View Poll Results: Do you support the People's Budget?

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  • Yes.

    11 47.83%
  • No.

    11 47.83%
  • Unsure.

    1 4.35%
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Thread: People's Budget.

  1. #21
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    Re: People's Budget.

    Quote Originally Posted by Boo Radley View Post
    BTW, you should read your article more:

    It's been 25 years since the last big tax reform legislation, which cut the corporate rate to 34% from 46% and eliminated a lot of deductions and tax breaks. But a quarter-century of pushing by businesses -- of which GE has been among the most aggressive -- has left us with both the lower tax rate (now 35%) and lots more deductions and shelters and other tax-reducing tactics than the 1986 legislation envisioned. GE's current idea of "reform" as expounded by John Samuels, the head of its tax department, is to cut the rate, but to allow some of GE's major tax-minimizing maneuvers to remain in place. It's hard to imagine anything like that happening now.

    Samuels said at a tax forum in February that GE needs a tax system that will let it compete effectively with giant, foreign-based multinationals like Mitsubishi, Siemens (SI), and Phillips. However, their effective tax rates for earnings purposes last year were 40%, 31% and 26% respectively, compared with 7% for GE. (GE says its tax rate's been artificially low the past few years, and will soon rise.)

    So, to compete with tax rates of 26 - 40%, they need less than 7%. And some actually buy that argument.
    What about it? How much was your tax bill for 2010? Or rather, how much was your rebate?

    GE's rate is probably at 7%, because they make estimated tax payments every month/quarter.

  2. #22
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    Re: People's Budget.

    Quote Originally Posted by Boo Radley View Post
    However, as long as there are a lot of things that can be called deductions, business effectively reduce their tax responsibility to the point of being meaningless, like GE actually making money instead of paying taxes.
    pardon?

    Regardles sof whether they paid no taxes, some taxes, or just less taxes, they still, according to your link, ". . . for decades has been an aggressive tax-minimizer, and could have averted this mess by explaining things simply and clearly to the Times and us and others. It either couldn't or wouldn't do so."
    come again?

    To often people try to side track by saying they aren't as bad as first noted.
    they do?

    I think that is all that is being said, no matter how inarticlualtely.
    LOL!

  3. #23
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    Re: People's Budget.

    Quote Originally Posted by apdst View Post
    Why would you want to eliminate itemized deductions?
    Most of them serve no legitimate purpose in the tax code, and they're just handouts to some special interest or another. I mean, does the federal government really have any interest in encouraging employers to include commute costs in the employee's compensation? Or encouraging people to take out mortgages they can't afford? Or encouraging biomass fuels? If so, are those goals worth the cost? These itemized deductions are virtually indistinguishable from traditional government spending (except they're usually far less efficient at actually helping people).

    Furthermore, they needlessly complicate the tax code and greatly increase compliance costs. If we're going to have any deductions in the tax code, they should be used VERY sparingly. About the only ones I'd allow would be charitable deductions and the Earned Income Tax Credit.
    Last edited by Kandahar; 08-02-11 at 12:33 PM.
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  4. #24
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    Re: People's Budget.

    Quote Originally Posted by apdst View Post
    What about it? How much was your tax bill for 2010? Or rather, how much was your rebate?

    GE's rate is probably at 7%, because they make estimated tax payments every month/quarter.
    You're not answering the point. You're seeking to divert attention away from the point. Allow me to repeat it again:

    So, to compete with tax rates of 26 - 40%, they need less than 7%. And some actually buy that argument.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  5. #25
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    Re: People's Budget.

    Quote Originally Posted by LuckyDan View Post
    Here's a snippet from, I suppose, the formal plan. I can't find that it ever made it to the legislative language stage. It's a Lib Wish List.



    Here's the rest

    http://grijalva.house.gov/uploads/Th...2%20Budget.pdf
    Grijalva in favor. That is enough for me to vote no. IMO he is one of the worst reps Arizona has.
    "I can explain it to you but, I can't understand it for you"

  6. #26
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    Re: People's Budget.

    I support this 100% of the way. How could one not support it?


  7. #27
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    Re: People's Budget.

    No vote, yet..
    I read "all the right words".....not good.
    I see no opposition from our radical-right, as least not yet. If the tea baggers are against this, then it might be good.
    I do feel that one of the problems is that our wealthy are under taxed; but then reform must truly occur before this can be addressed.
    A balanced budget, is, IMO, not necessary.
    What is necessary is elimination of all waste.

  8. #28
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    Re: People's Budget.

    I think it's ok. I have to disagree with the business plans, though. The good part about the defense plan is that we can stay on the sidelines in Afghanistan.

  9. #29
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    Re: People's Budget.

    There are some things I would change, but on the whole I think this says what needs to be said. We can't keep fixing our public woes with duct tape, and everyone needs to do their part, not just the lower and middle classes. I would add vocational training to the education list and try to create a centralized job placement system. People want to work, and need to work. We should do whatever we can get them the training they need, and then get them into a job. The system we have now with finding ads and help wanted lists, resumes, and interviews... It's an awful system. We need something much more comprehensive, and much more centralized. We need to get people to the jobs.
    Liberté. Égalité. Fraternité.

  10. #30
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    Re: People's Budget.

    Quote Originally Posted by Kandahar View Post
    Most of them serve no legitimate purpose in the tax code, and they're just handouts to some special interest or another. I mean, does the federal government really have any interest in encouraging employers to include commute costs in the employee's compensation? Or encouraging people to take out mortgages they can't afford? Or encouraging biomass fuels? If so, are those goals worth the cost? These itemized deductions are virtually indistinguishable from traditional government spending (except they're usually far less efficient at actually helping people).


    Actually, they do serve a purpose. Without them, there's no way that a business could stay alive. Allow me to post the example that I posted for Boo.


    Quote Originally Posted by apdst View Post
    You can't tax the gross income. It won't work. How many times do you have to told that?

    Example:

    a business earns a gross income of $100,000 a year.

    The business spends approximately $80,000 on operating costs. (payroll, equipment, repairs, etc.)

    That company falls into the 34% tax bracket, per the U.S. tax code, which means they will have to pay $34,000 in taxes with your new and improved tax code.

    $80,000 + $34,000 = $114,000 and the company only makes $100,000 to begin with.

    I would love for you to explain to us how that's supposed to be a good idea, unless your mission is to destroy private businesses, that is.

    You've simplified the tax code, alright...there won't be anyone left to tax!

    Furthermore, they needlessly complicate the tax code and greatly increase compliance costs. If we're going to have any deductions in the tax code, they should be used VERY sparingly. About the only ones I'd allow would be charitable deductions and the Earned Income Tax Credit.
    The first step would be to learn the difference between a deduction and a credit.

    It will never cease to amaze me how people, who claim to be so much smarter, more educated and more sophisticated than the rest of us can't understand the purpose of deducting the cost of doing business.

    You do realize that you wouldn't have your high-speed 6 figure job, if not for those deductions. Yes?

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