Obama: Corruption, Deception, Dishonesty, Deceit and Promises Broken

[Kazan]

Does GE pay enough in taxes, Beach Bum?

I know what your getting at, but who writes the tax codes? Apparently what they are doing is perfectly legal

[Dos Equis]

http://www.nytimes.com/2010/11/24/business/economy/24econ.html

The nation’s workers may be struggling, but American companies just had their best quarter ever.

The New York Times
Related

Economix Blog: Visualizing Booming Profits (November 23, 2010)

American businesses earned profits at an annual rate of $1.659 trillion in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or noninflation-adjusted terms.

The government does not adjust the numbers for inflation, in part because these corporate profits can be affected by pricing changes from all over the world and because the government does not have a price index for individual companies. The next-highest annual corporate profits level on record was in the third quarter of 2006, when they were $1.655 trillion.

Corporate profits have been doing extremely well for a while. Since their cyclical low in the fourth quarter of 2008, profits have grown for seven consecutive quarters, at some of the fastest rates in history. As a share of gross domestic product, corporate profits also have been increasing, and they now represent 11.2 percent of total output. That is the highest share since the fourth quarter of 2006, when they accounted for 11.7 percent of output.

This breakneck pace can be partly attributed to strong productivity growth — which means companies have been able to make more with less — as well as the fact that some of the profits of American companies come from abroad. Economic conditions in the United States may still be sluggish, but many emerging markets like India and China are expanding rapidly.

Tuesday’s Commerce Department report also showed that the nation’s output grew at a slightly faster pace than originally estimated last quarter. Its growth rate, of 2.5 percent a year in inflation-adjusted terms, is higher than the initial estimate of 2 percent. The economy grew at a 1.7 percent annual rate in the second quarter.

Still, most economists say the current growth rate is far too slow to recover the considerable ground lost during the recession.

“The economy is not growing fast enough to reduce significantly the unemployment rate or to prevent a slide into deflation,” Paul Dales, a United States economist for Capital Economics, wrote in a note to clients. “This is unlikely to change in 2011 or 2012.”

The increase in output in the third quarter was driven primarily by stronger consumer spending. Wages and salaries also rose in the third quarter, which might help bolster holiday spending in the final months of 2010.

Private inventory investment, nonresidential fixed investment, exports and federal government also contributed to higher output. These sources of growth were partly offset by a rise in imports.

If there are "record" profits, then aren't there "record" taxes being paid too? 

And "record" profits are good for business, employees, and consumers. 

[Soul Crusher]

No... because the tax rates are at record lows for people with wealth.

doesnt matter. 

If you look historically - the tax receipts as a percentage of GDP have always remained relatively the same, regardless of the tax code and how they slice it and dice it. 

However, the spending we are doing it at WW2 levels as a percentage of GDP. 

There is simply no way you can tax yourself out of this under any formula without collapsing the economy. 

Its the spending, not the taxes.   

[Dos Equis]

No... because the tax rates are at record lows for people with wealth.

The issue is corporate/business tax, not individual taxpayers. 

[Option D]

If there are "record" profits, then aren't there "record" taxes being paid too? 

And "record" profits are good for business, employees, and consumers. 

hahaha...lol... NO.. No record Taxes... as the tax rates are hella low for those companies..LMAO...

[Dos Equis]

hahaha...lol... NO.. No record Taxes... as the tax rates are hella low for those companies..LMAO...

Really?  So they are making "record" profits, but not paying taxes on those "record" profits?  Did you look at the link I posted showing the billions in business taxes being paid? 

[Soul Crusher]

Corporate / Business taxes are at low points as well.


http://economix.blogs.nytimes.com/2011/05/31/are-taxes-in-the-u-s-high-or-low/


One would not know from the Republican document that corporate taxes are expected to raise just 1.3 percent of G.D.P. in revenue this year, about a third of what it was in the 1950s.

Yes, but the 50's were a completely different time. 

Japan, Germany, Russia, China, were all on the balls of their ass duye to the war.   We were the only game in town.

We now have a competitive global economy with everyone with productive capacity.     


The bullshit from the left about the 30's and 50's is utter nnosense and not applicable. 

[Soul Crusher]

I didn't know that was a "left" thing.

I've seen lots of people on the right talk about the way things were in the 50s as well... They just don't like to talk about it when it comes to taxes.

I don't think taxes on people making less than a million a year should change, but let's be honest, if you're a corporation making "record profits" and you're a citizen making more than a million dollars a year, I don't think a couple of percentage points will hurt you in any major way.

Also, I don't appreciate how no one talks about the fact that since the corporate taxes have been so low, that's when all of the outsourcing and sending jobs overseas has been.

Why did we reward companies for sending jobs elsewhere when the primary purchaser of those goods is here in America?

I'm talking regarding taxes and tax rates.   You simply cant chase away business and manufacturing to pay for bloated govt and welfare bs soup to nuts.   Businesses will flee and not be pinatas for that bullshit and libs and their bullshit agenda. 

Its not only taxes either.   Its everything.   The govt is to blame to for this.  From my other thread.

________________________ ________________________ ______
 

The federal government bureaucracy has become so oppressive that it is amazing that anyone is still willing to hire workers in this day and age.

Hiring workers has become so complicated and so expensive that many small business owners want to avoid it at all cost.

For example, a small business owner identified as "007" recently left the following comment on one of my recent articles....

Speaking as a small employer, I would rather have a root canal than another employee. Let’s see. You first have to hire someone you trust without some labor lawyer suing you for some type of discrimination. Then you have OSHA to make sure your work place is safe. Then you have workmans compensation insurance, unemployment taxes, health insurance, liability insurance, now Obamacare. Oh be careful not to be deemed to have a “hostile work environment”. Then you have to negotiate the labor laws. The Department of Labor is constantly cranking out regulation.

Then you get the pleasure of paying payroll taxes both state and federal along with the required filing of a multitude of payroll forms. Miss filing or paying these taxes and you will be crushed with interest and penalties.

Of course, you are competing with businesses that can hire at a fraction of the cost of American Labor and with very little regulations. In this economy, no one in their right mind is hiring into this unstable and declining economy.

If business turns down all you have to worry about is laying off workers. Of course your unemployment insurance tax will go up 200% for years. Then you only have to then worry about a wrongful termination law suit.
The entire system is stacked against American workers.

If you are a blue collar worker, you should give up hope that things are going to get better.  The system has failed you.

You can stop waiting for the "good jobs" to come back.

They aren't coming back.

[Soul Crusher]

I agree with the points you made in the other thread 3333. I think government is too big and oppressive as well, you know this.

I'm just saying that corporations are also to blame, they sent jobs overseas when they can be done here.

Their responsibility is to make $$$, not be an employment agency

[Dos Equis]

Corporate / Business taxes are at low points as well.


http://economix.blogs.nytimes.com/2011/05/31/are-taxes-in-the-u-s-high-or-low/


One would not know from the Republican document that corporate taxes are expected to raise just 1.3 percent of G.D.P. in revenue this year, about a third of what it was in the 1950s.

This does not answer the question of whether or not actual business tax revenues have increased along with business profits. 

[Soul Crusher]

I understand that, but they are definitely making money. We're talking about record profits right?

SOME!  


The vast majority of businesses,  the small plumbing outfit, the small roofing company, the small diner, the local book store, the local pizza guy, the local landscaper, the local pool guy, the local accountant, all typically sub chapter S Corps., and who are 3/4 of the economy are getting killed.  


Why do you think the UE keeps going up and up and up and the jobless claims worse and worse and worse?  

Stop focusing on GE, JPM, BOA, thats not the real story.  

The real story is main street and the absolute decimation obamanomics is causing to the real economy who cant rely on overseas revenue for income.  

This is why i fucking want to puke at the average leftist piece of trash hyping stories like this.  Its pure garbage not even remotely related to reality for 75% of corps and businesses.  

I actually feel bad for people like Mal who read this and think they are learning something.  If anything they are dumber after reading this than anything.  

  

[Option D]

Really?  So they are making "record" profits, but not paying taxes on those "record" profits?  Did you look at the link I posted showing the billions in business taxes being paid? 

Dude taxes are lowest in 60 years.. what are you talking about..

[Soul Crusher]

That's valid... I do agree that the small business shouldn't be lumped in with the "Big Corporation".

They are two entirely different types of businesses. So we are in agreement there.

Drive around and look at all the vacancies in retail space, look at all the "For Lease" signs on small commercial and office space, the vacancies in strip malls, etc etc. 

The real economy is collapsing.  The GE, BOA, JPM, GS, AIG economy is something entirely else.   

[Soul Crusher]

Dude taxes are lowest in 60 years.. what are you talking about..

The govt is taking in record amount of money and an amount histrically close to its percentage per GDP.   

We are spending amounts beyond historical averages and closing to WW2 levels. 

Get a clue. 

[Dos Equis]

Dude taxes are lowest in 60 years.. what are you talking about..

Tax rates or tax revenues? 

[Option D]

The govt is taking in record amount of money and an amount histrically close to its percentage per GDP.   

We are spending amounts beyond historical averages and closing to WW2 levels. 

Get a clue. 

Woah woah cha cha...

Homeland security + both wars is what threw our spending out of wack... so .. you get a clue...

[Soul Crusher]

Woah woah cha cha...

Homeland security + both wars is what threw our spending out of wack... so .. you get a clue...

Oh right - stim bill, bailouts, 25% increase in domestic spending, new wars in lybia, expanded war in Afghhanistan, and the reckless pelosi/reid term from 2007 on had nothing to do with it either.      

[Option D]

http://thinkprogress.org/economy/2011/07/06/261635/demint-revenue-record-lie/
you get a clue chump

As Government Revenues Reach A 60-Year-Low, DeMint Claims They’re At A ‘Record’ High
By Alex Seitz-Wald on Jul 6, 2011 at 4:35 pm
It’s an often-repeated talking point among Republicans as Washington debates taxes and spending: “We don’t have a revenue problem, we have a spending problem.” It’s recycled, like much of today’s Republican thinking, from President Reagan, but Sen. Jim DeMint (R-SC) stretched the argument to its breaking point on MSNBC this morning when he said that government revenues are currently at “record” highs:
DEMINT: Four of the last five years, we’ve had record levels of revenue. And next year we have projected the highest revenue levels in history. We don’t have a revenue problem.
Watch it:

The GOP talking point on spending vs. revenue fundamentally un-serious, as both are flip sides of the same balance sheet. But even so, DeMint is just wrong.
DeMint appears to be using nominal dollars to measure revenues, instead of revenue as a percentage of GDP, which is used by all official arbiters on revenue matters, including the Congressional Budget Office. And as a percentage of GDP, government revenue is nowhere near a “record” high. In 2010, it was at its lowest level in more than 60 years, according to data from the Office of Management and Budget (OMB), at just at 14.9 percent.
Next year, revenues will still be at just 16.6 percent of GDP, several points below the average rates under every president since Franklin Roosevelt, including Reagan. The record high was 20.6 percent in 2000, which coincided with a balanced budget.
This makes sense — on top of lost revenue from the massive Bush tax cuts, the recession devastated economic output and thus the American tax base.
And DeMint seems to know this, choosing to qualify his statements about revenue with the odd time frame of five years to completely mislead viewers. He’s right that revenues in terms of dollars were at an all time high at one point in the last five years — 2007 — but he seems to intentionally ignore the fact that revenues fell of a cliff in 2009. In terms of actual dollars, in 2010, the government brought in $2.16 trillion dollars — down from $2.56 trillion in 2007

[Option D]

Oh right - stim bill, bailouts, 25% increase in domestic spending, new wars in lybia, expanded war in Afghhanistan, and the reckless pelosi/reid term from 2007 on had nothing to do with it either.      

LMAO.. Buck shot... Approach..

the deficit went fucked when the new tax laws were passed with Bush.. now please dispute that chump

[Soul Crusher]

And with a horrible economy - it doesnt matter what the rates are! The money aint there to collect with a GDP that is collapsing.  Govt GDP bullshit as per the crap like Stim Bill are pure nonsense.

You can jack the rate to 100% and it wont matter!  What part of this do you not understand?      

[Soul Crusher]

LMAO.. Buck shot... Approach..

the deficit went fucked when the new tax laws were passed with Bush.. now please dispute that chump

False.  It exploded in 2007 when Pelosi took over and Bush mailed it in. 

[Option D]

False.  It exploded in 2007 when Pelosi took over and Bush mailed it in. 

So youre saying it was all good untill 2007... When did pass his taxcuts.. 2002 right?

[Soul Crusher]

So youre saying it was all good untill 2007... When did pass his taxcuts.. 2002 right?

Yes.   

The "Bush tax cuts", the boogey man of the far left fruitcakes is a non issue.   The spending has exploded. 

[Soul Crusher]

I don't think you can say that... both wars were under Bush, before 2007.

And?   The deficits were a fraction from 2000-2007 compared to where they are now.   

[Soul Crusher]

Obama: I'd Like 'to Bypass Congress and Change the Rules on My Own'
National Journal ^ | 7/25/11 | George E. Condon Jr.



President Obama let his frustration over the stalled debt talks seep into an address on Latino issues on Monday, confessing that he’d like to “bypass Congress and change the laws on my own.”

He told the National Council of La Raza, “Believe me, the idea of doing things on my own is very tempting. I promise you.”

But he told the group meeting at the Marriott Wardman Park Hotel that he has to work with Congress and will continue to fight for what he called a “balanced” plan that does not focus solely on spending cuts but that spreads the sacrifice to the wealthiest Americans as well.

La Raza—and activist Latinos elsewhere—are disappointed in the president for not keeping his promise to champion comprehensive immigration reform in his first year in office. They are particularly angry that his administration has been aggressive in deporting undocumented immigrants, but the president defended the record number of deportations, contending he has had no choice.

“Those are the laws on the books,” said Obama. “I swore an oath to uphold the laws on the books. That doesn’t mean I don’t know very well the real pain and heartbreak that deportations cause.”

He added that he shares the concerns of Latinos. “I understand them and I promise you we are responding to your concerns and working every day to make sure we are enforcing flawed laws in the most humane and best possible way.”

His ''I'd like to change'' comment followed a section in his speech that mentioned the limitations of Washington in stopping deportations. He then spoke of his frustrations in dealing with Congress. His ''bypass Congress'' comment drew applause and chants of "Yes, You Can," a 2008 campaign slogan.


________________________ _________________


Oh, poor Barry, after having his budget proposal in April shot down 97-0, he now complains like a bitch. 


Fuck him and everyone who voted for this.