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GE pays no income tax
On Mar 29, 11:38*pm, RicodJour wrote:
On Mar 29, 9:47*pm, " wrote: On Mar 29, 6:00*pm, RicodJour wrote: On Mar 29, 5:02*pm, " On Mar 29, 12:00*pm, RicodJour wrote: On Mar 29, 11:33*am, " The other problem with the whole Walmart bashing is that there is no better solution to free markets. * To try to stop Walmart from selling those $3 hammers would require slapping on tarriffs. *And then the foreign govts just do likewise and slap on tarriffs against the likes of Intel or Boeing, which are major American exporters. It's like trying to limit the internet, or shovel crap against the tide. Tariffs like VATs? No, a value added tax is very different from a tariff. *Like essentially every country in the world has except for the US? You didn't read the links I provided, did you? Typical. *You don't even understand the basics, yet you want a VAT. * Ever see a tax you didn't like? You think just maybe the problem isn't that the govt taxes too little, but that it spends way too much? Now it's quite clear you didn't. *Why would you comment on my post without reading all of it? *You don't even know my point, yet you're telling me things I think which are entirely, and completely wrong. That does us both a disservice and we both deserve better. I read until I got to the part where you claimed a VAT and a tariff are the same thing. * And you were wishing for a VAT as some kind of solution. *As if we don't have enough taxes already. * That is all I needed to read. The taxes are on foreign companies. *The taxes only infringe on your behavior if you've developed a preference for buying foreign goods. If you prefer "cheaper at all costs", well, then, you've got it and it doesn't sound like you're too thrilled with it. This is where you are just plain wrong. Look up the definition of a VAT tax. The EU VAT is a good example. It is a VALUE ADDED TAX and it applies at each stage as goods make their way to the consumer. Company A buys copper ore for $100 and they pay a 20% tax on it, $20. They turn it into copper sheets and sell it to company B for $150. Company B pays the 20% tax on the $150, $30 and hands the payment over to Company A. Company A then takes their taxes paid previously, $20, from the $30 just collected and sends the $10 net tax to the govt. That's how a VAT works and it hits virtually all goods sold within the EU. The fact that it's collected also on imports coming from outside is a side point. That portion is roughly equivalent to a tariff, as far as appearances to the foreign company. And in the end, that $10 is coming out of the pocket of the consumer. The problem is that we're taxing the people instead of taxing for the people, and we're protecting other countries governments, not their little people. I just explained to you how your VAT or higher income taxes are just another cost that businesses then pass on to their customers, which include the "little people". * What happens to the price of corn flakes when the cost of corn goes up? * Why would that corn flake manufacturer treat the extra $1mil they have to pay for copper any differently than they treat it if they hand it over to the govt? *Answer: *they don't they just pass it on. However,if you hit an American company with higher taxes while their competitors in foreign countries pay lower taxes, then they wind up at a competitive disadvantage, start to lose business, and so it goes. *Eventually the govt here can wind up with either the same tax money they had before the increase, or less. *Meanwhile economic growth suffers. *Only libs think of the world as static when it comes to economics. You didn't read the links below - it's abundantly clear from your comments. *The VAT I'm talking about is on imports. *Do yourself a favor and read this one if not the other two - it's PDF and essentially a slideshow. *Won't take you long.http://www.reverecopper.com/pdf/TownHall.pdf Here's an excerpt: Double Jeopardy • Currently, producers of goods & services in the USA pay numerous taxes to the USA government and health care costs for employees which are not rebated when the goods & services are exported. • But the USA produced goods & services must pay a VAT tax to finance a foreign government when they arrive in that country. We even help pay for their health care costs! • So exports from the USA are double taxed. • The VAT taxes collected by foreign governments allow them to have reduced (fewer/none) taxes and health care costs on production of goods & services in their countries. http://www.reverecopper.com/pdf/MyCo...p://www.revere... (the links have similar names, but they're different) None of the above changes a VAT tax into a tarriff. * Only someone trying to confuse people would refer to a protectionist trade tariff as a VAT. * And who do you think is paying those VAT taxes? *It's the people in those VAT countries who are consuming the goods they are importing. Yes, exactly. *I see no problem with people buying American to support America. *And what exactly is wrong with a protectionist tariff if it is merely bringing the US into line with what _every_ other country in the world is doing? *It is not protectionist so much as the current state of affairs. The VAT tax you are referencing applies not only to imports in those countries, but also to THEIR OWN GOODS, at every step of the manufacturing process. Hence, applying the VAT on imports is already leveling the playing field. Going back to the copper example, if they didn't apply it to the imported copper product, then that overseas company would have an advantage over a company in the EU. If any country or company has a bitch about tariffs and unfair trade practices, they can bring a case to the WTO. *You want a different world - me, too. Unfortunately we live in this one and it is simply stupid to put some theoretical ideal ahead of pragmatism, particularly when that theoretical ideal is based on some theoretical philosophy of how things should work in a "perfect" world. I'd argue that pragmatism is precisely what has gotten us to where we are. Republicans in particular, became pragmatic and said to hell with conservative principles. As long as they got their piece of the spending pie too, they were OK with a huge increase in all kinds of prgrams and wasteful spending. So, because someone in Germany buys a Dell computer and gets hit with a 20% VAT tax, your solution is to put in place a VAT tax in the USA? *So everybody that touches the material that went into that computer, all along the process, gets hit with a VAT tax too? * Only makes sense if you're tax happy and looking for one of the worst possible taxes, complete with reems of paper work for everyone all along the way. It's an import tax. *You wouldn't be the one filling out the reams of paper. Again, a VAT and an import tax are two very different things. A VAT is more like a national sales tax that applies at every sale all along the production path for an item. And with a VAT, there is paperwork at every step of the production of a product, each time it moves from one company to another. Then add in another 100,000 federal employees to take care of their end of it. Who fills it all out matters because we, the consumer, end up paying for it. In response to the bitching about China devaluing their currency, if that's such a swell idea and how a country becomes a super power, how come it hasn't worked here? *The dollar has fallen 35% against the euro and the price of gold has tripled in the last 10 years, yet here we are, stuck in the mud. * The dollar has also fallen against the yuan over that same period. *That's right, it's fallen about 20% in the last decade against the Chinese currency. Your buddy over at Revere is just bitching because he would like the dollar to fall more in international markets. * And what makes him or anybody else the expert on what the yuan vs $$ exchange rate should be? Nothing. *Same way there's nothing wrong with people rigging elections. Even assuming your premise that the exchange rate is wrong, If the Chinese want to ship us stuff and subsidize it, that's fine by me. *Just saves me $$$ and comes out of the Chinese pockets. *Would you be bitching if someone offered to give you $1000 towards the purchase of a new car? *I'm a skeptic. *My first thought would be, "Why is this guy offering me $1000?" *I wouldn't expect a free lunch without any strings? *Do you know of any free lunches without strings? *Do you doubt that's what good for China is almost assuredly bad for the US? I say those $3 hammers and all the other lower cost items we're getting from China have a lot of benefit to all of us. And that you can no more stop free flowing world economies than you can hold back the tides. Oh, and there is no such thing as a free market other than a yard sale on Saturday morning. There may be no perfect free markets, but the closer we are to that ideal, the better off we all are. There is no more sense in wishing for something akin to a free market than wishing to be able to fly. *As soon as international trade and foreign customs (both cultural and financial) are added into the mix, there's no way in hell a free market can exist. *Not even close. *No matter what any economist, living or dead, might try to tell you. *So it's a given - taxes, government, tariffs, VAT, etc. - the whole nine yards. I am all for smaller government, smaller defense spending, smaller almost everything, but I'm even more for effectiveness. *It's a question of people feeling they're getting what they're paying for. How about some of us not wanting what the govt wants to provide for us, no matter how effective you or anyone else think it is? * Just because govt could do something effectively, not that it's even remotely possible, but that makes it OK for the govt to grow and take over more of the economy? It sounds like you've eliminated the possibility that anyone that thinks other than you do can solve problems. *There are plenty of instances where I've learned from people I've disagreed with, and even people I've actively disliked. *No one is talking about the government growing to take over the economy - at least I'm not. Yet you want to institute a VAT tax here to help feed it MORE. *If you could separate the lib vs. conserv BS from the equation you'd probably find that there's a lot of people ****ed off about the same things. Sorry, I don't see it as BS. I see libs wanting a permanent expansion in govt. Witness the healthcare debacle. They passed a huge new program that clearly they didn't even read or understand, at a time when the govt already cannot fund it's obligations. And when they freely admit that there are billions in waste and fraud in Medicare and Medicaid. In fact, they had the audacity to count eliminating that fraud to help fund the new program. You may see that as "pragmatic". I see it as more bad govt. *That cooperating with people that are, gasp!, of different mind but like objective, would be the swiftest way to solve some serious problems. After the problems are addressed, and steps have been taken, then we could go back to the name-calling. * The problem of course is that the objectives in almost everything that matters are very different. And that's not happening, so things need to be adjusted. *The first and foremost thing that needs to be adjusted is all of this red state vs blue state, liberal vs conservative crap. *It's counterproductive. It plays into the hands of those most vested in keeping big government and big spending. *It's a ploy, and a very effective one. Couldn't disagree with you more. *It is in fact very much about liberal versus conservative. * If you had conservatives in Congress and the WH, you wouldn't have spending out of control and the govt growing larger as a percentage of the economy. *That is fundamentally in conflict with conservatism. *But expanding govt is a *core part of the liberal philosophy. Do you talk like this to people you know? *Say you're in a bar, do you start telling people they're assholes because they're not watching the show you want to watch, and expect them to change the channel simply because you're bitching about it? I never called you any names. And yes, I would say the above to anyone that wanted to engage in discussion. Would you prefer if I just smiled and agreed that a VAT is a tariff based taxed and that the US should have one? |
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