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NY is the bluest of blue states, run by a leftie governor.
Why is he promoting zero corporate tax, zero sales tax and other tax breaks stating that it will bring businesses to NY, therefore creating jobs?
If the companies relocate to NY, then they spend their money in NY--at lunch, shopping, transportation, etc. It still does not create jobs, but it adds to the local economy and that money will be spent somewhere--the state losing those companies may lose jobs. If companies move NY will also benefit from the income tax employees will have to pay to the state and to NYC if they work there.
Bush cut taxes on the wealthy or for those owing small businesses has not helped to create jobs---they spend the savings on themselves in the form of another home, luxury goods, vacations, higher profit margins, etc., not to add another position to a small business or to start a business. And the luxury goods industry has in fact done very well through the recession. Corporations that have a higher profit margin due to tax cuts have not necessarily hired more people or even paid their employees higher wages.
Bush's tax cuts did not create jobs, but Clinton and Reagan tax increases did.
Any entity that generates profit should pay tax. No breaks, no loopholes.
They are just going to pass those costs onto the consumer. I'd get rid of loopholes that favor specific companies but I'd do that by eliminating tax on all business. Move it to a sales tax exposing it to the consumer instead of hidden in the cost of the product.
We are on different sides of the aisle but I agree 100% here. I am really for equality and leveling the playing field everybody/ corporation pays the same rate.
If you believe in this
Quote:
I am really for equality and leveling the playing field everybody/ corporation pays the same rate
...then we are not on different sides of the aisle, in fact I am not on any side of the proverbial aisle .
This NY program is very tightly restricted to companies associated with universities. It wouldn't attract a manufacturing company or tech startup without an academic connection. It will probably do nothing beneficial for NY.
They are just going to pass those costs onto the consumer. I'd get rid of loopholes but I'd do that by eliminating tax on all business. Move it to a sales tax exposing it to the consumer instead of hidden in the cost of the product.
not necessarily, if they are competeing they can only raise prices so far.
Where as if they are not paying tax that is absolute.
We can also get into the huge and quickly growing gap between executive level pay and mid and low level worker pay.
When liberals states offer tax breaks for businesses to come into their state, its a good thing... when the GOP does it, well they are evil and the TV media eats it up and people get outraged... people who vote for democrats are idiots... seriously, how do their brain function sometimes...
Certain tax cuts for businesses are incentives. Simply cutting taxes for the wealthy (i.e., who the GOP call "job creators") does nothing for job creation. There should be strings attached to business tax cuts--for hiring Americans, not outsourcing to other countries, etc.
When you make a sweeping generalization such as your comment and call an entire group of people you have no knowledge of 'idiots,' you should really provide details or sources to back up your assertions. Otherwise it is meaningless drivel and not credible.
This NY program is very tightly restricted to companies associated with universities. It wouldn't attract a manufacturing company or tech startup without an academic connection. It will probably do nothing beneficial for NY.
The knowledge economy is where things are moving, and it clusters around good universities. Boston, Austin, the Bay Area, Raleigh-Durham, and Pittsburgh have either thrived or survived the manufacturing downturn by having big, well respected clusters of R&D universities. NY State doesn't really have that outside of Syracuse and Ithaca and it hasn't really been leveraged in those towns as well as they could. So I don't fault them for trying.
not necessarily, if they are competeing they can only raise prices so far..
If the consumer is not paying the tax then who is?
To simply break it down if I'm going to sell a product and I have to sell it for $1 the first thing I'm going to look at is my costs. If it costs me 70 cents to make it I'm going to gross 30 cents. If I'm paying 30% tax now I'm up to almost 80 cents in costs, that tax is an expense. The bottom line is the 20 cents net which is really the only thing I'm concerned about.
If the tax is removed inevitably one of my competitors is going to drop their price to 90 cents to try and grab a larger market share. I have to follow suit or lose business.
If the consumer is not paying the tax then who is?
To simply break it down if I'm going to sell a product and I have to sell it for $1 the first thing I'm going to look at is my costs. If it costs me 70 cents to make it I'm going to gross 30 cents. If I'm paying 30% tax now I'm up to almost 80 cents in costs, that tax is an expense. The bottom line is the 20 cents net which is really the only thing I'm concerned about.
If the tax is removed inevitably one of my competitors is going to drop their price to 90 cents to try and grab a larger market share. I have to follow suit or lose business.
Income tax doesn't affect the final cost of the product. The fixed taxes do because those have to be paid no matter what, but income taxes can be avoided by reducing profits.
Income tax doesn't affect the final cost of the product.
Having been in business for 20 years I can assure you the income tax I pay is included in the cost of the product. My revenue is generated from the consumer and every single penny I pay in taxes comes out of their wallet.
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