Debt Ceiling Debate - Lucerne, CA
Should taxing the rich be part of the agreement to raise the debt ceiling?
#1 May 26, 2012
The rich pay a preponderance of the taxes now. I have never got a job from a poor person. Taxes have to be distributed and spent more efficiently. A flat tax of 15% paid by ALL at the point of sales trassactions would even the burden on all citizens, rich, middle or poor. But that would make far to much since.
#2 May 29, 2012
The very rich pay the lowest rate in the last 90 years!
Growing population, growing defense needs, growing infrastructure needs!!!
#3 May 29, 2012
Mitt made $59,680.00 a day last year. All 365 day’s! He paid $8,355.20 a day in taxes.(He wants to lower that rate!) That poor guy had to live on only $51,324.80 a day. But COBB wants a family of five who only makes $50,000.00 a year to pay more!! We have a growing population, growing defense needs, growing infrastructure needs, growing deficit, etc. We need to go back to the days of Ronald Reagan when the very rich paid a rate of 49%. The rich pay the lowest tax rate in the last 90 years, and look where it’s gotten us.
#4 May 29, 2012
BTW Cobb, i have been a self employed contractor most of my life. I have had as many as five employees working for me at any given time. I paid them well! I am not rich and have never worked for someone that was rich(over a million a year)!
#5 May 29, 2012
Define rich. In Lake County, a household that takes in 250k per year would be considered rich.
In Marin County, 250k per year(household income) is not unusual.
"Rich" folks should enjoy tax advantages when they hire people......rather than taxing them so much that they move money offshore....... Giving more to the government seems to equate to flushing it down the toilet.
government has an insatiable desire to spend money..........and what they get will NEVER be enough.......soon they will need more.
#6 May 30, 2012
I agree Local, a household making $250k a year is far from rich/wealthy, where ever they live. Same goes for a business owner making 250k who is hiring. But CEO's and hedge fund managers etc. making millions a year can afford to pay more.
As far as government waste/spending, there are plenty of places to cut/save money. But you can't balance the budget or reduce the deficit with cut's alone.
Our country is growing, our needs are growing. The republicans that signed a pledge to never raise taxes again are idiots! Like i said before, we all pay the lowest tax rates sense Nixon, look where we are at now.
#7 May 30, 2012
Well K dude perhaps if you and the rest that seem to believe you should pay more by all means write uncle sugar a check so they can waste more money.
As you were a self employed contractor most of your life, how did you balance your budget? I would venture it was on the back of your employees. And balance your budget and or reduce your deficit?. In this county you were an over paid rich guy/gal. Did you say I feel bad for those that suffered as you lived the good life. Here, live in my home, take my food and water,,, please....
Mitt made $59,680.00 a day last year. All 365 day’s! He paid $8,355.20 a day in taxes.(He wants to lower that rate!) That poor guy had to live on only $51,324.80 a day.
-- So frigging what!! He paid his taxes as the law allows. As I will assume you did also as a self employed contractor.
But COBB wants a family of five who only makes $50,000.00 a year to pay more!!
-- NO it is you that want everyone to pay more. Not me.
Quit your hypocritical bloviating and put an add in the Bee to give away your evil undeserved money. I will be the first in line. I promise I will say thank you.
#8 May 31, 2012
You right. You can't balance our current deficit riddled budgets with cuts alone.....because government spends too much.
The data shows that corporate profits are dropping(as are the markets).
Tax rich people on what they already have?
Be care for what you ask......you might get it.
#9 May 31, 2012
If all of the "progressives" would follow their ideals and just write a donation check to the gubmint,(Warren Buffet for one), the budget problems would be taken care of..........but they don't........hmmmm, I wonder why?
Buffet is fighting a huge IRS tax charge on one of his companies..........he is as disingenuous as they come......and a BHO brown noser to the max.
#10 Jun 4, 2012
1. Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
2. Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
3. Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4. Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5. Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.
6. Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
7. Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
8. Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
9. ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
10. Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
11. Over the past four years Murdoch’s U.S.-based News Corp. has made money on income taxes. Having earned $10.4 billion in profits, News Corp. would have been expected to pay $3.6 billion at the 35 percent corporate tax rate. Instead, it actually collected $4.8 billion in income tax refunds, all or nearly all from the U.S. government.
#11 Jun 4, 2012
Exxon employees 100,000 people.....and hundreds of thousands more are employed by their business.
B of America 300,000 jobs
General electric Co. over 300,000 jobs
all of these large corporations not only employ hundreds of thousands of people, but their commerce and business create hundreds of thousands more jobs.
I wonder how many folks will forfeit their jobs if the government takes billions more in taxes from these job providers.
#13 Jun 5, 2012
Local, GE employes 200,000 of 300,000 people in China India and Mexico!!! What a great American company! I get a kick out of middle class people who want poor people to pay more and the very rich to pay less.
#14 Jun 5, 2012
General Electric has 150,000 domestic(U.S.) employees which is nearly half of their work force, however, many of the remaining worldwide employees are/were U.S. citizens.
I get a kick out of middle class people who want to chase jobs out of the United States by raising tax rates.
#15 Jun 5, 2012
If the "job providers" paid their taxes and provided some jobs we wouldn't be in this mess.
Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
#16 Jun 6, 2012
Exxon Mobil:$15.1 billionU.S. federal:-$156 million
U.S. state and local:$110 million
Exxon paid the most taxes last year of any U.S. company, by far -- but not a cent went to the IRS for income taxes. That's because the oil giant does business in some of the mostly highly taxed countries in the world. Want to extract petroleum in Nigeria? Be prepared to fork over up to 85% of your profit in tax payments.
Exxon doled out more than $15 billion in income tax payments to foreign countries last year. U.S. tax codes allow companies to take massive deductions in light of those international charges, which knocked Exxon's federal income-tax bill down into negative territory.
That said, Uncle Sam gets his money in other ways. Including sales taxes and duties, Exxon recorded $7.7 billion in U.S. tax costs last year, and paid even more overseas.
Its grand total in global taxes for the year? A whopping $78.6 billion. The company's effective income tax rate was a hefty 47%, its highest in three years.
you are such a putz.
#17 Jun 6, 2012
If the environmental whackos in the U.S. allowed "drill here, drill now", more taxes would be paid in the U.S.
I am amazed at people who want chase jobs out of the U.S. and then complain about the lack of jobs and revenue in the U.S.
Simply friggen amazing.
#18 Jun 6, 2012
next highest tax bills
3 of 5Chevron:$8 billionU.S. federal:-$19 million
U.S. state and local:$230 million
Some businesses save money on taxes by logging their biggest profits in low-tax countries. But like Exxon, Chevron has little choice about where it can extract oil. Thanks to the billions it sends overseas, Chevron faced an effective income tax rate of 43% last year.
It's perfectly reasonable, under the tax code, for a company with multinational operations to reduce its U.S. tax bill to $0, said Eric Toder, an institute fellow at the Tax Policy Center.
"In order to avoid having profits taxed in two locations, the host country gets the first bite of the profits," he said
Drill here, drill now.......or quit whining/lying
#19 Jun 6, 2012
General Electric:-$1.1 billion
• GE: 7,000 tax returns,$0 U.S. tax bill
GE doesn't break out taxes at the federal, state and international levels.
General Electric didn't have to pay the IRS a dime of income tax in 2009. That's because the company's financial services division lost a boatload of money, giving GE a tax break it used to offset income from its other business lines.
"This is the first time in at least decades that GE has reported negative U.S. pretax income, and it reflects the worst economy since the Great Depression," said Anne Eisele, GE's director of financial communications.
GE also books most of its profit overseas, where it can defer taxes indefinitely. The unusual combination of a U.S. loss and postponed international taxes left GE with a $1.1 billion benefit to its bottom line from taxes
Bank of America:-$1.9 billionU.S. federal:-$2.8 billion
U.S. state and local:-$65 million
Like GE, Bank of America also didn't owe income taxes last year-- but that's because it had no earnings at all.
While the company reported net income of $6.3 billion, once you factor in dividends to preferred shareholders and costs from the bank's $45 billion repayment of government bailout funds, Bank of America actually lost $2.2 billion.
Because the company lost money, it owed no taxes.
"We're in a recession, and corporate profits are way down," said Eric Toder, an institute fellow at the Tax Policy Center. "Since taxes are based on corporate earnings, if there aren't any profits being earned, there isn't any tax liability
Are you guys really that ignorant?
#20 Jun 6, 2012
Local, tax rates are the lowest they've been in 90 years! Where are all the jobs???? 85% of the wealth of our country is in the hands of the top 4%!!Most of that shift in the last 15 years! Where are the jobs???? The wealthy have gotten very wealthy in the last 15 years!! Where are the jobs???
I just can't understand why Americans like you who make less than 100K(probably high) a year, would prefer to balance the federal budget on the backs of the poor, the elderly and yourself/the middle class! Mitt and people like him can afford to live on 45K a day verses 51k a day!
We need to cut spending, cut waste, cut "unnecessary" regulation, close our freaking borders , and bring back a fare and balanced tax code like when the poster boy of the republican party Ronny Reagan was president. That would be a good start.
#21 Jun 6, 2012
We can agree on most of what you are saying, however, on the raising of tax rates on those who already pay nearly all of federal income tax, we will have to agree to disagree.
Income redistribution (socialism)is not my thing.....and it it self defeating(will cost jobs/revenue)
The problem is too much spending at every level of government, especially the feds.
raising corporate taxes WILL cost jobs for middle America. Perhaps that is why Canada has lowered their corporate tax rates substantially, and their economy is doing well.
Corporate Income Tax Rates
Corporate Income Tax Rates Canada
Effective January 1, 2011 the corporate income tax rate falls to 16.5% from 18% of 2010 corporate income tax rate. Yearly tax reductions will see the corporate income tax rate fall to 15% as of January 1, 2012. These corporate income tax reductions, says the Department of Finance Canada, will give Canadian corporations the lowest tax rate on new business investment in the Group of Seven (G7) by 2011 and the lowest statutory tax rate in the G7 by 2012.
■21% before January 1, 2008
■19.5% effective January 1, 2008
■19% effective January 1, 2009
■18% effective January 1, 2010
■16.5% effective January 1, 2011
■15% effective January 1, 2012
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