How should spending cuts be done?

[marharth]

Instead of cuts why don't we charge higher taxes for big corperations?

 

Because no amount of taxing or taxes will affect the soaring US debt or stop runaway spending. The Feds could take George Soros' entire stock portfolio (est $6420 million) and it would cover about an hour of US spending. Taxing won't address the spending or even make a dent.

Seriously? Geroge Soros?

 

He is a millionaire, corporations make billions of dollars.

 

Hes a left wing campaign contributor, we get it.

 

Taxing won't address the spending, but you need to get the money back somehow.

 

Taxing corporations and closing the loopholes would generate massive amounts of tax money, and it would move it off the back of the middle and lower class.

[Kendo 2]

Whatever marharth. You're a staunch Leftist and NO ONE will ever be able to present facts that go against what you believe is true. I COULD respond that corporations already pay the brunt of taxes in the United States. I COULD prove to you that big nasty oil corporations make 17 cents on the dollar for every gallon of gasoline they sell and the rest goes to pay Federal and State level taxes. I COULD prove that Obama's green agenda is placing an undue tax burden on the middle and lower classes. I COULD post links and prove it all. Would that REALLY do any good? Would you change your world view of how things should be? Would you even bother responding to the facts?

 

I'd be wasting my time. The efficacy of the tax situation in the US doesn't fit in with what you believe. I have to wonder why you started this thread. :confused:

[marharth]

Whatever marharth. You're a staunch Leftist and NO ONE will ever be able to present facts that go against what you believe is true. I COULD respond that corporations already pay the brunt of taxes in the United States. I COULD prove to you that big nasty oil corporations make 17 cents on the dollar for every gallon of gasoline they sell and the rest goes to pay Federal and State level taxes. I COULD prove that Obama's green agenda is placing an undue tax burden on the middle and lower classes. I COULD post links and prove it all. Would that REALLY do any good? Would you change your world view of how things should be? Would you even bother responding to the facts?

 

I'd be wasting my time. The efficacy of the tax situation in the US doesn't fit in with what you believe. I have to wonder why you started this thread. :confused:

I guess you could, but you won't. Claiming you can do something without doing it holds no ground.

 

Big corporations literally pay no taxes. Their are loopholes that allow them to completely avoid taxes legally.

 

Quite honestly, I keep seeing fox talking points in your posts. If you can really provide links that prove what you just said fine.

 

However if you want to keep defending oil companies and the upper class, not much can change your opinion.

[Kendo 2]

I'd be wasting my time.

Just like I said... :woot:

 

Anyway, here's facts for the people who aren't waving red flags, wearing black masks and setting cars on fire on May Day.

http://www.eia.gov/

http://www.gaspricewatch.com/usgastaxes.asp

http://www.taxfoundation.org/news/show/1168.html

[marharth]

I'd be wasting my time.

Just like I said... :woot:

 

Anyway, here's facts for the people who aren't waving red flags, wearing black masks and setting cars on fire on May Day.

http://www.eia.gov/

http://www.gaspricewatch.com/usgastaxes.asp

http://www.taxfoundation.org/news/show/1168.html

Maybe you ingored my post, but you are aware that the tax rate doesn't matter if there are loopholes right?

 

Saying that because the tax rate is at a certain place, then calculating the tax payment with that would be incorrect. You are not taking into account the loopholes that can be done.

 

http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes.html

http://www.cbsnews.com/8301-504803_162-20047260-10391709.html

http://www.reuters.com/article/2008/08/12/us-usa-taxes-corporations-idUSN1249465620080812

 

Not to mention the tax cuts that go to huge companies.

 

Companies can also just move to other countries to avoid paying US taxes as well.

Edited June 26, 2011 by marharth

[Kendo 2]

Companies can also just move to other countries to avoid paying US taxes as well.

 

And who could blame them if they did? MAYBE Obama can sign an Executive Order and force them to stay in the US!!!! Wouldn't THAT be cool?

 

And the tax rate DOES NOT MATTER. LOOK at the profit ratios versus market fluctuations, domestic crude production restrictions and EPA restrictions. Yet again you've proven you're clueless concerning the real world implications of what your idealogy doesn't believe or condone.

[marharth]

Companies can also just move to other countries to avoid paying US taxes as well.

 

And who could blame them if they did? MAYBE Obama can sign an Executive Order and force them to stay in the US!!!! Wouldn't THAT be cool?

 

And the tax rate DOES NOT MATTER. LOOK at the profit ratios versus market fluctuations, domestic crude production restrictions and EPA restrictions. Yet again you've proven you're clueless concerning the real world implications of what your idealogy doesn't believe or condone.

Once again, did you even read my posts?

 

I said the tax rate doesn't matter due to the loopholes. That is true. If you have loopholes your tax rate could be at ninety eight percent and you could use loopholes to completely avoid it.

[Ghogiel]

I COULD prove to you that big nasty oil corporations make 17 cents on the dollar for every gallon of gasoline they sell and the rest goes to pay Federal and State level taxes.

 

 

http://www.gaspricewatch.com/usgastaxes.asp

According to that link, there is a 18.4 cpg fed tax on petrol. And the state tax which can run anywhere up to 35 cpg. How much is a gallon? I don't think that above statement adds up correctly. Plus it doesn't allow for anything like distribution, production, refinement, or the retail markup the gas station adds(which is ridiculously small per gallon.)

[JimboUK]

Instead of cuts why don't we charge higher taxes for big corperations?

 

Those taxes will end up being passed on to the customer where possible, they may even consider moving elsewhere and the state ends up without nothing, this has happened in the UK. Better to have a smaller percentage of something than a larger percentage of nothing. Growing the private sector while shrinking the public sector is crucial to deficit reduction, you don't do that by clobbering the private sector with taxes.

[ginnyfizz]

Once more, with feeling guys, to all you Left wingers out there in the USA who think that high taxes on corporations is the answer to all ills, I refer you to the situation in the UK in the Seventies, and every time since that we have had Labour Governments. Tried it. Didn't work. We are once more faced with the prospect of a Conservative Government getting it in the neck for making savage spending cuts in order to counteract previous Socialist profligacy. Which Socialist idiocy, incidentally, included large tax raids, most notoriously on private pension funds, and thus Gordon Brown became The Man Who Stole Your Old Age. This was very rich considering that he bloated the public sector, and now the public sector workers are moaning because their ring fenced pensions are now part of the spending cuts equation.

 

I am well aware of some of the dirty dealings done by big business. However, whacking up the taxes only encourages them to domicile elsewhere and spend their time dreaming up loopholes. At the end of the day you NEED wealth creators and entrepreneurs to kick start the economy, like them or not.

 

But then the Left never seem to see the correlation between companies doing well and keeping their jobs until they get their redundancy notices...