Quote:
Originally Posted by Guest
Everyone knows that Republicans have been in the back pocket of big business for years. They don't need a special name. They are Republicans - the party that says industry and business profits are more important than the little guys. Tax breaks for the wealthy are more important than education. The republicans have consistently shown they are anti-tax and anti-regulation when it comes to big business. And naturally these business exploit every tax code in the book to minimize the taxes they pay. On paper we have one of the highest corporate tax rates in the world, yet in reality, thanks to all the loopholes, corporations pay a rate much less than many countries like Japan, Germany, Canada, China, and others. These loopholes cost our country billions each year. Some major corporations don't pay a dime of taxes, yet have record breaking profits. This are essentially government subsidies in the name of economic development. Kind of stupid when you think about it. We're basically encouraging companies to game the system.
Targeted benefits encourage companies to game the system. In 1993, IBM caused a rapid increase in local unemployment by laying off 7,000 people in upstate New York. Seven years later, the government declared IBM's location an enterprise zone, a label bestowed upon high-unemployment areas in need of revitalization. Combined with additional subsidies, this earned IBM $659 million in benefits. By arguing that they are important for the state economy, large companies in particular can receive benefits to invest more or expand their workforce.
Targeted benefits also encourage excess lobbying and corruption. When defense contractor Raytheon threatened to leave Massachusetts in 1995, the state didn't respond with offers of incentives, so Raytheon paid a lobbying team to organize a public-relations campaign. One message was that the state's "defense initiative" would save 117,000 jobs. The governor soon offered Raytheon $20 million in tax cuts, labeling the policy a "jobs package."
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So your solution is??? Big business hires lots of employees. Rich people buy lots of expensive things and pay for lots of services. That means lots of the "little people" as you seem to indicate them, get paid and also spend. This boosts the economy, NOT food stamps and welfare which comes from taxation. The government produces NOTHING, except debt. The only thing that the gov should be in control of is National Defense. Not health care, not education, not housing, not food, not telephones and internet, just Defense. What part of economy do you not understand? Get rid of the wealthy and you get rid of the economy as we know it. The wealthy and big business are the engines that produce a powerful economy, not the government. The gov cannot be sustained without the wealthy, so if you chase them overseas, so goes the economy. The government can only hinder the economy by interfering with it. Or they can encourage the economy by staying away from it.
If you don't believe me, try traveling to other countries, socialist countries. Our standard of living far exceeds other countries, especially our so-called poverty level or lower class earners. Our lower class families standard of living is equivalent to middle class in other countries. Sure, the socialist countries have a large middle class, but they are more on par with our lower class than our middle class. Our upper middle class live as well as high earners in other countries. But, this is changing. Our middle class is losing ground in income. As our poverty level families are being raised up artificially by gov subsidies, our middle class is struggling to maintain their standard of living. Forget about any plans for a young retirement. They will be lucky if they will be able to retire at all. But, retirement is over rated, right?
Do I care if the wealthy get some breaks? Nope, I don't. They are paying the majority of the taxes, even with all their breaks. Drive the wealthy out of the U.S. and see how our economy tanks. We are NOT paying the wealthy by allowing them tax breaks that allow them to keep and invest more money. It's their money that we are allowing them to keep. The gov is allowing us to keep most of our money, thanks to the Bush tax cuts for the lower 47%. Not that I agree with the Bush tax cuts. I believe that everyone should have some skin in the game, even if just a little.
So, bashing the wealthy gains nothing. Biting the hand that feeds you is stupid.