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I was talking about the founder of these companies. I guess you don't know who the founder of Tesla is. Well, let me introduce you to Mr. Elon Musk. As of 2016 his net worth is 11.7 billion dollars. You know, one of those EVIL, SUPER RICH PEOPLE WE MUST ALL HATE THAT DOESN'T PAY ENOUGH TAXES. I guess you thought that Tesla was founded by a crack head welfare recipient. You see, Mr. Musk doesn't have to live in the U.S. to do business here. In fact, he can base his corporation anywhere on this Planet. There are ton's of countries that pay less taxes than the US. You start raising his taxes, guess what, he leaves.
Yes I am fine with businesses not paying taxes, because they EMPLOY THE MIDDLE CLASS. Who in the heck do you think works at these companies. Without businesses, there wouldn't be any jobs. We wouldn't have a single car, train, aircraft, or ship without corporations. We wouldn't have had any medical advancements, or medicine. Most of the food on this planet is grown by corporate farms.
No one has gotten to me, I live in the real world. I'm from a blue collar family. My dad was a farmer, my mother in management. Both worked for corporations. It paid for my upbringing, my education.
There is no tragedy, the only tragedy is the people blaming big businesses and CEO's for their problems. Not realizing that we live in a world not defined by boarders, where people can freely choose where they live. Right now, in Europe, hundreds of millionaires are leaving their home countries and moving to Russia. Why?, Russia has a 13% income tax rate. The corporate rate in Russia is 20%. If I am a millionaire, why would I pay over 40% of my income in taxes to Europe or the U.S.
Russia is giving citizenship to every millionaire who comes. Why? Because unlike most of the people posting here, Russia knows that wealthy people drive the economy. They want the richest people in the world living within their borders. They want them buying their real estate, paying for services in their communities.
Expand your horizons.
If people want to live in Russia, I'm fine with that. There is no reason why those who do not benefit from the advantages of living in the USA should be paying American taxes. On the other hand, those who make money in the USA, reside in the USA and benefit from living in the USA should be paying a fair share of supporting the government that delivers those benefits. Why not just support your claim that millionaires should be tax exempt rather than go off on tangents? Who cares about Musk? You were talking about a company you thought was "super rich" when in fact it is a money pit?
There is a very real disconnect between corporations and those who run them and if you insist on treating them as one and the same you'll never see the light.
So for several years now we have talked about the 16, 18 and 20 trillion USD of debt that America has. We hear how we make cuts but yet despite cuts we see our debt increase year after year. There have been cuts but it's not enough to really make a dent. The biggest thing I see that our debt is a lot of talk of cutting taxes. In reality any tax cut leads to increasing debt. $2 of tax cuts for every $1 of budget cuts is still $1 of debt increased. I ask why can't we raise taxes if the national debt is such a problem for America?
Because most people want someone else to pay and politicians would never think of raising taxes on a large block of voters.
The reason is that taking in more money doesn't help if we spend more and more. It's like celebrities who have assets of $50 million dollars, and everyone is shocked when they file bankruptcy. If they have assets of $50 million dollars and spend $60 million dollars, they're still broke. And so it is with our government. No matter how much we take in, the output must be less than the intake for it to make a difference.
Business will grow so the tax base will increase. At least that is the theory.
As far as I know, it is not even a sound economic theory. It is more of a hope of certain politicians. And you can't manage your budget based on hope. I don't think that in reality, the cut in taxes has ever really paid for itself. Meaning the increase in tax base offset the effects of the tax cut.
The only exception would be if the taxes were originally very high and punitive and then they were lowered. But that is not what is happening now.
Last edited by DefiantNJ; 09-30-2016 at 08:46 AM..
As far as I know, it is not even a sound economic theory. It is more of a hope of certain politicians. And you can't manage your budget based on hope. I don't think that in reality, the cut in taxes has ever really paid for itself. Meaning the increase in tax base offset the effects of the tax cut.
The only exception would be if the taxes were originally very high and punitive and then they were lowered. But that is not what is happening now.
110% correct. These taxes are extremely far from being punitive, that's for sure.
The reason it's truly a bad idea now is because the problem is on the demand side. Firms will not expand unless that demand exists, which for most products, is very flat at best.
It's crazy how many people posting here and elsewhere have failed to seek out basic information regarding the economics/business they feel they comprehend.
Two ways to pay a bill off. Cut cost and use the money you are now saving to pay down the debt. This is the Conservative approach to paying off debt.
The other way is raise more money, either by getting a second job, selling something, or borrowing from someone else to pay the debt off. This is the Liberal approach to paying off debt.
It is no secret that our Government is about as wasteful as any entity can be. Why would anyone want to give the Government more money? They have a hard time managing the money they get as it is.
The other way is raise more money, either by getting a second job, selling something, or borrowing from someone else to pay the debt off. This is the Liberal approach to paying off debt.
.
Actually, I'd suggest that the Liberal approach to paying off debt(assuming they would ever be inclined to do so) is to take money from others against their will.
I identify with the Liberals on some issues. But their financial policy seems to amount to "Look at all the good things I can do with your money."
So for several years now we have talked about the 16, 18 and 20 trillion USD of debt that America has. We hear how we make cuts but yet despite cuts we see our debt increase year after year. There have been cuts but it's not enough to really make a dent. The biggest thing I see that our debt is a lot of talk of cutting taxes. In reality any tax cut leads to increasing debt. $2 of tax cuts for every $1 of budget cuts is still $1 of debt increased. I ask why can't we raise taxes if the national debt is such a problem for America?
In the words of my old neighbor, revenues ain't the problem. Bush's last real budget to Congress was for approximately $2.6 trillion (give or take), with actual expenditures not exceeding that amount terribly so. When the market issue happened and Congress passed that bank bailout, we were told that the stimulus was a one time deal; yet, the budget never went back to where it was in the past and has only massively increased, leading to our issues with debt today. You can raise taxes all you want to, but if you have an undisciplined Congress that is only going to spend increased revenues and then so vs. using that money to pay down the debt and make responsible budget cuts, then we're fighting a losing battle.
So for several years now we have talked about the 16, 18 and 20 trillion USD of debt that America has. We hear how we make cuts but yet despite cuts we see our debt increase year after year. There have been cuts but it's not enough to really make a dent. The biggest thing I see that our debt is a lot of talk of cutting taxes. In reality any tax cut leads to increasing debt. $2 of tax cuts for every $1 of budget cuts is still $1 of debt increased. I ask why can't we raise taxes if the national debt is such a problem for America?
Very simple - if any politician talks of higher taxes, they have committed political suicide. Too many voters want higher taxes only on the people that make more than them.
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