Cut Corporate Tax Rates--Remove Loopholes

Discussion in 'Economy' started by mcmick, Dec 14, 2008.

  1. mcmick
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    mcmick Rookie

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    Excluding Japan, most industrial nations have cut their corporate tax rates to be more competitive.

    The big story though is Ireland.

    Into the 1990's, Ireland was known as "the sick man of Europe" mostly because its workers had to leave Ireland to find work commensurate with workers' work skills.

    In the early 90's, it drastically reduced its corporate tax rate, till reaching a low rate of 12 1/2% compared to our present 35%.

    Major corporations poured into Ireland--jobs have soared ever since. Ireland is now more prosperous than all the major industrial nations of Europe.

    A rate of 25%, in the U.S. would be a good start to be matched by removal of any loophole (no matter what you call it--credit, allowance, subsidy etc.) so that normal business expenses, are the only deductions.

    Although Ireland has had this dramatic turnaround in increased jobs, increased revenues and a huge increase in living standards, most class warfare merchants on the Left--which is just about the entire left--ignore these highly desirable results.

    The Left makes petty arguments about unrelated matters.

    Attacking anything in any way relating to profit, seems to make them proud and certain that they just shared their wisdom with us--though hatred would often be a more accurate description.

    As long as the nanny-state crowd, shows disdain for the single biggest entity of heroes in the country---those who create jobs, those who give us a choice of employment, so we don't have to be farmers or engage in some other unrewarding form of drudgery, as was the case before the Industrial Revolution started spreading wealth among the general population---that crowd feels certain that its reckless, unrelated comments are jewels of widsom.

    Most of the Mainstream Media is in this group.

    Hardly any members of the Mainstream Media, have ever risked a penny in their lives, yet they believe the government--which has no money of its own--is the basic solution to everything no matter how huge the cost.
     
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  2. Lycurgus
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    Lycurgus Who is Obama, really...??

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    Excellent article and excellent example.
     
  3. editec
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    editec Mr. Forgot-it-All

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    That's not the whole story.

    You forgot the part where years before, Ireland started investing heavily in educating their children via FREE PUBLIC EDUCATION.

    And I don't mean they went at this in some halfhearted way, either.

    Here's an example of what I mean

    If you are an undergraduate student at a publicly funded third-level educational institution, you do not, in general, have to pay fees.

    So before you start thinking that all it took was tax breaks to billionaires to change Ireland's economy, you ought to know that it took a major rethink of their entire social systems and a huge investment into the PEOPLE to make Ireland anyplace that corporations wanted to move.
    </H3>
     
  4. Lycurgus
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    Lycurgus Who is Obama, really...??

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    And Ireland is not the only one in Europe rethinking things. As the article shared only pointed to one segment, I don't think the message intended was that the entire turn around was hinged on that.

    As we all know Europe is much older then we. For us, I think they present a good case study and they hold valuable lessons and insight. In turn, they find some of the same in our achievements and short comings.

    By and large throughout the EU the K-12 educational system far surpasses ours. In fact from my experience which has been somewhat hands on, even our more elite private schools only match their public system.

    On a different note. Their national healthcare systems are going to face change as well. IMO based on conversations I have had, there is more than just rumblings of a complete restructure. However, they have no desire to shift into what we currently have, though they are learning, pro and con from it.

    Clearly all of these issues are much more complex than what my basic opinion can demonstrate, but, the basic common principal applies, too much of any one thing is not healthy. Be it socialism, capitalism, nationalism and so on. The goal is moderation and wise adaptation of the assets, blended into working in harmony with each other to gain positives, rejecting the negatives and creating a system which can by and large best serve the public sector, the government sector and the private business sector.

    Not that utopia can ever be achieved, but, I think Europe and their current changes, coupled with it's long past hold great lessons for us.

    As does our past and as does our many young inspiring minds. Hopefully, Europe, as well as us can use these valuable tools to create better societies for all.
     
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  5. Zoom-boing
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    Zoom-boing Gold Member

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    :clap2: :clap2: :clap2: Completely agree, nicely worded.
     
  6. DiamondDave
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    DiamondDave Army Vet

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    1) We do provide free education for CHILDREN
    2) When you are an adult, you are responsible for yourself. Society, nor the government, is responsible for your well being or your education.

    And I am still in support for equal % burden taxation across the board. Every company, every individual. So it, for me, is not about "tax breaks" but a return to equality and the elimination of loopholes, government entitlements, government spending in areas it has no business spending, and wasteful spending.
     
  7. Zoom-boing
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    Zoom-boing Gold Member

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    Free? Oooo, can I stop paying my property taxes now?

    Absolutely agree.
     
  8. DiamondDave
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    DiamondDave Army Vet

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    By that meaning of "free"... i mean not receiving a direct bill... no refusal of education because of the inability to pay a school fee bill... no charges 'per student" that you have in the schools.. etc
     
  9. Tech_Esq
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    Tech_Esq Sic Semper Tyrannis!

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    This is a damned smart idea. I'm not sure if it would scale to the size of the US though. But we have to rethink how we deal with post secondary education in this country. At the present rate, in 25 years we're going to start graduating kids from college with $500,000 worth of indebtedness. Clearly the system is well past broken.
     
  10. editec
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    editec Mr. Forgot-it-All

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    And THAT is our mistake. Adults need retraining no less than kids need training.

    And we do NOT have free college education, either.

    You mean a flat tax?

    If so, terrible idea.

    It won't work.

    Income inequity makes such a plan impossible.

    Fix income inequity and it's got legs, though.
     
    Last edited: Dec 15, 2008

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