Geschrieben von hkarner - 4. März 2012
The Obama administration is proposing to lower corporate taxes from the current 35 percent to 28 percent for most companies and to 25 percent for manufacturers.
The move is supposed to be “revenue neutral” – meaning the Administration is also proposing to close assorted corporate tax loopholes to offset the lost revenues. One such loophole allows corporations to park their earnings overseas where taxes are lower. Den Rest des Beitrags lesen »
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Geschrieben von hkarner - 14. Juni 2011
Author: Mark Thoma · June 10th, 2011 · RGE Monitor
The old “tax cuts pay for themselves” justification for cutting the tax rates of the wealthy is back:
despite a host of Republican economists telling them otherwise, Republican policymakers can’t resist arguing that tax cuts pay for themselves. That’s the old voodoo economics.
There’s no evidence that tax rates have ever come close to paying for themselves at tax rates such as the US imposes, so it’s a justification without merit. In fact, there’s no evidence that the Bush tax cuts had any effect on growth at all (see here too). The claim that tax cuts are self-financing is snake oil, and if the press was doing its job any politician saying this would immediately be labeled as a fraud (Ryan’s budget proposal makes this claim). Yet it lives on.
Just for fun, did you know that deficits more than pay for themselves? Den Rest des Beitrags lesen »
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Geschrieben von hkarner - 20. Dezember 2010
Mittwoch, 15. Dezember 2010, 18:26:00, Robert Reich
Na, super !!! (hfk)
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., praises the President’s agreement with Republicans to extend the Bush tax cuts.
“If we’re going to strengthen our economy and grow jobs, this type of outreach — and cooperation between the administration, Congress, and the private sector — are critical,” says Dimon.
Dimon met last week with the President. Thirty other CEOs are meeting with him today.
Dimon’s compensation over the last three years has averaged $21,991,394 a year. The tax deal agreed to between President Obama and the Republicans will give Dimon and extra $1,179,000 next year, according to an analysis by Citizens for Tax Justice.
The bank Dimon heads was also the beneficiary of the giant Wall-Street bailout of 2007 and 2008. JPMorgan Chase & Co, along with other Wall Street banks, also poured millions of dollars into a lobbying campaign to water down the financial reforms Congress considered earlier this year.
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Geschrieben von hkarner - 8. September 2010
September 7, 2010, NYT
WASHINGTON — President Obama on Wednesday will make clear that he opposes any compromise that would extend the Bush-era tax cuts for the wealthy beyond this year, officials said, adding a populist twist to an election-season economic package that is otherwise designed to entice support from big businesses and their Republican allies.
Mr. Obama’s opposition to allowing the high-end tax cuts to remain in place for even another year or two would be the signal many Congressional Democrats have been awaiting as they prepare for a showdown with Republicans on the issue and ends speculation that the White House might be open to an extension. Democrats say only the president can rally wavering lawmakers who, amid the party’s weakened poll numbers, feel increasingly vulnerable to Republican attacks if they let the top rates lapse at the end of this year as scheduled. Den Rest des Beitrags lesen »
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Geschrieben von hkarner - 8. September 2010
7. September 2010, 09:04:00
President Obama reportedly will propose two big corporate tax cuts this week.
One would expand and make permanent the research and experimentation tax credit, at a cost of about $100 billion over the next ten years. The other would allow companies to write off 100 percent of their new investments in plant and equipment between now and the end of 2011 at a cost next year of substantially more than $100 billion (but a ten-year cost of about $30 billion since those write-offs wouldn’t be taken over the longer-term).
The economy needs two whopping corporate tax cuts right now as much as someone with a serious heart condition needs Botox.
The reason businesses aren’t investing in new plant and equipment has nothing to do with the cost of capital. It’s because they don’t need the additional capacity. There isn’t enough demand for their goods and services to justify it. Consumers aren’t buying because they’re trying to come out from under a huge debt load, including mortgage debt; they have to start saving because their nest eggs are worth substantially less; and they’ve lost or are worried about losing jobs and pay. Den Rest des Beitrags lesen »
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