Litmus
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why are you an enemy of humanity?
Harris’s tax plans would hobble the economy
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I think he has some serious mental issues and severe cynicism.
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Well, if Harris plans would hobble the economy lying ass Trumps pro power and wealth screw the lower and middle classes policies would destroy no doubt. Assuming that is after insurrectionist ass Trump has formed his dictatorial regime there is even an economy left worth saving.The lunacy and ignorance of this empty headed Marxist leaning dullard know few bounds.
Harris’s tax plans would hobble the economy
On corporate tax rates, former President Donald Trump’s position is demonstrably superior to Vice President Kamala Harris’s demagoguery.
As part of her tiresome schtick about how she is going to pay for all her promises by raising taxes on billionaires and corporations, literally an arithmetical impossibility by any reckoning, the Democrat Harris keeps bashing the Republican Trump for proposing “tax cuts for big corporations.” It is one of her most frequent attack lines.
Well, she’s darn right that Trump is doing that. It’s a tremendously wise thing for him to propose.
The corporate income tax is one of the flat-out dumbest taxes imaginable. The more a corporation is taxed, the more it either passes the taxes on to consumers in the form of higher prices or reduces hiring or perhaps gives worse dividends to its stockholders. Either way, it is a major drain on the economy.
Indeed, the Congressional Budget Office estimated that “domestic labor bears slightly more than 70% of the burden of the corporate income tax.” So much for Harris being on the side of laborers.
A high corporate income tax also leads to businesses large and small spending much more time on tax avoidance strategies than on growth-oriented endeavors, and it takes more time from IRS workers monitoring corporate compliance when they could be reassigned to the notoriously weak IRS help desk. It also benefits large businesses that can afford pricey accountants over small businesses that can’t.
Almost invariably, nations that cut their corporate income tax rates see almost immediate spurts, some of them vast, in economic growth and overall economic health. Consider the famous “Celtic Tiger” economic phenomenon in Ireland, during which that nation in a few short years rose from being one of Europe’s poorest to one of its richest. After it began a phased-in reduction of its corporate tax rate from 40% to 12.5% in 1996, Ireland’s growth rate more than doubled U.S. growth, and its per capita income surpassed ours. Moreover, tax revenue actually rose each year until the start of the worldwide recession, and average salaries increased each year, even during the 2008-10 recession.
Back in the United States, Republicans took notice. While most tax cuts only partially “pay for themselves” by generating economic growth that makes up for part of the “loss” to the Treasury from lower rates, corporate taxes behave differently. When part of the Tax Cuts and Jobs Act that Trump signed in 2017 cut the top corporate rate from 39% to 21%, critics said the lower rate would explode the deficit without benefit to the broader economy. Just the opposite occurred.
Harris’s tax plans would hobble the economy - Washington Examiner
Kamala Harris's plans to hike corporate income tax rates, rather than cut them as Donald Trump suggests, would be deleterious to the national economy.www.washingtonexaminer.com
That is not how life works. Corporations charge as much as the market can bear, but they cannot charge more than the market can bear. It does not matter how much profit they want.
Let's use our example of the widget that has $90 in inputs, and can be sold for $100. If trump doubles the cost of your inputs, then you cannot just raise prices to $190, because there are other companies that will escape trump's heavy tax. They will still offer to sell at $100. If you raise it to $190, no one will buy from you.
What you are left to decide is how long you can do business at a loss.
As for the profits that shareholders' "demand", they always want infinitely high profits. They cannot get that. They seem eager to invest in America, because American price to earnings is much lower than other countries.
What do you think blanket tariffs would be? If you cannot understand the basics of economics, why should I waste time talking to you?
So wages are a perfect tax shelter from corporate taxes?
Nothing in your unhinged rant contains facts. You appear to be mentally unstable. Are you on medication at this time?
That is a dumb lie disconnected from economic facts and reality.
I love it when uneducated dotards who have never done anything in life use the widget analogy.
How did the company determine it could be sold for $100? Who actually buys a widget?
How would Trump double the cost of your inputs?
You mean like passing arbitrary minimum wage laws? Shutting down nuclear generating stations? Forcing people to buy electric cars?
When you raise the tax rate from 21% to 28%, corporations will be forced to raise their prices in tresponse to maintain their profit margins.
See how easy econ 101 works?
No company exists to decide how long they can do business at a loss.
Wrong and laughably stupid. Shareholders merely seek a return on their investments and are not guaranteed anything. Therefore, the higher the risks, the bigger the expected return.
See how easy econ 101 works?
No one has suggested "blanket tariffs." This is why you are way off base and disconnected from the facts of this discussion. They would be "targeted" at those nations who unfairly tax our products so that they are uncompetitive with domestic businesses.
See how easy that was.
What do "wages" have to do with this discussion or be a tax shelter? That's moronic and stupid.
Got to laugh at threads like this,”copy and paste’s, he copies and pastes an opinion piece from a right wing proTrump source and when other posters respond with content his retort is “your brain dead,” “a moron,” “you idiot,” etc, the usual adolescent personal insults, anything other than substance
Makes you wonder if he even understood his topic post
Makes you wonder if he even understood his topic post
Irony from a thread trolling mental midget who lacks substance and intelligence. All you do is cry halfwit. One thing we do know when whiny bubble heads like you engage; you'll flail, lie and avoid the topic and attack the messengers. That's what small minded, uneducated and ignoramuses do.
But I get it. You're an insufferably dumb whiner and the perfect example of how stupid Kamala voters actually are.
Fixed your projection to be honest. You're welcome.
And then he goes out and proves my point, classic
Fixed your whiny bullshit to be factual. You're welcome.