Quote:
Originally Posted by gooose
You mean the same corporate america that hires people to produce goods that others buy? The same corporate america that pays the majority of the taxes? Instead of wasting more time and taxes investigating, simply the tax code and end all tax loopholes and subsidies. Republicans aren't the only culprit in this.
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Yes, the Corporate Welfare Socialist State that's making record profits and sending our jobs to other countries, that Corporate Welfare Socialist State.
Lets talk about those "job creators" you're referring to and where those jobs are at gooose:
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and now let's see what Forbes reports about Koch Industries and those "jobs":
Hmm, looks like record profits to me and all the while shit-canning 13,000 American jobs. In a bad economy and with a "President that's destroying America" just where is all that money coming from?
Let's say that Koch Industries stands by itself in profits and the Corporate Welfare Socialist State went down the shitter because of a bad economy and President Obama has been successful in destroying the "free market".
What does Fortune 500 think about their newest list for 2011? This should really piss everyone off!
"All told, the Fortune 500 generated nearly $10.8 trillion in total revenues last year, up 10.5%. Total profits soared 81%. But guess who didn’t benefit much from this giant wave of cash? Millions of U.S. workers stuck mired in a stagnant job market. [...] Nevertheless, we’ve rarely seen such a stark gulf between the fortunes of the 500 and those of ordinary Americans."
http://finance.yahoo.com/career-work...companies-2011
All the while, corporate tax revenue as a percentage of GDP is lower than it has been in years:
How about Exxon between 2005-2008 deep into the Bush "job creating" tax cuts? Let's take a look:
In 2004, Congress approved a tax repatriation holiday to bring back domestic production(jobs) which would allow multinational corporations to bring money they have stashed offshore back to the U.S. at a dramatically lower tax rate and instead, this is what happened:
"Back in April, researchers at the University of Kansas released a report showing that for every dollar corporations spent lobbying for a particular income tax break in 2004, they saved $220 in taxes. The goal of providing the tax break — as expressed by the corporation’s lobbyists — was that the money saved would be invested in domestic productions. Congress believed that this is where the money would go, and thus the tax break — which allowed corporations to repatriate overseas earnings at far below the normal tax rate — was granted.
Well, analysts at the National Bureau of Economic Research took a look at what the corporations actually did with the money and it turns out that domestic investment was not high on the list:
Now the most detailed analysis of what actually happened — using confidential government data as well as corporate reports — has estimated what happened to
the $299 billion companies brought back from foreign subsidiaries. About 92 percent of it went to shareholders, mostly in the form of increased share buybacks and the rest through increased dividends. There is no evidence that companies that took advantage of the tax break…used the money as Congress expected."
gooose, granted, the tax code is too complex but in doing that you can bet your last dollar that Corporate America will be at the table and driving the amendments in their favor. This is why the free market needs to be reigned in and regulated.
The power of words
