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These high taxes don't effect big business as much as they do the little guy and that's why when Obama raised taxes they didn't care much even touting they should pay more taxes (because they knew they could get around it). But now, they fight it with fear mongering like this when the little guy gets a break.
In truth, the American corporate tax rate of 35% is one of the highest in the world. It is the reason so many American companies strive to generate a profit overseas, rather than in domestic operating units. Once earned, the cash tends to stay overseas, as cash-rich and highly profitable companies like Apple find it preferable to simply borrow money at low rates domestically than to pay taxes on cash to bring it back to American shores.
But many companies simply lack the capacity to avoid American corporate taxes by shifting profits overseas. Small business for example, pay full freight.
These high taxes don't effect big business as much as they do the little guy and that's why when Obama raised taxes they didn't care much even touting they should pay more taxes (because they knew they could get around it). But now, they fight it with fear mongering like this when the little guy gets a break.
In truth, the American corporate tax rate of 35% is one of the highest in the world. It is the reason so many American companies strive to generate a profit overseas, rather than in domestic operating units. Once earned, the cash tends to stay overseas, as cash-rich and highly profitable companies like Apple find it preferable to simply borrow money at low rates domestically than to pay taxes on cash to bring it back to American shores.
But many companies simply lack the capacity to avoid American corporate taxes by shifting profits overseas. Small business for example, pay full freight.
Time for those profits to be taxed. Along with profits from Day Trading, should be considered regular income or a transaction tax could be charged.
Remember the left iscreaming about getting rid of the SALT federal tax deduction even though it's people who can afford expensive homes and people who live in high tax states that mostly benefit from deducting SALT taxes from federal taxes. Now the 401k and the left is screaming again. While Trump said changes to the 401k are not on the table, think about this.
Deferring taxes is especially lucrative for people who work in states with high income taxes and choose to retire in states with no income taxes. Making it so that 401K contributions are post-tax, rather than pre-tax, would no longer allow for this tax rate arbitrage.
The left tries to make people believe they are all about the poor and the middle class but hidden in the truth is how it effects them and they won't talk about that. They know people don't consider different angles or understand how taxation works so it's easy to fool people into believing what they want you to believe.
Remember the left is screaming about getting rid of the SALT tax deduction even though it's people who can afford expensive homes and people who live in high tax states that mostly benefit. Again, the left screamed they are thinking about the middle class. While Trump said changes to the 401k are not on the table, think about this.
Deferring taxes is especially lucrative for people who work in states with high income taxes and choose to retire in states with no income taxes. Making it so that 401K contributions are post-tax, rather than pre-tax, would no longer allow for this tax rate arbitrage.
The left tries to make people believe they are all about the poor and the middle class but hidden in the truth is how it effects them and they won't talk about that.
The tax policy center estimates that about 1/3 of people making $50-100K and 2/3 of people making $100-150K will pay more under Trump's tax plan. These are middle class incomes. The increased standard deduction is about one half of what my current deductions are and that doesn't include exemptions. I live in a so-called low tax state. Will the GOP really increase taxes on middle income taxpayers to fund a giveaway for people like Trump? Will GOP reps in suburban districts that will be hit hard by this tax "cut" go along?
Another thing to consider when listening to this rhetoric is changing the rules on 401K plans makes it more likely that Americans turn away from 401Ks because the benefits of a 401K could simply be eliminated. In turn the stock market would take a hit.
In other words, it's all lies to scare people into not supporting the proposal.
The tax policy center estimates that about 1/3 of people making $50-100K and 2/3 of people making $100-150K will pay more under Trump's tax plan. These are middle class incomes. The increased standard deduction is about one half of what my current deductions are and that doesn't include exemptions. I live in a so-called low tax state. Will the GOP really increase taxes on middle income taxpayers to fund a giveaway for people like Trump? Will GOP reps in suburban districts that will be hit hard by this tax "cut" go along?
Don't let the media educate you because staying deep in your pocket is their (and the special interest) agenda while the rich continue to grow richer like they did during the Obama era. Yep, you don't think special interest who have a special interest in money being thrown their way and tax code that benefit them aren't fighting this?
I'm not listening to the generalized rhetoric especially since I know that starting with Obama, Schumer, they are lying. I also understand that Obama lied and that people don't understand that high income does not mean you are rich but that didn't stop people from believing the rhetoric (lies) that Obama was going after "the rich".
Are the tables and the incomes within the tables published?
These high taxes don't effect big business as much as they do the little guy and that's why when Obama raised taxes they didn't care much even touting they should pay more taxes (because they knew they could get around it). But now, they fight it with fear mongering like this when the little guy gets a break.
In truth, the American corporate tax rate of 35% is one of the highest in the world. It is the reason so many American companies strive to generate a profit overseas, rather than in domestic operating units. Once earned, the cash tends to stay overseas, as cash-rich and highly profitable companies like Apple find it preferable to simply borrow money at low rates domestically than to pay taxes on cash to bring it back to American shores.
But many companies simply lack the capacity to avoid American corporate taxes by shifting profits overseas. Small business for example, pay full freight.
OH please there is plenty of data on this. We do NOT have particularly high corp tax rates, that is patently fake. And it is easy to check because dozens of sites have huge amounts of data on international corp tax rates.
AND GUESS WHAT! Dozens of nations have political parties claiming their nation has the highest corp tax burdens.
The reality is our corp tax rates are fine but Corporate donors want them lower and they own a lot of votes due to citizens untied....
frankly this is what the GOP supporters are supporting, corporate takeover of the USA. And the sad part is the Dems will get there too because of the extremists on the right who pushed and pushed until the won their case to allow the uber wealthy to simply buy votes in congress.
OH please there is plenty of data on this. We do NOT have particularly high corp tax rates, that is patently fake. And it is easy to check because dozens of sites have huge amounts of data on international corp tax rates.
AND GUESS WHAT! Dozens of nations have political parties claiming their nation has the highest corp tax burdens.
The reality is our corp tax rates are fine but Corporate donors want them lower and they own a lot of votes due to citizens untied....
frankly this is what the GOP supporters are supporting, corporate takeover of the USA. And the sad part is the Dems will get there too because of the extremists on the right who pushed and pushed until the won their case to allow the uber wealthy to simply buy votes in congress.
Can you post a link to sites that show higher corporate tax rate than the U.S.? LOL, then can you explain why corporations including APPLE are keeping their money oversea's?
In truth, the American corporate tax rate of 35% is one of the highest in the world. It is the reason so many American companies strive to generate a profit overseas, rather than in domestic operating units. Once earned, the cash tends to stay overseas, as cash-rich and highly profitable companies like Apple find it preferable to simply borrow money at low rates domestically than to pay taxes on cash to bring it back to American shores.
The tax policy center estimates that about 1/3 of people making $50-100K and 2/3 of people making $100-150K will pay more under Trump's tax plan. These are middle class incomes. The increased standard deduction is about one half of what my current deductions are and that doesn't include exemptions. I live in a so-called low tax state. Will the GOP really increase taxes on middle income taxpayers to fund a giveaway for people like Trump? Will GOP reps in suburban districts that will be hit hard by this tax "cut" go along?
Everyone has different situations and we all play by the current rules and that will change, you'll have to play by the new rules just like the rich do with every attempt to "get the rich". It encourages less debt, it discourages greedy high tax state politicians because the people within their state can write off SALT taxes against their federal taxes essentially short changing the federal government.
Messing with the SALT tax breaks are an obvious way to screw blue state middle income earners. Even if they voted for Trump, their votes aren't needed. I hope all the fools on Long Island who voted for Trump gleefully pay their extra taxes to their master.
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