[sparkscoffee] Re: Emailing: Scan0158 - Captalism Stinks On Ice
- From: "" <dmarc-noreply@xxxxxxxxxxxxx> (Redacted sender "sblumen123@xxxxxxx" for DMARC)
- To: sparkscoffee@xxxxxxxxxxxxx
- Date: Sun, 28 Sep 2014 13:36:54 -0400
DR
Either I wrote it wrong or you read it wrong? Free Trade Agreements with Level
Playing Fields removing protectionists tarrifts which has opened the gates for
American firms to close their factories here and put them up in low cost
countries especially China and I consider myself a protectionist.
Stanley
-----Original Message-----
From: D.J.J. Ring, Jr. <n1ea@xxxxxxxx>
To: sparkscoffee <sparkscoffee@xxxxxxxxxxxxx>
Sent: Sat, Sep 27, 2014 8:24 pm
Subject: [sparkscoffee] Re: Emailing: Scan0158 - Captalism Stinks On Ice
Stan,
Does that mean that you want to give a tax break to USA corporations who want
to build factories in China.
It's very lazy and presumptious to say "We agree to disagree".
We do not, you're the one who agrees without yourself and didn't read the
message.
Why do you shy away from discussing economics and finances?
Because deep down you know that socialism doesn't work?
Even socially it doesn't work - Hong Kong wants to vote on democracy. Guess
who is against it? The Communists, because communism isn't about everyone
sharing, it's about POWER for the Communist Party, the people are just pawns
made to pay the government who controls their life - and we're getting there
too.
Democratic Party: A bunch of rich men and women trying to convince everyone
that the other rich men and women are taking advantage of the workers and
making them poor.
That reality. Both the Democrats and Old Republicans are like that, that's
why we need the TeaParty to rescue USA from these failed policies.
At least we are rid of the most racist attorney general in history. Imagine
not prosecuting black on white crime? He did that and much more.
73
DR
73
DR
On Fri, Sep 26, 2014 at 11:59 PM, Redacted sender sblumen123@xxxxxxx for DMARC
<dmarc-noreply@xxxxxxxxxxxxx> wrote:
DR
We agree to disagree.
Stanley
-----Original Message-----
From: D.J.J. Ring, Jr. <n1ea@xxxxxxxx>
To: sparkscoffee <sparkscoffee@xxxxxxxxxxxxx>
Sent: Fri, Sep 26, 2014 5:37 pm
Subject: [sparkscoffee] Re: Emailing: Scan0158 - Captalism Stinks On Ice
Stanley,
If Corporations paid NO taxes on income, then there would be more money for
them to invest in Research and Development, maybe a new plant near you in
Florida, and of course many new jobs because of all these things.
One thing I forgot is that "We the People" have given Corporations a TAX BREAK
to move out of the Country to build foreign factories.
No to me - that is plain INSANE. I am guessing you'd agree with me on that -
as does the author below.
(More below). You can read just the first paragraph if you wish - cutting Corp
taxes results in POSITIVE income to the US Treasury.
73
DR
Forbes
http://www.forbes.com/sites/anthonynitti/2013/07/30/president-obamas-plan-for-corporate-tax-reform-a-grand-bargain-or-simply-another-name-for-an-old-proposal/
President Obama's Plan For Corporate Tax Reform: A 'Grand Bargain' Or Simply
Another Name For An Old Proposal?
Earlier today, President Obama took some time away from motivating sputtering
baseball teams to propose a “grand bargain,” whereby the President would be
willing to reduce corporate tax rates if the additional tax revenue were used
to create jobs for the middle class.
Now, if you’re particularly sharp, you might have noticed an oddity in that
opening sentence. Specifically, if corporate tax rates would go down, why
would there be additional tax revenue available to spend on job creation?
That’s because along with the promised tax rate reduction, President Obama
would broaden the tax base by eliminating many of the deductions and
preferences available under today’s law. The net effect of these two changes
would result in an increase in total tax revenue collections; in other words,
the reduction in rates would be more than offset by the lost deductions.
This is a bit of a departure from the President’s previous proposals for
corporate reform, which have always been promised to be revenue neutral. In a
revenue neutral plan, only enough deductions would be cut to generate the
revenue necessary to “pay for” the revenue lost to lower tax rates. No more, no
less.
I say the President’s latest plan is a “bit” of a departure because the goal
would still be to have the “grand bargain” reform be revenue neutral over a
ten-year period; however, the plan would generate net revenue in its initial
years, which would then be spent on job creation efforts such as investing in
infrastructure, manufacturing and community colleges.
So what exactly is in the President’s “grand bargain” plan?
As best I can tell, the limited details of the proposal pitched today align
neatly with the President’s previously published and creatively named “The
President’s Framework for Business Tax Reform.” The headlining item of that
proposal – which was echoed today – is to reduce the maximum corporate rate
from 35% to 28%, a promise that is likely to win some appreciation from the
Republican Party.
But that’s about all the Republican Party will like about this plan, because
let’s call it what it is: a tax increase to fund additional governmental
spending. Not exactly true to Republican core values.
The President’s plan can be separated into three distinct categories: general
corporate reform, manufacturing industry reform, and international reform.
General Corporate Reform
The President (correctly) points out that our current tax system — replete with
innumerable deductions, exclusions and preferences — benefits certain
industries over others. Take a gander at the following table, which illustrates
the effective tax rate paid by different industries in 2007 and 2008, even
though they were all subject to the same 35% marginal rate:
The president believes that when eliminating deductions and preferences, care
should be taken to equalize the benefits of the code across all industries. To
that end, he has placed a number of provisions on the chopping block, calling
for the following changes:
Elimination of “Last in first out” accounting. Under the “last-in, first-out”
(LIFO) method of accounting for inventories, it is assumed that the cost of the
items of inventory that are sold is equal to the cost of the items of inventory
that were most recently purchased or produced. This allows some businesses to
artificially lower their tax liability.
Elimination of oil and gas tax preferences. The President would repeal the
expensing of intangible drilling costs, and percentage depletion for oil and
natural gas wells. .
Taxing carried (profits) interests as ordinary income. The President would
eliminate the loophole for managers in investment services partnerships and tax
carried interest at ordinary income rates.
Eliminate special depreciation rules for corporate purchases of aircraft. This
would eliminate the special depreciation rules that allow owners of
non-commercial aircraft to depreciate their aircraft more quickly (over five
years) than commercial aircraft (seven years).
Addressing depreciation schedules. Current depreciation schedules generally
overstate the true economic depreciation of assets.
Reducing the bias toward debt financing. Steps would be taken to reducing the
deductibility of interest for corporations. This would reduce incentives to
overleverage and produce more stable business finances, especially in times of
economic stress.
Manufacturing Industry Reform
While the president asserts that all industries should be treated equally, his
plan then goes on to bestow certain preferences specifically on the
manufacturers by proposing the following:
Effectively cutting the top corporate tax rate on manufacturing income to 25
percent and to an even lower rate for income from advanced manufacturing
activities by reforming the domestic production activities deduction. The
President’s would focus the current I.R.C. § 199 deduction more on
manufacturing activity, expand the deduction to 10.7 percent, and increase it
even more for advanced manufacturing. This would effectively cut the top
corporate tax rate for manufacturing income to 25 percent and even lower for
advanced manufacturing.
Expand, simplify and make permanent the R&D Tax Credit. The President’s
framework would increase the rate of the alternative simplified credit to 17
percent.
Extend, consolidate, and enhance key tax incentives to encourage investment in
clean energy.
International Reform
It is in the international arena that the president’s proposals most deviate
from those of his Republican counterparts. While Republican leaders have loudly
called for a move to a “territorial” tax system, whereby U.S. corporations
would only pay tax on U.S. income, leaving other nations to tax foreign
profits, President Obama wants to expand the current corporate tax regime to
tax profits earned by foreign affiliates of U.S. corporations before they are
repatriated to the U.S.
The president’s proposals include the following:
Require companies to pay a minimum tax on overseas profits. Specifically, under
the President’s proposal, income earned by subsidiaries of U.S. corporations
operating abroad must be subject to a minimum rate of tax. This would stop our
tax system from generously rewarding companies for moving profits offshore.
Thus, foreign income deferred in a low-tax jurisdiction would be subject to
immediate U.S. taxation up to the minimum tax rate with a foreign tax credit
allowed for income taxes on that income paid to the host country. This minimum
tax would be designed to balance the need to stop rewarding tax havens and to
prevent a race to the bottom with the goal of keeping U.S. companies on a level
playing field with competitors when engaged in activities which, by necessity,
must occur in a foreign country.
Remove tax deductions for moving productions overseas and provide new
incentives for bringing production back to the United States. The President is
proposing that companies will no longer be allowed to claim tax deductions for
moving their operations abroad. At the same time, to help bring jobs home, the
President is proposing to give a 20 percent income tax credit for the expenses
of moving operations back into the United States.
Other reforms to reduce incentives to shift income and assets overseas. The
President would strengthen the international tax rules by taxing currently the
excess profits associated with shifting intangibles to low tax jurisdictions.
In addition, under current law, U.S. businesses that borrow money and invest
overseas can claim the interest they pay as a business expense and take an
immediate deduction to reduce their U.S. taxes, even if they pay little or no
U.S. taxes on their overseas investment. The President would eliminate this tax
advantage by requiring that the deduction for the interest expense attributable
to overseas investment be delayed until the related income is taxed in the
United States.
Republican leaders have already shouted down the President’s “grand bargain”
proposal, with Senate Republican Leader Mitch McConnell taking issue with the
planned increase in revenue by calling it, “…just a further-left version of a
widely panned plan he already proposed two years ago – this time, with extra
goodies for tax-and-spend liberals.”
Needless to say, the hyperpartisan environment that exists in Congress today is
not conducive to tax reform. One side is going to have to be willing to budge,
or today’s speech is as close as we’ll ever get to a grand bargain.
On Fri, Sep 26, 2014 at 12:08 PM, Redacted sender Sblumen123@xxxxxxx for DMARC
<dmarc-noreply@xxxxxxxxxxxxx> wrote:
DR
If we don't tax the corporations because they simply pass it on to us consumers
including with other expenses and profits then would you be willing to have
your taxes increased? If not, who is there left to tax?
I didn't take a course in economics, did you? Think, think, think.
Stanley
In a message dated 9/22/2014 7:42:19 P.M. Eastern Daylight Time,
dmarc-noreply@xxxxxxxxxxxxx writes:
DR
Think, think,think. No taxes means BIGGER PROFITS to buy bigger mega Yachts,
bigger mega Mansions etc.. Killing unions, lower wages, longer working hours,
fewer holidays, shorter vacations, less safety rules etc, which is the same
as less taxes to maintain or increase profits which we must not hurt, will
also bring jobs and the factories back. Slave labor is the best. Think,
think, think,
Comrade B, the mensh
In a message dated 9/21/2014 9:43:20 P.M. Eastern Daylight Time,
n1ea@xxxxxxxx writes:
Corporations pass taxation costs to consumers. Eliminate corporation
income taxes, you will increase gross national product because goods will
cost.
Only a socialist would be stupid enough to tax corporations.
73
DR
On Sep 19, 2014 4:43 PM, "Redacted sender Sblumen123@xxxxxxx for DMARC"
<dmarc-noreply@xxxxxxxxxxxxx> wrote:
Everyone
Ask what you can do for your country, not what your country can do for
you. Patriotism Before Profitism,
Not Profitism Before Patriotism.
Reducing Corporate Taxes to keep Businesses here is a form of bribary and
shifts the burden of necessary
taxes on the rest of us no matter how you slice it.
Stanley
Your message is ready to be sent with the following file or link
attachments:
Scan0158
Note: To protect against computer viruses, e-mail programs may prevent
sending or receiving certain types of file attachments. Check your
e-mail security settings to determine how attachments are handled.
Other related posts:
