Posted on 05/04/2009 10:07:48 AM PDT by keep your powder dry
May 4 (Bloomberg) -- President Barack Obama proposed to raise about $190 billion over the next decade by outlawing three offshore tax-avoidance techniques used by U.S. companies such as Caterpillar Inc. and Procter & Gamble Co. He also would make it riskier for Americans to stash money in tax-haven banks.
The tax system is “full of corporate loopholes,” Obama said at the White House today, as he outlined the plan along with Treasury Secretary Timothy Geithner. The tax proposals, which will be part of a detailed budget the administration releases later this week, would raise a total of about $210 billion over the next decade.
(Excerpt) Read more at news.yahoo.com ...
You should not be posting here at all. You are a socialist and a liberal. I have no doubt about it. You belong to DU and DailyKos and similar left wing forums. Stay there and enjoy the Obama worship, enjoy socialism worship, enjoy liberalism worship, and enjoy appeasement worship.
You gotta finance the government programs to pay for houses and gas for ACORN somehow. If we all have to do it by paying more for products then so be it. /s.
They are too scared to dare speak out against a "black" president and his band of Chicago thugs. They are no different from the CEOs and business people and car companies. Everyone is quaking in their boots fearing the great and powerful O.
Take a reading comprehension course right before the economics course. Maybe you will see where I posted twice the stock market is improving IN SPITE OF WHAT OBAMA IS DOING.
” NAOMI CAMPBELL”???????
What’s her going rate? I just might be interested!
Finally some are turning on the light. For the last time from me ALL TAXES ARE PAID BY THE CONSUMER. For those who do not pay income tax, fools. Your income tax is paid every time you purchase services or commodities. You may not think of it as income tax, but you are paying that tax on what you earn when you purchase.
Your post implies that companies should not care, a mistaken belief about corporate taxes. Companies are rational in their preference for lower corporate taxes. In the long run, a company must pass on costs to consumers to remain viable. In the short run, a company may not be able to pass on all costs due to competition and other factors. Even in the long run, a company may have lower profits because of reduced sales due to onerous corporate taxes. Thus, companies are rational in their opposition to high corporate taxes.
According to Rush, one prominent business leader said that he got a call THREATENING HIM with ruin if he opposed The Messiah. According to Rush, the guy was threatened with the White House Press Whores running stories to ruin his company and him personally.
There will be exceptions in this bill.
After all, the Kennedy Family’s greatest asset, the Merchandise Mart has its corporate offices in Fiji.
You know Obama isn’t going to touch that one.
The Senior Senator from Massachusetts belongs to a family clan blessed with a net worth of nearly $500 million. Back in 1935, Joseph Patrick Kennedy, Sr., purchased Merchandise Mart, a Chicago real estate company, and according to Schweizer:
“...in 1947, he divided its ownership among family members and put it in the form of a trust.... [it] was not set up in their home state of Massachusetts, New York, Florida, or even California. This trust wasn’t even domiciled in the United States. Instead the Kennedy trust was set up in ... Fiji.”
http://antiprotester.blogspot.com/2006/01/fiscal-hypocrisy-of-edward-m-kennedy.html
Incorrect. Seasonally adjusted Annualized Starts were 510,000 in March compared to 572,000 in February. (Source)
construction spending went up last month when it was expected to stay flat
True. However, the Census bureau numbers are backward looking. Forward looking numbers such as Square Footage orders declined 49% in March and was down 51% for Q109 (McGraw Hill - Dodge). these numbers will flow through the Census Bureau data in the coming months.
You do not think that socialism is a problem because you are a socialist.
I don’t think that’s quite true. This is oversimplifying, but let’s assume that companies are profit-maximizing and are in a perfect market. Even if we start taking some portion of their money away from them, it doesn’t change what price will maximize the remaining portion of the profit. If a company raised its prices, it would lower its total profit, regardless of the portion of that profit we are taking away.
I would be far more worried about companies leaving the US, losing investors, or facing competition from smaller companies that are in lower marginal corporate tax brackets but are not necessarily more efficient. In other words, it is an issue of the long term viability of American industry, not directly of consumer prices.
However, if we levied a per-unit sales tax on these companies I would agree with you.
One more step to strangle the economy and replace it with communism.
Corporations don’t pay taxes, they pass them along to their customers. Ask Walmart.
I hear you, I personally don’t care what color or religion someone is, but our president had better be American though and through (opps they f’ed that one up too) - but if you screw up you had better be ready to the backlash.
What will he do about Ted Kennedy’s fortune and the 200 mil that Clinton got from Marc Rich that is stashed in a Swiss bank?
The tax proposals, which will be part of a detailed budget the administration releases later this week, would raise a total of about $210 billion over the next decade.We all know this number will never be realized. Companies will respond with scaling back operations, increasing prices, etc. The net affect to the Treasury will be a decrease in total tax revenues.
troll
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