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I'm more concerned with how the tax money is spent. I have no problem with moderately high taxes, but that money should be going to improving the standard of living here, not decimating the standard of living in the Middle East or lining some corporate lobbyists pocket.
Far too often, money is said to be allocated to something such as infrastructure improvement, but is actually spent to enhance pensions of federal bureaucrats who work in, say, the Department of Transportation. Enhancing a pension of a government employee doesn't do anything to repair an interstate highway.
First, most of these "cuts" are more properly understood as tax swaps, with the lost income-tax revenue almost always offset by higher sales or property taxes. Kansas Governor Sam Brownback, for instance, plans to partly offset his proposed income tax cut by making permanent a "temporary" sales tax increase that was set to expire this year. Louisiana Governor Bobby Jindal similarly wants to pay for an income tax cut with a sales tax increase.
Second, these tax cuts are politically possible largely because they're financed by the federal government. Governors may be lessening their state's bloat, but they're doing so at the expense of all U.S. taxpayers.
"Under Obama's plan, the top corporate tax rate for company profits earned in the U.S. would drop to 28 percent."
That's a big tax cut, which he has proposed four times in the past five years.
So, he is proposing a tax cut for corporations earning money in US. The reason why corporations do not invest their earnings in US is the 35% tax rate. They choose to keep them outside of US. So, this would give them two incentives to invest the money in US: 1. Taxes in US would be lower. 2. Taxes for keeping money outside of US would be higher.
"Under Obama's plan, the top corporate tax rate for company profits earned in the U.S. would drop to 28 percent."
That's a big tax cut, which he has proposed four times in the past five years.
So, he is proposing a tax cut for corporations earning money in US. The reason why corporations do not invest their earnings in US is the 35% tax rate. They choose to keep them outside of US. So, this would give them two incentives to invest the money in US: 1. Taxes in US would be lower. 2. Taxes for keeping money outside of US would be higher.
Two different stories there. They keep their foreign profits out of the US because the US wants to tax that money. Remove that and you'll see money coming home. The US taxes global money no matter where you make it. Greedy comes to mind here.
Two different stories there. They keep their foreign profits out of the US because the US wants to tax that money. Remove that and you'll see money coming home. The US taxes global money no matter where you make it. Greedy comes to mind here.
The idea is to lower the US tax rate. I thought I just said that.
Some of Obama's proposal is for tax cuts for over seas corporations from paying 35% down to 14 % the first year and 19% years after. Sounds like a idea conservatives could get behind. Glad the story mentioned Paul/Boxer working on the same idea but at a lower rate. Maybe a deal will be struck on this old idea, it beats getting a tax hike at the pump.
Actually its a one time tax on top of what they already pay.
Two more years of conservative policies acting as an anchor on this nation.
Always rape the military to pay for social engineering. Two years of conservatives holding in check an idiot who never had a budget while in office.
Ever heard of the Airport Trust Fund? Billions locked into that account that can't, by law, be used for anything else except for airport improvements. Liberals are salivating over that money they can't touch and I know it drives them crazy.
Let the rich pay as always. only this time it doesn't matter what he proposes because Republican control both houses. Election he has found has consequences.
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