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Wisconsin Union Bill

Bob Maxey said:
Yup, undereducated indeed. For good reason: you seem to post things without any facts to back them up. Like you really know anything about how the rich think or where they keep their cash. Give me a break. I know a number of 'the rich' and even I do not know where they keep their money.

You make silly claims, and this tells me you do not read too many books or you only read books that support something you find on the web that is ever so laughable.

For the record, I am also undereducated.

So lets get back to the thread topic so we both stay out of trouble with the moderators. FYI, it was the Wisconsin Union Bill.

Bob
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Just look at bernnie madoff. They still can't find that money he swindled. So don't say they don't hide it. Yes I know I spelled his name wrong.
 
Dark Jedi said:
Just look at bernnie madoff. They still can't find that money he swindled. So don't say they don't hide it. Yes I know I spelled his name wrong.
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You are talking about a man that decided to steal, and you are comparing him to all corporations. Most corporations are not criminal organizations.

Bob
 
Bob Maxey said:
You are talking about a man that decided to steal, and you are comparing him to all corporations. Most corporations are not criminal organizations.

Bob
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But they dont play by the rules. look at enron theres another. Plus I wasnt using him to compare to all corporations. I was just using him as an example of you said these Rich people dont hide their money.
 
Dark Jedi said:
Just look at bernnie madoff. They still can't find that money he swindled. So don't say they don't hide it. Yes I know I spelled his name wrong.
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What about the richest man in America - Bill Gates? Does he hide his money? Or is he too busy giving it away?

Or what about Warren Buffett .... or anyone else on the Forbes 400 list? Are they "hiding" their money overseas?
 
cjr72 said:
The reason for having profits realized overseas is to take advantage of lower tax rates in some of these foreign countries. Hmm... So what to do about it? Perhaps lower taxes here to eliminate the advantage of keeping money overseas and thus increasing US revenue?
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The US taxes overseas income. In fact, we are one of the only industrialized country to do so.
 
Dark Jedi said:
Oh please wake up and look a these rich people. They are some of the. Most stingy class of people around. If they could save a Buck they would do it. But if you want to think the rich are so honest and are willing to allow all their finances to be taxed so willingly then that's fine. They are rich for a reason and its not by playing by the rules.
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40 U.S. Billionaires Pledge Half Wealth to Charity : Discovery News

It appears reality is a bit different than what you believe.

When 40 US Billionaires are giving half of their wealth to charity, I think you really can't call them the most stingy class of people around.
 
cjr72 said:
GE: 7,000 tax returns, $0 U.S. tax bill - Apr. 16, 2010
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GE moved profits around, so it had 0 profits in the US. They moved profits to countries with more favorable taxes.

maybe if the US lowered corporate tax rates, the cost of all that legal manipulation wouldn't be worth the cost, and they would keep their profits in the US and pay US taxes, instead of taxes to the 250 other jurisdictions they paid taxes in?

But GE isn't exactly escaping all tax-related pain: The company paid almost $23 billion in taxes to governments around the world from 2000 to 2009, Eisele said.
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cjr72 said:
Targeted!!!!! How Sarah Palin of you. We can only hope someone who is in no way aware of this post will not be motivated to commit an act of violence because of it. :p
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too late, already saw the nuke heading towards my city
off to the bunker
oh wait dont have one, im european :<
 
shadowninty said:
as part of trade negotiations with first world countries, sure
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OK. Thanks for the clarification.

I'm afraid that if the US tried this, whichever side proposed it would be beaten up pretty badly by the other side - saying we are meddling in the affairs of other countries (as if there isn't enough of that already). Kind of like those that said we went into Iraq for the oil. Kind of like the charge of "nation-building" that gets thrown around sometimes.

Any way you look at it - it would be ugly (in my opinion).

Personally, i would like to see a complete repeal of the income tax and replace it with a consumption tax - i support a program called The FAIR TAX (Americans For Fair Taxation: Americans For Fair Taxation). I also believe the FAIR TAX will never become law (unfortunately) because it takes too much power out of the hands of the morons in Washington and puts the power back in the peoples' hands.
 
well it should be the EU and US doing it - i have no problem with SEZs where corp tax may be lower - but the rate should really be a flat 30-35%
I personally think the EU should be funded off corporation tax (maybe 20%?) with states taking an extra 5-15%, with poorer states being let off
Banks should be charged at a higher, EU only rate, possibly as high as 40%, with huge barriers on moving profits elsewhere, with the EU taking responsibility fo most financial regulation (and management..)
obviously the US is different - but as i said, working together we could force tax havens to stop doing what they do
 
shadowninty said:
well it should be the EU and US doing it - i have no problem with SEZs where corp tax may be lower - but the rate should really be a flat 30-35%
I personally think the EU should be funded off corporation tax (maybe 20%?) with states taking an extra 5-15%, with poorer states being let off
Banks should be charged at a higher, EU only rate, possibly as high as 40%, with huge barriers on moving profits elsewhere, with the EU taking responsibility fo most financial regulation (and management..)
obviously the US is different - but as i said, working together we could force tax havens to stop doing what they do
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But why go through the trouble of forcing US tax code on other nations, why not just make our tax code competitive with others, and let that money migrate back here naturally?
 
shadowninty said:
because your tax myth is a myth
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So, corporations move their profits off shore, to lower taxed countries, you accept that. And you accept forcing thouse countries to raise tax rates would mean corporations would move their profits back home, because if the US taxes at 35% and Sweden taxes at 35% its not in their interest to pay the lawyers to move things around.

But if we lowered our tax rate, say Sweden was 10% and we did 5%, its a "myth" that corporations would keep their money at home?

I don't really follow your logic.
 
cipher6 said:
So, corporations move their profits off shore, to lower taxed countries, you accept that. And you accept forcing thouse countries to raise tax rates would mean corporations would move their profits back home, because if the US taxes at 35% and Sweden taxes at 35% its not in their interest to pay the lawyers to move things around.

But if we lowered our tax rate, say Sweden was 10% and we did 5%, its a "myth" that corporations would keep their money at home?

I don't really follow your logic.
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i was referring to your "lowering taxes increases income argument"
if corp tax goes so low, then income tax has to be raised
 
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