Corporate Income Taxes

[ScienceRocks]

We either demand the rich to pay their fair share at the rate of the middle class or the extreme left will win.

When that happens we're fucked.

 

[Billo_Really]

I agree. That said, I think ANY restrictions on the political free speech of the employees and shareholders are unconstitutional.

Taking money out of politics is not the answer... The answer is removing the incentive to give. Congress has WAY too much power with their ability to customize the tax burden of their friends and supporters.

That's not really power, that's authority. And they're basically doing what they're "told" to do by special interests and lobby groups. They're more like corporate bitches, doing what they're told, like good little whores.

 

[Billo_Really]

lol

No it wouldn't.

I'd move back to Toronto, call all of Wall Street and direct trading there. I'd make a fortune!


Oh, wait. I take that back. It's a GREAT idea!

Wall Street will not collapse over a 1/2% tax on every transaction.

 

[AVG-JOE]

I agree. That said, I think ANY restrictions on the political free speech of the employees and shareholders are unconstitutional.

Taking money out of politics is not the answer... The answer is removing the incentive to give. Congress has WAY too much power with their ability to customize the tax burden of their friends and supporters.

That's not really power, that's authority. And they're basically doing what they're "told" to do by special interests and lobby groups. They're more like corporate bitches, doing what they're told, like good little whores.

All the more reason to insist that every tax law apply to every business or individual EXACTLY the same.

The concept of 'special treatment' has no place in the politics of a truly free society....

`​

 

[Moonglow]

You don't pay 35%

35% of what I make, is taken out of my paycheck.

Explain it to me.

That was one of the plans.

So what are you lying about being in the 35% bracket or getting free insurance?

When I work, 35% is taken out; when I don't, I qualify for one of the more cheaper plans.

Boy, this doesn't look good.



Anyway, eliminate corporate income taxes and you'll see a flood of international and repatriated capital into our system, the likes of which no one has ever seen. The lefties won't admit this, of course, the last thing they want to do is take the boot off the throat of business and free enterprise -- the federal bureaucracy is far more trustworthy, ha ha -- but that's what would happen.

Won't happen, of course.

.

Damn that George Washington! Him and his whiskey tax.

 

[Spiderman]

That's a very bad idea.

I think it's a very good idea. It would generate enough revenue to solve all of our money issues.

So you want to raise taxes on everyone who puts money away for retirement via IRAs 401ks etc?

And I thought you were all about protecting the little guys.

 

[Billo_Really]

So you want to raise taxes on everyone who puts money away for retirement via IRAs 401ks etc?

And I thought you were all about protecting the little guys.

$1 for every $300 is not going to kill anyone.

Wall Street should thank us if that's the only thing we do.

They crashed our economy playing "casino capitalism" in the derrivitive market and got us to bail them out, instead of sending them to prison for fraud. Not one CEO has been prosecuted for causing the 2008 meltdown that ruined lives all over the world.

I'll tell you what, I'll forgo the Transactions Tax if we prosecute those parasites at Goldman Sachs, Citicorp, Bear Stearns and AIG and stick them where they really should be, which is walking around in an orange jumpsuit with a big-ass number on the back.

At the very least, the Transactions Tax would get our bailout money back.

 

[AVG-JOE]

We would do better to ignore income levels and sources and simply tax businesses and individuals on Wall Street, NYC, NY in the exact same manner as the businesses and individuals on Parrot Avenue, Okeechobee, FL are taxed.

There is NO place for special treatment under the tax code of a truly free society.



Fair and simple taxes, public budgets that are balanced by law, transparency in all things politics, and then, build a free-market economy that your kids can drive to the stars.

It ain't rocket science, y'all.​

 

[Toro]

So you want to raise taxes on everyone who puts money away for retirement via IRAs 401ks etc?

And I thought you were all about protecting the little guys.

$1 for every $300 is not going to kill anyone.

Wall Street should thank us if that's the only thing we do.

They crashed our economy playing "casino capitalism" in the derrivitive market and got us to bail them out, instead of sending them to prison for fraud. Not one CEO has been prosecuted for causing the 2008 meltdown that ruined lives all over the world.

I'll tell you what, I'll forgo the Transactions Tax if we prosecute those parasites at Goldman Sachs, Citicorp, Bear Stearns and AIG and stick them where they really should be, which is walking around in an orange jumpsuit with a big-ass number on the back.

At the very least, the Transactions Tax would get our bailout money back.

First, a transactions tax would not get our money back. It wouldn't come close. Besides, most if not all of it is back or coming back anyways.

Second, your solution to problems in the OTC derivatives markets is to tax trading in stocks, bonds and exchange-traded derivatives. What did stocks, bonds and exchange-traded derivatives have to do with Financial Crisis?

The idea that Wall Street will somehow pay for this is silly. Wall Street acts as an agent between buyers and sellers and makes a spread. All that will happen is that the tax will be incorporated into the spread and passed on to buyers and sellers, who are pension funds, mutual funds, insurance companies, etc. IOW, this tax is a punishment on people who were hurt by the Financial Crisis. That's a poorly conceived idea. Not to mention that many of the structured products that housed the problem assets either were not domiciled in the US or can be easily structured offshore to avoid the tax. Structured products pricing is generally opaque to begin with. Again, adding a tax wouldn't cost Wall Street a dime. They'd just tack into the price anyways, and the buyers - guys who aren't Wall Street - would ultimately get a lower return.

 

[Toro]

lol

No it wouldn't.

I'd move back to Toronto, call all of Wall Street and direct trading there. I'd make a fortune!


Oh, wait. I take that back. It's a GREAT idea!

Wall Street will not collapse over a 1/2% tax on every transaction.

Of course it won't.

But Wall Street is smarter than Washington, and they'll just find a way to either not pay the tax by moving trading outside the US, or pass on the tax to people who had nothing to do with Financial Crisis.

Besides, it's been tried, and it failed miserably.

In February, the European Commission published a proposal for a financial transaction tax – also called a Tobin or “Robin Hood” tax – in the EU. Eleven states have been granted the right to impose a minimum 0.1 per cent tax on equity and debt transactions and a minimum 0.01 per cent charge on derivatives transactions. If the experience of Sweden’s use of such a tax is anything to go by, this move is extremely unwise. ...

Initially, the tax rate was 0.5 per cent in connection with the purchase and sale of shares. In mid-1986, the rate was doubled and the tax base was broadened to cover share options and convertibles. The trading volume on the Stockholm stock exchange changed dramatically when the tax was increased. Average turnover fell 30 per cent during the second half of 1986 and throughout 1987. The turnover in the 11 most traded shares fell 60 per cent. It seems unlikely that this sharp decrease reflected a decline only in speculative trading.

Later, in 1989, the tax base was broadened to include bonds. This, in turn, led to an 85 per cent reduction in bond-trading volume and a 98 per cent reduction of trading volume in bond derivatives. The increase in tax revenues resulting from the broadening was less than 5 per cent of what had been expected.

By 1990, shortly after the last vestiges of the currency controls were abolished in Sweden, more than 50 per cent of the trading in Swedish shares had moved to London. Conversely, once the tax was abolished in December 1991, trading on the Stockholm stock exchange recovered. In 1991, 40 per cent of trading in Swedish shares took place on the Stockholm stock exchange; in 1992, this number had increased to more than 50 per cent.

We tried a Tobin tax and it didn?t work - FT.com

It's a horribly bad idea. Increase taxes on the wealthy, fine, but this is poorly thought out policy driven primarily by envy and revenge.

 

[Toddsterpatriot]

We either demand the rich to pay their fair share at the rate of the middle class or the extreme left will win.

When that happens we're fucked.

We either demand the rich to pay their fair share at the rate of the middle class

You want to cut the rate the rich pay?

 

[Toddsterpatriot]

Lower the corporate tax rate to 10% or 15%.

Don't tax overseas profits.

Disallow offshore tax avoidance.

Equalize the capital gains tax and dividend tax with the income tax.

Drop the estate tax.

Raise the income tax.

Cut spending.



I just solved all our problems.

Or, impose a Financial Transactions Tax on the trading of all Wall Street instruments.

At what rate?

 

[Toddsterpatriot]

So you want to raise taxes on everyone who puts money away for retirement via IRAs 401ks etc?

And I thought you were all about protecting the little guys.

$1 for every $300 is not going to kill anyone.

Wall Street should thank us if that's the only thing we do.

They crashed our economy playing "casino capitalism" in the derrivitive market and got us to bail them out, instead of sending them to prison for fraud. Not one CEO has been prosecuted for causing the 2008 meltdown that ruined lives all over the world.

I'll tell you what, I'll forgo the Transactions Tax if we prosecute those parasites at Goldman Sachs, Citicorp, Bear Stearns and AIG and stick them where they really should be, which is walking around in an orange jumpsuit with a big-ass number on the back.

At the very least, the Transactions Tax would get our bailout money back.

They crashed our economy playing "casino capitalism" in the derrivitive market and got us to bail them out

What bank failed because of derivatives? Which derivatives? Be specific.

At the very least, the Transactions Tax would get our bailout money back.

The banks repaid TARP, with a juicy profit to the Treasury.
Of course we'll never get back the dough Obama gave to the UAW.....

 

[zeke]

So you want to raise taxes on everyone who puts money away for retirement via IRAs 401ks etc?

And I thought you were all about protecting the little guys.

$1 for every $300 is not going to kill anyone.

Wall Street should thank us if that's the only thing we do.

They crashed our economy playing "casino capitalism" in the derrivitive market and got us to bail them out, instead of sending them to prison for fraud. Not one CEO has been prosecuted for causing the 2008 meltdown that ruined lives all over the world.

I'll tell you what, I'll forgo the Transactions Tax if we prosecute those parasites at Goldman Sachs, Citicorp, Bear Stearns and AIG and stick them where they really should be, which is walking around in an orange jumpsuit with a big-ass number on the back.

At the very least, the Transactions Tax would get our bailout money back.

They crashed our economy playing "casino capitalism" in the derrivitive market and got us to bail them out

What bank failed because of derivatives? Which derivatives? Be specific.

At the very least, the Transactions Tax would get our bailout money back.

The banks repaid TARP, with a juicy profit to the Treasury.
Of course we'll never get back the dough Obama gave to the UAW.....

Why that sounds like such a reasonable question. Which banks failed because of derivatives you ask.

Of course the better question is which banks that were considered To Big To Fail were bailed out by the Federal Government because of their losses in the derivative markets.

And presently how many of those same TBTF banks have even MORE exposure to loss in the derivatives markets? All of them is the correct answer.

As to the UAW. All those UAW workers pay income tax from their paychecks. How much income tax have they paid in since the bailout and does that amount come close to the amount of the UAW funds? I don't know the answer. But for sure if all those UAW members lost their jobs, the funds paid to the US Treasury in the form of income taxes would be less.

 

[Toddsterpatriot]

$1 for every $300 is not going to kill anyone.

Wall Street should thank us if that's the only thing we do.

They crashed our economy playing "casino capitalism" in the derrivitive market and got us to bail them out, instead of sending them to prison for fraud. Not one CEO has been prosecuted for causing the 2008 meltdown that ruined lives all over the world.

I'll tell you what, I'll forgo the Transactions Tax if we prosecute those parasites at Goldman Sachs, Citicorp, Bear Stearns and AIG and stick them where they really should be, which is walking around in an orange jumpsuit with a big-ass number on the back.

At the very least, the Transactions Tax would get our bailout money back.

They crashed our economy playing "casino capitalism" in the derrivitive market and got us to bail them out

What bank failed because of derivatives? Which derivatives? Be specific.

At the very least, the Transactions Tax would get our bailout money back.

The banks repaid TARP, with a juicy profit to the Treasury.
Of course we'll never get back the dough Obama gave to the UAW.....

Why that sounds like such a reasonable question. Which banks failed because of derivatives you ask.

Of course the better question is which banks that were considered To Big To Fail were bailed out by the Federal Government because of their losses in the derivative markets.

And presently how many of those same TBTF banks have even MORE exposure to loss in the derivatives markets? All of them is the correct answer.

As to the UAW. All those UAW workers pay income tax from their paychecks. How much income tax have they paid in since the bailout and does that amount come close to the amount of the UAW funds? I don't know the answer. But for sure if all those UAW members lost their jobs, the funds paid to the US Treasury in the form of income taxes would be less.

Of course the better question is which banks that were considered To Big To Fail were bailed out by the Federal Government because of their losses in the derivative markets.

Great. Which banks lost money because of derivatives and were bailed out? Be specific.

As to the UAW. All those UAW workers pay income tax from their paychecks.

If they want to pay back the bailout money, and the money that was taken from bondholders, over and above the income tax they pay, then I'll be interested. Because the banks paid back the bailout and pay corporate taxes. And bank employees pay income taxes.

But for sure if all those UAW members lost their jobs

If the auto companies went thru a regular, non-Obamized, bankruptcy, many of those jobs would still exist, probably at lower wages and benefits, without the need for billions in taxpayer bailouts and bond ripoffs.

 

[expat_panama]

...a tax initiative (Zero Corporate Tax) would likely result in more tax revenue coming into the federal coffers....

That's just it, revenue has nothing to do with it. In fact, it's not even a problem if the whole country goes bankrupt because the only goal here is 'fairness':
[ame=http://www.youtube.com/watch?v=c4iy2OfScQE]Obama's Capital Gains Tax "Fairness" - YouTube[/ame]
--AKA getting even with all those...

...corporate bitches, doing what they're told, like good little whores..

 

[Widdekind]

the real tax code:
---------------------
squeeze society as much as possible, shake them down as close to the last penny as possible