cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Veteran Advisor

Re: a solution.

Actually, in terms of TOTAL taxes paid, in terms of GDP, not tax RATES, but the amount actually paid, as a percent of GDP has Japan very close to the US, and we are both WAY over China (if you can trust China's reporting stats).

 

Austrailia - 30.8%

China     17%

France -  46.1%

Hong Kong - 13%

India   -  17%

Italy  -  42.6%

Japan  -  27.4%

Russia - 36.9%

U. K.   -  39%

USA - 26.9%

 

 

From this source - http://en.wikipedia.org/wiki/List_of_countries_by_tax_revenue_as_percentage_of_GDP

 

 

This reflects the total amount of taxes paid, as a % of GDP from country to country.  I picked out a few familiar countries for comparison.

This is actual taxes collected, not tax rates.  I don't consider using tax rates as fair, because of examples I know of, there can be two companies (or people for that matter) who make similar earnings, but are taxed vastly differently because of special deals, loopholes, etc.

 

I couldn't find a breakdown of just corporate taxes, but I think if you look at taxes in general, the higher tax rates don't translate into the healthiest economies as a rule.

Highlighted
Veteran Advisor

Re: a solution.

I fully understand that but wehav said "tax rates".  The 400 richest families in this country have an annual income on average of $346 million but pay an average of only about 13.6% income tax rate.  This is well below the "rate" bracket they are in.  Same thing with corps.

Highlighted
Senior Advisor

Re: Identify the problem to create a solution.

We have had low taxes for a decade now and we have had a decade of ignored regulations and you see what that got.

 

Government job creation such as building roads and bridges is not specifically governemt work. It's real live private companies and their employees building infrastructure that has been largely ignored in the past few decades.

 

It will create private jobs or at least keep private companies and their workforce employed and paying taxes.Personally, I think it is a good thing to employ people to do constructive things that needs doing in our society. Perhaps it will provide some relief to some people. Which I deem better than doing nothing. What5 ever happened to that great country that could and did do big things? Like the interstate highway system or the TVa and the grand coulie dam? Are we a country with low imagination?

 

Those big things did not happen because of the nay sayers in our society. It happened because we were a do something society instead of a do nothing society. So while you worship at the altar of raw capitalism where investment is paramount and profits for the few are the objective our real mainstreet society crumbles and people havfe a reduced standard of living. OUr country cannot grow with our war against labor and the middle class. WE need to be inspired to put them to work and increase their demand for p[roducts and that will serve business well. Not more tax cuts and reduced regulation. That won't create any jobs. In fact it will send more over seas. Business has no real love for america or our people. Only our dollar!

Highlighted
Senior Advisor

Re: a solution.

The repub response to tax avoiders is to lower their rates so they won't have as many taxes to avoid. Make sense? It does to them.

Highlighted
Senior Contributor

Re: slash spending

We are being taxed enough. Take a butcher knife to these restrictive regulative agencies such as EPA and cut them out. Then raise SS rretirement age 2 years. Go after defense spending in stopping wars. Why wage war on folks in the name of freedom? If they want to under an oppressive dictator, why is it our concern? We havn't the money to war with them. Sell them our goods, buy their oil, live and let live.

Oh and for sure keep the fast depreciation sections on tax  returns. Make them permanent. And also eliminate capitol gains tax for all.

Highlighted
Veteran Advisor

Re:Maybe, A Better Solution.....


@KNAPPer wrote:

I'd be willing to drop the corporate tax rate to something like 15% provided that we get rid of the numerous loopholes that let many corporations get by with paying no taxes. We do indeed have the second highest corporate tax rate in the world, with Japan only exceeding us. For instance, Wal Mart pays a full 35% in tax, but GE has paid zero. How is that fair? SOme would pay more tax since they pay zero, but companies like Wal Mart would pay a whole lot less because they are a retail based corporation.

 

The rational for cutting taxes in more than half would be that these companies could use the savings to put people to work, build new capacity and sell more goods, this increasing their profit.

 

Before you go slashing regulations with a blindfold on, you had better look at what that regulation is and if it is indeed a true problem. For instance, dumping heavy metals into lakes and streams may indeed "unbind" the hands of many an industry, but do we really want heavy metals being dumped like they do now in China? I would be real careful what regulations I do away with, but look at what is good for our nation and what is not. I think cutting taxes and making the USA a profitable place to do business is a better idea until you have a real idea what else needs to be changed.


Here is a better idea for regulations.... Have it that all Federal Regulations will "sunset" after 3 years of signing.  That way, if a regulation is worthy, it will easily pass extension.  If it is a "let's pass it so we can see what is in it" bunch of crap, it will soon go away.  Regulations should not last for an eternity as things change.

Highlighted
Senior Contributor

So every three years....

So every three years you want the congress to decide if safety glasses should be worn while using grinders, whether not dumping mercury straight into streams should be done, whether oil rigs need lined containment dumps for their drilling sludge, whether sexual harassment should be allowed in the workplace, whether we have the right to privacy of our medical records, whether we should have ratings for movies......you get my drift here Craig?

 

Are they all really under review or should some particular ones be identified? Do you want it all to go away?

 

No need to answer, I have backed you in a corner and you will respond with an unequivocal "yes."

Highlighted
Veteran Advisor

Re: So every three years....


@KNAPPer wrote:

So every three years you want the congress to decide if safety glasses should be worn while using grinders, whether not dumping mercury straight into streams should be done, whether oil rigs need lined containment dumps for their drilling sludge, whether sexual harassment should be allowed in the workplace, whether we have the right to privacy of our medical records, whether we should have ratings for movies......you get my drift here Craig?

 

Are they all really under review or should some particular ones be identified? Do you want it all to go away?

 

No need to answer, I have backed you in a corner and you will respond with an unequivocal "yes."


If any regulation is beyond worthy.... It will pass easily.  If it is passed as a political favor to one group over another, the three year span will fall in between election cycles so that the people can vote to change Senators and Congress critters as they see fit.  Also, Congress should have the only say in regulations , .... not "Executive Orders".

 

The biggest plus will be that it keeps the Congress critters so busy re-passing regulations that they will not have any spare time to think of ways to spend money that they do not have.

Highlighted
Senior Contributor

Re: So every three years....

I nailed that one!

Highlighted
Senior Contributor

Re: Identify the problem to create a solution.

While I realize I'm in the minority here with regards to accelerated depreciation, I just don't understand why so many are in favor of keeping it.  I was always taught that machinery should be bought as needed rather than as a tax diversion.  A few months back, a neighbor of mine was complaining about the price of new combines.  He was rather insulted when I implied that the cost was so high and going higher because of accelerated depreciation.  He was all for accelerated depreciation, but he couldn't understand that prices will continue to escalate based on demand which is being brought on by accelerated depreciation. 

 

A wise old farmer once told me that the quickest way to get the economy up on its feet again was simply by giving farmers more money because they'd spend it as fast as it came in.