Limbaugh mentions some interesting facts and has a couple of ideas.
...most Americans, according to a new Rasmussen poll, are skeptical. Rasmussen finds that 59% fear that Congress and the president will increase government spending too much. Only 17% worry they will cut taxes too much
No question that Gummint spending will increase too much. That's already through the House.
...cut the U.S. corporate tax rate -- at 35%, among the highest of all industrialized nations -- in half. Suspend the capital gains tax for a year to incentivize new investment, after which it would be reimposed at 10%.
Never mind Limbaugh's wording. No "corporation" actually pays income taxes. People (you and me) who buy that corporation's products pay that tax. What Limbaugh is advocating here is actually price-reductions of virtually all goods and services sold in the US.
And, of course, there will be more cash-on-hand with which to maintain profits, retain employees, continue R&D, purchase machinery and equipment...
You know: actual "recovery."
People like you and me don't pay taxes--corporations do. That's right! When my taxes go up a dollar, guess what? That's a dollar that L.L. Bean isn't going to get this year! When will people learn that you can't tax consumers?!?!
ReplyDeleteIn a bit of seriousness, though, it made me giggle when you began:
No "corporation" actually pays income taxes.
Which isn't entirely true. Most of them pay no federal income tax, that's true. But 95% of them are paying between 1% and 5%. It's not nothing, but it's pretty close. Moral of the story: citing the corporate tax rate is misleading in the extreme. The effective tax rate for American corporations is nearly zero. I wonder how THAT compares with other nations who have an official rate lower than ours?
And all those tax cuts under Bush really brought the jobs in and no one was unemployed, right? Or did I miss that?
ReplyDeleteToo many people are already getting the ultimate tax cut of losing their income. The companies won't invest or expand anything if there is no demand, and there will be no demand if people aren't working and making money that they can use to buy the product. See American car makers for an example.
Capper, as you know, there were no CORPORATE income tax cuts under Bush.
ReplyDeleteAnd as you also know, Bush spent a LOT of money--employing people at Colt Arms, Oshkosh Truck, Halliburton, (etc.)
Finally--the "stimulus" bill employs only politicians and members of AFSCME/SEIU.
But hey! Enjoy it!
C'mon Daddio, you know better. There is not one level of government that could handle even one of the construction/repair jobs. They contract all the jobs out to the privates, so your corporations and multi-billion dollar bonus babies will still get some of the loot. Just not all, which is why they're whining so badly.
ReplyDeleteAnd even though Scott made the no corporation pays taxes comment, I'll just point out that you can't cut what isn't there. Most corporations already don't pay, so there was nothing to cut.
And for the Blackwater/Halliburton/et alia do I need to point out that they didn't hire that many people. It mostly went to the CEOs. If they used to hire actual, skilled people, there wouldn't have been as many murders or bad will.
Capper, that comment is wrong in so many ways...
ReplyDeleteYou and Scott argue thus:
1) Corporate income tax effective rate is only 5% anyway--why cut it to zero?
Answer: If it is only 5%, then what's the big deal about going to ZERO?
And your remark about payrolls for Colt Arms, Oshkosh Truck, and Halliburton is ludicrous on its face: "...most of the money went to the CEO's."
Face it. You HAVE no arguments except you want a Democrat-controlled Washington to spend money they do not have, so as to gain control of an economy and the citizens of the US.
You just like social fascism. You can admit that--because it's the only conclusion that is true!
ReplyDeleteFace it. You HAVE no arguments except you want a Democrat-controlled Washington to spend money they do not have, so as to gain control of an economy and the citizens of the US.
Just where the hell have you been for the last eight years? How are we paying for Iraq? How are we giving all of those big, tax-free, corruption-laden, no-bid contracts to Halliburton and Blackwater.
You know damn well Bush and his admin spent money they never had, while giving tax breaks to the megarich. (BTW, the tax break, pure BS. My fed tax went up $400 after the "tax breaks" went into effect, but my salary was stagnant.)
You and your conservative, facist friends have lost the ability to sell us into indebtured servitude, and that is why you're so POed.
That's the only conclusion that's true!
have lost the ability to sell us into indebtured servitude
ReplyDeleteYah, cap. There was a higher bidder: the O-and-Savior.
And it will be my children and theirs who are in 'indentured servitude.'
I've been clear: GWB was spending too much.
But the O-and-Savior (and Davey O-boy!!) make Bush look like a two-bit haircut.
You do realize, of course, that your reaction, and those of other conservatives, is rather predictable.
ReplyDeleteThe party is over, and now you don't want to clean up the mess.