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Why do low earners support tax cuts for corporations?
Do they really? When we vote for elected office holders they rarely run on one idea "I will lower corporate tax rates". So I don't think low wage earners are voting politicians in for that reason. It's all bundled up in a confusing ball o'wax.
What has become clear in this last election is that voters will say one thing and do another and may not vote in a way that benefits them personally. I haven't ever voted for a politician that promised to lower my taxes so I'm one of those who didn't vote for someone that could have benefitted me personally either and am not a low wage earner.
I think this last election was about voting AGAINST the other candidate.
Why do wage earners, with no college degrees, little understanding of Corp. accounting practices such as write offs,support tax policies that give huge tax breaks to Corporations? They never ever pay the tax rate that they are supposed to be in. GE, for instance, pays 0 taxes. How is that possible?
Do they truly believe these tax breaks will create jobs for them? Unemployment is the lowest right now.
Corporations have huge cash reserves and can invest them in expansion right now if they want to.
I am not trying to politicize this, merely want a discussion on how this happens where voters are induced to vote against their own interests.
Millions are being spent on the indoctrination of people who want their thinking done for them, or are just too lazy to think for themselves. An excellent book about the millions that are being spent on fooling the gullible is called "Dark Money". I haven't finished the book yet but just the first few chapters talk about the think tanks that are set up to influence public opinion and the billionaires that fund them.
Read the book. It answers all of your questions.
Last but not least, if you want to hide something in your car from potential thieves, put it under some books. Get it?
I don't support it. And please stop with the wage= intelligence.
The original post does not say anything about wage=intelligence. College education or the lack of it, however, does shape one's thinking and understanding of the world. Not always, but it is an advantage,
Why do low earners support tax cuts for corporations?
Do they really? When we vote for elected office holders they rarely run on one idea "I will lower corporate tax rates". So I don't think low wage earners are voting politicians in for that reason. It's all bundled up in a confusing ball o'wax.
What has become clear in this last election is that voters will say one thing and do another and may not vote in a way that benefits them personally. I haven't ever voted for a politician that promised to lower my taxes so I'm one of those who didn't vote for someone that could have benefitted me personally either and am not a low wage earner.
I think this last election was about voting AGAINST the other candidate.
Yes. So many say in interviews with reporters, and also in this very thread (not that I know what their income is), that corporate tax-breaks are good for them because otherwise prices will go up. And they are convinced that there will be more jobs. Neither of this is true, and yet it persists. Corporate tax-break only benefits the holders of capital and shares. It is such a harmful propaganda because it hurts low-wage earners because they get nothing. This is not at the time of voting but to distract people from questioning the tax cuts the rich are giving themselves and affect the elections of GOP candidates.
While most voters may not vote for someone just on promises of lower taxes (and if one is a low wage earner it may not have much relevance) they would certainly not vote for someone who calls for increased taxes which will actually benefit them in terms of more services that they need - education, child care, health care, infrastructure.
What is Tax Books? What corporations do you know of that does business on cash basis?
what exactly did you major in? did you go to college?
Tax books are the books where the assets, liabilities, revenues and expenses are kept using the tax laws instead of the GAAP/IFRS rules. For example, US tax law allows for accelerated depreciation on many assets, while GAAP/IFRS generally only allow straight line. Some revenues that can be deferred under standard accounting rules have to be recognized immediately on the tax return. It's far simpler to keep two sets of books, or three or four if you operate in several countries with different rules, otherwise, your staff spends huge amounts of time adjusting the financial books for tax purposes (driving those awful deferred tax items I used to hate so much when I had to calculate and record them)
Small corporations do business on a cash basis, and there are items that the IRS only allows when the cash has gone out the door.
Yes, I am an accountant and worked as credit manager for major corporations. I know how to read financial statements and infer if customers, other corporations, can pay their bills or not. Can you?
Companies set prices per laws of supply and demand and competition. That is the beauty of a capital economy. They almost never consider taxes as a factor, not is it a factor in how they expand business. If Walmart raises the price of fertilizer Amazon will ship it free for a lower price.
I actually have run several business units that are part of corporations and have managed P&L's for the past 15 years. My staff includes various functions including finance. Tax is a cost just like anything else. Corporations are run to make a profit. If our costs go up (including tax), we pass that on to the customer. If our costs are going up, it is also going up for those we compete with, so we are all on an even playing field.
It is abundantly clear to me that you actually know nothing, and nothing about taxes or legal.. Tax and legal department do not set prices. Economists believe a corporate tax cut mostly benefits shareholders, not the middle class like you, as Trump wants you to think.
To the opposite, Thatsright19 is correct. Within business functions, we work with our finance (including tax) as well as our legal business partners when making decisions. To say otherwise indicates that you lack significant business experience.
It is abundantly clear to me that you actually know nothing, and nothing about taxes or legal.. Tax and legal department do not set prices. Economists believe a corporate tax cut mostly benefits shareholders, not the middle class like you, as Trump wants you to think.
So what is wrong with benefiting shareholders? Do you honestly believe that those in the middle class do not hold stocks or invest?
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