Comments on: McCain and Obama Tax Plans 101

By: Robert Barr

Robert Barr — Thu, 09 Oct 2008 19:54:11 +0000

According to a study by the Government Accountability Office (GAO):

1. Almost 66% of U.S. companies and 68% of foreign companies do not pay federal income taxes.

2. Between 1998 (under Clinton) and 2005, 1.3 million U.S. corporations and 39,000 foreign companies doing business inside the United States paid zero taxes on a total of $2.5 TRILLION in revenue.

So, Let’s make it zero, doesn’t matter. It schmucks like us that foot the bill!

By: Richard

Richard — Thu, 09 Oct 2008 16:20:00 +0000

And taxing at a higher rate fixes this how????

By: Ryan

Ryan — Thu, 09 Oct 2008 15:48:06 +0000

Richard. You didn’t address my points. Sure, I’m fine lowering the effective tax and removing loopholes. In fact, I’d prefer it. But let’s be truthful here: at the end of the day, a corporation works for it’s shareholders, not the American people, not it’s own employees. So let’s cut the bs about trickle down economics, because while some wealth trickles down, most of it gets siphoned out by the people at top.

By: Richard

Richard — Thu, 09 Oct 2008 15:35:22 +0000

Ryan, you have fallen into the clever little trap sprung by us evil capitalist. Yes, companies pay an effective tax rate. But wouldn’t it be better if they paid lower taxes to begin with and rationalized their financial resources for the benefit of their employees, customers, and stockholders instead of for the good of their tax lawyers, accountants, and offshore bankers. Do we really need the MENZA candidates in Washington like Speaker Pelosi and Congressmen Frank and Wiener (Barney and Anthony respectively) telling us where the money should be spent?

Now it’s Gary’s turn: In 2006, the top 1% of earners paid more taxes than the bottom 99%. Three words for you: Do your research. Your command of the facts is worse than Joe Biden’s. We can discuss this at Katie’s Restaurant in Wilmington. Why don’t you go there and get us a table, I’ll catch up with you as soon as I can.

By: Gary

Gary — Wed, 08 Oct 2008 20:02:44 +0000

I’m in a position where a President Obama would probably raise my taxes. However, if I get sane rational adult control over the country and the financial markets, but it means I’m paying a few bucks more in taxes each year, PLEASE, raise my taxes.

Three words for you: President Sarah Palin. I’ll take the higher taxes, thanks.

By: Ryan

Ryan — Wed, 08 Oct 2008 17:34:38 +0000

Mark, you are just plain wrong. This is simplistic trickle-down thinking. Two facts: 1) Corporations end up paying an effective tax, after loopholes are applied, that is lower than most countries. Look at how much tax is payed, not how much is theoretically asked for. 2) The fact of the matter is that not all wealth trickles down. Much wealth gets horded away. Much wealth migrates into offshore bank accounts.

By: Mark

Mark — Wed, 08 Oct 2008 17:01:24 +0000

IMHO, the biggest taxation variance occurs where we review corporate taxation. The tax burden on corporations in the US is incredibly high compared to the burden imposed by other countries we compete with internationally; especially when you add in the various state taxes imposed as well. When the Obama campaign talks of taxing “Greedy corporations” he speaks of further taxing all of us. Corporations are made up of employees and shareholders which is all of us. More taxes = less money available for R&D, employees, and expansion. This impacts the “middle class” directly that the Obama camp says they want to support and protect. This is classic socialist philosophy and flawed economic strategy. If the US lowers corporate tax levels we become more attractive as a location and increase domestic corporate expansion. More employment is far superior to more government programs.