Federal taxes lowest since 1950

[James48843]

Thanks to Congress and President Obama, taxes are the lowest this year since 1950.

That's a fact.

http://news.yahoo.com/s/ap/20110207/ap_on_bi_ge/us_lower_tax_bills

[Frixxxx]

Thanks to Congress and President Obama, taxes are the lowest this year since 1950.

That's a fact.

http://news.yahoo.com/s/ap/20110207/ap_on_bi_ge/us_lower_tax_bills
Appaprently it's not Congress and President Obama that deserve the credit:

FROM YOUR ARTICLE:


And for the third straight year, American families and businesses will pay less in federal taxes than they did under former President George W. Bush, thanks to a weak economy and a growing number of BREAKS (http://news.yahoo.com/s/ap/20110207/ap_on_bi_ge/us_lower_tax_bills#) for the wealthy and poor alike.

Come on Jim, Give credit where it's due! Those tax breaks you hate SOOOO MUCH, signed by President Obama lowered the taxes.:suspicious:

[Boghie]

Thanks to Congress and President Obama, taxes are the lowest this year since 1950.

That's a fact.

http://news.yahoo.com/s/ap/20110207/ap_on_bi_ge/us_lower_tax_bills

Jim,

You always bring up this canard...

Back in the day, income tax payers (normal ones, not Bill Gates types) could write off credit card interest, interest on car payments, interest on multiple homes, and a myriad of other things not possible now. The effective tax rate was much lower than the stated rate.

Studies have shown that Americans pay about 18% of GDP to Federal tax.

[James48843]

The point is the right always spouts off (not reality) that taxes are higher now than under the previous president. When the fact is that taxes have gone DOWN, not up under the current president:

From the story:



At the request of The Associated Press, The Tax Institute at H&R Block compared 2008 and 2010 tax bills for families at various income levels, showing how their taxes have changed since Obama took office. Taxpayers are filing their 2010 tax returns this spring, while 2008 was the last full year that Bush was president. The scenarios assume that each family had the same income, filing status and number of dependent children in both years.
Income tax rates remain unchanged. But many taxpayers are seeing their bills drop under Obama because of more generous tax credits for college students, working families, homebuyers and the working poor. Many of the changes were enacted as part of the big economic stimulus package passed in 2009.
Congress also extended Bush-era tax cuts through 2012. Lawmakers let Obama's Making Work Pay tax credit expire at the end of 2010, but they replaced it with a one-year cut in Social Security payroll taxes that is already showing up in workers' paychecks.
Some scenarios:
• A married couple with two young children and a combined income of $25,000 will pay no federal income taxes for 2010. Instead, they'll get a payment of $7,085 -- up from $6,700 in 2008. The larger payment comes mainly from a more generous Earned Income Tax Credit, which provides subsidies to the working poor. They will also get a $1,000-per-child tax credit. The example illustrates how complicated tax returns can be, even for low-income families, said Kathy Pickering, executive director of The Tax Institute at H&R Block.
• A married couple with two children, including one in college, and a combined income of $50,000 would pay no federal income taxes, instead getting a payment of $734 from the government this year. However, they did better in 2008 when they netted a $1,234 payment from the government. That's because Obama's Making Work Pay credit was worth less to them than the Bush-era economic stimulus payment they received in 2008.
• A single person making $50,000 while paying interest on a student loan would have a 2010 tax bill of $5,325 -- a $63 decrease from 2008. The difference is due to an inflation-based increase in the standard deduction and personal exemption.
• A married couple with two children, including one in college, with some modest investments and a combined income of $200,000 will see their federal income tax bill drop by $780, to $28,496. Their tax bill is lower than in 2008 largely because itemized deductions are no longer limited for high-income families.
• A rich couple with two kids in college, larger investments and a combined income of $1 million will see their taxes drop by $6,740, to $277,699 in 2010. Their tax bill is lower than in 2008 because they were able to defer a larger portion of their income to retirement accounts, and because itemized deductions are no longer limited for high-income families.


You can't say taxes are higher. I WISH taxes were higher for the richest- so that we could balance the budget. We need to balance the budget. But as you can see in that $1 million a year income example, taxes are lower today by a long way than they've ever been since before the great depression.

[OBGibby]

Thanks to Congress and President Obama, taxes are the lowest this year since 1950.

That's a fact.

http://news.yahoo.com/s/ap/20110207/ap_on_bi_ge/us_lower_tax_bills


The main thrust of the article is that tax receipts are down this year. That has more to do with the state of the economy, and less and less taxpayers paying taxes.

Enjoy the next two years. It might be awhile until your crowd occupies the White House after 2012. And that's a fact.

[Steadygain]

The main thrust of the article is that tax receipts are down this year. That has more to do with the state of the economy, and less and less taxpayers paying taxes.

Enjoy the next two years. It might be awhile until your crowd occupies the White House after 2012. And that's a fact.


Wow!!! I've gotta admit this is one of the best I've seen in a good while.
This is very well put -- at least Part 1.


Now as for Part 2 --- I'm more than ready for a 'change' but to blame the state of our economy on the eggplant is not only absurd - but it essentially implies that the USA and all its dealings and interactions began the moment waddle man swore into office.

Who totally screwed the entire USA over and over -- slamming the handle over and over until the toilet finally flushed 'us' eveyone of 'us' down the drain.

Ummm let's make a war -- get RICH make the VP's company profitable.

Let's spend .....drum roll..... over $10 Trillion in bail outs and over s*** to sink the Country (and the whole world) to its lowest level.

Let's make sure the Financial Weapon of Mass Destruction reaches maximum destruction under my reign.

Let's set into LAW -- all whitehouse records will be barred from the public indefinately ..... oooh sorry Mr. President a Judge overruled.

I personally don't care about this guy -- and I doubt anyone on the board is more anxious about getting a replacement than me. But 'The FACT' of our economy would be like 98% the s***brain before him -- and what our present guy was forced to deal with.

The Greatest Fallacy - is the Belief that one is different from the other. That anyone can be stupid enough to 'believe' that any person from any Party - can make an ongoing war disappear; can make an economy that has tanked totally reverse; can make hugely strained international relationships vanish; can make the Parasites draining this country stop their way of living --- by swearing into office.

[Frixxxx]

Please remember that this is an investment board...

Taxes affect our investment potential...James has pointed it out. Levels are under dispute.

But if you are going to get political... www.beltwaytalk.com (http://www.beltwaytalk.com)

Please move over there to flame politicians and/or their parties.

:cool:

[Steadygain]

Sorry man :o


I kind of thought in retrospect -- I said a lot more than I should have.

[tsptalk]

The point is the right always spouts off (not reality) that taxes are higher now than under the previous president. When the fact is that taxes have gone DOWN, not up under the current president:
Hey, I'm for lower taxes, but if your point was politically motivated, as you state, then perhaps it should have been posted on www.beltwaytalk.com (http://www.beltwaytalk.com).

[Boghie]

James,

Here is reality... (http://taxprof.typepad.com/taxprof_blog/2011/02/ap-taxes-.html)

It's basic. And, I don't think you were fooled...

[nnuut]

I'm convinced Boghie!;)

[FAB1]

The main thrust of the article is that tax receipts are down this year. That has more to do with the state of the economy, and less and less taxpayers paying taxes.

Enjoy the next two years. It might be awhile until your crowd occupies the White House after 2012. And that's a fact.

Bingo!

Receipts are down because citizens are out of work, the laser focus on jobs has been worse than an out-focus flashlight with weak batteries.

This is the way to make a country more prosperous - fund "green" energy, fight drilling for oil, increase numbers of people on the dole, extend unemployment, give Unions more $ and exempt them by waviers from the Obamacare laws, send more industry to China, etc etc. what a formula for success!

What? Its not working...but on SeeB.S. the talking heads say "all is well"

:notrust::suspicious::blink::nuts:

[FAB1]

Oops did I break the law? Shucks, guys Its JUST the truth. I, I cant hep myself when I see liberal media-spawned half-truths - right, Bogie?

Waiting for rebuke now.

[alevin]

especially for retirees but also for the rest of us saving for short-term needs 1-5 years outside of retirement accounts...no wonder Birch distrusts bonds so much-but even he has a wad of cd's stored for that place in NC.

http://www.financialsense.com/contributors/daniel-amerman/how-governments-solve-the-short-term-debt-and-high-inflation-dilemma

[James48843]

Effective tax rate for the Median Taxpayer in the USA,
compared to the effective tax rate for the richest 400 Americans in the USA, since 1955:


http://wealthforcommongood.org/wp-content/uploads/2010/04/Picture-1.png

The campaign to INCREASE MILLIONAIRE TAX RATES:
http://wealthforcommongood.org/campaign/increase-millionaire-tax-rates/

[RealMoneyIssues]

Yet another plot to stiffle success and re-distrubute money to those that don't EARN it.

So, how about this:

IRS Code:
Your Earnings(over $30k) X 0.20 (AKA 20%) = Your Taxes
No Deductions, no exceptions, for no one...

Thoughts?

P.S. oh yeah, don't we have the highest Corporate Taxes in the world? Any we wonder why businesses go somewhere else...

[crws]

Yet another plot to stiffle success and re-distrubute money to those that don't EARN it.

So, how about this:

IRS Code:
Your Earnings(over $30k) X 0.20 (AKA 20%) = Your Taxes
No Deductions, no exceptions, for no one...

Thoughts?

P.S. oh yeah, don't we have the highest Corporate Taxes in the world? Any we wonder why businesses go somewhere else...

My friend, seems you are just on the wrong side of the dollar, that's all...
(I highlighted our pal Leslie using one of her favorite colors... (jaded) green)

2007- http://www.tvguide.com/news/tv-star-salary-40637.aspx

2010- eh... +/- a few mill.... yawn
http://www.tvguide.com/News/Top-TV-Earners-1021717.aspx

NEWS ANCHORS (salary per year)
Katie Couric, CBS Evening News $15 million
Matt Lauer, NBC Today coanchor $12 million
Diane Sawyer $12 million
Meredith Vieira, NBC Today coanchor $10 million
Brian Williams $8 million
Anderson Cooper $5 million
Keith Olbermann, MSNBC anchor $4 million
Harry Smith, CBS The Early Show coanchor $3 million
Ernie Anastos, New York City local news anchor $2 million
Lesley Stahl, CBS 60 Minutes correspondent $1.8 million
Sr producer for network newsmagazine $250,000-$400,000
Average local TV news anchor $75,500
Broadcast news associate entry level $30,000

http://www.youtube.com/watch?v=0wi4W2ATGAs

[RealMoneyIssues]

My friend, seems you are just on the wrong side of the dollar, that's all...
(I highlighted our pal Leslie using one of her favorite colors... (jaded) green)

2007- http://www.tvguide.com/news/tv-star-salary-40637.aspx

2010- eh... +/- a few mill.... yawn
http://www.tvguide.com/News/Top-TV-Earners-1021717.aspx

NEWS ANCHORS (salary per year)
Katie Couric, CBS Evening News $15 million
Matt Lauer, NBC Today coanchor $12 million
Diane Sawyer $12 million
Meredith Vieira, NBC Today coanchor $10 million
Brian Williams $8 million
Anderson Cooper $5 million
Keith Olbermann, MSNBC anchor $4 million
Harry Smith, CBS The Early Show coanchor $3 million
Ernie Anastos, New York City local news anchor $2 million
Lesley Stahl, CBS 60 Minutes correspondent $1.8 million
Sr producer for network newsmagazine $250,000-$400,000
Average local TV news anchor $75,500
Broadcast news associate entry level $30,000

Not sure what all of that had to do with the original thought, but I am not the brightest bulb in the fixture... :D

Still think if we all paid our "fair" share then all taxes would be "fair"... Not sure on the corporate side, except we're the highest and that can't be good for business (at least if we want to keep them here). :nuts:

Although a sales tax (and no income tax) is a thought too...

[crws]

Coincidence maybe...
your tag line about corporate taxes was a Leslie Stahl 60 minutes story this weekend.
See what you think of this, all politics aside, merely from a economic perspective-
Many good clips.

http://www.cbsnews.com/8301-504803_162-20021193-10391709.html

The full report here, as linked within above...
http://www.cbsnews.com/video/watch/?id=7009217n

The Washington 1098 was voted down, btw.

[RealMoneyIssues]

I will check out the clips later at my leisure.

Thanks for the info !!

[James48843]

P.S. oh yeah, don't we have the highest Corporate Taxes in the world?

No.

the lowest rates, of course, are Iceland and Greece. Both fine countries that have wonderful balanced budgets, wouldn't you say?


The U.S. is not the highest at all- it's in the middle of the pack, and it's lower than most as a percentage of GDP.

10844

And this one:

10845

Source: Congressional Budget Office.

http://www.cbo.gov/ftpdocs/69xx/doc6902/11-28-CorporateTax.pdf


Once again you're caught up in a falsity perpetuated by the very, very rich.

No, our corporate taxes are NOT the highest in the world.

[peterson82]

That's why businesses go to Ireland to pay taxes..

[RealMoneyIssues]

Once again you're caught up in a falsity perpetuated by the very, very rich.

Any you are using charts from 2002 and a CBO report from 2005.

Got anything newer?

[RealMoneyIssues]

You can't say taxes are higher. I WISH taxes were higher for the richest- so that we could balance the budget. We need to balance the budget. But as you can see in that $1 million a year income example, taxes are lower today by a long way than they've ever been since before the great depression.

I missed this comment from you in February... I wish I could go find it right now, but I remember reading an article that stated that even if you taxed 100% of the rich's income, you would still not be able to balance the budget.

We

cannot

tax

our

way

out

of

this

mess...


CUTTING SPENDING is the only way...

(BTW, if you compared this to your own budget, we wouldn't be having this argument.)


That's why businesses go to Ireland to pay taxes..
BINGO ;)

[James48843]

We

cannot

tax

our

way

out

of

this

mess...




Hell yes we can.





GE 'zero' US tax furor reignites calls for reform
By Andrew Beatty (AFP) – 16 hours ago

WASHINGTON — Revelations that General Electric paid no US taxes last year, despite bagging a $14 billion profit, have reignited debate in Washington about tightening up corporate levies.

No one, it seems, is very fond of the US corporate tax system.

Businesses bemoan the 35 percent minimum rate that is among the highest in the world, and taxpayers are furious at how easily big firms seem to pay much less.

But in recent months the issue has been overshadowed by multiple global crises and a fierce argument over government spending.

It resurfaced with a bang last week, when it emerged that manufacturing titan GE paid no taxes to the US government in 2010.

"GE did not pay US federal taxes last year because we did not owe any," spokeswoman Anne Eisele told AFP, rejecting suggestions the United States' fourth largest company was gaming the system.

When one of the largest corporations in America and the world, can make a $14 BILLION dollar profit, and pays not a single dime in taxes, we have a major problem.

http://www.google.com/hostednews/afp/article/ALeqM5iKsuJGAIixQeosmxOctEB-0bhW3g?docId=CNG.34a222e35c6a2e98d03744cee3b43b05. 1b1

Where is the alternative minium tax for corporations?

If we have a 10% IMPORT duty on everything imported into this country, and a 10% CASH PENALTY for money flowing OUT of the country-

the national budget would be perfectly balanced.

Hell YES we can tax our way out of this mess. We can and SHOULD tax it on the backs of those who can afford it- (*THE RICH AND THE CORPORATIONS) instead of those who cannot. (Public servants? School Teachers? Give me a firggin break.)

[Warrenlm]

GE paid handsomely for all the tax provisions they benefit from. They had to raise the cost of every single product and service in order to raise the money sent to K Street and our United States Senators, Representatives and all their Chiefs of Staff and Committee Professional Staff. Those lunches can be expensive. Those campaign contributions are complicated to arrange .....to get huge sums to fit within those arcane laws with small limits.

It's just too complicated for you to understand. Just accept that all is well and go back to worrying about that 56 year old who can't restrain himself.:rolleyes:

[crws]

Why...did Bush raise corporate tax rates since then?
Obama hasn't raised them.

New enough for me.

But here is a more recent list of worldwide tax revenue of all sources per GDP

Germany............40.6%
France..............46.1%
Japan................27.4%
England.............39.0%
Russia...............36.9%
Switzerland........30.1%
Canada.............33.4%
Australia...........30.5%
Sweden............47.9%


United States....28.2%

http://en.wikipedia.org/wiki/List_of_countries_by_tax_revenue_as_percentage_of_ GDP

don't forget (shhh), the nasty VAT !
Can you guess which country listed above doesn't have one?
This should help-
http://www.worldwide-tax.com/#partthree

[James48843]

NO JOB TOO BIG, NO JOB TOO SMALL- these major corporations have it all:

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

3) Over the past five years, while General Electric made $26 billion in profits in the United States, it paid NO taxes, and even received a $4.1 billion refund from the IRS.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.

We can't tax our way out of the debt problem we have? We haven't even tried.

http://sanders.senate.gov/newsroom/news/?id=4FFDC95C-A90C-4704-A5E8-90146E826CDA

[tsptalk]

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.


I thought this was interesting. I heard Charlie Gaparino (sp) talk about this a couple of week ago on TV, but just found it...

State and Federal Treasuries "Profit" More from Gasoline Sales than U.S. Oil Industry (http://www.taxfoundation.org/publications/show/1139.html)

[crws]

I thought this was interesting...

State and Federal Treasuries "Profit" More from Gasoline Sales than U.S. Oil Industry (http://www.taxfoundation.org/publications/show/1139.html)

My long time reasoning as to why EV's have not been rabidly adopted- no tax collection structure

-as a matter of fact, that would apply to another popular thread of late, the mary juana debate. lol :D

[Show-me]

You should watch last Sunday's 60 Minutes. We are driving companies out of the USA. How long will it take for all good industry to relocate to tax friendly countries? About as long as it took for industries to export all of our good skilled labor jobs. Hear that giant sucking sound? Better make our country a place where companies want to set up shop.

Case in point, Caterpillar Inc. (CAT) and the great State of high corporate taxation, no industry, and the second largest budget problem in the USA or AKA Illinois. And, the largest underfunded State pension funding in the nation. :nuts:

http://www.biztimes.com/daily/2011/3/29/wisconsin-reaches-out-to-caterpillar

Wisconin reaches out to Caterpillar

http://www.investors.com/NewsAndAnalysis/Article/567530/201103291852/Caterpillars-Alarm-Bell-For-Illinois.htm

Caterpillar's Alarm Bell For Illinois

http://www.chicagotribune.com/news/chi-ap-ne-courtingcaterpill,0,4432608.story

Neb. governor tries to entice Caterpillar to move

http://www.siouxcityjournal.com/app/blogs/eye_on_business/?p=1628
Could Caterpillar end up in metro Sioux City? (http://www.siouxcityjournal.com/app/blogs/eye_on_business/?p=1628)

[crws]

You should watch last Sunday's 60 Minutes. We are driving companies out of the USA. How long will it take for all good industry to relocate to tax friendly countries?

The gist I took from that was- what empty corporate "offices" were relocating.
Seems like it's the 'ol desire to have the best that money can buy, while not wanting to pay for it.

Maybe ILL. has some more parking meters up their sleeve! (http://www.rollingstone.com/politics/news/exclusive-excerpt-america-on-sale-from-matt-taibbis-griftopia-20101018) :nuts:

CAT - Cry me a river...
Financial Statements for CATERPILLAR INC (CAT) (http://investing.businessweek.com/research/stocks/financials/financials.asp?ticker=CAT:US)

[Show-me]

We can't tax our way out of the debt problem we have? We haven't even tried.

http://sanders.senate.gov/newsroom/news/?id=4FFDC95C-A90C-4704-A5E8-90146E826CDA

So quit beating a dead horse and abolish all income tax, abolish the IRS, and enact the FairTax System. Corporet taxation is a embeded tax to the consumer.

Everyone, especially the wealthy, get to pay a consumption tax on all those Bentley's, yacht's, airplane's, estates, bling, etc. The income from Rodeo Drive will bring in more tax revenue than you can count. You will never succeed in taxing corporations because of globalization and other countries will offer them a better tax deal like all the States that boarder Illinois are. You keep pissing into the wind and learn nothing.

You can not beat them because they hire more and better lawyers than the government can afford. Corporate lawyer are the best at what they do and why would they work for the government unless they are moles.

[Show-me]

The gist I took from that was- what empty corporate "offices" were relocating.
Seems like it's the 'ol desire to have the best that money can buy, while not wanting to pay for it.

Maybe ILL. has some more parking meters up their sleeve! (http://www.rollingstone.com/politics/news/exclusive-excerpt-america-on-sale-from-matt-taibbis-griftopia-20101018) :nuts:

Some were empty until they got found out, then they did send their top 10 executive to work there because doing so save the shareholders $2 billion.

Like I said, they will always find a way to get out of paying the high tax.

Make a statement that the BHO administration is going to go to a zero corporate tax and watch corporations run back to the USA and others too. The Swiss tax is 15%, imagine if the corporate tax rate was 0% in the USA. How many foreign companies would come to the USA to save 15% of their profit? That would be GREAT news for the middle class.

[crws]

Some were empty until they got found out, then they did send their top 10 executive to work there because doing so save the shareholders $2 billion.

Like I said, they will always find a way to get out of paying the high tax.

Make a statement that the BHO administration is going to go to a zero corporate tax and watch corporations run back to the USA and others too. The Swiss tax is 15%, imagine if the corporate tax rate was 0% in the USA. How many foreign companies would come to the USA to save 15% of their profit? That would be GREAT news for the middle class.

With that 15% savings do you think the corps would embrace union level (competitive) wages and benefits, pensions that would be there 20-30 years from now, training to develop a skilled workforce that could count on their jobs being there for years, or would the $$ go straight to the officer's bonuses?

[Steel_Magnolia]

Show-me says abolish all income tax and enact the FairTax system. And I say from his mouth to God's ear. There is a reason they call it the "FairTax" System.

[crws]

Show-me says abolish all income tax and enact the FairTax system. And I say from his mouth to God's ear. There is a reason they call it the "FairTax" System.

So a VAT, a single consumption (sales) tax-

[alevin]

FairTax proposal I read a few years ago suggested would manage to pick up taxes from all the underground economy (read drug trade, etc) when they choose to "consume" some of their ill-gotten gains buying stuff with it. also would encourage companies to come back to the states, provide jobs here-if didn't have to pay corporate taxes-of course if prices of goods and services didn't go down then any tax savings to the company might end up in employees paychecks, no net savings to the company. and FairTax says only pay tax on goods once, resales=no further tax.

yes it might shoot the deficit way high, then again, the math I saw said it would take care of SS shortage right now.

I need to go back and re-read the book again, its been a few years, I've learned a lot since then. I passed book to a friend of mine after first reading it, family trust fund manager. never got feedback from the friend on it, need to check in, see if ever read it, what they thought.

[SkyPilot]

bump...

[Show-me]

With that 15% savings do you think the corps would embrace union level (competitive) wages and benefits, pensions that would be there 20-30 years from now, training to develop a skilled workforce that could count on their jobs being there for years, or would the $$ go straight to the officer's bonuses?

Pensions are a thing of the past, in a few more decades you will be the only one to have one and the rest of the country will only read about it in history books. Save for your own retirement or join the socialist party.

The skilled work force is already here and corps won't have to train no one, votec schools will do it for them and the employee will foot the bill if they want the job.

Officers will get bonuses no matter what because they will find the cheapest labor and lowest tax country or state, mute point. It is what they are hired to do by the shareholders and if they don't do it someone will.

[Show-me]

We actually HAVE taxed our way out of debt...Clinton tax hikes in early to mid 1990's.
Those tax hiks led to near balanced budget and paved the way for prosperity and consumer confidence that comes with no huge deficit looming.

Abolishing income tax reducing the corporate tax is great...
Great for blowing the deficit to dizzying heights...just like Reagan's tax Scuts.

Also great for those CEO's that rely on taxpayer funded corporate welfare. Google a list of top companies that paid little or no taxes in the past few years.

Clinton's tax hikes were dependent on the FACT that they were done in a decade of GREAT PROSPERITY, JOB CREATION, AND PROFIT. Unlike right now, two major wars, another military action in Lybia, bank sector melt down and bailout, auto sector melt down and bailout, long term high unemployment, massive budget deficit, consumer confidence down, savings up, education a mess, State's are broke, etc.

Remember Clinton's Administration was the beginning of the end for the middle class, NAFTA was signed into law by him and the giant sucking sound started.

The situation is waaaayyy different now.

[Show-me]

So a VAT, a single consumption (sales) tax-

Nooooooooooo, that idea is on top of the income tax. They want to double tax us, 1. income and 2. spending.

Read how they have both in other countries, it is outrageous!

[Show-me]

FairTax proposal I read a few years ago suggested would manage to pick up taxes from all the underground economy (read drug trade, etc) when they choose to "consume" some of their ill-gotten gains buying stuff with it. also would encourage companies to come back to the states, provide jobs here-if didn't have to pay corporate taxes-of course if prices of goods and services didn't go down then any tax savings to the company might end up in employees paychecks, no net savings to the company. and FairTax says only pay tax on goods once, resales=no further tax.

And, illegal aliens pay when they buy stuff here and ship it back to their home nation. Also, international tourist will pay.

Now on a side note I believe the FairTax System would motivate the consumer to go GREEN and by that I mean utilizing the goods they buy to the maximum degree instead of putting it in the landfill because they got tired of the color or style or resale to offset the tax on a new item.

[Show-me]

If you all would just make me Supreme Ruler for 10 years I will fix everything.:D

[Show-me]

Next!

[WorkFE]

If you all would just make me Supreme Ruler for 10 years I will fix everything.:D

Your not already, huh, who'd a thunk it. :nuts:

[RealMoneyIssues]

<SOAPBOX>
So, let me make sure I got this...

Spend, Spend, Spend...

Tax, Tax, Tax...

Spend that tax money, so you have to...

Tax more

Spend even that, so you have to...

Tax all profits, nationalize all industry, and we all are forced to speak a foreign language...


When does it end? No one has discussed the SPENDING PROBLEM we have. As I noted earler, and no one must have caught it, what would happen if this was YOUR budget. KEEP SPENDING??? oh, wait, then you could file Bankruptcy INSTEAD OF PAYING YOUR OBLIGATIONS that you created.

So, who is the US going to file bankruptcy with???

Stop spending so much of our money so we have to "TAX OUR WAY OUT"...

So, please all of you who think that the government is the only one that can do things right please flame me, I will ignore it considering the source. The government has overstepped it's constitutional bounds AND there are millions (maybe half) of Americans who depend on the government from cradle to grave. THAT is NOT the America I thought I was born into... I want to keep as much of my money and if I choose to re-distribute, I will do so on my own...

After reading all this taxing dribble, I feel dirty and need to go take a shower. Have a great day !!
</SOAPBOX>

[James48843]

If you all would just make me Supreme Ruler for 10 years I will fix everything.:D


You gotta enter to win:

http://www.primarynewhampshire.com/

[RealMoneyIssues]

Stop spending so much of our money so we have to "TAX OUR WAY OUT"...

oops, typo :D

Stop spending so much of our money so we DON'T have to "TAX OUR WAY OUT"...

[nnuut]

oops, typo :D

Stop spending so much of our money so we DON'T have to "TAX OUR WAY OUT"...
EXACTLY!!:nuts:

[crws]

Remember Clinton's Administration was the beginning of the end for the middle class, NAFTA was signed into law by him and the giant sucking sound started.

Along with signing off on Gramm Leach Bliley that is certainly plausible... there was alot of sucking going on during those days, eh?


If you all would just make me Supreme Ruler for 10 years I will fix everything.

Can you say sucking and dictator in the same paragraph?

You sure 10 years is enough, Sire? :laugh:
I think there will be more than a few write-ins this time around!