Why America Won't Raise Taxes...

You should have read down further. the article states that Americans don't mind taxation as long as it is fair. Under the current system, where GE pays zero taxes and the mom & pop electronics store down the street pays over 30%, is not fair and so no sane person wants to add more taxes that give a pass to the rich, the poor and the connected and stick it to the middle class. Let them cut all the spending they possibly can and then talk about tax increases.

You should have read down further. the article states that Americans don't mind taxation as long as it is fair. Under the current system, where GE pays zero taxes and the mom & pop electronics store down the street pays over 30%, is not fair and so no sane person wants to add more taxes that give a pass to the rich, the poor and the connected and stick it to the middle class. Let them cut all the spending they possibly can and then talk about tax increases.

Idlewind, I read the entire article; I always do read the articles from which I post a portion.

I do not disagree with what you posted. The point I took from the article is that the elected officials are not listening to the people in general--if they did, they would see that the extreme voices are not speaking for the majority. I believe most people agree with what you post--the point of the article, I think, is that people are not so much against taxes, as they are against the way the money is being spent.

You should have read down further. the article states that Americans don't mind taxation as long as it is fair. Under the current system, where GE pays zero taxes and the mom & pop electronics store down the street pays over 30%, is not fair and so no sane person wants to add more taxes that give a pass to the rich, the poor and the connected and stick it to the middle class. Let them cut all the spending they possibly can and then talk about tax increases.

Who are you and what have you done with idlewind?

Who are you and what have you done with idlewind?

I have been told I am a complex individual.😀

I have been told I am a complex individual.😀

You must be reading David Brooks' new book😀

You should have read down further. the article states that Americans don't mind taxation as long as it is fair. Under the current system, where GE pays zero taxes and the mom & pop electronics store down the street pays over 30%, is not fair and so no sane person wants to add more taxes that give a pass to the rich, the poor and the connected and stick it to the middle class. Let them cut all the spending they possibly can and then talk about tax increases.

Do you really believe GE paid zero tax?

Do you really believe GE paid zero tax?

I only know what has been reported, I haven't reviewed their tax returns. But I certainly think it is within the realm of possibility that GE paid no income tax last year.

You must be reading David Brooks' new book😀

It's on my buy list for my next books a million visit.

A previous post by the noted conservative tea party member "Bob" quoting a story in the right-wing rag "New York Times:"


G.E.?s Strategies Let It Avoid Taxes Altogether
http://www.nytimes.com/2011/03/25/bu...omy/25tax.html By DAVID KOCIENIEWSKI
Published: March 24, 2011


General Electric, the nation?s largest corporation, had a very good year in 2010.The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies. uch strategies, as well as changes in tax laws that encouraged some businesses and professionals to file as individuals, have pushed down the corporate share of the nation?s tax receipts ? from 30 percent of all federal revenue in the mid-1950s to 6.6 percent in 2009.....by the corporations, for the corporations....amen brother teabag


Just another right wing fabrication and distortion of the facts I am sure:lol::lol::lol::lol::lol:

It's on my buy list for my next books a million visit.

I have read the first few chapters and it's interesting...a different approach to the subject. His interview about it with Charlie Rose was informative.

Do you really believe GE paid zero tax?

I only know what has been reported, I haven't reviewed their tax returns. But I certainly think it is within the realm of possibility that GE paid no income tax last year.

Not only did they not pay taxes, they actually got a refund due to the wind and renewable energy research and manufacturing.

How much did ge pay in Medicare and social security taxes on behalf of it's employees? How much in property taxes and sales tax did it pay to the communities where it's plants are located? Would we really be better off further raising the price to do business in america?

How much did ge pay in Medicare and social security taxes on behalf of it's employees? How much in property taxes and sales tax did it pay to the communities where it's plants are located? Would we really be better off further raising the price to do business in america?

We would be better off with everyone paying their fair share. Cut the top rate to 10% with no deductions, at least then everyone would contribute.

Just another right wing fabrication and distortion of the facts I am sure:lol::lol::lol::lol::lol:

The truth about GE's tax bill - FORTUNE Features - Fortune on CNNMoney.com

The truth about GE's tax bill

Did GE get a $3.2 billion tax refund? No.

Did GE pay U.S. income taxes in 2010? Yes, it paid estimated taxes for 2010, and also made payments for previous years. Think of it as your having paid withholding taxes on your salary in 2010, and sending the IRS a check on April 15, 2010, covering your balance owed for 2009.

GE's 2010 financial statements reported a $3.25 billion U.S. "current tax benefit," which is where the Times, which declined comment, got its $3.2 billion "tax benefit" number. But a company's "current tax" number has nothing to do with what it actually pays in taxes for a given year. "Current tax benefit" and "current tax expense" are so-called financial reporting numbers, used to calculate the profits a company reports to shareholders.
They have nothing to do with what a company sends to (or receives from) the IRS. "Any correlation between the 'current tax expense' and the current tax payable is likely coincidental," says a leading tax authority, Ed Outslay, Deloitte/Michael Licata professor of accounting at Michigan State University's business school.

Read the entire article, It's ok to seek additional information from more than one source.

The truth about GE's tax bill - FORTUNE Features - Fortune on CNNMoney.com

The truth about GE's tax bill






Read the entire article, It's ok to seek additional information from more than one source.

You mean the New York Times got the facts of a story wrong? That bastion of fair and balanced reporting made an error? Say it ain't so.:sarc:

You mean the New York Times got the facts of a story wrong? That bastion of fair and balanced reporting made an error? Say it ain't so.:sarc:

I'm sure they have been wrong a number of times. Unlike Fox news viewers not everyone blindly defends their one source of Kool-Aid.

All of this is simply the downfall of fiat currency. I don't say that flippantly, but that is what it boils down to. I hear 'both sides' in the media talk about the cost of certain issues, taxes, pensions, healthcare, shutdowns, etc. It's all born from our currency which isn't actually money, it's a debt NOTE. Until we have SOUND money instead of NOTES, this will only get worse. There is no math which makes fiat work. It's a ponzi. You think it's bad now? It will only continue to get worse.

I am not recommending Mike Maloney's subscription site. I don't have any subscriptions myself. The internet is an amazing library. However, here is a new video from Mike which explains very well how most people use the wrong measuring stick of a dollar when trying to place value. The dollar, AKA Federal Reserve Note, is not a fixed instrument but rather continuously falls in value relative to everything else. This is why it takes two incomes now to produce what one did a few decades ago. And since all other currencies of the world peg to the dollar in one way or another, the world is in trouble.

Yes I am a proponent of silver/gold and anything else tangible as a store of value. ZERO COUNTER-PARTY RISK IS THE NAME OF THE GAME IN FRAUDULENT AND INFLATIONARY TIMES. If you have 'extra money' just sitting in an account please don't store it in a form where the government is the custodian who will debase at will for their own survival. Be your own central bank and get a core of precious metals for the long haul. Five-ten years from now you can buy all the rental property you want for dollars on the ounce. What?

YouTube - Gold & Silver-When To Sell? Real Estate-When To Buy? Mike Maloney

I last recommended silver at ~$27 a few months ago. I have a last of $40.40