Individuals, not business, will pay to shrink the debt

  • Article by: JIM SPENCER , Star Tribune
  • Updated: November 3, 2012 - 4:32 PM

Amid clashing ideas for fixing the federal budget, one idea has been mostly off-limits: higher corporate taxes.

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choochoo12Nov. 3, 1210:55 PM

Since EVERY business is owned by individuals, even large corporations which are owned collectively by millions of individual investors and pension funds, individuals will indeed pay the price for the Democratic Party's decades-long spending and borrowing binge. Remember: it was the Republicans who won control of Congress for the first time in 40 years who balanced the federal budget against Clinton and Democrat opposition. Bill Clinton actually OPPOSED a balanced budget in 1995 and the Democrats in Congress were negotiating with the new Republican majority to postpone their demands for a balanced budget. Don't believe me? Well, I have PROOF and you can see it for yourself. From Nov. 18, 1995 the year Republicans took control of Congress for the first time in 40 years: " President Clinton vowed again Saturday to veto the Republicans massive plan to balance the budget. During his weekly radio address, the president again expressed his concerns over budget expenditures for social programs. Disregarding Clinton's veto threats, Republicans pushed the sweeping balanced-budget bill through the Senate Friday by a vote of 52-47. Because the Senate amended the bill, the House was planning to vote on it again Saturday. The proposed compromise offered by the White House calls for some flexibility on the Republican time-frame for balancing the budget and a reduction in some GOP-proposed cuts in federal funding." SOURCE: "Clinton dubs latest budget proposal "dead on arrival"" - CNN.com, Nov. 18, 1995.

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dave9398Nov. 4, 12 7:41 AM

So we need higher corporate taxes even though they are currently close to the highest in the world? How about if we lower them and eliminate the loopholes instead?

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theagonybhoNov. 4, 12 8:53 AM

On November 7th we will know if this country can move forward or if Obama wins businesses will further tighten and we will spiral into double dip.

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hjlazniNov. 4, 1211:16 AM

The rich people have been able to convince the politicians to create a system where the rich pay less taxes so they have more money at hand to grow the economy, but will, at the rich peoples’ option, borrow money to the government to be returned plus interest to make up for the lack of revenue, with the national debt, debt ceilings and deficits always increasing. During depression/recession times the nervous rich, holding questionable government paper, exchange this government paper for cash printed under the heading of "quantitative easing" supposedly conducted for the sole purpose of increasing value of this government paper and subsequent lowering of interest rates. In this way, we are investing in rich people to grow the U.S. economy that will result in increased revenue. Is this system working? No. The rich people are getting richer and the middle class is getting poorer because the politicians are allowing the rich to put small business out of business, big business is increasing productivity and globalizing manufacturing and bringing lower paid workers into the U.S. to lower wages in the U.S. and putting U.S. citizens out of a good paying jobs with less income tax revenue coming into the treasury. In the U.S. at this time, the top 1% makes more money each year than the bottom 90%. More and more monopoly money is going to the rich, which money is not used by the middle class to purchase stuff that may be manufactured in the U.S. which may increase economic growth and printing of "real" dollars” to add to the supply of "real" money in the monopoly game. Rich people can only buy so much stuff and horde most of this money. I expect a similar play is staged in Europe except the central Fed in Europe is not as clearly defined. At some point, the townspeople can rush the castle and take the rich people's stuff and take back the system, meaning, forcing the rich people to pay more tax or hiring and paying “hanger on” employees because we let big business put small business out of business, unless you believe in borrowing from the rich instead of true U.S. economic growth to generate revenue. These people paid 90% tax rates during the Republican Eisenhower years. What if we threaten not to pay the rich people back. In Europe, the private sector rich people are willing to cut the debt in half and extend pay back at a lower interest rate and the public sector may do the same. The U.S. government can tell the rich people, the U.S. government will pay you back the money we borrowed plus interest BUT we will go back to the 1960’s and recalculate your taxes up to today at 90% because you guys did not provide the jobs you promised to create. What choice do they have?

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fonzi3Nov. 4, 1212:47 PM

Big Business has bought out both political parties. The only way to reverse this trend, is to downsize the "Too Big to Fail" corporations and businesses. The epic fail of "Citizens United" was created by the Republicans....just one more reason to Vote Democrat on Tuesday.

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pitythefoolsNov. 4, 12 6:36 PM

US Corporations pay the second LOWEST EFFECTIVE federal tax rates of any OECD Country. The STATED tax rate being highest means nothing. 75% of US Corporations, including giant and hugely profitable ones like Exxon and GE, pay zero federal taxes. Yet they use the infrastructure and bloated, budget-busting military of the US to carry out their business. Why do you think these mega corporations stay here? IBM's HQ is 15,000 in White Plains. It could relocate its headquarters anywhere on earth in a heartbeat. Big business stays here to take, take, take, take from the US.

If business-lackey Romney wins, you can bet the consumer will shut their wallets entirely from uncertainty of what he will do to their taxes, while giving even more, more, more to Corporations. Great Recession Part II.

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