Quote:
Originally Posted by Villages Kahuna
No, they're not, of course. But the folks with the bulging stock portfolios are feeling pretty swell about now. They're getting more and more wealthy and they've got both lobbyists and paid members of Congress in Washington who have promised not to change the book of sweet tax policy that would upset their apple cart. Remember, the companies themselves also benefit from a burgeoning stock market. To the extent their investments in the employee pension funds increase, that 's even more cash available for executive bonuses and dividends to shareholders.
The unemployed? The increasing deficit? The tens of millions with no health insurance? Are these issues that the wealthiest, the investor class, the lobbyists, the paid members of Congress, worry about? Surely you jest.
My whole thread here started with a couple of questions that not one single poster here has made any attempt to answer in three pages of posting and re-posting ideological sound bites. One question was ... is the current system of tax policy fair?
So, is it?
By the way, and I know you'll have some sort of response on this one Richie...if the stock market is doing gang busters well and is a reflection of the health of our economy, it seems like the economic policies of the Obama administration have worked pretty well since they took over from George Bush. Anything wrong with that simple logic?
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VK, In starting this thread you asserted that Apple had paid only 9.8% in taxes on their profits in 2011. In post 15, I showed where you were incorrect. Apple paid 24% in taxes on their profits. I hope this starts to address your question on the 'fairness' of taxes. I also showed why US multinationals are not creating jobs in this country - our system of taxing again profits made in other countries if they bring these profits back to the USA.
Unless and until we address this double taxation system, multinationals will continue to have large sums of money outside the US that can be put to use in expanding in a much more financially responsible manner there than they can here.