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36% to 39% for the top 1% is not a "massive" tax hike... It wouldn't affect you unless you make more than $363,000...
I heard these kind of statements my whole life, and every time the result is the same: politicians and liberals say the increase only applies to "the rich" and when the rates are established they hit well into the ranks of people who have worked their whole lives in regular jobs (the same people trying to put their kids through college and save for retirement).
Taxes are never indexed to inflation, so sooner or later we all get much higher rates than we originally supported. It's called "Bracket Creep." Its how the AMT continues to capture more and more taxpayers every year. And it's not because you have more purchasing power than you had 5 years before--you have less.
With our federal government dealing with a debt of $14 trillion by simply printing money on a massive scale, we are setting ourselves up for hyper-inflation the moment the economy comes out of its current coma. And when that happens, it will be only a few days before every working person is in the top tax bracket--even though their salaries won't buy more than a loaf of bread.
Cisco has $30,000,000,000 of its current stockpile of $40,000,000,000 in cold hard cash parked in banks overseas, and our nosebleed-inducing corporate tax rates are the #1 reason why, as the WSJ pointed out.
Multiply those numbers by the dozens of US corporations doing likewise due to the well-documented ignorance of Obamaphiles and other illiterate Democrats, and it's no secret that this long-running practice (and its second cousin aka outsourcing) are bound to continue.
It has nothing to do with a particular tax rate but the tax code itself. Profits made by U.S. corporations overseas is NOT TAXED until it's repatriated back to the United States. That money is going to stay exactly where it is for that reason. When you combine that with the growth rate and lower wages of emerging market countries that is the biggest reason corporate money isn't coming back the the United States.
This is simply a matter of the workers in the United States no longer being wage competitive in comparison to other countries. The American economy is based on free market capitalsim. Well this is what happens when other countries play the game better than you do. If you don't innovate and you don't educate your workforce to create higher levels of value the competition beats your *ss.
It has nothing to do with a particular tax rate but the tax code itself. Profits made by U.S. corporations overseas is NOT TAXED until it's repatriated back to the United States. That money is going to stay exactly where it is for that reason. When you combine that with the growth rate and lower wages of emerging market countries that is the biggest reason corporate money isn't coming back the the United States.
This is simply a matter of the workers in the United States no longer being wage competitive in comparison to other countries. The American economy is based on free market capitalsim. Well this is what happens when other countries play the game better than you do. If you don't innovate and you don't educate your workforce to create higher levels of value the competition beats your *ss.
Banks have helped me my whole adult life. It is in their interest to do so. They will continue to help me as long as I need external financing. It is my fondest desire that they do so on a profitable basis, so they will be there when I need them again.
Key point: I always pay them back. I know for a fact that deadbeats really pith them off.
Because to help his cronies add millions to their portfolio, Bush wanted deregulation for them to run wild. Now we have foreclosure fraud, and the Fed has issued big money to the Wall Street investment banks yet again. Investment Banks are not your little local bank in town that loans to small businesses.
Cant understand how people blame this on Obama, it started in Bushworld.
Because to help his cronies add millions to their portfolio, Bush wanted deregulation for them to run wild. Now we have foreclosure fraud, and the Fed has issued big money to the Wall Street investment banks yet again. Investment Banks are not your little local bank in town that loans to small businesses.
Cant understand how people blame this on Obama, it started in Bushworld.
Subprime loans were made because the government via Fannie Mae and Freddie Mac were willing to buy unlimited quantities of crap mortgages to promote "affordable housing" (thank Barney Frank and Chris Dodd).
Credit is NOT frozen, but it is difficult because the government bank examiners pound the banks for making loans, or even renewing loans for paying customers, unless they have solid gold collateral in unprecedented amounts.
The consequences of government meddling in the economy have been horrendous.
Subprime loans were made because the government via Fannie Mae and Freddie Mac were willing to buy unlimited quantities of crap mortgages to promote "affordable housing" (thank Barney Frank and Chris Dodd).
Credit is NOT frozen, but it is difficult because the government bank examiners pound the banks for making loans, or even renewing loans for paying customers, unless they have solid gold collateral in unprecedented amounts.
The consequences of government meddling in the economy have been horrendous.
But companies are sitting on $2 TRILLION in cash...
"..cash bonuses on Wall Street may be even larger this year than after last year's record performance for the financial center."
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