The democratic party likes to view themselves as intellectually superior to anybody who opposes their policies. Well apparently there is much lacking in that giant blob of brain mass of theirs. A person doesn't need a Phd to understand that if tax loopholes are closed, companies like General Electric will pay taxes THEIR FAIR SHARE instead of actually taking money from the taxpayer coffers. Removing these tax loopholes will INCREASE FEDERAL TAX REVENUE substantially. Oh and yes Mr. Clyburn, going from ZERO (0%) TAXES to the current 35% corporate tax rate is a TAX INCREASE. All of you in the democratic party including President Obama have a lot of NERVE wanting to increase the personal income tax rate on ANY American while at the same time allowing your corporate buddies get away with paying ZERO CORPORATE TAXES on the backs of American individual taxpayers and small business'!
I recommend a lower FIXED (no loopholes) corporate tax rate on income. That would secure a regular stream of federal tax revenue for our US treasury. This would become a must pay for the corporate giants. The money they would normally spend on paying tax experts, paying lobbyists and giving elected politicians kick backs would go directly into the US treasury. It would be a win-win solution for all and get rid of the deeply embedded corruption in Washington.
I recommend a lower FIXED (no loopholes) corporate tax rate on income. That would secure a regular stream of federal tax revenue for our US treasury. This would become a must pay for the corporate giants. The money they would normally spend on paying tax experts, paying lobbyists and giving elected politicians kick backs would go directly into the US treasury. It would be a win-win solution for all and get rid of the deeply embedded corruption in Washington.
We may also want to consider alleviating some of these corporate tax burdens. Corporations are also subject to property tax, payroll tax, withholding tax, excise tax, customs duties, value added tax, and other common taxes, generally in the same manner as other taxpayers. These, however, are rarely referred to as “corporate tax.” [source: wikipedia]
"If ever a time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin." ~ by Samuel Adams (1780)
[The Watchblog 3/29/11] GE was subject to a net total of $1.28 Billion in taxes, fees, tariffs and operational revenue for 2010. The federal government paid GE $5.38 Billion in subsidies in 2010. So, in actuality, you and I paid General Electric $4.1 Billion in 2010, just for the august privilege of having the company grace us with it’s presence.
[ABC news 3/25/11] The top tax bracket for US corporations stands at 35%. One of the highest in the world. For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.
Or how about Washington start collecting delinquent tax from federal government employees before even considering hiking the general publics taxes?! Why isn't Washington getting them to pay THEIR FAIR SHARE?
[CNBC 11/16/11] According to an IRS study last year, those employees and federal retirees owed a staggering $3.3 billion dollars in delinquent tax payments to the government.
[The Los Angeles Times 9/10/10] Privacy laws prevent release of individual tax delinquents' names. But we do know that as of the end of 2009, 41 people inside Obama's very own White House owe the government they're allegedly running a total of $831,055 in back taxes. That would cover a lot of special chocolate desserts in the White House Mess.
In the House of Representatives, 421 people owe a total $6,524,892. In the Senate, 217 owe $2,774,836. In the IRS' parent department, Treasury, 1,204 owe $7,670,814. At the Labor Department, where Secretary Hilda Solis' husband had some back-tax problems before her confirmation, 463 owe $7,481,463. Eighty-one workers for the Federal Reserve System's board of governors owe $1,076,733.
Over at the Justice Department, which is so busy enforcing other laws and suing Arizona, 1,971 employees still owe $14,350,152 in overdue taxes.
Then, we come to the Department of Homeland Security, which is run by Janet Napolitano, the former governor of Arizona who preferred to call terrorist acts "man-caused disasters." Within that department, there reside 4,856 people who owe the tax agency a whopping total of $37,012,174.
United Press International (UPI)
written by Staff
June 26, 2011
WASHINGTON - U.S. House Assistant Minority Leader Jim Clyburn says he fails to see how Republicans equate closing tax loopholes with tax increases.
Clyburn, speaking on the ABC News program "This Week" Sunday, said Democrats and Republicans agree the country needs more revenue, but differ on how to get it.
Clyburn, D-S.C., said closing tax loopholes on oil companies that make billions in profits is one way Democrats would increase revenue.
But Senate Minority Leader Mitch McConnell, R-Ky., said that is the wrong approach and Republicans want to see the United States cut back on spending.
"How do you call closing loopholes to oil companies that would generate $40 to $50 billion in revenue, how do you call that a tax hike? That is no tax hike," Clyburn said
"You only hike taxes when you raise rates. We want us to have an effective tax collection and close these loopholes, stop giving billions of dollars in breaks to millionaires and billionaires," Clyburn said.
Obama and McConnell are scheduled to meet Monday to discuss raising the debt ceiling. Republicans walked out of the talks last week.
The government will run out of money to pay its bills for the first time ever on Aug. 2 unless Congress votes to raise the debt ceiling.
"Throwing more tax revenue into the mix is simply not going to produce a desirable result, and it won't pass," McConnell said. "I mean, putting aside the fact that Republicans don't like to raise taxes, Democrats don't like to either."
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