Thread: Bill Clinton calls for corporate tax cut

It's not the taxes that are too high. Why would jobs come back here when you can pay someone in China or India 1$ a day to do the same job as someone making 20x that here?

Originally Posted by GearsMcGilf

Bill Clinton calls for corporate tax cut - Mike Allen - POLITICO.com

This isn't all that much of a surprise. Bill really isn't a true liberal, nor a conservative. He's a pragmatist and he seems to know a thing or two about basic economics. Think of the amount of international business that might relocate to the US if we had a more competitive corporate tax rate. 25% of what could be collected is more than 35-40% of nothing.

the advertised rate and the rate that they actually pay are night and day. the fed only collected 90B out of 1.7T last year after 100B in tax giveaways according to the Cato Institute that is 5%.

the US already has the lions share of global 500s what else do you want?

Originally Posted by LAM

the advertised rate and the rate that they actually pay are night and day. the fed only collected 90B out of 1.7T last year after 100B in tax giveaways according to the Cato Institute.

the US already has the lions share of global 500s what else do you want?

Close the loopholes and lower the corp rate to one that would be more competitive. Small businesses can't get out of it the same way that giant corps can. Close the loopholes and they will pay their fair share. That's the point that Bill was making. Eliminate all of the creative deductions and have a lower overall rate.

Originally Posted by danzik17

It's not the taxes that are too high. Why would jobs come back here when you can pay someone in China or India 1$ a day to do the same job as someone making 20x that here?

Spot-on, danzik.

All this talk of "taxes. Raise them, cut them," really is not the core of the problem.

It's job that are now overseas, replaced by a large service-sector job economy.

And there is this called.....called an election....that causes these "tax" discussions.

There negative to democratic elections.

And here in Australia they keep increasing taxes...

Do you really think we are going to pay back all of our debt by cutting revenue? If you lower the tax rate and remove loopholes and deductions to the point where a company is paying more, you are raising taxes. I think we all know that the GOP have stated raising revenue is not an option unless you couple those increases with cuts. Kinda like the guy who pays back a loan by cutting mcdonalds out of his budget and instead spending the same amount at burger king.

Originally Posted by phaedo

And here in Australia they keep increasing taxes...

Australia is slowly moving away from some neo-liberal economic policies, the have seen the flaws in it's low wage labor model and are making some changes.

the US on the other hand is totally screwed. considering that inflation reduces effective tax rates increasing taxes on corps or at least reducing subsidy's would be the logical approach, so we know that won't happen.

I am so sick of this tax cut BS. Why can't we have flat tax rate for everyone regardless of how much one makes, marital status or social status or etc.? Or is it impossible? Everyone should pay their fair share, then shut the fuck up.

Corporations and the wealthy can have their tax cuts the split second they start doing things to get people working. Until then, fuck 'em. They SAY they will move out of the country, but the rate they are staying here says otherwise.

Originally Posted by GearsMcGilf

Bill Clinton calls for corporate tax cut - Mike Allen - POLITICO.com

This isn't all that much of a surprise. Bill really isn't a true liberal, nor a conservative. He's a pragmatist and he seems to know a thing or two about basic economics. Think of the amount of international business that might relocate to the US if we had a more competitive corporate tax rate. 25% of what could be collected is more than 35-40% of nothing.

I will go on record and say I liked him as President.
Had good times under him financially.

Originally Posted by danzik17

It's not the taxes that are too high. Why would jobs come back here when you can pay someone in China or India 1$ a day to do the same job as someone making 20x that here?

This!

Originally Posted by Zaphod

Corporations and the wealthy can have their tax cuts the split second they start doing things to get people working. Until then, fuck 'em. They SAY they will move out of the country, but the rate they are staying here says otherwise.

"high" corporate tax rates are not what's causing the employment problem, taxes are at the lowest rate since like the 60's and US company's are sitting on record profits and trillions of idle capital.

a good 3M+ jobs have been lost in manufacturing to China since they joined the WTO in 2001, the trade imbalance between the countries is killing us. you can chalk up another 800K in manufacturing losses to Mexico as well.

who knows how many jobs have been displaced or outsourced those numbers are hard to track. most sources say a good 500K over the past decade or so. then you have to take into account jobs that have been lost due to increases in technology that will never come back.

consumer credit is just about maxed out, and people have increased the personal savings rate in the past couple of years to adjust for losses of wealth from a loss of equity in the home. this causes contraction in certain parts of the service sector.

The fact that the politicians, former politicians, and citizens are even discussing taxes at all shows that the reall core problem is not being addressed:

Spending.

Taxes have nothing to do with the core problem.

It's the spending.

And more importantly, the promised payout of $62-71 Trillion dollars by the US government.

They won't have the money.

They don't have the money.


Tax talk reveals that the real problem that will indeed sink the United States will not be addressed.

Originally Posted by Big Smoothy

The fact that the politicians, former politicians, and citizens are even discussing taxes at all shows that the reall core problem is not being addressed:

Spending.

Taxes have nothing to do with the core problem.

It's the spending.

And more importantly, the promised payout of $62-71 Trillion dollars by the US government.

They won't have the money.

They don't have the money.


Tax talk reveals that the real problem that will indeed sink the United States will not be addressed.

spending would be secondary, the primary cause is the neo-liberal low labor wage economic model. consumption in the past 2 decades has been fueled by credit either revolving credit lines or home equity. until this is addressed nothing will change for the better for the working class in the US.

when you combine inflation with the ever increasing shrinking share of the national income that goes to labor, tax receipts at the state and federal level will never be at pre-recession levels.

capital has not only crushed labor as compared to the power it held in the 60's-70's but it buried it as well. and now US corporations have an excess of capital sitting idle and no productive place to apply it in the US. since the capital is held by private ownership it is incompatible for use to increase social production. depending on the structure of the business excess capital can be returned to shareholders who will either save it or re-invest it.

either way those in the lower income quintiles are totally screwed. the neo-liberal low wage model is fundamentally flawed. there is a limit as to the degree of wage inequality that an economy can sustain and we are well beyond that.

Originally Posted by LAM

Australia is slowly moving away from some neo-liberal economic policies, the have seen the flaws in it's low wage labor model and are making some changes.

Standard of living is a big issue here though in Australia - wages may be high - I picked up some part time work recently in the cafe at the gym - $18 an hour - but when I was looking for a ute (pick up truck) for my business, I had to basically buy something Australian or Japanese - a 30 year old F100 for example (that was in 'working' condition) would have cost me in the region of $10,000 + and a 10 year old F150 don't expect change from $50,000. 30 year old 2 bedroom apartment expect $450,000+ in the area I live in.

Originally Posted by phaedo

Standard of living is a big issue here though in Australia - wages may be high - I picked up some part time work recently in the cafe at the gym - $18 an hour - but when I was looking for a ute (pick up truck) for my business, I had to basically buy something Australian or Japanese - a 30 year old F100 for example (that was in 'working' condition) would have cost me in the region of $10,000 + and a 10 year old F150 don't expect change from $50,000. 30 year old 2 bedroom apartment expect $450,000+ in the area I live in.

Holy SHIT!!!

My wife and I are planning on coming down there next year for our 25th anniversary. I wonder if we'll be able to afford to eat.

Originally Posted by phaedo

Standard of living is a big issue here though in Australia - wages may be high - I picked up some part time work recently in the cafe at the gym - $18 an hour - but when I was looking for a ute (pick up truck) for my business, I had to basically buy something Australian or Japanese - a 30 year old F100 for example (that was in 'working' condition) would have cost me in the region of $10,000 + and a 10 year old F150 don't expect change from $50,000. 30 year old 2 bedroom apartment expect $450,000+ in the area I live in.

I'm just starting to learn about the economy in Australia. If I remember correctly in certain sectors are not wages adjusted depending on the age of the person?

Originally Posted by phaedo

Standard of living is a big issue here though in Australia - wages may be high - I picked up some part time work recently in the cafe at the gym - $18 an hour - but when I was looking for a ute (pick up truck) for my business, I had to basically buy something Australian or Japanese - a 30 year old F100 for example (that was in 'working' condition) would have cost me in the region of $10,000 + and a 10 year old F150 don't expect change from $50,000. 30 year old 2 bedroom apartment expect $450,000+ in the area I live in.

That's ridiculous you can get a F350 4x4 w/ 12" lift from 1995 for less than that in the US, I know cause I saw one of my Texas classmates just sold his on his facebook page for $9000. I wouldn't buy a 2001 for more than 20k.....

Originally Posted by Big Smoothy

The fact that the politicians, former politicians, and citizens are even discussing taxes at all shows that the reall core problem is not being addressed:

Spending.

Taxes have nothing to do with the core problem.

It's the spending.

And more importantly, the promised payout of $62-71 Trillion dollars by the US government.

They won't have the money.

They don't have the money.


Tax talk reveals that the real problem that will indeed sink the United States will not be addressed.

While spending is the core problem, taxes are a very large factor. Who knows, without the Bush Tax cuts maybe we wouldn't have had to borrow from China to pay for the 2 wars. Besides, they are going to have to generate revenue, that is of course, if they intend on paying the debt back. The longer they wait to raise taxes the more they are going to have to raise them. I do agree that spending needs to be cut first, though.