Biden - We want to raise taxes 1 TRILLION dollars!
POSTED BY: AURaptor
UPDATED: Saturday, July 27, 2024 16:07
VIEWED: 7974
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Quote:
Originally posted by AURaptor:Quote:
Originally posted by Kwicko:
The effective corporate tax rate for the U.S. is actually 27.1%, but you prefer to overlook that. How very convenient.
Tell it to the CNN Money folks.
That's a good line. If I told it to the CNN money folks, I would have double the audience of the CNN Money folks.
Quote:Quote:
Also, quite a few companies pay nothing at all.
So saying that we have the "highest" tax rate is like saying that Mittens is in the highest tax bracket. It *sounds* good, but it's just not true when you get right down to it.
Uh - huh,riiight.
"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero
"I was wrong" - Hero, 2012
Mitt Romney, introducing his running mate: "Join me in welcoming the next President of the United States, Paul Ryan!"
Rappy's response? "You're lying, gullible ( believing in some BS you heard on msnbc ) or hard of hearing."
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Democrats want to raise taxes, also sky is blue and water flows downhill. World in shock. Next thing you knw what goes up must come down and 2 + 2 really does add up to four.
H
Hero...must be right on all of this. ALL of the rest of us are wrong. Chrisisall, 2012
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Quote:
Originally posted by Niki2:
What Biden was talking about was taking away tax breaks from the rich; letting the Bush Cuts expire for them. In which case he's not talking about "raising" their taxes, he's talking about AVOIDING the cost to the country of continuing to give them the tax cut which was supposed to expire anyway. Those aren't new taxes.
Then why not let ALL the Bush tax cuts expire? That way we could AVOID even more costs to the country.
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As to the corporate tax rate--yes, ours is highest, but what is actually PAID, after incentives, loopholes, subsidies, etc., isn't: Quote:
Republicans have been kvetching today about the fact that, as of Sunday, the U.S. will have the highest statutory corporate tax rate in the world following a scheduled cut in Japan’s corporate tax.
While the U.S. has a high statutory corporate tax rate (meaning the rate on paper), U.S. corporations actually pay incredibly low taxes due to the ever-proliferating loopholes, credits, and deductions in the tax code and the use of overseas tax havens.
U.S. corporate taxes that were actually paid (the effective rate) fell to a 40 year low of 12.1 percent in fiscal year 2011, despite corporate profits rebounding to their pre-Great Recession heights. The U.S. both taxes its corporations less and raises less in revenue from corporate taxes than its foreign competitors:
So let's get real about the corporate tax rate: What it's listed as is NOT what corporations pay.
As to CNN, we don't need to TELL them, they already know...so let's ASK them:Quote:
The corporate tax myth
U.S. corporations pay one of the highest tax rates in the world. There's little debate about that. Still, the difference in the overall tax burden for U.S. companies isn't nearly as great it appears.
In fact, the United States collects less corporate tax relative to the overall economy than almost any other country in the world.
And that's a more objective measure of tax burden. Different accounting rules around the world means what's counted as income in one country isn't counted in another -- that makes comparisons of tax rates misleading.
U.S. corporate tax collections totaled only 1.7% of GDP in 2009, the most recent year for which complete data is available, according to the Organization for Economic Cooperation and Development.
On that measure, the United States had the third lowest corporate tax burden, behind France and Germany. The worldwide average was 2.8%.
U.S. businesses have another edge over countries with lower tax rates: They don't pay a Value Added Tax or VAT, a type of sales tax. All other developed nations raise a significant part of their tax revenue through VATs, but it is not included in the comparisons of corporate tax collections. http://money.cnn.com/2012/02/23/news/international/corporate_taxes/ind
ex.htm
CNN also has an interesting article on another way big corporations in America dodge that tax rate:Quote:
When big companies offshore profits to dodge taxes, small business owners say they are left footing the bill -- and they're not happy about it.
A U.S. Senate panel recently reviewed how Microsoft and Hewlett-Packard shaved billions off their taxes in recent years by moving profits offshore.
Small business owners say they can't offshore profits and take advantage of these opportunities. The strategies require a worldwide presence and are either too complex or too costly.
But those business owners say that's not the only issue. They're bothered by the effect of depleting the government's revenue stream, which creates pressure to cut government spending that the nation's 27 million businesses rely on.
"This tax money goes to support the infrastructure that allows our businesses to be successful," said Joseph Rotella, owner of Spencer Organ, an instrument repair company in Waltham, Massachusetts.
"These big companies avoid paying their fair share," Rotella said, noting that highly profitable firms rarely pay the actual top federal rate of 35%.
To hotel owner Sue Edgington, whose Adventure Inn is located deep in the woods of northeast Minnesota, the issue of paying taxes is one of patriotism. Like most small business owners, she's fiscally conservative and doesn't gladly fork over more in
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TOO.
MANY.
FACTS.
I appreciate them, but they'll make little rappy's delusions much worse. Hey, could you do me a favor? Could you keep track of that post? That way next time these fact-free talking points come up (and I guarantee they will) you could just link to this thread, then link the next post the your post with the link, and so on in a chain. That way we could keep a running total of how MANY times they regurgitate the same spew after they've been given the facts. It might be interesting to see.
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Quote:
Originally posted by Geezer:Quote:
Originally posted by Niki2:
What Biden was talking about was taking away tax breaks from the rich; letting the Bush Cuts expire for them. In which case he's not talking about "raising" their taxes, he's talking about AVOIDING the cost to the country of continuing to give them the tax cut which was supposed to expire anyway. Those aren't new taxes.
Then why not let ALL the Bush tax cuts expire? That way we could AVOID even more costs to the country.
And while you're at it, raise cap-gains tax rates back to the 28% that they were at under Reagan, and do away with the cap on payroll taxes.
"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero
"I was wrong" - Hero, 2012
Mitt Romney, introducing his running mate: "Join me in welcoming the next President of the United States, Paul Ryan!"
Rappy's response? "You're lying, gullible ( believing in some BS you heard on msnbc ) or hard of hearing."
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Quote:
Originally posted by Kwicko:Quote:
Originally posted by Geezer:Quote:
Originally posted by Niki2:
What Biden was talking about was taking away tax breaks from the rich; letting the Bush Cuts expire for them. In which case he's not talking about "raising" their taxes, he's talking about AVOIDING the cost to the country of continuing to give them the tax cut which was supposed to expire anyway. Those aren't new taxes.
Then why not let ALL the Bush tax cuts expire? That way we could AVOID even more costs to the country.
And while you're at it, raise cap-gains tax rates back to the 28% that they were at under Reagan...
Fine with me. Or the 20% under Clinton.
Quote:
...and do away with the cap on payroll taxes.
Wouldn't hurt the really rich, who only have dividend income, but would affect the middle class folks with incomes above $110,100.00. You'd probably get more money for SSA by dropping the 'temporary' 4.2% tax rate and putting it back at 6.2%.
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Kiki, the basic point is that while our "official" corporate tax rate is the highest in the world, once they get through with all the "gimmies", loopholes, off-shore, subsidies, etc., corporation ACTUALLY pay far LESS than many (most?) countries.
So every time Rap or his buddies scream "U.S. Corporations pay the highest tax rate in the world", it means NOTHING. The rate they're officially SUPPOSED to pay bears no resemblance to what they ACTUALLY pay.
And yes, I will save it, so I can just regurgitate it (pun intended) whenever they do their little dance.
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Quote:
Originally posted by Kwicko:
The effective corporate tax rate for the U.S. is actually 27.1%...
Or 27.7%, from this study of 2006-2009.
http://www.scribd.com/doc/52966788/Effective-Tax-Rate-Study
And the average OECD country rate, excluding the U.S. is 22.6%. The EU 18 rate is 21.9%. Of major economies, only Germany (27.9%), Italy (29.1), and Japan (38.8%, although Japan has since lowered their rate) are any higher.
Quote:
Also, quite a few companies pay nothing at all.
True. Some companies do not make a profit every year.
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Quote:
Originally posted by Geezer:
True. Some companies do not make a profit every year.
Pretty sure companies like GE make a profit every year.
I do not fear God, I fear the ignorance of man.
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