Executives urge: Avoid the fiscal cliff

  • Article by: JIM SPENCER , Star Tribune
  • Updated: November 20, 2012 - 6:10 AM

Executives argue that corporations won't escape the damage if U.S. can't find solution to coming cuts, tax hikes.

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rshacklefordNov. 20, 12 5:41 AM

"You can't commit to a full economic recovery when you don't know what tax policy is going to be and they're screwing around with the debt ceiling," Stout said in an interview. ---- Ohhhhh, that is just Stout admitting in code that he and his buddies no longer know for certain that they will make a killing in profits in the future. No guts. The application of the term Fiscal Cliff to all Americans is a joke. It isn't going to impact anyone other than the loud squawkers (aka those with vast amounts of lobbying money). Let BUSH'S crazy tax scheme expire.

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rickbmnNov. 20, 12 7:37 AM

Of course they want it resolved... i.e., bailouts at taxpayer expense. I say let it go. Raise EVERYONE'S taxes. If taxes are good for one to pay, they should be good for all to pay. Perhaps when EVERYONE pays their fair share (and I am talking about the 47% not the 1%), then maybe we'll have some reform. Those paying no taxes will always vote to raise taxes on others.

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concernedduhNov. 20, 12 7:42 AM

Obama has drawn a line in the sand, stating he will only allow a new version of the Bush Tax cuts and will veto the extension of the existing tax cuts. We would not have the fiscal cliff if the Super Committee Obama assembled would have done their job or if Congress would have passed a budget.

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elmore1Nov. 20, 12 7:57 AM

Key point: "businesses adapt". Our politicians don't and just kick the can down the road...

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theruntNov. 20, 12 8:16 AM

You're a CEO of a one of those corporations sitting on "hoards of cash." Interest rates are unbelievably low. Have some guts and invest NOW in technologies and facilities you KNOW you will need. Be stronger than this incessant chatter.

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rickbmnNov. 20, 12 9:18 AM

therunt: A CEO cannot spend those "hoards": of cash (which are a myth in many cases) when s/he doesn't know what the future tax and regulations will be. It's pretty simple, really. If you suspect taxes will increase and regulations will force you to hire lawyers and other overhead managers to comply with regs, then you can't spend the money. All those regulations are really hidden taxes. No one in their right mind would spend money in this case. It is, after all, the shareholders' money.

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beefangusNov. 20, 12 9:36 AM

So what spending cuts do these CEO propose? Let's see their version of the spending cuts please.

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huggybear28Nov. 20, 1212:32 PM

@concernedduh The house passed a budget. The senate did not and has not passed on in 3 years. You cannot blame this on republican "obstructionism" either. The senate only needs a majority vote (not 60 votes) to pass a budget. That is how the bush tax cuts were passed in the first place. Harry Reid and the Dems have not done their job. They refuse to pass a budget and even voted against Obama's budget because they do not want to make decisive votes that hurt their re-election chances.

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theagonybhoNov. 20, 1212:36 PM

The nation has spoken Obama will be here 4 more years and his signature job killer Obamacare isnt going anywhere. Businesses will adjust accordingly, look for lower job creation and layoffs the next 4 years.

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mspshadowNov. 20, 12 2:14 PM

rickbmn: "If taxes are good for one to pay, they should be good for all to pay."...I agree, but that should also include large corporations and wealthy individuals who pay no income taxes, right?

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