Apple, and dozens of other large companies have parked billions of profits billions in cash in banks and nations in ways that shield it from US taxes. The GOP from state level to DC are offering a cure for this, if we lower our tax rates those companies will ship the cash home and pay down our debt.
First, the GOP does not want the debt paid down, their criticism, their tactics, their cuts on social programs and environmental issues are all cemented to the debt. Fix that and they may have to fix the rest.
Second, say we lower taxes to 10%, corporate at 5%, tell me which of those companies would bring that money into the open and give away part of it? We cannot compete with a Zero income tax rate. Unless, no no no that would be crazy, not zero.
(OK I know oil and many others who do keep some of their money here already pay zero, even collect more support above the zero, a kind of reverse tax. This is not that, this issue is beyond that. One more thing, as Gump would say.)
Ans whom are the Republicans in Congress taking money from to maintain the status quo?
ReplyDeleteSarge
They are not being paid to maintian the status quo, they are being paid to facilitate greater and greater inequity, injustice and environmental vandalism.
DeleteWell, the wanted Romney/Ryan because they were going to institute a Zero % Tax Repatriation system here.
ReplyDeleteLet’s make this country a tax shelter... Lowering tax rates at a broader base of income brings in more revenues and would help us close our fiscal gap. - Paul Ryan 2010
The amazing thing is that they said that with straight face, if we could only do away with the governments income then the governments bills would get paid off. And they got 47% to vote for them, apparently believing that. If they buy that, then how about you work for zero and your bills will get paid off faster?
DeleteThe first step to fixing the tax system is to get the money out of politics. As long as the corporations and rich are feeding the Congress Critters they will be dependent to them. We need to break the cycle of dependence.
ReplyDeleteWhat? Are you saying Citizens United might be adding to our troubles?
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