Pages: 1 ... 607 608 [609] 610 611 ... 805   Go Down

Author Topic: Bear Pit: now the sole domicile of politics at LuLa  (Read 455375 times)

JoeKitchen

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 5022
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12160 on: November 03, 2021, 12:20:48 pm »

Everyone give Joe a round of applause while he takes his victory lap.

Do you quote yourself offline in real life too? 
Logged
"Photography is one percent inspiration and ninety-nine percent

JoeKitchen

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 5022
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12161 on: November 03, 2021, 12:34:30 pm »

You know, if I woke up today and found out my favorite monster no longer had the magic needed to get across the finish line and my favorite sloganeering no longer riled people up, I too would be a little sad.  Or if what I thought was a solid Latino district for my party in my state suddenly switched, that would get me as well. 

Or (my favorite) if the president of the State Senate, who I supported, lost to a trucker who only spent $158 and had neither campaign staff or a campaign, I too would be upset. 

So, my apologies and empathy to anyone who cant awakened with these problems. 

But anyway, on the bright side, BBB is now toast; all the incentives are for Manchin & Sinema to vote against it now.  Which brings us to the infrastructure bill.  Will the Progressive caucus spearhead that for not getting their way out of revenge? 

Hey, never get in bed with radicals unless you ready to get f#@&!
Logged
"Photography is one percent inspiration and ninety-nine percent

TechTalk

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 3631
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12162 on: November 03, 2021, 12:41:15 pm »

Do you quote yourself offline in real life too?

I sometimes will repeat something that I've said for emphasis or clarity. Is there a reason why you're inquiring?
Logged
Respice, adspice, prospice - Look to the past, the present, the future

PeterAit

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 4557
    • Peter Aitken Photographs
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12163 on: November 03, 2021, 04:16:48 pm »

He's got a 42% approval rating

From a population where 45% (about) voted for the Orange Oaf.
Logged

Alan Klein

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 15851
    • Flicker photos
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12164 on: November 03, 2021, 04:38:29 pm »

From a population where 45% (about) voted for the Orange Oaf.
Well, actually Trump got 46% of the popular vote.  However, Bill Clinton only got 43% of the popular vote when he won in 1992. 

But neither that nor Trump matters.  The problem with Biden's low approval is that it dropped so precipitously. He's screwing up everything and lost the confidence of the voters.   He's lost a lot of Republican and Independent voters, probably much Democratic support as well.  That loss showed up yesterday in the elections in New Jersey and Virginia in the governor races there.  It also showed up in many down-ballot elections where local leadership was switched to the republican party all because Biden has been failing. 

The Democrats are in a panic looking at the 2022 mid-term elections.  Their using Trump's name against republican candidates yesterday didn't work.  Voters don't care about Trump.  They're watching the Democrats flounder and feel they can't do the job.  Hence, they voted for Republicans in two races that Democrats should have walked over the finish line.

Alan Klein

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 15851
    • Flicker photos
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12165 on: November 03, 2021, 04:44:34 pm »

See, today! is why you need to start listening to me more. 

Let's Go Brandon! ... for the hat trick in VA.
Good call Joe.  I didn't think  Democrats would lose in Virginia and be so competitive in my home state of NJ.  It's so Democratic.  Republicans should have lost both states by 10%. 

Alan Klein

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 15851
    • Flicker photos
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12166 on: November 03, 2021, 04:48:33 pm »

You know, if I woke up today and found out my favorite monster no longer had the magic needed to get across the finish line and my favorite sloganeering no longer riled people up, I too would be a little sad.  Or if what I thought was a solid Latino district for my party in my state suddenly switched, that would get me as well. 

Or (my favorite) if the president of the State Senate, who I supported, lost to a trucker who only spent $158 and had neither campaign staff or a campaign, I too would be upset. 

So, my apologies and empathy to anyone who cant awakened with these problems. 

But anyway, on the bright side, BBB is now toast; all the incentives are for Manchin & Sinema to vote against it now.  Which brings us to the infrastructure bill.  Will the Progressive caucus spearhead that for not getting their way out of revenge? 

Hey, never get in bed with radicals unless you are ready to get f#@&!
That happened in my home state of NJ.  The losing Democrat headed NJ's State Senate for years.  This is similar to AOC beating a twenty-year incumbent NY representative in the Democratic primary.  Actually, I think it's good in both cases because some reps get too comfortable in their jobs, lazy, all part of the DC and State capitol swamps.  Fresh blood is good even if I don't agree with some of their policies.

TechTalk

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 3631
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12167 on: November 03, 2021, 06:44:23 pm »

Excerpts from Fortune Magazine - April 12, 2021

https://fortune.com/2021/04/12/biden-infrastructure-plan-corporate-tax-avoidance

Stopping corporate tax dodging is just as important as a higher tax rate

President Joe Biden’s infrastructure plan, announced March 31, would stop companies from avoiding taxes on their domestic profits and their offshore profits and work with foreign governments to institute a global minimum tax. The President’s call to increase the statutory rate from 21% to 28% for domestic corporate profits will receive most of the attention. But his plan for ending offshore tax avoidance is equally important. 

The stakes are high because the biggest and most profitable companies have been shifting their U.S. income into foreign tax havens for decades. By 2016, multinational corporations had stashed $2.6 trillion offshore, avoiding an estimated $750 billion in U.S. taxes. While former President Trump and Congress claimed to have a strategy for ending income-shifting in their 2017 tax overhaul, it didn’t work out that way.

Under the Trump law, the U.S. tax regime for offshore profits of American corporations is remarkably lax. Offshore profits up to a 10% of return on investments made abroad are exempt from U.S. tax. Profits above this amount are effectively subject to a 10.5% tax, half of the 21% rate on domestic profits. Worse, because corporations can pool their foreign profits, losses, and taxes from all countries, they often avoid paying anything on profits in offshore tax havens.

The tax system rewards corporations for using accounting gimmicks to make their profits appear to be earned in offshore tax havens, as has been the case for years. But the 2017 tax law made this worse because it also rewards companies that move real investments and operations offshore. Since a 10% return on tangible assets is exempt from U.S. taxes, shifting more tangible assets abroad means companies can exempt more foreign income from U.S. tax.

Biden’s international tax reforms would stop this. The proposal ends the 10% exemption, and it would hike the residual U.S. tax on foreign profits to 21%. While this would be lower than the 28% rate Biden proposes for domestic profits, it would be high enough to remove most of the incentive to shift income into tax havens such as the Cayman Islands. If a company pays less than 21% in taxes to a foreign government for profits earned in another country, it would be required to pay the remainder to the U.S. so that their total tax is 21% regardless of where the company claims to earn those profits. 

There’s a lot to be happy about in Biden’s domestic tax reform plan as well: By increasing the corporate tax rate from 21% to 28%, he would undo half of the 2017 reduction in the corporate tax rate. While Biden’s plan would not directly repeal many tax breaks (other than eliminating all fossil fuel–related tax subsidies), he would introduce a backstop tax, based on a much broader definition of income, to prevent profitable companies from avoiding all income taxes.

This would have the effect of reducing the overall cost of existing tax breaks. The proposed 15% minimum tax on “book income,” the amount of pretax income companies report to their shareholders (which is often much larger than the taxable income these companies report to the Internal Revenue Service), would represent an important first step toward ending the proliferation of profitable zero-tax corporations. 

The President’s tax plan is a watershed in the decades-long battle over corporate tax reform. It would help restore the public’s trust that the nation’s tax system and institutions generally work for everyone, not just those with enormous teams of lawyers and accountants creating opaque shell corporations in tiny island nations.
Logged
Respice, adspice, prospice - Look to the past, the present, the future

TechTalk

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 3631
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12168 on: November 03, 2021, 07:12:20 pm »

Here's what some very profitable Fortune 500 corporations have paid in U.S. income tax over the last 3-years under the 2017 income tax overhaul which became effective in 2018.

39 Corporations Avoided Federal Income Tax from 2018 through 2020 completely and received money back from the treasury.

Total Profits = $121.7 billion / Income Tax = −$4.2 billion (Tax Rebate) / Effective Tax Rate = −3.4%

73 Corporations Paid Less than Half the Statutory Corporate Income Tax Rate from 2018 through 2020

Total Profits = $430 billion / Income Tax = $22.8 billion (Tax Paid) / Effective Tax Rate = 5.3%

Full Article:  https://itep.org/corporate-tax-avoidance-under-the-tax-cuts-and-jobs-act
Logged
Respice, adspice, prospice - Look to the past, the present, the future

TechTalk

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 3631
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12169 on: November 03, 2021, 07:31:43 pm »

"At least 55 of the largest corporations in America paid no federal corporate income taxes in their most recent fiscal year despite enjoying substantial pretax profits in the United States."

"Food conglomerate Archer Daniels Midland enjoyed $438 million of U.S. pretax income last year and received a federal tax rebate of $164 million.

The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million.

The shoe manufacturer Nike didn’t pay a dime of federal income tax on almost $2.9 billion of U.S. pretax income last year, instead enjoying a $109 million tax rebate. [For 2018 thru 2020 Nike posted $9 billion in profits and paid $293 million in federal income taxes for an effective tax rate of 3.3%]

The cable TV provider Dish Network paid no federal income taxes on $2.5 billion of U.S. income in 2020.

The software company Salesforce avoided all federal income taxes on $2.6 billion of U.S. income."

Total Profits = $40.5 billion / Income Tax = −$3.5 billion (Tax Rebate) / Effective Tax Rate = −8.6%

Chart: 55 Profitable Companies That Avoided All Federal Income Taxes in 2020

Full Article: https://itep.org/55-profitable-corporations-zero-corporate-tax
Logged
Respice, adspice, prospice - Look to the past, the present, the future

Alan Klein

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 15851
    • Flicker photos
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12170 on: November 03, 2021, 09:00:34 pm »

Excerpts from Fortune Magazine - April 12, 2021

https://fortune.com/2021/04/12/biden-infrastructure-plan-corporate-tax-avoidance

Stopping corporate tax dodging is just as important as a higher tax rate

President Joe Biden’s infrastructure plan, announced March 31, would stop companies from avoiding taxes on their domestic profits and their offshore profits and work with foreign governments to institute a global minimum tax. The President’s call to increase the statutory rate from 21% to 28% for domestic corporate profits will receive most of the attention. But his plan for ending offshore tax avoidance is equally important. 

The stakes are high because the biggest and most profitable companies have been shifting their U.S. income into foreign tax havens for decades. By 2016, multinational corporations had stashed $2.6 trillion offshore, avoiding an estimated $750 billion in U.S. taxes. While former President Trump and Congress claimed to have a strategy for ending income-shifting in their 2017 tax overhaul, it didn’t work out that way.

Under the Trump law, the U.S. tax regime for offshore profits of American corporations is remarkably lax. Offshore profits up to a 10% of return on investments made abroad are exempt from U.S. tax. Profits above this amount are effectively subject to a 10.5% tax, half of the 21% rate on domestic profits. Worse, because corporations can pool their foreign profits, losses, and taxes from all countries, they often avoid paying anything on profits in offshore tax havens.

The tax system rewards corporations for using accounting gimmicks to make their profits appear to be earned in offshore tax havens, as has been the case for years. But the 2017 tax law made this worse because it also rewards companies that move real investments and operations offshore. Since a 10% return on tangible assets is exempt from U.S. taxes, shifting more tangible assets abroad means companies can exempt more foreign income from U.S. tax.

Biden’s international tax reforms would stop this. The proposal ends the 10% exemption, and it would hike the residual U.S. tax on foreign profits to 21%. While this would be lower than the 28% rate Biden proposes for domestic profits, it would be high enough to remove most of the incentive to shift income into tax havens such as the Cayman Islands. If a company pays less than 21% in taxes to a foreign government for profits earned in another country, it would be required to pay the remainder to the U.S. so that their total tax is 21% regardless of where the company claims to earn those profits. 

There’s a lot to be happy about in Biden’s domestic tax reform plan as well: By increasing the corporate tax rate from 21% to 28%, he would undo half of the 2017 reduction in the corporate tax rate. While Biden’s plan would not directly repeal many tax breaks (other than eliminating all fossil fuel–related tax subsidies), he would introduce a backstop tax, based on a much broader definition of income, to prevent profitable companies from avoiding all income taxes.

This would have the effect of reducing the overall cost of existing tax breaks. The proposed 15% minimum tax on “book income,” the amount of pretax income companies report to their shareholders (which is often much larger than the taxable income these companies report to the Internal Revenue Service), would represent an important first step toward ending the proliferation of profitable zero-tax corporations. 

The President’s tax plan is a watershed in the decades-long battle over corporate tax reform. It would help restore the public’s trust that the nation’s tax system and institutions generally work for everyone, not just those with enormous teams of lawyers and accountants creating opaque shell corporations in tiny island nations.
What's there to be happy about?  Raising corporate tax rates to 28%, higher than other countries, will encourage even more American companies to shift their resources offshore. They'll have even more incentive to park their profits out of the US.  It will encourage American capital to invest in businesses in other countries where the tax rates are lower.  Fewer investments in America mean lower GDP and American jobs, as well as lower tax collection.   It will discourage foreign investments in the USA meaning fewer jobs for Americans.   

You also don't explain how 15% taxes on American sales overseas by other countries help American corporations and American tax collection.  I've asked the question a half dozen times but you haven't answered it except to provide diversionary details of how hiding profits works and what it costs. 

The best way to keep American businesses from shifting money overseas is to keep corporate tax rates here low so they have an incentive to reinvest profits in America making the whole country and its workers better off.  Keeping America's taxes high just frightens them away. 

Robert Roaldi

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 4746
    • Robert's Photos
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12171 on: November 03, 2021, 09:59:04 pm »

What's there to be happy about?  Raising corporate tax rates to 28%, higher than other countries, will encourage even more American companies to shift their resources offshore. They'll have even more incentive to park their profits out of the US.  It will encourage American capital to invest in businesses in other countries where the tax rates are lower.  Fewer investments in America mean lower GDP and American jobs, as well as lower tax collection.   It will discourage foreign investments in the USA meaning fewer jobs for Americans.   

You also don't explain how 15% taxes on American sales overseas by other countries help American corporations and American tax collection.  I've asked the question a half dozen times but you haven't answered it except to provide diversionary details of how hiding profits works and what it costs. 

The best way to keep American businesses from shifting money overseas is to keep corporate tax rates here low so they have an incentive to reinvest profits in America making the whole country and its workers better off.  Keeping America's taxes high just frightens them away.


Quite right, I applaud you sir. Nobody who is successful should pay tax, it would tantamount to penalizing people for working hard. We should raise taxes on poor people since they are the ones who are a drain on society, so they should pay for that.

This is analogous to prosperity gospel beliefs. God-fearing people who pray and are devout never get sick and they earn really high incomes because that's what god intended. If people are poor, then they deserve to be, obviously. I mean, who cares anyway, they are only going to get sick and die soon because of their evil ways, why worry about them.

That's why the next time you have a war, only the daughters and sons of the wealthy will be called upon to fight. Oh wait....




Logged
--
Robert

LesPalenik

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 5339
    • advantica blog
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12172 on: November 03, 2021, 10:10:29 pm »

They should reduce taxes for companies developing and delivering alternative electric energy.
Look how far is the rest of the world in wind energy generation behind China:

https://finance.yahoo.com/news/chinas-wind-giants-hatch-plans-220010621.html
Logged

Robert Roaldi

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 4746
    • Robert's Photos
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12173 on: November 03, 2021, 10:31:13 pm »

.
.
.
The best way to keep American businesses from shifting money overseas is to keep corporate tax rates here low so they have an incentive to reinvest profits in America making the whole country and its workers better off.  Keeping America's taxes high just frightens them away.

Does that actually happen?
Logged
--
Robert

Frans Waterlander

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 868
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12174 on: November 03, 2021, 11:40:56 pm »

Does that actually happen?
Yes, that actually happens.
Logged

Peter McLennan

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 4690
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12175 on: November 04, 2021, 12:42:20 am »

Yes, that actually happens.

Prove it.  Someone saying something doesn't necessarily make it true.

TechTalk provides links to reputable sources (eg Fortune Magazine in his last post)

Let's see your proof.
Logged

Manoli

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 2290
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12176 on: November 04, 2021, 01:12:05 am »

... You also don't explain how 15% taxes on American sales overseas by other countries help American corporations and American tax collection.  I've asked the question a half dozen times but you haven't answered ...

You have and it’s been answered and explained to you a dozen times. As always, in your case, it would benefit you (and this thread) were you to ‘read more, post less’.
Logged

Alan Klein

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 15851
    • Flicker photos
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12177 on: November 04, 2021, 06:57:14 am »


Quite right, I applaud you sir. Nobody who is successful should pay tax, it would tantamount to penalizing people for working hard. We should raise taxes on poor people since they are the ones who are a drain on society, so they should pay for that.

This is analogous to prosperity gospel beliefs. God-fearing people who pray and are devout never get sick and they earn really high incomes because that's what god intended. If people are poor, then they deserve to be, obviously. I mean, who cares anyway, they are only going to get sick and die soon because of their evil ways, why worry about them.

That's why the next time you have a war, only the daughters and sons of the wealthy will be called upon to fight. Oh wait....





Robert, I never said corporations should evade taxes.  I said that the 15% collected by other countries will only lower American tax collection as those taxes go to foreign countries.  For those who asked me to "prove" this, something hard to do since it hasn't happened yet, I'll ask you to prove the reverse -  that the 15% will return American corporate profits to America, especially when Biden proposes to raise American corporate taxes from 21% to 28%.

Plus, Nike and other corporations as mentioned in your Tedcast, will still "hide" their money in Bermuda because Bermuda will still have a 0% tax rate.  What's changed with Biden's plan to stop Bermuda?

In addition, raising American taxes as he proposes from 21% to 28% will only encourage American corporations to manufacture offshore.  It's one of the reasons America has lost so much business to foreign manufacturers.  As Les mentioned about alternative electric energy, lowering American taxes encourages companies to produce domestically.  By the way, that goes for any other country in the world including in your own country, Canada. 

Finally, the main issue with tax collection is government spending.  Unfortunately, Congressmen are big spenders.  They've never seen a program they can't support.   Currently they're spending 7 trillion this year and collecting only 4 trillion.  A 3 trillion dollar deficit.  It's made up with borrowing and printing which is why inflation is rampant. The problem is not tax collection but rather deficit spending.  We can't afford the programs Congress is currently contemplating.  Higher tax rates will only cause more profits and businesses and tax collection to flee the country. 
« Last Edit: November 04, 2021, 07:11:46 am by Alan Klein »
Logged

Alan Klein

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 15851
    • Flicker photos
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12178 on: November 04, 2021, 07:08:26 am »

By the way. This year's 3 trillion US deficit spending that I mentioned in my last post is almost double the entire annual GDP of Canada.  Think about that.  We'd have to collect the entire gross salaries of all Canadians and businesses have done for two years to pay for just a one-year American deficit.  Tax collections by themselves will never pay for it and the Fed will continue churning out the dollars.   

Robert Roaldi

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 4746
    • Robert's Photos
Re: Bear Pit: now the sole domicile of politics at LuLa
« Reply #12179 on: November 04, 2021, 07:21:26 am »

By the way. This year's 3 trillion US deficit spending that I mentioned in my last post is almost double the entire annual GDP of Canada.  Think about that.  We'd have to collect the entire gross salaries of all Canadians and businesses have done for two years to pay for just a one-year American deficit.  Tax collections by themselves will never pay for it and the Fed will continue churning out the dollars.

What silliness. How many Fijiians would you need to pay off the US debt? How many residents of Bakersfield would it take?

A more apt comparison might be this: What is the ANNUAL US military budget? Does $3 trillion seem so big now?
Logged
--
Robert
Pages: 1 ... 607 608 [609] 610 611 ... 805   Go Up