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Here is why cutting corporate taxes in NJ is smart:
SPRINGFIELD -- The chairman and CEO of Peoria-based Caterpillar Inc. is raising the specter of moving the heavy equipment maker out of Illinois.
In a letter sent March 21 to Gov. Pat Quinn, Caterpillar chief executive officer Doug Oberhelman said officials in at least four other states have approached the company about relocating since Illinois raised its income tax in January.
"I want to stay here. But as the leader of this business, I have to do what's right for Caterpillar when making decisions about where to invest," Oberhelman wrote in the letter obtained Friday by the Lee Enterprises Springfield bureau. "The direction that this state is headed in is not favorable to business and I'd like to work with you to change that."
Here is why cutting corporate taxes in NJ is smart:
SPRINGFIELD -- The chairman and CEO of Peoria-based Caterpillar Inc. is raising the specter of moving the heavy equipment maker out of Illinois.
In a letter sent March 21 to Gov. Pat Quinn, Caterpillar chief executive officer Doug Oberhelman said officials in at least four other states have approached the company about relocating since Illinois raised its income tax in January.
"I want to stay here. But as the leader of this business, I have to do what's right for Caterpillar when making decisions about where to invest," Oberhelman wrote in the letter obtained Friday by the Lee Enterprises Springfield bureau. "The direction that this state is headed in is not favorable to business and I'd like to work with you to change that."
You mean there is someone else out there that gets it?? If your state is not business-friendly, it will soon be business-free when other states extend their friendly hands.
In 2010, GE made 5.1 Billion in profits - that is net profit, not gross - and is getting a tax credit of 3.2 Billion. Like I have said, the GOP's new mantra: capitalism for workers, socialism for corporations and the rich.
HELLO? THE $3.2B tax credit was from OBAMA.. it was in his stimulus package.. THE GOP HAD NOTHING TO DO WITH IT AND OBJECTED TO IT..
dont let facts though get in the way of a good rant of hate!!
Quote:
Originally Posted by JazzyTallGuy
There is capitalism and there is F***K you capitalism, which is the pursuit of profit without any regard to the national interest, the environment, or social responsibility. GE is practicing F****K you capitalism.
Actually GE got the credits for investing in renewable energy, something the left keeps screaming for.. They are giving you want you want and you still criticize them..
First, you should write your congressman and complain. They make the rules.
Second, GA and FL cannot change the FIT rules. If you put pre-tax money in an IRA or 401k, that money and all of the accumulated gains will be taxed (FIT) when you withdraw it. So nobody is getting a free ride. They are only deferring the taxable income until they take it out of their account.
If you are like most people and don't understand the retirement tax rules, you should either read up or hire a financial adviser. It would be money worth spending.
Those people are getting a break on state income taxes from money withdrawn from their IRAs (I meant to write MI and not FL - I don't know why I thought of Florida at the time of the post). For example, here is the current law in Michigan, which is proposed to be changed...
"Michigan currently charges no income tax on public pensions and exempts up to $45,120 worth of income from private pensions, 401(k)s and IRAs for an individual retiree, with limits of twice that for a retired couple. Treasury figures show about a fifth of the tax returns filed each year include pension income."
So, indeed, these people are getting a portion of their money withdrawals from their 401(k) and IRAs tax-free (didn't pay state taxes going in - aren't paying them coming out to a point). The Feds get their cut, but not the state and hence the seniors are getting money tax-free.
Here is why cutting corporate taxes in NJ is smart:
SPRINGFIELD -- The chairman and CEO of Peoria-based Caterpillar Inc. is raising the specter of moving the heavy equipment maker out of Illinois.
In a letter sent March 21 to Gov. Pat Quinn, Caterpillar chief executive officer Doug Oberhelman said officials in at least four other states have approached the company about relocating since Illinois raised its income tax in January.
"I want to stay here. But as the leader of this business, I have to do what's right for Caterpillar when making decisions about where to invest," Oberhelman wrote in the letter obtained Friday by the Lee Enterprises Springfield bureau. "The direction that this state is headed in is not favorable to business and I'd like to work with you to change that."
That is like in response to Illonis selling bonds to fund general budget obligations and not apyig int its pension obligation.All comanies look to liablities of states which show future liabilties of thsoe who pay taxes. It is also figure when a corproation wnats to find funding by actuaries because they see it as possble tax liabilties the corporation will owe part of.Look what our national debt has done;business and people are holding mney because they see the liabilty coming i the future from htis debt in governamnt having to raise revenues.
Two things will happen if NJ lowers taxes on business; 1) If it's viewed as permanent, it will attract business the NJ and 2) the price of products and services will go down so people in NJ will have more money to spend.
Exactly.
Watch for the exodus from Illinois to Wisconsin.
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