Guess where all that tax cut money for the rich is being spent?

Discussion in 'Economy' started by rdean, Dec 28, 2010.

  1. rdean
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    rdean rddean

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    When Republicans cut taxes for the rich the first time, 52% went to just 1.7% of the population. Where was it spent?
    And now that they managed to do the same thing again, where is that money going to be spent? The answer might surprise you.

    [​IMG]

    U.S. Companies That Invest Big In China - Forbes.com

    All-American companies from Apple ( AAPL - news - people ) to Ford Motor ( F - news - people ) to Nike ( NKE - news - people ) to HJ Heinz ( HNZ - news - people ) to the Gap ( GPS - news - people ) are expanding in mainland China. Last year American companies ponied up $3.6 billion in foreign direct investment in China, up sharply from the $2.9 billion invested in 2008, according to the U.S.-China Business Council.

    Much of the money was spent building or expanding factories (in China). Nearly half of the investments so far this year--more than $18 billion--came in the manufacturing sector.

    China factories close to catching U.S. manufacturing output - Jun. 21, 2010

    The value of goods produced by China's factories reached about $1.6 trillion last year, compared to $1.7 trillion by U.S. manufacturers.

    But Tonelson said the share of U.S. purchases of more expensive products made in China has risen steadily in the past decade. The Chinese share of the U.S. computer market now tops a third, for example.

    "This is not just shoes and toys and T-shirts," he said about the growth of Chinese manufacturers. "And you ain't seen nothing yet."

    Made in China - Wikipedia, the free encyclopedia

    2007 Chinese Export Recall

    2008 Chinese milk scandal

    2009 Made in India scandal

    Made in China: tainted food, fake drugs and dodgy paint

    Seafood ban latest threat to China's reputation in U.S.

    US halts China seafood imports

    Chinese Regulators Say Goods Substandard

    death toll from Chinese toxins rises

    -----------------------------------------------------------

    I'm just trying to figure our what the right wing thinks it's doing? Why are they so eager to support "China"? I know many on this site don't believe that China is a communist country, but it is. Even if it weren't, why so much support? Republicans are working to invest in China while Americans are tearing up our roads to replace them with gravel. Hi tech trains in China and gravel roads here? Someone please explain to me. PLEASE!

    Tight times put gravel on the road - USATODAY.com

    Gravel roads, once a symbol of quaint times, are emerging as a sign of financial struggle in a growing number of rural towns.
    High costs and tight budgets have prompted communities in Maine, Michigan, Indiana, Pennsylvania and Vermont to convert or consider converting their cracked asphalt roads back to gravel to cut maintenance costs, officials in those states say.
     
  2. rdean
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    rdean rddean

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    See what I mean? Republicans are so concerned that rich people get all that money. So they can create jobs. When you point out they created those jobs in China, the right shrugs and says, (yawn) "So what?"
     
  3. uscitizen
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    uscitizen Senior Member

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    Obviously the old mantra that if it is good for Wall Street/corporation it is good for america is just claptrap.
     
  4. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Uh. Most of the tax cuts went to individuals, not corporations.

    Corporate income taxes are less than 7% of all federal tax receipts.
     
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  5. rdean
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    rdean rddean

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    Yea, and none of those invested over a trillion on anything. They just kept it in their bank accounts and sat on it.

    [​IMG]

    You should do onshore outsourcing or local outsourcing for your marketing activities to vendors who clearly understand your prospects to bring more effectiveness to your promotions. From a business process perspective, the two major advantages of onshoring are local language/communication and knowledge of country specific product/services and culture. For example, health insurance, transportation, and education are very country specific areas and may require onshore expertise to carry out some parts of the tasks. Similarly, where frontend communication is important, people with local language and accent are best.

    Right-Shore Outsourcing Services by MyBusinessAssistant

    I love what this guy says in his blog. I was going through each of his accusation one at a time to make sure he's not saying anything wrong. And he wasn't. He did his research.

    Republican Senate Candidates and Overseas Outsourcing - Jonathan Kantrowitz - Connecticut News
     
  6. rdean
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    rdean rddean

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    GOP Blocks Bill to Punish Companies that Move Jobs Abroad - Political Hotsheet - CBS News

    Republicans, with help from a handful of Democrats, used a filibuster to block a measure that would have used the tax code to punish big companies that shut U.S. manufacturing plants and move the jobs overseas. (It's always a "handful" of Democrats. Why don't they just join the Republican Party? They always vote Republican. At least people would know where they stand.)

    Outsourcing bills falls short in Senate - The Hill's On The Money

    The Senate on Tuesday decisively rejected a bill that Democrats said would have restricted the ability of U.S. companies to send jobs overseas.

    Members voted 53-45 for the legislation, seven short of the 60 votes need to break a Republican filibuster. Forty GOP senators voted against the bill, along with four Democrats and independent Sen. Joe Lieberman (Conn.).

    “But Republicans continued their job-killing agenda today by protecting these tax breaks for CEOs who offshore American jobs and preserving the same failed Republican policies that cost 8 million Americans their jobs,” Reid said.

    http://www.majorityleader.gov/issues/make-it-america

    But our manufacturing decline—which hit particularly hard during the Bush Administration, when America lost nearly a third of its manufacturing jobs—is one of the reasons why middle-class families are finding it difficult to make it in America today.
     
  7. rdean
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    rdean rddean

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    Wait a second, do right wingers think American corporations are "patriotic"? That they care about this country beyond a safe place to store money?
     
  8. GHook93
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    GHook93 Aristotle

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    The income tax cuts or raises won't effect any of those companies bottom lines. C-Corporations (all the corporations you just named) have a dual taxation. The company gets hit with the corporate tax and their executives get hit with income taxes. The executives are not the owners so taking money out of their pockets doesn't effect the profits or bottom-line of the corporation. Again C-Corps get hit with the 35% Federal Corporate Tax + State Corporate Tax = Higher than Even Japan is Many states!

    HOWEVER, the companies that are directly effected by a raise in the income tax is all other businesses. S-Corps, LLC, LLP, LP and GP! The vast majority of SUCCESSFUL small business are not C corps they are usually S-Corps, LLC and LPs. These companies get hit with the flow through taxation. Since the stakeholders in these companies are the the owners, any raise taxation, reduces profits! Hence raising income taxes reduces their cost.

    The LARGE PORTION of SUCCESSFUL small business (who can employ up to 500 AMERICANS) have NET PROFITS of between $250K-$750K some even to $1 mil! If Obama got his way and raised the income taxes on these guys, then the VAST majority of the SUCCESSFUL Small Business would have been hit with the tax increase!
     
  9. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Given the current economic uncertainty, companies preserving cash are making a smart move. Many have seen banks yank working capital lines of credit. The only thing that ensure solvency is enough cash in the bank to weather the current economic doldroms.
     
  10. JWBooth
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    JWBooth Gold Member

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    Dont know, dont care.

    I do know where it isn't being spent.

    It isn't being spent on warfare anywhere, be it the war on terror, on poverty, or on drugs.

    It isn't being spent on some useless bureaucrat thinking up some more stupid bullshit like how much water my shower head should spit out, the wattage in my light bulbs, or what web sites I should be allowed to peruse.

    It isn't being spent maintaining the blockade on Cuba

    It isn't being spent on studies that will result in some stupid fish being put ahead of the livelihoods of California farmers and the food they are no longer producing.

    It isn't being spent on public service ads on T.V.

    It isn't being spent on a host of other shit that the government and the mental midgets that love it, would like to see it spent on.
     
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    Last edited: Dec 28, 2010

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