's a mortgage refi Company (DiTech)....the irony is amazing. How long has it been since we've heard a "Like a Rock" Commercial? The Big Three needs to listen to the Consumer and Build US a Car!!
"Are we doing better after 30 years of cutting corporate taxes?"
I guess that's hard to say since today only Japan has higher corporate income taxes.
"with all this regulation and investors will go elsewhere. Precisely your argument"
Where on CD did I say that?
GSE subcommittee chair Baker called for reform that was resisted by Frank, Pelosi, Waters and the rest of the dems in congress because they wanted to put more poor people in houses. Bush pushed for GSE oversight in 2003 and every year thereafter, McCain joined 3 other repubs in 2006 trying to get the same thing done. Even Bill Clinton had the decency to lay the blame where it belongs, with the dems.
Read the transcript from Secretary Paulson's Congressional meetings in Feb 2000, right after the Repubs took full control, asking for the leverage allowances. The housing market just happens to be one the levers these corporations were subsequently able to abuse as a result. Without the allowance of 40-1 capital leverage (as it grew to) the deleveraging pain we are experiencing now would not have been permitted: risky consumer loans, mortgages and all other lines of easy credit (McMansion refinances, speculative interest only loans, furniture, credit card issuance).
Fannie/Freddie were just one place lenders were able to turn to maximize their greed. If capital requirements for banks had remained as they were prior to 2000, they would not have been allowed to take on that level of risk, or felt compelled to abuse it given the freedom congress gave them at that time. They chased fictitious "earnings" goals, got paid 100's of millions, and created a house of cards. As one poster mentioned, an apt analogy would be personal debt management. After the net capital requirements were lowered Wall street decided to abuse their new credit card limits, max out their cards, and for a time figured they could just use the credit line from their other credit cards to cover the monthly payment...eventually Peter or Paul have to get paid. This is not a partisan attack. I just wanted to share that the core issue of the economy was the 40-1...without that risk flexibility, this does not happen. The CEO's who tend to lean Republican ran to Congress when there was full control in the President's office as of 2000 and said we need this to be alleviated, and they obliged (with the consent of many Democrats). This is not some NPR rant. If you youtube programs like Fast Money on CNBC, who have little love for an Obama, they have said the same.
Well that's because he has plans for wind solar with his billions! He doesn't want his taxes raised for good reason! He actually wants to help the economy out with his money, so he possibly should be the exception!
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