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Will the removal of tax loop holes for the rich and corporations from our Tax Code hurt the chances of economic recovery?

bob 2011/07/07 15:38:04
Removal of the tax loopholes for the rich and corporations will hurt our economic because ....
the removal of tax loop holes for the rich and corporations will not hurt the economic recovery because ....
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  • ucntbsrius 2011/07/07 15:44:35 (edited)
    the removal of tax loop holes for the rich and corporations will not hurt the...
    ucntbsrius
    +8
    Rich people and corporations don't create jobs to be nice. it's because of demand. The middle and poor class create demand. The bank accounts of the rich and corporations have increased by huge leaps in the recession. It hasn't created any substantial job numbers.

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  • Sandy 2011/07/07 19:45:44
    the removal of tax loop holes for the rich and corporations will not hurt the...
    Sandy
    +2
    Having the loop holes in place haven't helped the economy much, if at all, therefore removing them should not affect the econony.
  • harry 2011/07/07 19:41:13
    the removal of tax loop holes for the rich and corporations will not hurt the...
    harry
    +3
    Every step counts.
    Rather someone changes to commercial airlines then children die on hunger.
  • bpf 2011/07/07 19:21:06 (edited)
    Removal of the tax loopholes for the rich and corporations will hurt our econ...
    bpf
    +1
    Anyone with half a brain will realize that corporations always passes it's cost down to the public. This will be no different a lost of revenue will be translated to either higher product cost or reduction in the labor force. A better method is to vary the tax rates the more a company is based in America ( work force & business partners) the greater the tax perks they receive and the less the corporation has in America a larger tax will be imposed. Consider it tariffs without advertising it to the rest of the world, like it or not every country uses tax loop holes or incentives one way in another to keep business in their countries. The left and socialist would make you think its an America problem but all use it. Countries like China use slave labor and prisoners to keep their company's over head down and doesn't allow any form of rights for the slave working force.
  • jeepster4 2011/07/07 19:18:13
    the removal of tax loop holes for the rich and corporations will not hurt the...
    jeepster4
    +3
    This will get the government out of the business of determining losers and winners in the market place. Of course the doctrinaire Tea Baggers that lurk on this site will explain why capitalism won't work in this case.
  • happyman 2011/07/07 19:17:29
    the removal of tax loop holes for the rich and corporations will not hurt the...
    happyman
    +2
    Let businesses act like a business, make a profit or you are not a business. Let the Free Market
    prevail.
  • Grabitz 2011/07/07 19:04:00
    the removal of tax loop holes for the rich and corporations will not hurt the...
    Grabitz
    +2
    It would actually give them incentives to spend money here for tax write offs . It would be either give it to the government or buy things with it that will make them money . The rich aren't going to just pack up their my and move to some third world . For many of the rich America is their home . If they are going to leave over money then good riddance because they was not patriots anyway just money grubbing fools .
  • sbtbill 2011/07/07 18:56:38
    the removal of tax loop holes for the rich and corporations will not hurt the...
    sbtbill
    +3
    I don't think so. What we need is to level the playing field so that small business can compete with the big internationals. I think do this would help.
  • Charu ∞ijm♥∞ 2011/07/07 18:42:55
    the removal of tax loop holes for the rich and corporations will not hurt the...
    Charu ∞ijm♥∞
    +3
    Not at all! Wipe out the current tax code and replace it with a 10% tax across the board....from welfare to big corporations....everyone.
  • FYI 2011/07/07 18:41:49
    Removal of the tax loopholes for the rich and corporations will hurt our econ...
    FYI
    +2
    The U.S. already has the highest corporate tax levels in the world, how would making them higher encourage business to expand or build in the U.S.?
    And,if the business in question has to deal with a labor union, the labor cost alone is enough to dissuade any company that want to make money.
  • sbtbill FYI 2011/07/07 18:59:42
    sbtbill
    +1
    The problem is the real tax rate vs the stated tax rate. Small business tends to pay the stated tax rate. Big business knows how to use the rules to pay a much lower rate. That is both unfair and a reason for the export of jobs. We need to close loopholes and reduce the rate. Unfortunately that would likely be a huge fight.
  • FYI sbtbill 2011/07/07 19:07:59
    FYI
    +1
    You could tax them 100% and still not cover the debt.
    Raise taxes is not the solution.
  • sbtbill FYI 2011/07/07 20:00:34
    sbtbill
    This has nothing to do with the debt, It has to do with a system that is to complex. It has to do with having the same tax rates from big corporations and small corporations. It has to do with fair play. I would say we should do this if we had no deficit.
  • FYI sbtbill 2011/07/07 20:09:20
    FYI
    I disagree, you place blame on corporations for small business inability to learn how to work the system?
    "Big business knows how to use the rules to pay a much lower rate."
    I suggest small business' learn to use the rules too.
    And, it is very much about debt.
    If not, what's the purpose of raising their taxes at all?
    Or anyone's for that matter.
  • sbtbill FYI 2011/07/07 21:05:55
    sbtbill
    It is expensive to learn all the rules. Some of them don't apply to small business. It's kind of a dumb example but how many small businesses do you know that have corporate jets? Anyway you look at it the more money you have the more deductions you can take. Why do it at all if it's not about debt? Simple it makes for fairer competition. It allows reducing the rate for small business. Yes this could be a revenue gainer but it could also be done in a revenue neutral way. Don't see how this could be done over the next couple weeks so it has nothing to do with the debt ceiling. This is also not a new idea it's been discussed for several years.

    In other words I'm agreeing with the idea of ending a lot of deductions and reducing the rate to 25%.
  • Jareth Majere 2011/07/07 18:36:03
    the removal of tax loop holes for the rich and corporations will not hurt the...
    Jareth Majere
    +3
    it will not
  • Centrist_Bill 2011/07/07 18:35:25
    the removal of tax loop holes for the rich and corporations will not hurt the...
    Centrist_Bill
    +5
    The theory for years has been give the upper crust all the breaks and they will start hiring. Personally I havent seen much of anything coming from them. If thats not enough Warren Buffett has asked WHY its fair tjhat he pays LESS in taxes than his secretary?? The stock market is rising. Profits are up yet they arent hiring. I( think its time they pay their fair share at least until they start hiring.
  • Common Sense 2011/07/07 18:29:00
    the removal of tax loop holes for the rich and corporations will not hurt the...
    Common Sense
    +4
    Conservative economists complained that the economic recovery was stagnant because of Obama's waivering on the tax break extension. Well, the tax breaks have been extended and the economy has yet to show anything for it. The rich will do everything they can to keep from paying taxes, including hiding it in overseas or within shell coporations. Eliminate the loopholes and solve the problem.
  • stephanie 2011/07/07 18:25:02
    the removal of tax loop holes for the rich and corporations will not hurt the...
    stephanie
    +3
    The big problem is Obama is giving money to help out his friends! Is that right???!!!
  • tesmith47 stephanie 2011/07/07 18:56:40
    tesmith47
    you must understand, Obama supports the CAPITALIST system ,just like a lot of other follks do. tax breaks, welfare for the rich and giveaways are what this system requires.
    the ironic thing is is that right wing racist accuse Obama of being a socialist???!!!???
  • jeepster4 stephanie 2011/07/07 19:19:50
    jeepster4
    No..unless the American public is his friend.
  • morris44 2011/07/07 18:16:14
    the removal of tax loop holes for the rich and corporations will not hurt the...
    morris44
    +2
    Companies will have to actually invest in something to increase profits, instead of just "sheltering" the profits they already have.
  • big bobber 2011/07/07 18:11:31
    Removal of the tax loopholes for the rich and corporations will hurt our econ...
    big bobber
    +1
    we could confiscate every dimethey have and it wouldnt cover obama and congresses uncontrollable spending and their pork and bankrupting health care bill that has almost nothing whatever to do withhealth care....
  • Independent Thinker 2011/07/07 17:53:36
    Removal of the tax loopholes for the rich and corporations will hurt our econ...
    Independent Thinker
    +1
    ....corporations thrive and continue the cycle based on expectations. Drop the loopholes...loose capital....loose capital.....drop workers and reduce services--simple as that.

    In our small community there are two small businesses (well known - Fortune 500). They hire local and recently cut weekly hours to under 40 hour work week. Why? because they did not want to have to lay off locals. Now....guess what? With all this speculation (and an attack of these 2 very excellent companies who support our economy) there is more talk of down-sizing.

    Really, these companies are in business not to go broke to support its workers.

    This is one of those catch 22 issues - no winners in this.

    If these tax loopholes for corporations are stopped will it hurt our economy? Of course, and it doesn't take a rocket scientist to understand why. This is not a liberal or conservative issue although some would like to make it so.
  • morris44 Indepen... 2011/07/07 18:17:44
    morris44
    +1
    How can a company be fortune 500 and small business at the same time?
  • Indepen... morris44 2011/07/08 04:00:51
    Independent Thinker
    They can't. I should have been more clear. Both business are mentioned in Fortune magazines in different areas (e.g. "Best Companies to Work For"). One has over 8,000 employees and the other over 2,000. Both are civic minded supporting the community in a multitude of ways. They are not the Walmarts (or in the top 500) but still represent businesses that will be effected by the tax issue.
  • morris44 Indepen... 2011/07/11 16:49:07
    morris44
    Thanks
  • tesmith47 Indepen... 2011/07/07 18:57:46
    tesmith47
    fortune 500 and small company do not go together
  • Indepen... tesmith47 2011/07/08 04:02:38
    Independent Thinker
    I realize they are not synonymous- wrote quickly without clarification. See comment to morris44 in regards to the same observation.
  • RandyScott (Party of One) 2011/07/07 17:40:58
    Removal of the tax loopholes for the rich and corporations will hurt our econ...
    RandyScott (Party of One)
    +1
    No amount of taxation will do, without reducing spending. Tax the rich enough and they will take their money elsewhere to avoid the tax's and you will get a net loss in revenue.
  • bob RandySc... 2011/07/07 17:46:34
    bob
    +1
    let them, they can leave this country anytime they want.
  • RandySc... bob 2011/07/07 18:25:41
    RandyScott (Party of One)
    +1
    Then who will you get to support you? Is the bum on the corner going to give you a job.
  • sbtbill RandySc... 2011/07/07 19:01:33
    sbtbill
    +1
    Right now the bum on the corner seems more likely to buy something and increase demand thereby making a job then the rich guy on the hill.
  • RandySc... sbtbill 2011/07/07 19:08:30
    RandyScott (Party of One)
    Your welcome to your fantasy, just don't ask me to join you.
  • sbtbill RandySc... 2011/07/07 20:04:54
    sbtbill
    And you are welcome to your fantasy, just don't ask me to join you.
  • tesmith47 RandySc... 2011/07/07 19:00:11
    tesmith47
    to hell with the rich, i would rather employ good plumbers and steel workers at good wages than have 1 rich sucker that has never produced anything, the rich only manipulate the wowrkers output to get rich
  • RandySc... tesmith47 2011/07/07 19:05:10
    RandyScott (Party of One)
    You beliefs are why you will always be one of those crying poverty. The rich have not taken anything away from you. If you are not willing to work and sacrifice to get ahead you never will.
  • Stan Kapusta 2011/07/07 17:38:10
    the removal of tax loop holes for the rich and corporations will not hurt the...
    Stan Kapusta
    +1
    There are not enough rich people left . Those idiots in Washington need money. Stop killing the middleclass. Revive them. 1 cent times 100 million is better than 50k times two in tax dollars. Term limits please!
  • Ron in ... Stan Ka... 2011/07/07 18:52:02
    Ron in Oregon
    Just give one penny the first day of the month and then double it to two the next day. Keep doubling the amount for just one month and then you can quit.
  • Stan Ka... Ron in ... 2011/07/08 06:12:05
    Stan Kapusta
    Not in this case after 4 days we run out of rich people. Your way is just an old math quiz.
  • Gypsy 2011/07/07 17:27:56
    Removal of the tax loopholes for the rich and corporations will hurt our econ...
    Gypsy
    Because they will figure out how to gauge their loss out of us.

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