CSVol
NoShirt NoShoes NoDice
- Joined
- Aug 4, 2007
- Messages
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get some.
"Love them or hate them, multinationals are here to stay. By 2008, IBM, Caterpillar, and all U.S. multinationals had invested $3.2 trillion abroad; meanwhile, Toyota, Siemens, and other foreign companies had invested $2.2 trillion here. Waging war against multinationals is senseless. As Dartmouth economist Matthew Slaughter notes, they represent a huge source of well-paid jobs and advanced technology. Indeed, countries compete for them by cutting corporate tax rates. Irelands is a puny 12.5 percent.
Weve ignored this competition. Our top corporate tax rate of 35 percent is one of the highest. Europes average is closer to 25 percent. Meanwhile, successive presidents and Congresses cut the capital-gains rate from 28 percent under President Reagan to 20 percent and then 15 percent. In 2003, Congress cut the rate on dividends, once taxed as ordinary income, to 15 percent.
Thats all backward, say three economists from the non-partisan Tax Policy Center. We should lower the tax on corporations. That would make the United States more attractive to U.S. and foreign multinationals. We should then raise taxes on the people who receive the benefits of corporate profits. The economists suggest cutting the corporate rate to 26 percent and increasing the capital-gains rate to 28 percent; dividends would be taxed as ordinary income. If done properly, this switch would create jobs, lower tax avoidance, and cut budget deficits. Eliminating unwarranted business tax breaks could raise extra revenues."
Disclaimer: I don't know squat about economics. I did everything I could to not even walk by business classes while at UT. I did, however, find this quote on tax policy interesting after reading on here 1) We need corporate tax to be lowered for job creation and 2) Lowering taxes on the wealthiest percentile creates job growth through re-investment. It seems we can't have it both ways. Flame shield engaged.
"Love them or hate them, multinationals are here to stay. By 2008, IBM, Caterpillar, and all U.S. multinationals had invested $3.2 trillion abroad; meanwhile, Toyota, Siemens, and other foreign companies had invested $2.2 trillion here. Waging war against multinationals is senseless. As Dartmouth economist Matthew Slaughter notes, they represent a huge source of well-paid jobs and advanced technology. Indeed, countries compete for them by cutting corporate tax rates. Irelands is a puny 12.5 percent.
Weve ignored this competition. Our top corporate tax rate of 35 percent is one of the highest. Europes average is closer to 25 percent. Meanwhile, successive presidents and Congresses cut the capital-gains rate from 28 percent under President Reagan to 20 percent and then 15 percent. In 2003, Congress cut the rate on dividends, once taxed as ordinary income, to 15 percent.
Thats all backward, say three economists from the non-partisan Tax Policy Center. We should lower the tax on corporations. That would make the United States more attractive to U.S. and foreign multinationals. We should then raise taxes on the people who receive the benefits of corporate profits. The economists suggest cutting the corporate rate to 26 percent and increasing the capital-gains rate to 28 percent; dividends would be taxed as ordinary income. If done properly, this switch would create jobs, lower tax avoidance, and cut budget deficits. Eliminating unwarranted business tax breaks could raise extra revenues."
Disclaimer: I don't know squat about economics. I did everything I could to not even walk by business classes while at UT. I did, however, find this quote on tax policy interesting after reading on here 1) We need corporate tax to be lowered for job creation and 2) Lowering taxes on the wealthiest percentile creates job growth through re-investment. It seems we can't have it both ways. Flame shield engaged.
