Every Single 2008 Nobel Laureate

[SoCrazes]

Then why is the present congress not doing anything about it? so who is to blame?

Or maybe you just think he is out of bitterness.

I'm not bitter, I'm p***ed off. Look at the numbers of this country! If it weren't for our military, it'd be a dog to invest in. Now that the education has declined, jobs have been shipped abroad, and the only attempt to add manufacturing jobs to our economy comes from GW's brain child to add fast food to the manufacturing industry we're looking to be a second rate country within a decade. We don't make anything but cheeseburgers and war. We only prostitute ourselves against one another. Military will decline...it's a natural progression. These past 8 years has nearly crippled us.

[SoCrazes]

How does a tax law favors the rich when they are already in a higher bracket?

You make $20,000.00 you pay $2000.00 in taxes or even less.

You make $200,000.00 you pay $60,000.00 in taxes. $58,000 more than the other guy.

Now show me where the inbalance and unfairness is????

You forgot the loopholes. The average top bracket pays less than 11% (sometimes nothing) in taxes after loopholes.

[Fluffybunny]

How does a tax law favors the rich when they are already in a higher bracket?

You make $20,000.00 you pay $2000.00 in taxes or even less.

You make $200,000.00 you pay $60,000.00 in taxes. $58,000 more than the other guy.

Now show me where the inbalance and unfairness is????

You would make a horrible CPA. You are clueless as to what actually goes on out in the real world and you try to throw out these rule of thumb numbers that you assume are correct, but are not. Facts are your friend aroces, you might want to start looking things up before making huge assumptions.

I guess you dont do your own taxes...

Did you know...

Warren Buffet pays a lower tax rate than his secretary. Is that fair?

Warren Buffett, the third-richest man in the world, has criticised the US tax system for allowing him to pay a lower rate than his secretary and his cleaner.

Speaking at a $4,600-a-seat fundraiser in New York for Senator Hillary Clinton, Mr Buffett, who is worth an estimated $52 billion (£26 billion), said: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”

Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent. Mr Buffett told his audience, which included John Mack, the chairman of Morgan Stanley, and Alan Patricof, the founder of the US branch of Apax Partners, that US government policy had accentuated a disparity of wealth that hurt the economy by stifling opportunity and motivation. link to rest of story

[Lt_Ripley]

as one has said == the rich know the loopholes , can hire the CPA'S especially when one sees things like this .

Taxes

John McCain made two assertions on corporate taxes, one that small businesses pay 50 percent of the taxes and the other that U.S. corporations are among the highest taxed in the world. Both are wrong.

All corporate income taxes--including giant corporations and the smallest of businesses--account for only about 14 percent of federal revenues raised in the year, according to the Congressional Budget Office. Most federal taxes are paid by individuals, while fees and other taxes make up the rest.

While the official corporate tax is high, compared to other countries, there are so many loopholes in the code that many companies pay little or no taxes. The General Accounting Office reported recently that more than half of U.S. corporations paid no federal income taxes during the boom years of the late 1990s, and those that did were able to shelter much of their income, generally by claiming deductions and credits.

The GAO report showed that 61 percent of U.S. corporations paid no federal income taxes from 1996 through 2000, a period of rapid economic growth and rising corporate profits.

An estimated 94 percent of U.S. corporations reported tax liabilities amounting to less than 5 percent of their total income in 2000. Indeed, small corporations were more likely to avoid taxation than large ones, the GAO said.

http://www.boston.com/business/globe/artic...e_taxes_in_90s/

GAO finding: Majority of corporations pay no taxes. Sen. Levin decries 'tax trickery.'

Submitted by AmyW on Tue, 08/12/2008 - 11:00am. Alerts

A BUZZFLASH NEWS ALERT

by Amy Weiss

According to the Government Accountability Office (GAO), about two-thirds of foreign-controlled domestic corporations and U.S.-controlled corporations reported no federal tax liability from 1998 through 2005. About a quarter to half of corporations with over $250 million in assets or $50 million in gross receipts reported no liability.

The report was conducted by the GAO at the request of Sens. Carl Levin (D-MI) and Byron Dorgan (D-ND). The purpose of the report was to determine the differences in reporting tax liability between foreign-controlled and U.S.-controlled corporations and not to determine why so many corporations reported no tax liability, though it suggested "transfer price abuse" may play a role as well as tax credits and operating losses.

The GAO found that more high-earning foreign-controlled corporations claimed no liability than U.S.-controlled ones overall, though the differences in all corporations from 2001-2005 were statistically insignificant. It said 71.7% of foreign-controlled and 54.9% of U.S.-controlled corporations reported no liability in at least one year from 1998-2005.

Levin and Dorgan said the report showed many flaws with the American tax system. Dorgan said the report serves as "a shocking indictment of the current tax system." He continues:

It's shameful that so many corporations make big profits and pay nothing to support our country. The tax system that allows this wholesale tax avoidance is an embarrassment and unfair to hardworking Americans who pay their fair share of taxes. We need to plug these tax loopholes and put these corporations back on the tax rolls... It's time for the big corporations to pay their fair share.

Levin reiterated the sentiment and said, "This report makes clear that too many corporations are using tax trickery to send their profits overseas and avoid paying their fair share in the United States."

http://www.buzzflash.com/articles/alerts/451

[AROCES]

You would make a horrible CPA. You are clueless as to what actually goes on out in the real world and you try to throw out these rule of thumb numbers that you assume are correct, but are not. Facts are your friend aroces, you might want to start looking things up before making huge assumptions.

I guess you dont do your own taxes...

Did you know...

Warren Buffet pays a lower tax rate than his secretary. Is that fair?

Warren Buffett, the third-richest man in the world, has criticised the US tax system for allowing him to pay a lower rate than his secretary and his cleaner.

Speaking at a $4,600-a-seat fundraiser in New York for Senator Hillary Clinton, Mr Buffett, who is worth an estimated $52 billion (£26 billion), said: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”

Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent. Mr Buffett told his audience, which included John Mack, the chairman of Morgan Stanley, and Alan Patricof, the founder of the US branch of Apax Partners, that US government policy had accentuated a disparity of wealth that hurt the economy by stifling opportunity and motivation. link to rest of story

Mr. Buffet, no one is stopping you from giving another $20 million to the IRS.

[Fluffybunny]

Mr. Buffet, no one is stopping you from giving another $20 million to the IRS.

And you missed the point altogether. Again. The point was you were wrong. You were wrong about the tax rates because you made a huge assumption as you so often do.

[AROCES]

And you missed the point altogether. Again. The point was you were wrong. You were wrong about the tax rates because you made a huge assumption as you so often do.

Tell me, those tax break and exemption, what do you think they are? Expenses! meaning Mr. Buffet put it back into the economy instead of giving it to the IRS, that is why they get deduction, to encourage liquidation of income.

You see, all you understand is the rich does not pay enough.

[Fluffybunny]

Tell me, those tax break and exemption, what do you think they are? Expenses! meaning Mr. Buffet put it back into the economy instead of giving it to the IRS, that is why they get deduction, to encourage liquidation of income.

You see, all you understand is the rich does not pay enough.

Epic fail. Once again.

I understand far more than you think about taxes.

If you are so sure about what makes Mr Buffets taxes so low, then please by all means provide some proof of that and not just your good old standby of speculation. provide proof. I happen to know the facts of the matter and have seen where his money has gone to give him the tax breaks he has, but I want you to embarrass yourself and go look for yourself because you are not right.

Provide PROOF. Facts.

[AROCES]

Epic fail. Once again.

I understand far more than you think about taxes.

If you are so sure about what makes Mr Buffets taxes so low, then please by all means provide some proof of that and not just your good old standby of speculation. provide proof. I happen to know the facts of the matter and have seen where his money has gone to give him the tax breaks he has, but I want you to embarrass yourself and go look for yourself because you are not right.

Provide PROOF. Facts.

Then you do the same , show it to us.

I'm sure there are those here who have done business or are in business like me and know excatly what I'm talking about, tax shelters and exemption in business are basically business expenses.

Edited October 17, 2008 by AROCES

[Fluffybunny]

Then you do the same , show it to us.

I'm sure there are those here who have done business or are in business like me and know excatly what I'm talking about, tax shelters and exemption in business are basically business expenses.

No, I am going to leave that to you to find and then prove yourself wrong. EPICALLY wrong.

[AROCES]

No, I am going to leave that to you to find and then prove yourself wrong. EPICALLY wrong.

Hah! Got you there about you being sour grapes on tax shelter, you rather give it to bureaucracy so Obama can spread it around to his liking rather than have someone put it back on the economy. Hugo Chavez may serves you well.

[Fluffybunny]

Hah! Got you there about you being sour grapes on tax shelter, you rather give it to bureaucracy so Obama can spread it around to his liking rather than have someone put it back on the economy. Hugo Chavez may serves you well.

nice attempt to avoid the fact that you cant/wont bother find any details. Like usual. You have to stop diverting the topic and at some point actually trying to give a straight answer.

You are not even close...and even though I have already said so many times...I am not a democrat by any stretch of the imagination.

Its pointless to talk to someone who doesnt bother to learn anything and spends most of their time wildly speculating...

[SoCrazes]

nice attempt to avoid the fact that you cant/wont bother find any details. Like usual. You have to stop diverting the topic and at some point actually trying to give a straight answer.

You are not even close...and even though I have already said so many times...I am not a democrat by any stretch of the imagination.

Its pointless to talk to someone who doesnt bother to learn anything and spends most of their time wildly speculating...

I'm not a dem either; however, I'm considered one when I complain that the system is corrupt and needs fundamental changes and I've always voted for a pub president.

Edited October 17, 2008 by SoCrazes

[questionmark]

I'm not a dem either; however, I'm considered one when I complain that the system is corrupt and needs fundamental changes.

But only by the Reps... the others probably call you right wing extremist ....

[merril]

I'm not a dem either; however, I'm considered one when I complain that the system is corrupt and needs fundamental changes and I've always voted for a pub president.

Democrats, anti-reform and anti-regulation, corruption, conflict of interest, and Presidential politics all summed up in less than 5 minutes-

Explosive Video, Fannie Mae CEO calling Obama and the Dems the "Family" and "Conscience" of Fannie Mae