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It should be even lower. If our government didn't have a spending problem we wouldn't need the corporate or income tax. Corporations would hire more and people would spend more. Economy fixed.
Profits are high but in an uncertain economy we tend to save way more. Believe me, before any tax cuts are given to the corporations the income tax should be done away with first. Eventually it should settle between 5-7%. If our government would stop our foreign military interventionism and foreign aid we would have more than enough funds left to fix social security, balance our deficit in 10 years and let the private sector create more jobs.Why would they hire more? They aren't hiring now and profits are at all time highs.
Profits are high but in an uncertain economy we tend to save way more. Believe me, before any tax cuts are given to the corporations the income tax should be done away with first. Eventually it should settle between 5-7%. If our government would stop our foreign military interventionism and foreign aid we would have more than enough funds left to fix social security, balance our deficit in 10 years and let the private sector create more jobs.
The private sector can create more jobs in a heartbeat. They choose not to. The economy is only uncertain because people are underemployed and underpaid. If corporations are unwilling to boost the economy by hiring and/or paying better they should be taxed more.
The private sector can create more jobs in a heartbeat. They choose not to. The economy is only uncertain because people are underemployed and underpaid. If corporations are unwilling to boost the economy by hiring and/or paying better they should be taxed more.
And what was your EFFECTIVE income tax rate last year (note - NOT bracket rate)? My effective rate was in the single digits, even though I was in the 28% bracket if you look at just income. Articles like this are misleading if people do not consider everything involved.
This guy has read Ayn Rand. ^^^^^It is not a corporation's job to hire more people unless that benefits the corporation. People are hired to produce money for the corporation. If you had a lawn service business with one employee would you hire another employee before you needed him just to "boost the economy?" If not, should your little corporation be "taxed more?"
It is not a corporation's job to hire more people unless that benefits the corporation. People are hired to produce money for the corporation. If you had a lawn service business with one employee would you hire another employee before you needed him just to "boost the economy?" If not, should your little corporation be "taxed more?"
This guy has read Ayn Rand. ^^^^^
Ayn Rand was a moron and a hypocrite.
Would it not benefit the corporation to help increase the economy?
While I agree with what they could do we must take a step back and look at what we would do if we were the driving force in an investor driven corporation. Would we gamble at this point with inflation and an unstable market? Probably not unless we could truly afford to lose that kind of capital. I understand where you are coming from but not all of these guys are greedy elitist banker types. Some are 99%er's. They keep only 1% of their income and reinvest the rest into the markets. Not all are like that but some are. For example, the company I work for has 4 share holders and 2 of them apply the 99% method. I am sure they get some hefty tax break for reinvestment and that helps prevent them from getting taxed upon taking out their capital gains BUT my company has had 8 years of continuous growth and we are above the national average for yearly salary and live in a cheap area in terms of cost of living. Some company owners are good to go. On top of the business tax from the federal government, companies in Michigan used to pay up to 25% in state taxes as well. That is pretty unacceptable and drives companies out of an area. All you have to do is look at the auto industry in Michigan where there was a progressive corporate tax with the Michigan Business tax. This was implemented off the idea that Michigan could live only off of taxes brought in by the big 3. This was only the case for 10 years! The auto industry actually moved across the border to Canada and Mexico just to save money. We recently did away with the MBT and the industry is slowly returning back to the state. Like I said before, if government wasn't so big and spent what revenue they brought in wisely, we wouldn't need these outrageous taxes on the individual or the corporation. The US govnt at the federal level brings in over 3 trillion a year in revenue but we still some how have a large deficit. If we cannot live within our means at 3 trillion dollars a year revenue then no amount will ever sustain us. This is an indication that the government will continue its tax and spend ways and will continually spend and find ways to spend any revenue that does come in. BTW, I am having a great time discussing this with you guys! Nice to have a conversation without things getting hostile.
In theory yes, however as I stated it is typically an investor based business. There is a risk in this unstable economy with all factors included that may be an unnecessary risk for profit.
It isn't theory.
Ayn Rand was a moron and a hypocrite.
She wrote good fiction. Her ideas were crap. They still are.negged. something tells me you haven't read any of her work. she was a brilliant writer.
What you are suggesting isn't free market. I believe in a true free market which we do not even have today. There is no better regulation than the almighty dollar and the consumer who uses it. We shouldn't focus on where we are today we should focus on how we got here and how to never end up in this situation again. I do not believe government enforced regulations that kill competition is the answer.
She wrote good fiction. Her ideas were crap. They still are.
The market has been heavily deregulated and look at the mess we are in. Regulations have been pulled back by the gross and business just keeps screwing shit up. You need look no further than the banks.
negged. something tells me you haven't read any of her work. she was a brilliant writer.
Businesses bought deregulation from the government. They also bought immunity from the laws they have and are breaking. The market didn't vote with its business, the house of cards the bank created collapsed because it was built of fluff and pretend money. None of them have been prosecuted. Maybe a minor fine here or there with a promise from regulators not to prosecute or an admission of guilt on the part of the banks.
You are right on the verge of seeing the system for how it is but you won't let yourself get past a supposed ideal that would be the end of the common man.
corporations here layoff 300-1500 people and then next month give the execs a 40% pay rise for moving heaps of their services offshore to india and the philippines.......
most of the controlling shareholders of major mining here have moved all their wealth and bases to places like singapore and lichtenstein to avoid taxes......