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investment? lololol, you do realize this is the "worst" recovery on record right? So where are all those jobs? Your theory is proven wrong. It encourages big companies moving main operations overseas to countries of lower corporate tax rates. It encourages companies keeping that money overseas and not bringing money back to the U.S. If you bring money back to the U.S. and the government takes a huge chunk you would keep it there too. Wake up!
For small business it encourages hoarding of what's left after the government take.
Unless you had cash to invest and then you have seen your profits increase tremendously over these past 5 years.
Stocks and select RE purchases have put a lot of people on financial easy street.
Do you realize that Apple stock was selling for $97/share in 2009 ?
Actually each year under Obama more jobs are created then in the eight years of the shrub. Also gdp growth is better then under Bush.
Here is the thing gdp growth and often job growth was way higher when taxes were higher then they are now.
Crops paid more in taxes decades ago and more of the tax revenue was from corps. Now it's individuals not corps that pay the lion's shares of tax revenue.
Profits from corps is taxed not revenue. So in order to avoid paying the 90% marginal tax rate the rich would heavily invest and hire people in order to limit profits in the short term. Long term these investments and hiring of people would pay off.
Now due to the ridiculously low taxes we have corps and the rich see that they can get more money not by investing and hiring people but hording the money.
How do they get more money by hording money??
I am a hoarder.....it does not pay at all.....it is just a personal statement.
"The report’s analysis, based on data from many sources including the Bank of International Settlements and the International Monetary Fund, indicates that enough money has left some developing countries since the 1970s to pay off all their debts to the rest of the world. “The problem here is that the assets of these countries are held by a small number of wealthy individuals while the debts are shouldered by the ordinary people of these countries through their governments,” the report says.Money has especially flowed out of oil producing states. Some $700 billion has left Russia since the 1990s: $305 billion has flowed out of Saudi Arabia since the 1970s, and about the same amount from Nigeria."
Oh there's a lot more companies than Apple doing it. Over $2 trillion in corporate profits are now being held in other countries.
And if the US didn't go after foreign profits there would be no need for any "credits" to offset profits not earned in the US.
Apple is an example.
Most nations operate a territorial tax system and do not attempt to tax world -wide profits. In contrast, the U.S. has a world-wide corporate tax system. The corporation is not double taxed. It receives a credit for any taxes paid, off shore. Instead, corporations make use of foreign tax shelters to avoid paying income tax on some of their profits.
Contrary to a common conservative talking point, the accumulated profit reflected on a foreign subsidiary's balance sheet has absolutely nothing to do with the physical location of the money or where it's being invested. These offshore subs are often nothing more than a P.O. Box and a local agent.
Again, if you could defer paying taxes indefinitely by recording and accumulating your income on an offshore balance sheet while maintaining those funds at your local U.S. bank while allowing your local U.S. bank to invest those funds on your behalf, what would you do? It's a swell tax shelter.
Going back to the Apple example, it can shelter massive amounts of income on Ireland balance sheets and hold the funds in U.S. banks who make those funds available to borrowers. Apple then turns around and borrows funds from the same bank to build a spiff new complex in Texas. In effect, they are borrowing from themselves and do so without paying U.S. taxes on those profits recorded in Ireland because U.S. taxes can be deferred indefinitely.
Is that really your test for assessing the competitiveness of our corporate tax structure?
Large U.S,. corporations have not shied away from opportunities to make a buck in France, or anywhere else for that matter, despite France's high corporate and payroll tax rates.
Over 30% of "millionaires" live in middle class homes or lower.
Read "The Millionaire Next Door".
A heck of a lot of middle class earners are millionaires. They tend to have worked for corporations with 401K programs with good matching provisions. They participated early and stayed the course through retirement.
Large U.S,. corporations have not shied away from opportunities to make a buck in France, or anywhere else for that matter, despite France's high corporate and payroll tax rates.
So you're saying because US Companies operate in high tax locations, that the taxes aren't really high? I'm not entirely sure what point your trying to make here. Companies operate in France because there's 65+million people there and a market to buy their products, that doesn't change the fact that their tax rates are uncompetitive.
So you're saying because US Companies operate in high tax locations, that the taxes aren't really high? I'm not entirely sure what point your trying to make here. Companies operate in France because there's 65+million people there and a market to buy their products, that doesn't change the fact that their tax rates are uncompetitive.
I heard once it was their environmental restrictions being easier to deal with.
You said that wealthy pay taxed based on property taxes insinuating that the wealthy pay according to their wealth (wealth tax).
wow, you get confused easily. The whole point is if you don't already have wealth and are trying to make it in this country (small business etc) you are screwed because of the high taxes. High taxes is killing the American dream. The wealthy are already wealthy and they can easily get around high taxes. I've shown a few examples of the hypocritical rich liberal doing just that. The little guy is paying the bill.
One would need to go back about 100 years to find lower federal tax brackets for high income earners.Yet, somehow, that American Dream flourished.
So what are you proposing? Their houses are taxed, their cars are taxed (depending on state), their income is taxed, their 401(k) contributions are either taxed, or will be taxed, their dividends are taxed and their stock will be taxed when they sell it. Are you saying everything they own they should be taxed simply because they own it?
Basically, the problem with the US (and our economy) is horders going great lengths not to realize their income.
You get chumps in the 1% who invest all their "income" to pay the lower capital gains tax rate of 15% (needs to be fixed ASAP), use corporations as shields, then build up multi-billion dollar portfolios. Before they die, they donate it to charity and / or stash it off-shore. The government basically doesn't ever get the "real" amount of tax revenue from them.
While they do this, they continuously lobby for even more tax breaks.
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