Congressman Pascell's Tax Plan E-mail
- Thread starter Pesto Pirate
- Start date
Republicans need to change their mantra for the last 30 years that they are the party of family values and fiscal conservatism. That is all out the door. The new motto should be the party of pedophiles and debt.
I can't wait to see what the effective rate corporations will pay. Right now the average effective rate is approximately 18% They did not get rid of the loopholes. So, in 2019, we shall find out that corporate. I think the over and under will be 10%
Good for the multinational corporations. Bad for the country.
I can't wait to see what the effective rate corporations will pay. Right now the average effective rate is approximately 18% They did not get rid of the loopholes. So, in 2019, we shall find out that corporate. I think the over and under will be 10%
Good for the multinational corporations. Bad for the country.
Lotta anger there; lotta anger. You forgot basket of deplorables. Is that the same play you're going to run? When you don't get your way, insult the others side? Not becoming....
Last I checked, anyone with an IRA or 401K owns a piece of these evil corporations.
What kind of asinine comment is this? I am invested in the market. And invest in great companies like Apple for more than a decade. However, as a stockholder I am abundantly aware that the largest corporation in the world with cash reserves of over a quarter of a trillion dollars does not need a tax break. Nor will they be bringing back jobs to the US.
From the year 2009 when the crash bottomed sending the Dow to 6000, the market has rebounded beautifully and steadily all throughout the past 8 years. So despite the last year which the market has increased by 5000, the market rose to the mid to high 18,000 under Obama. Then on top of this, another 5000 under the last year. So, do these corporations need a 15% tax break while at least giving the country an additional trillion dollars in debt?
So when you give tax breaks, you have to close loopholes and/or cut spending. This bill did neither. So what will be next? You have to cut spending. So what will the Republicans look to cut? Social Security? Medicare, Medicaid. So, in order to give multinational corporations more profits, you will cut benefits for most Americans.
Corporations are not evil. Its the politicians who voted for this bill. Remember, all but 1 Republican New Jersey Congressman voted against this bill. Even our own law makers know this bill was bad.
Anyone living in NJ is already bent over and has been for years.
Your sales, income, and property taxes are ridiculous.
I for one am delighted that my federal taxes will cease to subsidize that insanity.
Who says they NEED a tax a break?
Need is not the issue.
Less taxes is good for corporations and when corporations do well, your IRA and 401K do well not to mention the goods, services, innovation, and jobs that corporations create.
Let's hope so. Some of those budgets are out of control. Save entitlements for people who truly need them. The entire system needs cuts and reform.
Government needs to be cut across the board. I wish we would also look at the defense budget (that, along with entitlements, are the biggest drivers of our debt), but that won't happen under this president or future presidents. The military-industrial complex simply won't allow it and this particular president just wants to spend and spend and spend some more on the military.
If you had an iota of understating of the federal budget you would know that entitlements have to be addressed.
Ryan is committed to taking on that sacred cow.
Also, what is your fixation with billionaires and multinationals.
One, there are 500 billionaires in the US. Why are you so concerned about 500 people, all of whom whose lives will not be affected by this? They know how to respond to legislation.
Two, this tax bill affects all corporations, not just multinationals. Last I checked, American based companies that do business overseas and bring profits back to the US is a good thing.
Bonus: You cited Apple as one of the stocks you own in your vast portfolio. Just curious, is your entire analysis based on the financial position of a single company?
This bill is corporate welfare. None of the loopholes that corporations use to take down their effective tax rate down to average 18% were addressed. I am concerned about the very wealthy getting tax breaks and that is more than just the billionaires. That is the millionaires as well and that is a substantial amount of people. Meanwhile, there are upper middle class people whose tax rate will actually go up.
As far as your Bonus goes, I offer that one company up to you so you just don’t think I am just some anticaptialist. I am a firm believer of the stock market and investment. But that doesn’t mean as a society and government we should give away ridiculous amounts of money to the corporations and wealthy. There is a balance to be struck. And right now the scales are heavily tilted to the very wealthy and corporations. I find it funny that the excuse that the Republicans give is to have our corporations compete globally. Well, I don’t think the tax rates really have anything to do with it. The multinational corporations that are struggling globally like US Steel suffer from trades and tariffs issues. I do believe that issue should be addressed.
Giving away money that is their money in the first place, LOL???
US effective tax rate is 29%, the 18% rate is the marginal tax rate. See link:
https://taxfoundation.org/cbo-report-compares-us-corporate-tax-g20/
Stop the class warfare/jealousy.
Your entitled to your opinion.
I call it the end of the government shakedown.
Welfare would be if corporations paid no taxes and the government wrote them a check on top of that.
What do you think will happen with that money when they bring it back?
We can look to what happened in 2005 when corporations were offered a 5.25% rate to bring earnings into the US. It didn’t create jobs, or help the economy. In fact, between 2095 and 2006 Pfizer, which repatriated $37 billion, slashed 10,000 jobs. Merck, which brought back $15.9 billion, cut 7,000 jobs, and HP pared its employment rolls by 14,500 after repatriating $14.5 billion.
There is not enough in that statement to draw your conclusion.
What happened with the billions you cite? It did not disappear. Where did it go? When you answer that question, you might have a different opinion.
The companies you speak of and what they did with they money is used in an incoherent argument by people who oppose the political party promoting repatriation.
The fact is, the money came back. In many cases, it was used to buy back stock and pay dividends. When money goes to shareholders they can do two fundamental things with it. Spend it or invest it. Perhaps the repatriating company does not create the jobs, but at some point the repatriated money flowing into our economy does create jobs.
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Both Merck and Pfizer had major blockbuster drugs coming off patent during that period of time...Lipitor alone was an $8 billion drug. The majority of those job cuts were in sales and marketing.
The idea that it creates jobs has shown it isn’t true though.
If anything, companies will use those funds to buy up other companies. There won’t be a “let’s open a new manufacturing plant with all this money”
Look, if this will play out how you all think - we will see evidence over the next few years with spikes in employment and wages. If we don’t see either of those, then I’m right.
I guess we’ll see.
Fair enough.
That would apply to just about every claim made on this board by either side. Lol
I am happy to admit that I am often wrong but never in doubt.
Indeed. I can only use what I have leaned studying economics and history. If an argument goes against what I have learned, I accept it is a possibility but really no point arguing.
1. What the hell is wrong with being wealthy? They are the ones who have taken the financial risks, busted their butts, often employ others and work long hours.
They are also the ones who often endure hellish commutes to the City and back. I am not wealthy but have a good life.
38 years on the train from Middletown. 6: 50 AM in and often the 7:15 PM or much later home. Paid the price in the deadline driven advertising business.
2. This tax bill is mostly about recharging the economy. And the initial signs are that it's working. ATT, Boeing and others are giving out raises and bonuses. This is good news for all.
3, New Jersey and Gov. Murphy have to take a hard look at what's dragging us down and come up with practical ways to fix it fast. Hard choices to make with so many on the active or retired State payroll.
Happy New Year
They are also the ones who often endure hellish commutes to the City and back. I am not wealthy but have a good life.
38 years on the train from Middletown. 6: 50 AM in and often the 7:15 PM or much later home. Paid the price in the deadline driven advertising business.
2. This tax bill is mostly about recharging the economy. And the initial signs are that it's working. ATT, Boeing and others are giving out raises and bonuses. This is good news for all.
3, New Jersey and Gov. Murphy have to take a hard look at what's dragging us down and come up with practical ways to fix it fast. Hard choices to make with so many on the active or retired State payroll.
Happy New Year
Nothing wrong with being wealthy.
There is a balance of tax rates where we will be most prosperous as a country. We can certainly debate where that balance should be, but if you look at all of the wealth generated over the last ten years and thing our economy is sluggish because they wealthy haven’t been able to keep enough money, I would disagree.
2. The tax bill is not mostly about recharging our economy. If it were, it would have been paid for in economic growth models. It is 80% about letting the wealthy keep More money, and 20% about recharging our economy.
Att and others who came out has been all about PR. Nothing more. Corporations have been sitting on record amounts of cash. They could have been using that cash for employee bonuses if they wanted to.
3. I agree Murphy will face some challenges. Hopefully he is ready to make the difficult choices that need to be made in NJ.
Ah yes the wealthy refarian of blaming the bad state of the economy on State workers with 80% of them receiving fat pensions of $30,000 a year.
From what I have seen from the past three years, the economy has been great for business. What was the need to recharge? So are you saying only the wealthy work hard? Only the wealthy work 12 hour days? What about the the nurses who work 12-14 hour shifts? They earn maybe $100k but that is not weathly that is middle class. Lots of people put in long hours not just people who work on Wall St.
Pesto I wish you all the success and you worked hard so kudos to you. However, that does not mean we should fall further into debt so we can lower taxes on the 1%.
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Haha, there you go again. Is the nurse single? You didn't specify. If so, a single person making $100k is not middle class. The middle class makes in the neighborhood of $40/45k to $75/80k.
I disagree. $100,000 in NJ is middle class. You think $100k is rich? Someone making $40k in NJ is working poor. Consider that a person making $40k a year only rents a one bedroom apartment at say a very cheap place at $1200 means that 36% of his pre-tax dollars goes to rent. You really think that is middle class?
The meaning of middle class and rich differs from region to region. It isn't the same living in the Metro NYC area compared to Alabama,
