I wish I had written this.

[Possum]

cast4bass - 8/19/2010 7:24 PM

Possum - 8/19/2010 2:28 PM

Governments do not create wealth, please. Where would our nation be without our educated workforce, Dams, Powerplants, highway and interstate systems, military, banking system, National parks and receration, and so on. When we pay taxes we are not giving away anything. However, big business wants to freeload off the American public with their substidies, land grants, tax exeptions, and write offs, and when they do make huge profits they don't want to pay their fair share. If they don't want to pay taxes, reinvest and take the write offs.

It is true that the government is necessary for some essential services however corporations and individuals pay taxes to create those essential services and without the taxpaying citizens and corporations you cannot have the necessary essential services. Yes governments do give away things to corporations - A good example is VW plant here in Chattanooga. A Democratic governor rallied hard for VW with tax cuts and incentives. It is interesting that on a state level - all politicians of both parties come together to compete against neighboring states for a gem like VW. Why do they give up the state tax revenues to get VW here? Hmm? I think it is to attract jobs and create wealth - not through government activity (setting aside the initial investment) but through the VW investment, the VW supplier investment, the VW employees who will collect wages - buy houses, clothes, etc. If we really wanted to jump start our economy on a National level then we would not tax corporatations at all (since they just pass their costs to the customers any way) and instead of being the Nation with the highest corporate tax rates we could become a place where everyone in the world would seek to invest. Despite all our problems we still are one of the most stable countries in the world - a light to the nations! Too bad the National government can't see the wisdom of the states when it comes to attracting business. Also I would point out that a lot of the companies that make huge profits pay big dividends and are essential to police, firefighter, city county and state retirement plans. Without these "greedy" corporations, most of these workers and most people with 401(k) plans would have little to nothing to retire own (despite the recent trouble in the stock market which mainly due to a lack of confidence and uncertainty about the future of the country regarding taxes and massive govt regulation). My 2 cents!

Corporations can avoid the capital gains tax by reinvesting? Even though the tax rate is high, they really pay a low percentage, which is an insane amount of money, which shows just how much money they actually make. I too am all for the government helping to get businesses here by such methods as we did with VW. You mentioned Bredson, but I think Corker and Wamp had a hand in it too. The lock at the Dam was Wamps baby, great, good for childrens future, creates jobs, stability and so on. Thing is don't stand at ribbon cutting cerimonies talking how you did this and go on fox news and talk about how we are barrowing against our childrens future when we are actually investing in it, cannot have it both ways.

 

[Superbad]

Great post!!!

 

[cast4bass]

Corporations can avoid the capital gains tax by reinvesting? Even though the tax rate is high, they really pay a low percentage, which is an insane amount of money, which shows just how much money they actually make. I too am all for the government helping to get businesses here by such methods as we did with VW. You mentioned Bredson, but I think Corker and Wamp had a hand in it too. The lock at the Dam was Wamps baby, great, good for childrens future, creates jobs, stability and so on. Thing is don't stand at ribbon cutting cerimonies talking how you did this and go on fox news and talk about how we are barrowing against our childrens future when we are actually investing in it, cannot have it both ways.[/QUOTE]

The facts are the facts - you can check it out - The US has one of the highest tax rates in the world! If we could lower our corporate rates or even eliminate them then the US would rock on the economic world stage. Corporations do not pay capital gains taxes - they are subject to one rate of tax on all income - if you mean corporations can avoid taxes by reinvesting you are right - they can depreciate new purchases of equipment - good thing too because by purchasing new equipment jobs are created for the equipment manufacturer and for the suppliers and for the dealer who sell the equipment. The lock is good and it will create jobs so you are right again but corporations create jobs and tend to spend more effectively and efficiently the capital they employ.

 

[cast4bass]

Exxon Mobile Earned 35 Billion according to the 2009 Audited Financial Report and recorded 15 billion in income tax expense. They have to be one of the most capital intensive companies (reinvesting in equipment) in the world and they still pay a ton in taxes!! In the operating expenses they record another 61 billion in other taxes, excise taxes and duties. So I guess you are right - corporations get away with murder and hardly pay any taxes. They are all just downright evil arn't they - employing thousands of people who also pay taxes and providing gas for our boats cars etc. providing dividends and capital gains for retirees - man let's just get rid of all the corporations and let the government do it all!