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Will Continuing To Give Tax Breaks To Big Corp. and The Rich Bring Back Jobs?

AbadPerez 2011/06/15 15:27:03
The other night during the GOP debate, all of the candidates
without exception, made sure that it was clear that they intend to continue
giving tax break to the rich and big corporations if elected. There is nothing
new about this worn out and proven to be ineffective economic strategy, but for
some reason these presidential candidates presented this as the solution to our
economic troubles.
Of course, these candidates fail to mention that the rich
and the big corporations have been enjoying huge tax breaks at the expense of
the middle class for years now. Yet, they want even more tax cuts and
incentives. The sad thing is that Republicans and Tea Partiers claim that the
middle class must be sacrificed and the rich must be spared in order to save
our economy. They say that if we give the rich and the big corporations even
more tax breaks, they will be inclined (no guarantees here) to invest on the US
economy, and all things will get better.
However, I disagree with this “spare the rich” strategy,
because it is the same strategy that got us to where we are today. Essentially
what we have done is give corporations and rich people tax breaks without
receiving anything in return. What the rich have done is take their money out
of the country, open up plants in third world countries where labor is cheap,
and increase their wealth even more, while the middle class is getting crushed
by high unemployment and debt.
What the government needs to do is set up a tax system where
corporations and millionaires that invest the most into the American economy by
opening up plants here in the USA, will be highly rewarded. In other words, you
want a tax break? Then create jobs or keep them here in the USA. You want to
take your jobs to third world countries in order to get cheap labor? Then you
pay a higher tax. It is the only fair and patriotic thing to do. What do you
think?
You!
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  • FAWKES' NOOSE ~ ΔTX 2011/06/15 15:34:50
    FAWKES' NOOSE ~ ΔTX
    +6
    EGTRRA has been in effect for 10 years. JGTRRA has been in effect for 8 years. What direction has the job market gone during that time? How long will you stand and poke at the elevator button before you realize its not coming?

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  • Charlie 2011/07/01 17:26:20
    Charlie
    The different versions of the same old socialist question of redistributing wealth are getting redundant. Even if it did work and it never has the Government would just end up wasting it anyway or give it away to another country.
  • AbadPerez Charlie 2011/07/03 03:23:33
    AbadPerez
    The question had to do with jobs and whether giving tax breaks to corporations is going to create them here in the US.
  • Chokmah 2011/07/01 15:31:17
    Chokmah
    +1
    America does not have an "income" problem, it has a "spending" problem. We simply spend more than we make, therefor, the only solution is to cut spending, like they are doing in Greece, Spain, Ireland, and a host of other countries.

    Compare this to your family; Suppose you bring home $3,000 per month but you are spending $4,000 per month. You drive fancy cars, take vacations, everyone has a smart phone, cable internet, go to NFL football games, eat out at restaurants every week, buy the best things for your kids.... Come on folks.. this is just common sense. Cut Back on the flagrant overspending!!

    The U.S. can no longer be policeman of the world and give "everybody" everything they want all the time... Secure our borders, take care of Americans first; cut out Welfare to Big Business and Big Farms; stop all the idiotic Wars overseas; close 80% of all the U.S. bases overseas; stop building Trillion$$$ weapon systems (just who the heck are we fighting anyway?); stop BAILING OUT THE BILLIONAIRES!!!!

    And this advice is meant for our mathematically challenged Democrat friends out there:

    YOU CANNOT BUY PROSPERITY BY BAILING OUT BILLIONAIRES THAT CONTRIBUTE TO THE DEMOCRAT PARTY!!! REAL WEALTH IS ONLY CREATED WHEN SMALL BUSINESS CREATES REAL JOBS!!!
  • AbadPerez Chokmah 2011/07/03 03:24:43
    AbadPerez
    The question is: Will continuing to give tax breaks to big corporations going to bring jobs back to the US?
  • Chokmah AbadPerez 2011/07/03 23:21:20
    Chokmah
    The BIG QUESTION is: Will the Government continuing to BAIL-OUT Wall Street Banksters and subsidize Big Unions at GM, Ford, and Chrysler while running TRILLION $$$ Deficits bring back jobs to the US?
  • AbadPerez Chokmah 2011/07/04 04:10:16
    AbadPerez
    Don't forget big oil and corporations, they are getting money also.
  • Chokmah AbadPerez 2011/07/04 15:29:41
    Chokmah
    Yes, and so are Big Unions, Big Governments, and Foreign Governments. The point is: we need to start someplace.

    I say we end the idiotic wars aganst Muslims overseas, close half of our military bases, end all Foreign Aid, and take back the loans to AIG/Goldman Sachs and their executives.

    At the same time prosecute the former FNMA executives and the mortgage arms of Washington Mutual, Countrywide, Wachovia, Wells Fargo, and Bank of America. The government should institue clawbacks from people like the Sandlers and Sanford Weil.
  • AbadPerez Chokmah 2011/07/04 19:51:32
    AbadPerez
    I agree with what you are suggesting. After all, we should not let corporations,regardless of what their industry is, to run around rampant doing whatever they want. We need to regulate them or else we the little guys will end up being taken advantage off. I say that if the people have to sacrifice, so should the corporate wigs, such as the ones you mentioned, and the oil industry, etc.
  • Chokmah AbadPerez 2011/07/04 21:07:43 (edited)
    Chokmah
    Reinstitute Glass-Steagall and repeal Clinton's Commodity Futures Modernization Act of 2000, which just allowed legalized gambling on Wall Street and the reintroduction of bucket shops.

    Bucket shops were what led to the panic of 1907 and the passage of the Federal Reserve Act in 1913.
  • AbadPerez Chokmah 2011/07/06 15:03:09
    AbadPerez
    It is legalized gambling and gambling can be fix. Therefore, they (congress people on both parties), the rich and the powerful have privileged information that allows them to rig the system.

    Take for instance Eric Cantor betting that the debt ceiling will not be raised. How can someone involved on such negotiations be able to profit from it?
  • ruralntex 2011/07/01 14:39:07
    ruralntex
    +1
    Want jobs? Court the employers to move to your state. That is what Texas has done, much to the dismay of most of the other states. Do you think it works differently at the federal level?
  • carolynb 2011/07/01 11:04:06
    carolynb
    +1
    Common sense tells you that we have to cut spending and bring revenue in at the same time to fix the deficit. Republicans are really making a big mistake, and I hope the people wake up and vote them out in 2012. They have only passed something like 15 bills since taking office, and most of them have been to name buildings are something stupid like that. They have voted down almost every proposal the dems have tried to get passed regarding small business. They are trying to keep the economy stagnant so Obama loses the election.
  • Guru_T_Firefly 2011/07/01 06:05:10
    Guru_T_Firefly
    +1
    No. It won't.
  • Queen B 2011/07/01 05:54:24
    Queen B
    +2
    Not ever.
  • baboula 2011/07/01 05:26:51
    baboula
    +2
    "..... worn out and proven to be ineffective economic strategy..."

    specify
  • unclepat 2011/06/17 19:33:37
    unclepat
    +3
    Hell, they've had TEN YEARS of tax breaks and the unemployment numbers have still gone up. Time to try something new!
  • Charlie unclepat 2011/07/01 17:35:07
    Charlie
    +1
    http://data.bls.gov/timeserie...
    You need to look at the unemployment history to understand that it’s not the tax breaks that are the problem. According to the BLS unemployment statistics from 2001, the unemployment rate maintained a 4-6% level all the way up through the first 10 months of Obama’s Presidency. After this the unemployment skyrocketed to a high of 10 for one month but has maintained around a 9% average until the present.
  • wtw 2011/06/16 03:37:51
    wtw
    No companies got a tax break--Obama did not pass tax breaks for any comoanies but his good buddy Jeff Emmelt from GE who now follows Obama around --his compoany GE paid no taxes last year--. I would much rather the real companies that pay taxes get breaks if they hire and guess what those people will pay taxes and guss what it takes taxes to run the government. If you keeo draining the private sector and companies who creates the jobs--it ain't government!
  • AbadPerez wtw 2011/06/16 13:06:48
    AbadPerez
    +3
    But this companies are not creating jobs in the US. Instead they are creating jobs in other countries. How patriotic is that?
  • wtw AbadPerez 2011/06/16 14:30:55
    wtw
    +1
    Corporations are about profit. If they have to move to get lower tax rates they will. I am glad to have a job so are those people whose corporation moves to stay profitable. We need to lower tax rates so businesses can compete and still stay in the US and keep jobs here!
  • AbadPerez wtw 2011/06/16 20:58:39
    AbadPerez
    +4
    You are missing the point. Lowering taxes will not motivate them to stay here. They will take their tax savings and open up plants on third world countries.
  • wtw AbadPerez 2011/06/17 04:41:29
    wtw
    +1
    I beg to differ I know of many corporations that left because cost in the US were going to be less in another country--they had to move because of Union legacy cost. Currently 6 companies are leaving California weekly because of high taxes. They are moving to other states. Texas is growing because that is where many are moving into texas because of lower taxes.. Thanks for your very civil responses--you are a person of integrity!
  • AbadPerez wtw 2011/06/17 13:36:44
    AbadPerez
    +3
    You are welcome. There is no need to attack each other, because we disagree.
    Here is the way I see it. Corporations want to maximize profits. Therefore the less labor cost a, tax cost and any other cost that they have, the better for them. They will do whatever they can to convince us, the average folk, to let them make more money. We on the other hand, are at the mercy of the powerful and millionaires. If we do not come together in an organize fashion and demand fair wages, safety,protection, etc. we stand to loose the most.

    So for us the average folk to promote and espouse ideas that give corporations total control of our life is not beneficial to us. I dare say, it is worse that government having power over us. At least with government we can vote people out of office.
  • wtw AbadPerez 2011/06/18 05:07:00
    wtw
    I work for one of the most ethial companies that has won awards for their etics in the business community. The compnay is profit oriented like all others and has laid off people and done many harsh things to save money because profits are down and so is sales. I am concerned about the little guy as well and this company cares about it's people because it is good for them. I do think companies that are like the one I work for growing in the workplace. Thanks again!
  • Guru_T_... wtw 2011/07/01 06:17:51
    Guru_T_Firefly
    Then, maybe it's time that they thought about doing the right thing for once, instead of doing nothing but engorging their coffers at taxpayers expense. Seeking profits is completely understandable, but when these corporations continually lobby for more and more tax breaks, simultaneously pocketing obscene quarterly/yearly profits and still not creating any new jobs only proves what their real motivation is.
  • wtw Guru_T_... 2011/07/01 14:32:33
    wtw
    I don't agree with many tax releif policies and I think they are wrong but do take them away in a down economy will only raise prices to us or loss of employment. We need these companies to add jobs to their payroll!
  • Guru_T_... wtw 2011/07/01 16:06:36
    Guru_T_Firefly
    +1
    Agreed. They need to do what they've promised.
  • Chokmah wtw 2011/07/01 20:36:29
    Chokmah
    +1
    Bailing out companies for poor management and greedy labor is a horrible plan.. the Government picking winners and losers based upon their contributions to Obama's campaign is Banana Republic politics.

    Raising taxes is a loser's game.... when Government at all levels consumes 50% of the entire GDP does anyone but a Democrat actually believe that more revenue is the answer?

    If you do, then I got a bridge in Brooklyn I want to sell you!
  • wtw Chokmah 2011/07/04 03:27:59
    wtw
    I hope it is only dems that are that ignorant! We need the independants, which is what I am, to vote against this craziness.
  • Cliff 2011/06/15 19:20:22
    Cliff
    No lasting jobs will be created at companies like GE, Chrysler and GM which are in bed with BO because the money they are getting from taxpayers is being wasted..
  • AbadPerez Cliff 2011/06/16 13:07:28
    AbadPerez
    +1
    Will there be jobs created from companies that build plants in other countries?
  • Cliff AbadPerez 2011/06/16 13:09:32
    Cliff
    Sure but it would be a long commute
  • maja.l.v.lange 2011/06/15 19:04:32
    maja.l.v.lange
    I'm 100% with you.
  • Jimbo 2011/06/15 17:55:22
    Jimbo
    +2
    The top has played a zero sum endgame with large short term gains for the past 30 years. Working class income rose in tandem with investor class income from WWII till 1980. The severe decline in our manufacturing base, has replaced jobs with incomes and benefits with sales positions, many part time lowering the income necessary to create demand. Debt financed demand the past decade with a trillion pumped into the housing market by bank doubling the housing prices 2001-2006 creating almost 20% of mortgages today underwater killing a large component of the economy. The Dubya tax cuts were not reinvested here as 50,000 factories closed over a decade. Financials went from 20% of GNP in the 70s to 40% in the 21st century, with a price paid for too large a share to the moneychangers.

    The way back is not Keynesian gov't spending or bank lending, building demand on a house of cards, still leaving us dependent on foreign made goods, nor giving more money to Walton billionaires to close another factory building one in China. It is rebuilding our manufacturing base, making investment here more attractive and forcing the financial gambling casino to have lower returns. A stronger working class demand supplied by what is made here is the only road to true recovery. Energy independence wou...









    &
    The top has played a zero sum endgame with large short term gains for the past 30 years. Working class income rose in tandem with investor class income from WWII till 1980. The severe decline in our manufacturing base, has replaced jobs with incomes and benefits with sales positions, many part time lowering the income necessary to create demand. Debt financed demand the past decade with a trillion pumped into the housing market by bank doubling the housing prices 2001-2006 creating almost 20% of mortgages today underwater killing a large component of the economy. The Dubya tax cuts were not reinvested here as 50,000 factories closed over a decade. Financials went from 20% of GNP in the 70s to 40% in the 21st century, with a price paid for too large a share to the moneychangers.

    The way back is not Keynesian gov't spending or bank lending, building demand on a house of cards, still leaving us dependent on foreign made goods, nor giving more money to Walton billionaires to close another factory building one in China. It is rebuilding our manufacturing base, making investment here more attractive and forcing the financial gambling casino to have lower returns. A stronger working class demand supplied by what is made here is the only road to true recovery. Energy independence would also allow us to grow without being hampered by the world's fossil fuel price fluctuations. The majority of Americans do not like people on the dole, nor politicians doing for the connected, themselves, instead of for the American people. That connected has us pay 17% of GNP for medical care ranking 37th in the world. Our debt is near the market limit with default certain to cause another worldwide recession if not a depression.

    A 5% direct equal redistribution of income tax on all income, earned, capital gains and corporate, given to all working Americans put on a bank credit card that can only buy American made, pay medical costs, education costs, public transportation costs and adoption costs, would create demand and make the unemployed take that closer to min. wage job not losing income, staying on unemployment.

    The rebuilding of our manufacturing base can be expedited by a return of the Reagan investment tax credit. Requiring 75% cash backing for commodity future contracts would end the massive fluctuations in their prices by investment gamblers instead of true marketers. A stock transaction tax of a penny a share for $10 and over, 1/2 cent $5-9.99, 1/4 cent $2.00-4.99,1/10th cent for $1.99 and under, would stop big houses from stealing equity from corporations harming the small investor. Glass-Steagal reinstatement is needed to put up that wall again. With demand and good return the 1.6 trillion on balance sheets would be spent rebuilding our manufacturing base.

    Our medical care delivery system is a failure for everyone except the profiteers. Medical costs are the largest source of bankruptcies. We pay 5% more than the rest of the world overall and almost 40% more for prescription drugs. Doctors/hospitals do unneeded testing over 15% of the time, with med. schools having a 4-1 ratio of specialists to GPs, the opposite of current needs because they earn more. The medicare fund will be bankrupt in a dozen years, with stupid Ryan solutions having seniors buy what does not exist in the world today, a full coverage plan for people over 65. We should start a non-profit public delivery system by combining VA, military, non-profits and municipal facilities and providers. Charge an insurance premium with 5% profit starting with a small base of existing people with families of vets first allowed in. Expand to the rest of the population based on ever increasing income parameters using the 5% for expansion. Contract doctors in med. schools to 10 years paying their tuition, giving them free in house malpractice insurance on a $125,000 pro rated annual salary for a 50 hour week. Medical providers, nurses, techs, home attendants, etc. get an annual salary of 90% of current market average based on a 40 hour week with nurses only tuition paid. 25% of all medicare costs are spent in the last 6 months of life with people averaging 50 doctors in their last month. A $5,000 bonus to heirs should be an option for home/hospice expiration under morphine pain maintenance by a registered nurse with 2 months to live for the terminal. I think many people would take the option instead of a last week tubed up in an ICU. The medicare tax should be doubled having workers/employers pay the extra 1.5%, along with a new 1.5% medicare tax on capital gains. That would make the fund solvent and put 3 trillion in revenue over a decade into government coffers. There can be no waivers for ACA required insurance with people have redistributed dollars to spend.

    To get our government finances in order, we must change how we spend tax dollars and how we collect revenue. Putting the same 28% IRS min. tax on capital gains over 10 million would dramatically increase revenue, put more money towards long term investing. The Reagan investment tax credit would be paid intitially by this tax, end the ITC when the manufacturing base is rebuilt to 60s levels would then allow paying down the national debt. Putting a min. corporate tax payable of 18% would allow an under $5 million small business rate of 18% with deductions reducing that rate lower to create jobs and even the field for the small vs the large. Oil/gas/mineral 15% of sales write offs should end. Agriculture subsides should end. Foreign taxes paid write off should end. The military budget should be cut in half over a decade by force/equipment reduction and closing the cold war bases in countries capable of defending themselves. Strategic missile defense does not work against boomers offshore and should be canned along with landing craft not used since Inchon and other wasteful systems/components like the extra F35 engine. The domestic/foreign/military intelligence agencies should be combined under one agencies with different divisions cutting that budget by at least 25%.

    Domestic energy independence can be achieved with investment into R&D; and changes in taxes to enhance production. The cheapest source of energy is nuclear having a heavy waste problem. Building a giant fusion plant buffered by thorium could theoretically burn fission nuclear waste in a decade and produce new fuel with the thorium. Building fission plants with large water storage, pumping ability could turn water into hydrogen changing our motor fleets from fossil powered to hydrogen/electric. Breakthroughs in converting co2 into fuels using sunlight have recently happened, possibly making co2 coal fired plant co2 capture into actual fuel. 1700 Gulf of Mexico oil rigs are temporarily capped needing steam for production. Let oil companies write off that steam pumping cost and give the same royalty reduction to steam pumped production as new production receives today. Allow natural gas production everywhere except near fault line and water supplies. Until the nuclear plants are build with connecting water pipe systems (which also can lower river levels avoiding flooding pushing water to the parched southwest), fossil fuels must be used. Nuclear plants pay for themselves in 2 decades, so printing the money (backed by the reactors), amortizing the payback will actually get a good return over the 50 year estimated life cycle.
    (more)
  • freddy Jimbo 2011/06/15 18:21:30
    freddy
    +1
    Jimbo even if you copied this, I am impressed!
  • freddy 2011/06/15 17:36:58
    freddy
    +1
    Where do most Democrats work? Do they think the ever mighty Government supplies all the jobs? Maybe they think it is the Unions that supply jobs for their dues paying members? Without Corprations there are no real jobs jobs. Even people that don't work for a corporation would not have a job including the government workers. No Tax money coming in from the jobs that Corporations produce then no money to pay the government employees. So the next time you get a paycheck whereever it comes from, Thank a corporation not your union or your government.
  • AbadPerez freddy 2011/06/15 17:45:34
    AbadPerez
    +3
    I agree with you. Corporations play a major part in the economy. Which is exactly the point I was trying to make. Because they are so important in job creation, and since they are taking tax breaks and opening plants in third world countries with the money that they save from those tax breaks, we need to find a way to get them to produce jobs in the USA.

    Since it has already been proven that giving them tax breaks does not motivate them to create jobs in USA, then the tax incentives need to come with an attachment. Hence, the more jobs a company produces in the USA, the bigger the tax break. Those who send their jobs to other countries should pay a higher tax. That is the fair, patriotic and practical thing to do.
  • freddy AbadPerez 2011/06/15 18:19:06
    freddy
    Because on one hand they give them a Tax break to keep them here then pass Laws that force them to seek shelters outside the USA. I don't blame them it falls back on the government....I also don't have a problem with attachments to their tax breaks. Maybe while we are at it we could force the Unions to make some consessions for the good of America.
    We had a lot fewer problems before government got so big. Maybe time to reduce it.
    I wish we could elect a president with the nads to go in and do away with the waste of money. The Energy Dept. for starters. They do nothing but add costs to our energy and produce nothing but more paperwork.
  • AbadPerez freddy 2011/06/16 13:10:05
    AbadPerez
    +1
    So you agree then, if companies want to get tax breaks they should create jobs here instead of in other countries?
  • freddy AbadPerez 2011/06/16 13:23:40 (edited)
    freddy
    Yes and I am sure they would if they got the same attitude they get from overseas.
    Our government gives tax breaks as an incentive for the corps.to build here,creat jobs here, reinvest here, then turn around and make it impossible to stay here with regulations and requirements and just totally unnneeded BS. Boeing is a current example. Boeing is going to build a new Jet in SC at one of it's plants and our government steps in and says no, you have to build it in your union plant across the country. WTF is our government doing, telling a private Corp. where to build it's product. I hope that if Boeing cannot build it in SC that they just take it over seas to build it and tell the US government to F off.

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