We're Number One!...

Discussion in 'Politics' started by paulitician, Apr 3, 2012.

  1. paulitician
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    paulitician Platinum Member Supporting Member

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    By Jay Timmons


    The United States is number one, but this achievement is nothing to celebrate.

    As of April 1, the United States has the highest corporate tax rate among developed economies after the previous holder of the top spot, Japan, reduced its rate.

    Reaching a milestone of this magnitude — number one in the world — often requires hard work, but in this case, it was easy. The United States didn’t have to do anything. Our top corporate tax rate has hovered at 35 percent for years. Meanwhile, other countries have gotten the message that lowering corporate taxes encourages growth. Canada has engaged in a series of cuts, ultimately reducing its corporate rate to 15 percent. Great Britain recently announced it will drop its corporate tax to 24 percent next month and then 22 percent by 2014.

    As other nations take steps to improve their competitiveness and attract investment, the United States has stood still. As a result, we’ve placed ourselves at a significant disadvantage in the global economy.

    Manufacturers in particular feel the brunt of our policies. It is 20 percent more expensive to manufacture in the United States than it is among our major trading partners — excluding the cost of labor — according to a recent study by the Manufacturing Institute and MAPI. Corporate taxes are the primary driver of this cost differential.

    High corporate tax rates have a number of harmful effects on the economy. For one, they sap resources that businesses in the United States could use to expand and create new jobs. In addition, for manufacturers from around the world looking to expand into new markets, our number ranking is not a strong advertisement.

    The good news is that Washington recognizes our corporate tax regime is a problem. Both Democrats and Republicans have expressed support for corporate tax reform and have offered ideas about what they would like to see. If policymakers focus solely on corporate taxes, however, they’ll miss the majority of enterprises in the United States.


    Read more: We're number one! | The Daily Caller
     
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  2. CaughtInTheMid
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    CaughtInTheMid Active Member

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    after watching the bit on 60 Minutes last week, i'm not sure we can have a tax rate that will keep corporate headquarters (of the largest corporations) in the US. they all just setup up a empty office or PO Box in the country with the lowest tax rate and pay virtually no US corporate tax.
     
  3. occupied
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    occupied Gold Member

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    And yet many of them end up paying practically zero, I wonder why?
     
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  4. Seawytch
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    Seawytch Information isnt Advocacy

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    You mean like Romney's Bain Capital does?
     
  5. TakeAStepBack
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    TakeAStepBack Gold Member

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    Nice work, 'Merica!

    Now if we can just raise the tax rate considerably on anyone making 200,000 a year or more, increase entitlement spending by passing Obamacare (already unfunded liabilities near 100 trillion over the next few decades) and kill off the pesky old documents established back in the 1700s, we'll can move that #1 status to zero!

    Nice work.
     
  6. Seawytch
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    Seawytch Information isnt Advocacy

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    I'd like to also point out that the OP is untrue. While Japan did cut their corporate tax rate, Japan has a value added tax on top of that.

    Also...

    With Tax Break, Corporate Rate Is Lowest in Decades

    But I'm sure your corporate masters appreciate you shilling for them.
     
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  7. TakeAStepBack
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    TakeAStepBack Gold Member

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    So the supposed most free society is in a deadlock competition with Japan over being the worst at a business friendly environment? That's sweet.

    I love these types of soundbites. It's got the fear mongering, projected complacency AND irony wrapped in one neat package.
     
  8. Decepticon
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    Decepticon BANNED

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    I'm all for lowering the corporate tax rate. Combined with a bill that eliminates all tax loopholes for business.

    [​IMG]


    Business taxes and tariffs used to account for a LOT more revenue for the treasury. Now that burden has been shoved onto the middle and lower class along with the deficits caused by cutting taxes on rich bastards.
     
  9. Mr Clean
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    Mr Clean Gold Member

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    Policing the world costs big money and somebody has to pay for it.
     
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  10. TakeAStepBack
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    TakeAStepBack Gold Member

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    Yet, the police commissioners are running 1.3 trillion in deficit and growing a soon to be 16 trillion dollar debt. So it would seem no one is actually paying for it.
     

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