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(1) Lower the Federal Tax rate on businesses
and
(2) Eliminate the loopholes, schemes and rebates that allow companies like GE and Exxon-- which profit in the billions-- to pay -0- Federal taxes.
So that's why the President's state of the union address for the last two years running has proposed just that--cutting the corporate tax rate and eliminating loopholes, plus incentives for companies who create jobs here at home?
It's a heck of a note when the democrats out republican the republicans, but that's where we're heading fast. The republicans used to be the party of common sense business policy. Those days are gone. This proposal makes a whole lot of sense.
(1) Lower the Federal Tax rate on businesses
and
(2) Eliminate the loopholes, schemes and rebates that allow companies like GE and Exxon-- which profit in the billions-- to pay -0- Federal taxes.
Obama and he democrats proposed just that, but the GOP as usual shot it down.
Abusing tax loopholes is a GOP staple, no way in hell they are actually going to pay what they should.
A new analysis of the mega-corporation's tax filings shows that 2.3 percent of GE's pre-tax profits have gone to the federal government since 2002. That bears repeating: GE has paid an average tax rate of just 2.3 percent over the past decade
Quote:
In some years, GE paid taxes. In other years, not so much. For 2002, 2008, 2009 and 2010, according to the report, GE didn't pay a cent in federal income taxes, and indeed got substantial tax refunds back from the government.
Obama and he democrats proposed just that, but the GOP as usual shot it down.
Abusing tax loopholes is a GOP staple, no way in hell they are actually going to pay what they should.
I'm good with pork and loopholes IF it's used to create manufacturing and tech jobs in this country vs. off shore. That's the problem now--a bunch of these companies are paying zero taxes, using our infrastructure, getting pork on top of it, and then moving jobs out of the country. I think it's high time we start looking after our own vs. just padding the pockets of international companies who give zip back to build this country.
Totally with you. Some argue that we shouldn't tax the "job creators". The job creators aren't individual billionaires, they're businesses.
what you are forgetting is that the engine that drives the job growth in this country is also the very people that own the small businesses that make enough money per year that obama wants to raise taxes on.
Quote:
Originally Posted by mlassoff
Lower the tax rate and eliminate the loopholes, rebates and schemes that allow companies like GE to pay 0 taxes.
i can get behind this.
Quote:
Originally Posted by mlassoff
Seems we ought to:
(1) Lower the Federal Tax rate on businesses
and
(2) Eliminate the loopholes, schemes and rebates that allow companies like GE and Exxon-- which profit in the billions-- to pay -0- Federal taxes.
cant include exxon and the other oil companies in this, they actually pay huge amounts in taxes to the government, including income taxes, every year.
I started a business with a thousand bucks, while undergoing chemotherapy and with three pieces of paperwork. That business has grown to over two million in (yearly) revenue 8 employees and continues to grow rapidly. That was three years ago... In the midst of "the worst economic conditions since the Great Depression." I quit a six figure job to do it...
I guess if you ask people to aspire to own a business they whine about taxes. I actually started a business instead of whining about non-existant hurdles and reap the rewards.
You could start 100 kinds of business tomorrow with little or no paperwork and no money.
You can't prove it can you? At least you can post the list of the 100 no cost start-ups, we're waiting... ...
This is America. Opportunities abound, no doubt about it. I'm very impressed by your success story. I wish more people were like you and and achieved the same level of success. But lets not pretend that every industry is the same. My guess is that you didn't start your own airline or air taxi service. (More than 100 new entrant air carriers enter the market every year, so my example is not far-fetched. 98% of them don't succeed beyond 365 days.) The barriers to entry are far more significant in that arena than say operating an online business or opening a barber shop, for example. Every business is different, therefore every business' entry requirements are different.
Thank you for the compliment.
And you're right, not every business is the same-- But you did pick the one business with the highest barrier to entry there is-- and rightly so. We don't want unregulated airlines start a 'new' airline here in the US with 40 year old 737-100's that have spent the last 10 years in the Ivory Coast with fine African maintenance practices... There should be significant barriers to entry in the airline business. A barber needs to be licensed. This is not a significant or unreasonable barrier to entry either....
However there are many, many offline and online businesses that can be started with only a desire, necessary skill set and a willingness to work. I was doing computer consulting for local real estate companies at 16. I don't remember being kept back by any government regulation or rule.
So perhaps a more accurate statement would be that there is significant (and perhaps necessary) barrier to entry in SOME businesses. If you want to start an office cleaning service, tutoring company or publishing company there are no barriers to entry-- go start it. If you want to start an airline or a bank, that is and should be another story.
Regards.
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