Corporate Tax Cut Boondoggle

Discussion in 'The Okie Corral' started by Bill Keith, Dec 8, 2019.

  1. P99er

    P99er GT Ombudsman

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    If you think about it, if he ever used mortgage interest, dependent deductions, head of household, or the standard individual deduction, he's a hypocrite. GE and corporate America are doing exactly what he did. Using everything at their disposal to reduce his tax load.
     
    Last edited: Dec 8, 2019
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  2. P99er

    P99er GT Ombudsman

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    The market doesn't have **** to do with it. A few years ago, when the price of gas skyrocketed, corporate profit margins were negatively impacted. How did corporate America respond? Not by cutting pay and benefits to their senior administrators. They went up on the price of their goods and services. Tuna fish went from 6oz cans to 5oz cans and an increase in price. I didn't pay attention, but McDonalds supposedly went up on their prices, and Wendy's went down on the size of their patties. Snack food companies put less product in packages, and went up on the price. Fedex and UPS both added fuel surcharges as did the airlines. Market forces were negated by the fact that nearly everyone was impacted by higher fuel prices.

    Again, we're not talking about one specific company having to deal with a new tax burden. They all would.

    Nearly every company had to compensate for smaller margins, and they didn't do it by takeaways from the senior management.
     
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  3. Aurora

    Aurora

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    None of this is cut and dried, so to speak. Passing cost increases on to the customer is a slippery subject.

    Often, you'll have to eat cost increases or your customers will go with a cheaper competitor. They'll do this in spite of lower quality, lower performance and lower benefits for THEIR customers.

    Corporations pouring money into politics is no guarantee of anything. Amazon spent a good amount of money on the local elections here in Seattle. I don't think many of their candidates won.

    V.
     
  4. JohnBT

    JohnBT NRA Benefactor

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    " Some 266,000 were added in November, driving the unemployment rate down to 3.5%, the lowest in 50 years. Wages climbed by 3.1% annually — all signals the economic expansion is still strong.

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  5. WeeWilly

    WeeWilly

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    It dawned on me that this isn’t a thread about economics, tax policy, fiscal policy or standards of living now and in the future under various assumptions of the foregoing.

    I think maybe it is in the wrong forum. :)

    Thankfully my iPad battery is almost dead. ;)
     
  6. cruz lee

    cruz lee

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    Last edited: Dec 9, 2019
  7. mdlott

    mdlott

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    These right here.

    It is NOT the Government's money.
    We are forced to hand it over at the point of a gun because THEY have figured out that they can buy votes with it.

    Evil, greedy, rich corporations are collectively, US.

    We have a spending problem, not a revenue problem.
     
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  8. .264 magnum

    .264 magnum CLM

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    We live in the best, by far and away the best, large economy the world has ever seen (key factors being COL, taxes vs. incomes) precisely because Trickle Down works as Laffer has explained quite well.

    U3 is very low and the Labor Force Participation rate has increased nicely the last couple of years - real incomes are at or very near all time highs across most of the country.............
    _________

    Not picking on you but the implied notion that the overall asset pie is fixed and, "the rich" being rich/outsized asset holders somehow take money/assets from the normal guy or crowd the normal guy out of full participation is just about the opposite of economic reality.
    ________

    The most the economic pain seen across the country stems from two key areas......many lack of marketable education and skills very few people save some who a very good with their hands are going to do especially well with a high school diploma only. Those days are gone and will likely never return. We have a large swath of the population, at least 15% I'd say who are either career criminals, long term drug and booze abusers or of for self selection reasons limited - the obese, self causes diabetics etc. F




    and huge numbers of people who are fully or partially checked out via self selection - drug and booze addicts, perpetual criminals etc. Most people wildy underestimate the direct and indirect costs posed on society by the drug addicts.

    Sorry about the typos.........big hurry.
     
    Last edited: Dec 9, 2019
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  9. .264 magnum

    .264 magnum CLM

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    That is 100% correct. It is flabbergasting anyone beyond 3rd grade does not understand it.
     
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  10. pgg00

    pgg00

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    This premise that making a profit is evil is ridiculous. Stop buying into this Hollywood fairytale that all businesses are evil. If their weren't any business most of us would not have jobs, disposable income, or any of our luxuries. it is because of them that things are so well in this country. Not because of some whiny politicians or welfare dregs.

    Remember. Corporations consist of employeesn owners, stock holders, managers, and executive staff. Of course they have a right to ask for representation as well. It defies logic that you would even consider otherwise
     
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  11. mike from st pe

    mike from st pe

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    Stop taxing corporate profits and stop corporation from funding political campaigns.
     
  12. .264 magnum

    .264 magnum CLM

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    Tax increases are imposed on all companies, at least per sector, ergo in the longer term there is little choice but to pass tax increases onto buyers.
     
  13. Mayhem like Me

    Mayhem like Me Semper Paratus

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    PAY ATTENTION!! good lord, corporations DO NOT PAY TAXES.... in the end it's all people, the corporation will not absorb extra taxes in the end it's all passed on to the consumer.
     
  14. .264 magnum

    .264 magnum CLM

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    Why does anyone struggle with this concept?
     
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  15. Cubdriver

    Cubdriver

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    Obama was elected twice, and an avowed commie is currently running. People are stupid. Need I say more?

    -Pat
     
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  16. Z71bill

    Z71bill

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    How much less in total income tax is being collected now vs the last year Obama was in office?


    Wait we are collecting more in taxes -

    If you cut rates and still collect more in total tax is that a tax cut or a tax increase?

    We have a spending problem not a taxes are too low problem.
     
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  17. Fatboy2001

    Fatboy2001

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    Just a comment on the Art Laffer "curve". It should (properly) be called the Mellon curve. Mellon's book (1924) proffers the the original idea (tax rate down - tax revenue up) with evidence of the effect in the appendices. I regard Laffer as a huckster with partial derivatives on his little chalkboard. :cheers:

    Taxation.jpg Laffer.jpg
     
    Last edited: Dec 9, 2019
  18. czsmithGT

    czsmithGT

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    Sounds like Robert Reich. IMO he is a dumbass.
     
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  19. wprebeck

    wprebeck Have you seen me?

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    Well, he did believe that snakes didn't have bones, so...
     
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  20. Rabid Rabbit

    Rabid Rabbit

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    Dont forget the hundreds od thousands of new jobs.
     
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