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Thread: Taxes reach historic low

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    Re: Taxes reach historic low

    Quote Originally Posted by GPS_Flex View Post
    Revenue will increase by $4 trillion over 10 years if the Bush tax cuts are ended? Where do you get that number?

    Obama plan is a terrible plan. He wants to increase spending, not cut spending. Not sure where you get the $7-10 trillion number either. Obama doesn’t have a real budget yet and he hasn’t said what his numbers are when he says we need to “invest” (code for spend) in everything under the sun.
    Do some reading. Everything I have read says that the cost of he bush tax cuts are about 300 billion a year, so 10 years plus growth of the eonomy gets to approximately the $4 trillion I used. You may not recall, as it was about a month ago, but the president did in fact unveil his 10 year plan. His folks said it would increase debt over those 10 years by about 10-11 trillion, while the CBO scored it at $13 trillion.

    Note: the number I used for the bush tax cuts assumes two things. First we are talking about all of the cuts, not just the 25% of the cuts that Obama focuses on. The other thing is that you have to believe as some do and some do not that you actually collect are of the theorectical dollars calculated. Does not take into account any adverse to the economy, nor other tax avoidance measures people would take.

    Hope this helps.

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    Re: Taxes reach historic low

    Quote Originally Posted by TheDemSocialist View Post
    Except 2/3 of corporations dont pay their taxes.....
    Source?

    And I point them out since they in particular took bailout money and then profit $14.3 Billion and pocket it.
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    Re: Taxes reach historic low

    Quote Originally Posted by StillBallin75 View Post
    J-mac, I understand where you're coming from and the points you've laid out here are probably suited for a separate discussion.

    It's clear to me, however, at least at the federal level, that tax rates on personal income have remained relatively low (compared to the past) for all income brackets. That's the point the OP was trying to make.
    If the point is that simple and small, why have a thread?
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    Re: Taxes reach historic low

    Quote Originally Posted by TheDemSocialist View Post
    Except 2/3 of corporations dont pay their taxes.....
    Got any docs to prove that? Most of us already know that you don't, so go ahead and and admit it.

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    Re: Taxes reach historic low

    Let's say you're an employer. You're considering whether to hire another person. Do you ask yourself:

    A) Do I have cash lying around with which I can hire another person?

    or

    B) Does market demand justify another hire at this time?

    Conservatives often seem under the impression that "the job creators" are working in a vacuum and will just hire people out of the goodness of their heart if only taxes were lower so they had the money to do so. If my widget makers can currently produce 1000 widgets per month and right now I'm only selling 800 widgets per month, does how much money I have even really factor into the hiring decision? On the other hand, if I'm currently selling out all 1000 of those widgets and believe I can sell 1200 per month, I'm going to hire some more widget makers pretty much regardless of the corporate tax rate or my personal income tax rate because either I expect to turn a profit on those new employees.

    Supply side economics that ignores the demand side of the equation is just laughable.
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    Re: Taxes reach historic low

    Quote Originally Posted by apdst View Post
    Got any docs to prove that? Most of us already know that you don't, so go ahead and and admit it.
    Perhaps he was referring to this article.

    <The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.>

    Study Says Most Corporations Pay No U.S. Income*Taxes - Home - Staple News
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    Re: Taxes reach historic low

    Interesting, but then again it's better than them paying excessive taxes at corporate levels and leaving the country, which seems to be the popular trend now a days.
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    Re: Taxes reach historic low

    Quote Originally Posted by washunut View Post
    Do some reading. Everything I have read says that the cost of he bush tax cuts are about 300 billion a year, so 10 years plus growth of the eonomy gets to approximately the $4 trillion I used. You may not recall, as it was about a month ago, but the president did in fact unveil his 10 year plan. His folks said it would increase debt over those 10 years by about 10-11 trillion, while the CBO scored it at $13 trillion.

    Note: the number I used for the bush tax cuts assumes two things. First we are talking about all of the cuts, not just the 25% of the cuts that Obama focuses on. The other thing is that you have to believe as some do and some do not that you actually collect are of the theorectical dollars calculated. Does not take into account any adverse to the economy, nor other tax avoidance measures people would take.

    Hope this helps.
    That is actually a much more honest answer than I am used to getting around here. You obviously understand that interpreting/projecting the revenue results from tax increases/cuts isn’t a true science and can’t be deterministically quantified due the inordinate number of other variables involved in the economy.

    I was about to hammer you if you hadn’t included all the tax cuts and instead played the kind of partisan politics that seem to permeate this forum but I must stand down and respect your opinion.

    I still think 300 billion a year is a bit high considering the dot com recession and the effects of 911 but I’m not an economic expert so I’ll leave it there.

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    Re: Taxes reach historic low

    Quote Originally Posted by donc View Post
    Perhaps he was referring to this article.

    <The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.>

    Study Says Most Corporations Pay No U.S. Income*Taxes - Home - Staple News
    I would have to see the numbers behind the study but the article clearly points out that this was due to operating losses, tax credits and shifting assets overseas so it isnít even close to the claim that 2/3 of corporations donít pay their taxes. Some of those corporations might have gone out of business or done no business in the US in that time frame, the article doesnít say.

    If you add up all of the corps that did business in the 7 year period the article points to, divide them by 7 (years) you will get a number. If you then add up the number of them that didnít pay taxes in a single year for any reason during that time span, you will get another number. If you divide the number of corps that didnít pay taxes for a year in that span by the total number of corps who did business in the US over that 7 year span, you will get a percentage but the percentage is worthless unless you know why they didnít pay taxes for one out of the seven years isnít it?
    Last edited by GPS_Flex; 04-19-11 at 04:27 AM.

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    Quote Originally Posted by Montecresto View Post
    It would seem that the constitution is just a god damn piece of paper, to be trotted out when expedient.

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    Re: Taxes reach historic low

    Quote Originally Posted by GPS_Flex View Post
    I would have to see the numbers behind the study but the article clearly points out that this was due to operating losses, tax credits and shifting assets overseas so it isn’t even close to the claim that 2/3 of corporations don’t pay their taxes. Some of those corporations might have gone out of business or done no business in the US in that time frame, the article doesn’t say.

    If you add up all of the corps that did business in the 7 year period the article points to, divide them by 7 (years) you will get a number. If you then add up the number of them that didn’t pay taxes in a single year for any reason during that time span, you will get another number. If you divide the number of corps that didn’t pay taxes for a year in that span by the total number of corps who did business in the US over that 7 year span, you will get a percentage but the percentage is worthless unless you know why they didn’t pay taxes for one out of the seven years isn’t it?
    BTW, I think we need to simplify the tax code in the most extreme way. I would like to see something more along the lines of a straight percentage of profits/income without any deductions but at a lower tax rate. I think corporations and rich people need to pay more taxes, plain and simple.

    "Too often we enjoy the comfort of opinion without the discomfort of thought."
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    Quote Originally Posted by Montecresto View Post
    It would seem that the constitution is just a god damn piece of paper, to be trotted out when expedient.

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