2/3 of US Corporations Pay No Income Tax

[grunt11b]

Yep, nearly 2/3 of US corporations and 68% of foreign corporation pay no federal income tax.

Enjoying record profits and taxpayer-funded bailouts as the economy slowly recovers from a financial crisis, nearly two-thirds of US corporations don't pay any income taxes, instead opting to abuse tax loopholes and offshore tax havens. According to this study from the non-partisan Government Accountability Office, 83 of the top 100 publicly traded corporations that operate in the US exploit corporate tax havens. Since 2009, America’s most profitable companies such as ExxonMobil, General Electric, Bank of America and Citigroup all paid a grand total of $0 in federal income taxes to Uncle Sam. Tax havens alone account for up to $1 trillion in tax revenue lost every decade, money that could be invested in K-12 education, colleges, public health, job creation and hundreds of other worthy public programs.

But this is not good enough for the GOP. They are urging Obama to seek further corporate tax cuts while cutting 60 billion dollars out of education and programs that serve the poorest of the poor.

Majority of corporations avoid federal income taxes - study - Aug. 12, 2008
US Uncut

And what they dont pay in income taxes the Democrats more than make them make up in Capital Gains taxes. You're not fooling anyone with this one dude.

 

[grunt11b]

With Corporate American's ability to contribute any amount to political campaigns, you can be sure they will buy enough congressman to insure further tax cuts and more loopholes for big business.

They pay 30% in Capital Gains taxes, which would be more then if they paid Income Taxes. I really don't see how you could possibly complain. And as stated before, Exxon paid more in taxes each year for the last several years then the rest of america combined "Working class americans that is".

 

[georgephillip]

2/3 of US Corporations Pay No Income Tax

Gee....If this is the case, it then might occur to the thinking person that there's an ulterior motive to corporate taxes.

It couldn't be.....just perhaps...that the real reason is that the corporate tax is a full-employment program for tax bureaucrats?

Or maybe Wall Street speculators and their useful idiots who produce nothing of value find corporate tax loopholes a useful tool for concentrating national income and wealth in the hands of 1% of the population?

 

[Care4all]

corporate tax reform is in order....since many of the big guns do not pay any corporate tax at all or a very small percentage and NOT the 35% federal corp. tax marginal rate....- several because they have moved profits to their overseas operations, or for other various reasons....to shelter them from taxes in the USA, while they are still paying taxes in their foreign locations to foreign governments....for what profit they have moved there....then we need to be more competitive on our corporate tax rates so that these corporations bring their money back to the usa, and get taxed by us...

I truly believe we would collect more taxes in the long run and bring more corporate money home, and also encourage other international corporations to bring their businesses here if we had an uncomplicated 10 or 15% flat fed corporate tax rate....shoot even a 20% flat rate could bring some of the money and overseas operations home...

 

[Gadawg73]

With Corporate American's ability to contribute any amount to political campaigns, you can be sure they will buy enough congressman to insure further tax cuts and more loopholes for big business.

They pay 30% in Capital Gains taxes, which would be more then if they paid Income Taxes. I really don't see how you could possibly complain. And as stated before, Exxon paid more in taxes each year for the last several years then the rest of america combined "Working class americans that is".

I agree 100% with your premise but the rate is 15% now.

 

[Gadawg73]

corporate tax reform is in order....since many of the big guns do not pay any corporate tax at all or a very small percentage and NOT the 35% federal corp. tax marginal rate....- several because they have moved profits to their overseas operations, or for other various reasons....to shelter them from taxes in the USA, while they are still paying taxes in their foreign locations to foreign governments....for what profit they have moved there....then we need to be more competitive on our corporate tax rates so that these corporations bring their money back to the usa, and get taxed by us...

I truly believe we would collect more taxes in the long run and bring more corporate money home, and also encourage other international corporations to bring their businesses here if we had an uncomplicated 10 or 15% flat fed corporate tax rate....shoot even a 20% flat rate could bring some of the money and overseas operations home...

What about the fact that it is citizens, NOT corporations, that pay ALL taxes is it that you do not understand?
Why is that so hard for you to accept?
Where do corporations get ALL OF THEIR $$$?
HOW DO corporations get their $$$?
How much $$ do corporations have to FRONT to get profits?
Who benefits from corporate profits the most? Could that be EMPLOYEES AND SHAREHOLDERS?
If a corporation pays MORE TAXES WHO DOES IT HURT THE MOST?
Could that be SHAREHOLDERS?
Well DUH!

 

[Care4all]

corporate tax reform is in order....since many of the big guns do not pay any corporate tax at all or a very small percentage and NOT the 35% federal corp. tax marginal rate....- several because they have moved profits to their overseas operations, or for other various reasons....to shelter them from taxes in the USA, while they are still paying taxes in their foreign locations to foreign governments....for what profit they have moved there....then we need to be more competitive on our corporate tax rates so that these corporations bring their money back to the usa, and get taxed by us...

I truly believe we would collect more taxes in the long run and bring more corporate money home, and also encourage other international corporations to bring their businesses here if we had an uncomplicated 10 or 15% flat fed corporate tax rate....shoot even a 20% flat rate could bring some of the money and overseas operations home...

What about the fact that it is citizens, NOT corporations, that pay ALL taxes is it that you do not understand?
Why is that so hard for you to accept?
Where do corporations get ALL OF THEIR $$$?
HOW DO corporations get their $$$?
How much $$ do corporations have to FRONT to get profits?
Who benefits from corporate profits the most? Could that be EMPLOYEES AND SHAREHOLDERS?
If a corporation pays MORE TAXES WHO DOES IT HURT THE MOST?
Could that be SHAREHOLDERS?
Well DUH!

I'm sorry, I don't view corporations as Gods as you seem to do....

I have no problem with the people buying the products of the corporations, paying the taxes......

meaning, IF the taxes corporations pay are incorporated in to the price of the goods they sell....and those buying their products, end up paying a good portion of those taxes via the retail price of the product, then so be it.....

I'd rather the people who benefit from utilizing the corporation's product, be the ones who pay the corporation's taxes, than those of us who DO NOT buy the corporations products, via higher individual income taxes on us.

We have a deficit spending situation from here to Kingdom come and we also have a national debt from here to kingdom come and back.

EVERYONE, including corporations like Bank of america and Goldman Sachs and AIG, and GM etc etc etc etc, need to pay taxes to help get us out of this mess.....many of them put us in....

Their corporate rate now is a marginal rate of 35%, they spend billions to hire the best accountants and tax lawyers and foreign trade lawyers to get them to reduce their tax liabilities now....imagine how less complicated it would be to have a much lower corporate tax rate that is FLAT?

the USA would be a JOY for any corporation....even international ones!

Can you imagine actually knowing, year after year after year, exactly what your corporate taxes will be, without having to finagle with tax loopholes, and tax credits that may apply and tax burden shifting by sending your profits to an overseas operation that you opened in Bermuda with a po box address....

alot less irs expense as well....

 

[Immanuel]

:snipped for Brevity:

Can you imagine actually knowing, year after year after year, exactly what your corporate taxes will be, without having to finagle with tax loopholes, and tax credits that may apply and tax burden shifting by sending your profits to an overseas operation that you opened in Bermuda with a po box address....

alot less irs expense as well....

Jeez, you almost sound like me... if you would include individuals in that and support either a flat tax or better yet the fair tax, then you might sound like me a lot more.

Better change your tune!

Immie

 

[Gadawg73]

corporate tax reform is in order....since many of the big guns do not pay any corporate tax at all or a very small percentage and NOT the 35% federal corp. tax marginal rate....- several because they have moved profits to their overseas operations, or for other various reasons....to shelter them from taxes in the USA, while they are still paying taxes in their foreign locations to foreign governments....for what profit they have moved there....then we need to be more competitive on our corporate tax rates so that these corporations bring their money back to the usa, and get taxed by us...

I truly believe we would collect more taxes in the long run and bring more corporate money home, and also encourage other international corporations to bring their businesses here if we had an uncomplicated 10 or 15% flat fed corporate tax rate....shoot even a 20% flat rate could bring some of the money and overseas operations home...

What about the fact that it is citizens, NOT corporations, that pay ALL taxes is it that you do not understand?
Why is that so hard for you to accept?
Where do corporations get ALL OF THEIR $$$?
HOW DO corporations get their $$$?
How much $$ do corporations have to FRONT to get profits?
Who benefits from corporate profits the most? Could that be EMPLOYEES AND SHAREHOLDERS?
If a corporation pays MORE TAXES WHO DOES IT HURT THE MOST?
Could that be SHAREHOLDERS?
Well DUH!

I'm sorry, I don't view corporations as Gods as you seem to do....

I have no problem with the people buying the products of the corporations, paying the taxes......

meaning, IF the taxes corporations pay are incorporated in to the price of the goods they sell....and those buying their products, end up paying a good portion of those taxes via the retail price of the product, then so be it.....

I'd rather the people who benefit from utilizing the corporation's product, be the ones who pay the corporation's taxes, than those of us who DO NOT buy the corporations products, via higher individual income taxes on us.

We have a deficit spending situation from here to Kingdom come and we also have a national debt from here to kingdom come and back.

EVERYONE, including corporations like Bank of america and Goldman Sachs and AIG, and GM etc etc etc etc, need to pay taxes to help get us out of this mess.....many of them put us in....

Their corporate rate now is a marginal rate of 35%, they spend billions to hire the best accountants and tax lawyers and foreign trade lawyers to get them to reduce their tax liabilities now....imagine how less complicated it would be to have a much lower corporate tax rate that is FLAT?

the USA would be a JOY for any corporation....even international ones!

Can you imagine actually knowing, year after year after year, exactly what your corporate taxes will be, without having to finagle with tax loopholes, and tax credits that may apply and tax burden shifting by sending your profits to an overseas operation that you opened in Bermuda with a po box address....

alot less irs expense as well....

I agree on the flat tax.
You may not have hundreds of thousands of your dollars, your complete life on the line with every penny you have invested in your businesses but I like millions of Americans do.
You can be flippant and call that "worship" as you have the luxury not to have to worry about the highest tax rate in the world but I do not have the luxury you have.
GOVERNMENT OVER SPENDING is the problem and YOU know it so quit the BS.
We have our $$ AT RISK and taxes kill us. WE EMPLOY MILLIONS and their families depend on us.
Your tax loophole comments are fantasy and not fact. Do not believe the left wing BS.
Join the rest of us in the real world.

 

[Care4all]

no G, you are wrong on the part about tax loopholes, there are a few, mainly involved with moving profits overseas or to subsidiaries, along with some others....a google on it will shed light, and there are plenty that will be unbiased, non partisan.

HOUSTON, we have a PROBLEM.

and as I stated previously, we need reform.

Yes, we have been spending too much since GWB took office, in to the Obama administration....but all the wishing in one hand of the cutting back will NEVER EVER get us to the point we need to be....we need more taxes to reduce the deficit to nil, and then we need more taxes to start reducing our national debt that is going to accumulate over the next 10 years....

if we can collect more in corporate taxes by LOWERING the corporate tax rate and by making it less complicated, then we should do such.....

corporations that have moved operations and headquarters overseas because the tax rate there has been lower than here, will come back to the usa....

Lots of good could actually come out of this to help our Nation....because if they come back here or decide to incorporate here in the usa, then this WILL BRING JOBS.

Everyone needs to chip in, and we need a phenomenal economy, and we need to cut back our long term spending BIG TIME....or I am afraid we will never, ever get out of this mess we are in.

 

[Immanuel]

no G, you are wrong on the part about tax loopholes, there are a few, mainly involved with moving profits overseas or to subsidiaries, along with some others....a google on it will shed light, and there are plenty that will be unbiased, non partisan.

HOUSTON, we have a PROBLEM.

and as I stated previously, we need reform.

Yes, we have been spending too much since GWB took office, in to the Obama administration....but all the wishing in one hand of the cutting back will NEVER EVER get us to the point we need to be....we need more taxes to reduce the deficit to nil, and then we need more taxes to start reducing our national debt that is going to accumulate over the next 10 years....

if we can collect more in corporate taxes by LOWERING the corporate tax rate and by making it less complicated, then we should do such.....

corporations that have moved operations and headquarters overseas because the tax rate there has been lower than here, will come back to the usa....

Lots of good could actually come out of this to help our Nation....because if they come back here or decide to incorporate here in the usa, then this WILL BRING JOBS.

Everyone needs to chip in, and we need a phenomenal economy, and we need to cut back our long term spending BIG TIME....or I am afraid we will never, ever get out of this mess we are in.

What, pray tell, good is it to increase tax revenues when we all know that Congress will increase spending more than the increase in revenues?

Immie

 

[Flopper]

Dividends are taxed, you're just wrong on that. Dividends are one way corporations distribute money to shareholders and they are not deductible ever, sorry. You may be thinking of dividends from preferred shares, but they are really bonds, not dividends. Bonds are deductible by the company. But dividends aren't. Either that or you just don't know what you're talking about. The rest is silly.

I said in some cases dividends are deductible by the corporation. For federal tax purposes, a corporation may generally take a dividends-received deduction (DRD) on its tax return equal to 70% of the dividend income it receives from a domestic corporation

Saying they get a tax reduction doesn't contradict that they are taxed. You're talking about how it's calculated. But even in the one case you named where a company owns a company, you still only supported the tax is reduced not eliminated. I didn't address how it's taxed, I just said it was.

So yes, money is taxed more than once, but not triple taxed. That's an exaggeration.

And yet I listed the three times it's taxed:

1) Corporate tax
2) Dividend or capital gains when you take your money out
3) Sales tax when you spend it

If you give it away or leave it to someone, that's a fourth tax...

We should go to the Fair Tax. Almost as good as firing every IRS agent would be firing every tax attorney and tax accountant as the dead wood they are on our economy

Capital Gains tax is in no way tied to corporate tax. They are separate and their is no double taxation here. In the state I live in there is no sales tax, so there is no double taxation. here. But double taxation is unavoidable without totally redefining the purpose of government.

 

[asterism]

It's a start. 100% shouldn't pay corporate income tax. It's double taxation. Investors pay tax again when they take the money out of the corporation. And again when they spend it. It's triple taxation...

Not really. In some cases dividends are deductible by the corporation which means they are not double taxed. When you sell your interest in a corporation you pay capital gains tax which is the difference between your cost basis and your net proceeds from the sale. There is no direct relationship relationship with corporate taxes paid. Whether you pay sales tax or not depends on where you live and how you spend the money.

Dividends are taxed, you're just wrong on that. Dividends are one way corporations distribute money to shareholders and they are not deductible ever, sorry. You may be thinking of dividends from preferred shares, but they are really bonds, not dividends. Bonds are deductible by the company. But dividends aren't. Either that or you just don't know what you're talking about. The rest is silly.

ESOP and 401(k) distributions are deductible sometimes.

When Is a Dividend Deductible? - - CFO.com

 

[asterism]

the truth is out of the 600,000 new corp's set up each and every year, 400,000 are non employee corp's that are used to hide money or move profit to a better place for tax purpose.
There are like 1,200,000 people who get an average 60,000.00 dollare gain from the Bush tax cuts. Out of this 600,000 set up new businesses each year at an average out of pocket cost of 80,000. Out of those 600,000 only 200,000 employee any workers, they are set up for tax purpose.
But even then where are the other 600,000 people who get these tax cuts because they use the money to start companies and hire people doing? BUYING AIRPLANES, taking trips, hoarding the money?

You cannot document that claim with actual facts.

 

[Flopper]

corporate tax reform is in order....since many of the big guns do not pay any corporate tax at all or a very small percentage and NOT the 35% federal corp. tax marginal rate....- several because they have moved profits to their overseas operations, or for other various reasons....to shelter them from taxes in the USA, while they are still paying taxes in their foreign locations to foreign governments....for what profit they have moved there....then we need to be more competitive on our corporate tax rates so that these corporations bring their money back to the usa, and get taxed by us...

I truly believe we would collect more taxes in the long run and bring more corporate money home, and also encourage other international corporations to bring their businesses here if we had an uncomplicated 10 or 15% flat fed corporate tax rate....shoot even a 20% flat rate could bring some of the money and overseas operations home...

What about the fact that it is citizens, NOT corporations, that pay ALL taxes is it that you do not understand?
Why is that so hard for you to accept?
Where do corporations get ALL OF THEIR $$$?
HOW DO corporations get their $$$?
How much $$ do corporations have to FRONT to get profits?
Who benefits from corporate profits the most? Could that be EMPLOYEES AND SHAREHOLDERS?
If a corporation pays MORE TAXES WHO DOES IT HURT THE MOST?
Could that be SHAREHOLDERS?
Well DUH!

No. All taxes increase are not passed on to customers. It all depends on the market the business operates in. Where some competitors are not subject to those taxes, the business may have to just eat those costs. Also in some markets the prices can't be increase.

 

[Care4all]

no G, you are wrong on the part about tax loopholes, there are a few, mainly involved with moving profits overseas or to subsidiaries, along with some others....a google on it will shed light, and there are plenty that will be unbiased, non partisan.

HOUSTON, we have a PROBLEM.

and as I stated previously, we need reform.

Yes, we have been spending too much since GWB took office, in to the Obama administration....but all the wishing in one hand of the cutting back will NEVER EVER get us to the point we need to be....we need more taxes to reduce the deficit to nil, and then we need more taxes to start reducing our national debt that is going to accumulate over the next 10 years....

if we can collect more in corporate taxes by LOWERING the corporate tax rate and by making it less complicated, then we should do such.....

corporations that have moved operations and headquarters overseas because the tax rate there has been lower than here, will come back to the usa....

Lots of good could actually come out of this to help our Nation....because if they come back here or decide to incorporate here in the usa, then this WILL BRING JOBS.

Everyone needs to chip in, and we need a phenomenal economy, and we need to cut back our long term spending BIG TIME....or I am afraid we will never, ever get out of this mess we are in.

What, pray tell, good is it to increase tax revenues when we all know that Congress will increase spending more than the increase in revenues?

Immie

hellllooooo???

THE MAIN REASON our deficits have increased as of late..... ISSSSSSSS because we have so many unemployed, being PAID by tax dollars unemployment compensation, instead of people working and paying their share of taxes....we are not even collecting in taxes each year what we collected in taxes in the year 2000, eleven years ago, let alone the taxes we collected yearly prior to the crash in 2008............this is a healthy portion of our yearly deficits, NOT collecting any taxes from those unemployed, but instead, paying the unemployed. We got a double whammy here....

outside of the one time stimulus and all the bailouts, there is no big spending program that's been added to the budget since obama that has increased it....the health care bill is not in effect yet, much of the deficit is because we have much lower collection of taxes with so many not working the past few years than when we were in our hay-day, with our economy rockin and rollin.

YES we had been over spending every year since 2001, yes our total defense budget has gone from 290 billion a year in 2000 to $700 billion a year now....yes we added the medicare pill bill without increasing taxes to cover it....all of that increased spending during the Bush years, which added $6 TRILLION to the 5.6 trillion national debt, HAS TO BE PAID FOR, let alone the stimulus and bailout carryover spending, which HAS TO BE PAID FOR.....

Was I happy that these things happened, NO......was I for the bailout, no.

but guess what? WE STILL have to PAY for it...yep, yes sirree, we do.

If we lower our tax rate on corporations, we could get them to come back here or repatriate some of their overseas money back in to the usa.....

what? Are you saying you would RATHER that these corporations keep their money overseas and pay FOREIGNERS taxes than to have them be here and pay lower, usa taxes?

they could bring jobs with them, when they come back home...and jobs means more revenues, to PAY for what we actually spend....

there is nothing wrong with that....nothing at all.

We need to be fiscally responsible....we need to drastically cut spending and we need a good economy to collect MORE in tax revenues....we have a HUGE debt to pay off as well....this isn't gonna be easy, but we have to do it, for the sake of your children not being left with this burden.

 

[hipeter924]

no G, you are wrong on the part about tax loopholes, there are a few, mainly involved with moving profits overseas or to subsidiaries, along with some others....a google on it will shed light, and there are plenty that will be unbiased, non partisan.

HOUSTON, we have a PROBLEM.

and as I stated previously, we need reform.

Yes, we have been spending too much since GWB took office, in to the Obama administration....but all the wishing in one hand of the cutting back will NEVER EVER get us to the point we need to be....we need more taxes to reduce the deficit to nil, and then we need more taxes to start reducing our national debt that is going to accumulate over the next 10 years....

if we can collect more in corporate taxes by LOWERING the corporate tax rate and by making it less complicated, then we should do such.....

corporations that have moved operations and headquarters overseas because the tax rate there has been lower than here, will come back to the usa....

Lots of good could actually come out of this to help our Nation....because if they come back here or decide to incorporate here in the usa, then this WILL BRING JOBS.

Everyone needs to chip in, and we need a phenomenal economy, and we need to cut back our long term spending BIG TIME....or I am afraid we will never, ever get out of this mess we are in.

What, pray tell, good is it to increase tax revenues when we all know that Congress will increase spending more than the increase in revenues?

Immie

hellllooooo???

THE MAIN REASON our deficits have increased as of late..... ISSSSSSSS because we have so many unemployed, being PAID by tax dollars unemployment compensation, instead of people working and paying their share of taxes....we are not even collecting in taxes each year what we collected in taxes in the year 2000, eleven years ago, let alone the taxes we collected yearly prior to the crash in 2008............this is a healthy portion of our yearly deficits, NOT collecting any taxes from those unemployed, but instead, paying the unemployed. We got a double whammy here....

outside of the one time stimulus and all the bailouts, there is no big spending program that's been added to the budget since obama that has increased it....the health care bill is not in effect yet, much of the deficit is because we have much lower collection of taxes with so many not working the past few years than when we were in our hay-day, with our economy rockin and rollin.

YES we had been over spending every year since 2001, yes our total defense budget has gone from 290 billion a year in 2000 to $700 billion a year now....yes we added the medicare pill bill without increasing taxes to cover it....all of that increased spending during the Bush years, which added $6 TRILLION to the 5.6 trillion national debt, HAS TO BE PAID FOR, let alone the stimulus and bailout carryover spending, which HAS TO BE PAID FOR.....

Was I happy that these things happened, NO......was I for the bailout, no.

but guess what? WE STILL have to PAY for it...yep, yes sirree, we do.

If we lower our tax rate on corporations, we could get them to come back here or repatriate some of their overseas money back in to the usa.....

what? Are you saying you would RATHER that these corporations keep their money overseas and pay FOREIGNERS taxes than to have them be here and pay lower, usa taxes?

they could bring jobs with them, when they come back home...and jobs means more revenues, to PAY for what we actually spend....

there is nothing wrong with that....nothing at all.

We need to be fiscally responsible....we need to drastically cut spending and we need a good economy to collect MORE in tax revenues....we have a HUGE debt to pay off as well....this isn't gonna be easy, but we have to do it, for the sake of your children not being left with this burden.

The one problem I find with how governments is what they cut, when you are trying to grow your economy and get people employed you don't cut education budgets (instead you increase them) while at the same time cutting what isn't needed. Nor is it a good idea to cut the Defense budget when the world is still recovering from the recession, along with the US and with economic turmoil comes the need to have some force to keep the world from boiling over.

If you look at the US education system (if not most education systems) its a mess because too much money is spent on bureaucracy rather than materials such as computers and books, as well as the schools themselves. How many schools have closed? And how many more people will have none to go to. If the money was spent correctly there wouldn't be mass teacher sackings nor massive teacher union protests you couldn't slam the door on or otherwise reason with.

Personally I think the best route forward is to end all business tax (and forever) while keeping personal tax rates the same, to stimulate the economy, with state taxes increasing or decreasing by the level of debt that has to be repaid.

But while cutting you have to keep in mind the areas that are sacred in the Budget, those at the moment seem to be the defense Budget and the Education budget, so any cuts there have to be well researched and have heavy consultation (not just be passed because a propaganda driven think tank says so). That has fallen on dead ears over here too, the result being higher unemployment, a greater gap between rich and poor, lower living standards, and declining graduation rates alongside increased student debt and high rates of suicide, not to mention a military that is now the joke of the western world.

 

[Gadawg73]

no G, you are wrong on the part about tax loopholes, there are a few, mainly involved with moving profits overseas or to subsidiaries, along with some others....a google on it will shed light, and there are plenty that will be unbiased, non partisan.

HOUSTON, we have a PROBLEM.

and as I stated previously, we need reform.

Yes, we have been spending too much since GWB took office, in to the Obama administration....but all the wishing in one hand of the cutting back will NEVER EVER get us to the point we need to be....we need more taxes to reduce the deficit to nil, and then we need more taxes to start reducing our national debt that is going to accumulate over the next 10 years....

if we can collect more in corporate taxes by LOWERING the corporate tax rate and by making it less complicated, then we should do such.....

corporations that have moved operations and headquarters overseas because the tax rate there has been lower than here, will come back to the usa....

Lots of good could actually come out of this to help our Nation....because if they come back here or decide to incorporate here in the usa, then this WILL BRING JOBS.

Everyone needs to chip in, and we need a phenomenal economy, and we need to cut back our long term spending BIG TIME....or I am afraid we will never, ever get out of this mess we are in.

What, pray tell, good is it to increase tax revenues when we all know that Congress will increase spending more than the increase in revenues?

Immie

You mean our respected and honorable Representatives would do such a thing?
It amazes me that Americans can be so dumb as not to know that it is SPENDING that gets one's self into DEBT.

 

[Immanuel]

no G, you are wrong on the part about tax loopholes, there are a few, mainly involved with moving profits overseas or to subsidiaries, along with some others....a google on it will shed light, and there are plenty that will be unbiased, non partisan.

HOUSTON, we have a PROBLEM.

and as I stated previously, we need reform.

Yes, we have been spending too much since GWB took office, in to the Obama administration....but all the wishing in one hand of the cutting back will NEVER EVER get us to the point we need to be....we need more taxes to reduce the deficit to nil, and then we need more taxes to start reducing our national debt that is going to accumulate over the next 10 years....

if we can collect more in corporate taxes by LOWERING the corporate tax rate and by making it less complicated, then we should do such.....

corporations that have moved operations and headquarters overseas because the tax rate there has been lower than here, will come back to the usa....

Lots of good could actually come out of this to help our Nation....because if they come back here or decide to incorporate here in the usa, then this WILL BRING JOBS.

Everyone needs to chip in, and we need a phenomenal economy, and we need to cut back our long term spending BIG TIME....or I am afraid we will never, ever get out of this mess we are in.

What, pray tell, good is it to increase tax revenues when we all know that Congress will increase spending more than the increase in revenues?

Immie

hellllooooo???

THE MAIN REASON our deficits have increased as of late..... ISSSSSSSS because we have so many unemployed, being PAID by tax dollars unemployment compensation, instead of people working and paying their share of taxes....we are not even collecting in taxes each year what we collected in taxes in the year 2000, eleven years ago, let alone the taxes we collected yearly prior to the crash in 2008............this is a healthy portion of our yearly deficits, NOT collecting any taxes from those unemployed, but instead, paying the unemployed. We got a double whammy here....

outside of the one time stimulus and all the bailouts, there is no big spending program that's been added to the budget since obama that has increased it....the health care bill is not in effect yet, much of the deficit is because we have much lower collection of taxes with so many not working the past few years than when we were in our hay-day, with our economy rockin and rollin.

YES we had been over spending every year since 2001, yes our total defense budget has gone from 290 billion a year in 2000 to $700 billion a year now....yes we added the medicare pill bill without increasing taxes to cover it....all of that increased spending during the Bush years, which added $6 TRILLION to the 5.6 trillion national debt, HAS TO BE PAID FOR, let alone the stimulus and bailout carryover spending, which HAS TO BE PAID FOR.....

Was I happy that these things happened, NO......was I for the bailout, no.

but guess what? WE STILL have to PAY for it...yep, yes sirree, we do.

If we lower our tax rate on corporations, we could get them to come back here or repatriate some of their overseas money back in to the usa.....

what? Are you saying you would RATHER that these corporations keep their money overseas and pay FOREIGNERS taxes than to have them be here and pay lower, usa taxes?

they could bring jobs with them, when they come back home...and jobs means more revenues, to PAY for what we actually spend....

there is nothing wrong with that....nothing at all.

We need to be fiscally responsible....we need to drastically cut spending and we need a good economy to collect MORE in tax revenues....we have a HUGE debt to pay off as well....this isn't gonna be easy, but we have to do it, for the sake of your children not being left with this burden.

Bravo... my point being that increasing tax revenue will do nothing at all if we continue to increase spending at a greater rate than we increase revenue.

If we are not willing to be fiscally responsible then it really does not matter what our tax revenues are, we are simply going to keep spending money we do not have.

Oh! And that one time failed stimulus package and the Republican led bailouts were nothing minor to be praising... and you forgot Health Care Reform or maybe it is that you believe that it will be revenue neutral? Please, you know better than that.

Immie

 

[Gadawg73]

What, pray tell, good is it to increase tax revenues when we all know that Congress will increase spending more than the increase in revenues?

Immie

hellllooooo???

THE MAIN REASON our deficits have increased as of late..... ISSSSSSSS because we have so many unemployed, being PAID by tax dollars unemployment compensation, instead of people working and paying their share of taxes....we are not even collecting in taxes each year what we collected in taxes in the year 2000, eleven years ago, let alone the taxes we collected yearly prior to the crash in 2008............this is a healthy portion of our yearly deficits, NOT collecting any taxes from those unemployed, but instead, paying the unemployed. We got a double whammy here....

outside of the one time stimulus and all the bailouts, there is no big spending program that's been added to the budget since obama that has increased it....the health care bill is not in effect yet, much of the deficit is because we have much lower collection of taxes with so many not working the past few years than when we were in our hay-day, with our economy rockin and rollin.

YES we had been over spending every year since 2001, yes our total defense budget has gone from 290 billion a year in 2000 to $700 billion a year now....yes we added the medicare pill bill without increasing taxes to cover it....all of that increased spending during the Bush years, which added $6 TRILLION to the 5.6 trillion national debt, HAS TO BE PAID FOR, let alone the stimulus and bailout carryover spending, which HAS TO BE PAID FOR.....

Was I happy that these things happened, NO......was I for the bailout, no.

but guess what? WE STILL have to PAY for it...yep, yes sirree, we do.

If we lower our tax rate on corporations, we could get them to come back here or repatriate some of their overseas money back in to the usa.....

what? Are you saying you would RATHER that these corporations keep their money overseas and pay FOREIGNERS taxes than to have them be here and pay lower, usa taxes?

they could bring jobs with them, when they come back home...and jobs means more revenues, to PAY for what we actually spend....

there is nothing wrong with that....nothing at all.

We need to be fiscally responsible....we need to drastically cut spending and we need a good economy to collect MORE in tax revenues....we have a HUGE debt to pay off as well....this isn't gonna be easy, but we have to do it, for the sake of your children not being left with this burden.

The one problem I find with how governments is what they cut, when you are trying to grow your economy and get people employed you don't cut education budgets (instead you increase them) while at the same time cutting what isn't needed. Nor is it a good idea to cut the Defense budget when the world is still recovering from the recession, along with the US and with economic turmoil comes the need to have some force to keep the world from boiling over.

If you look at the US education system (if not most education systems) its a mess because too much money is spent on bureaucracy rather than materials such as computers and books, as well as the schools themselves. How many schools have closed? And how many more people will have none to go to. If the money was spent correctly there wouldn't be mass teacher sackings nor massive teacher union protests you couldn't slam the door on or otherwise reason with.

Personally I think the best route forward is to end all business tax (and forever) while keeping personal tax rates the same, to stimulate the economy, with state taxes increasing or decreasing by the level of debt that has to be repaid.

But while cutting you have to keep in mind the areas that are sacred in the Budget, those at the moment seem to be the defense Budget and the Education budget, so any cuts there have to be well researched and have heavy consultation (not just be passed because a propaganda driven think tank says so). That has fallen on dead ears over here too, the result being higher unemployment, a greater gap between rich and poor, lower living standards, and declining graduation rates alongside increased student debt and high rates of suicide, not to mention a military that is now the joke of the western world.

Since when is it NOT the responsibility of PARENTS, and certainly not government, to see that their kids graduate?