The Rangel Corp Tax Cut: 5%..

Damocles

Damocles

Accedo!
Staff member
http://www.nasdaq.com/aspxcontent/N...CQDJON200710242253DOWJONESDJONLINE001107.htm&

UPDATE:Rangel Tax Plan's Centerpiece Is 30.5% Top Corp Rate



(Updates with source saying all industries included in proposal to tax financial managers' carried interest as regular income)

By John Godfrey

OF DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- Corporations would see their top tax rate cut to 30.5% from 35% under a tax plan unveiled Wednesday by House Ways and Means Committee Chairman Charles Rangel, D-N.Y., to fellow committee members.

Rangel plans to publicly announce the plan Thursday morning.

To offset the cost of the lower tax rate, the plan would alter a number of business tax provisions, according to lawmakers, congressional staff and lobbyists familiar with the plan as outlined Wednesday night.

The plan will repeal a tax deduction for domestic manufacturers. It will prevent companies from using an accounting method known as last-in, first-out, or LIFO, that can cut their taxes during times of rising prices. Repealing LIFO could result in a substantial tax for companies currently using the method, but aides briefed on the plan say the change would be phased in over eight years, thereby blunting the initial impact.

The plan would also require companies to defer deductions for certain expenses of foreign subsidiaries of U.S. companies until the money is repatriated to the U.S.

More at link...
 
This is the official end of balance in america, and the beginning of the race toward fascism and power.
 
Hmm a couple of interesting things in there Damo. Just read your post so far though...

"The plan will repeal a tax deduction for domestic manufacturers"
~
"The plan would also require companies to defer deductions for certain expenses of foreign subsidiaries of U.S. companies until the money is repatriated to the U.S."


Honestly I do not have a clue as to the overall impact. Will have to check with spinner I suppose ;)
He will no doubt link it to trailers or bowling alleys...
 
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Seriously, if the Democrat plan is to repatriate manufacturing and money in the US in order to collect more in taxes from corporations in the long run, this "plan" pretty much does the opposite. It incentivizes keeping the money out of the US, it takes away deductions for keeping jobs here....

Fantastic, Rangel!
 
Yeah sort of looked that way to me as well.
Another corporate owned congressman...
Are there any who are not bought by corpies ?
 
uscitizen said:
Yeah sort of looked that way to me as well.
Another corporate owned congressman...
Are there any who are not bought by corpies ?
Click to expand...
There are many, Tancredo and Paul both received over 90% of their donations from individuals and the rest from PACs that agree with their positions to begin with. While Paul gets a huge amount from out of state, Tancredo does too but not as much. Paul's money is 29% from inside the state of Texas, Tancredo around 50%, and the vast majority is from individual donators. These are not "Corporate Owned" congressmen.

There are many like them, while most get money from inside the state at a much higher rate, usually over 90%, it is rural areas of states that usually have donations like Tancredo's, Paul's is due to Libertarians donating money as well as the rural nature of his District.
 
I do not know about Tancredo,. but Paul is very pro business.

:D
I would have been dissapointed if you had not mentioned those two Damo.
 
uscitizen said:
I do not know about Tancredo,. but Paul is very pro business.

:D
I would have been dissapointed if you had not mentioned those two Damo.
Click to expand...
They were the ones that I knew off the top of my head. One is my congressman and friend, the other somebody I largely support for President. Hence my interest and thus I educated myself on them.
 
The Rangel plan is a complete overhaul of the tax code. The likelihood if it passing is very slim. The idea is to do away with the myriad deductions, credits, etc. . . and simplify the code, not to create winners and losers. Hence the lower corp. rate coupled with getting rid of deductions. Further, the idea is to attempt to make the simplification revenue neutral, something that would require certain increases in tax rates, such as taxing fund managers at the income rate rather than the capital return rate. Opposition will be fierce in some industries (hedgefunds, for example) with support from some others.

As for Tancredo, he's a creep. Did you hear about his latest stunt? He tried to sick the ICE on a press conference by Dick Durbin because some foreign students with legal status would be present.
 
Dungheap said:
The Rangel plan is a complete overhaul of the tax code. The likelihood if it passing is very slim. The idea is to do away with the myriad deductions, credits, etc. . . and simplify the code, not to create winners and losers. Hence the lower corp. rate coupled with getting rid of deductions. Further, the idea is to attempt to make the simplification revenue neutral, something that would require certain increases in tax rates, such as taxing fund managers at the income rate rather than the capital return rate. Opposition will be fierce in some industries (hedgefunds, for example) with support from some others.

As for Tancredo, he's a creep. Did you hear about his latest stunt? He tried to sick the ICE on a press conference by Dick Durbin because some foreign students with legal status would be present.
Click to expand...
Link?
 
It seems that your "Just because some 'legal' immigrants might show up is pretense and a direct lie according to the story you posted.

You said, "Because some foreign students with legal status might show up."

That is a direct lie if you read your own story:

Tancredo issued a news release saying he had called federal immigration officials to warn them that illegal immigrants might show up at Durbin's meeting promoting the DREAM Act.
Click to expand...

Note the bolded word, the bolding is mine, the lie is based in that particular word though. The pretense is he did it because he thought they'd come and get legal immigrants. The reality is that he does these things to make a point, that the government isn't going to do anything about it.

"Just because these illegal aliens are being used for political gain doesn't mean they get immunity from the law," Tancredo said.
Click to expand...

Note the word again is present when he is directly quoted.

It seems that illegal immigrants may have stayed away from the meeting, and they were careful to check whether those that were there had legal status.

It doesn't take a rocket scientist to realize that a meeting about the DREAM act might attract an illegal immigrant or two. However his action probably made the Durbin crowd more careful to ensure everybody there had a legal leg to stand on....

:cool:

Seriously, he and I disagree on Immigration, but he is still a friend.
 
WASHINGTON (AP) — A Republican presidential candidate on Tuesday called for a federal immigration raid at a meeting in the U.S. Capitol hosted by the Senate's No. 2 Democrat.

No one from Immigration and Customs Enforcement showed up despite GOP Rep. Tom Tancredo of Colorado's call, Assistant Majority Leader Dick Durbin of Illinois said afterward.

"His hatred for people who are immigrants is boundless," Durbin said.

Tancredo issued a news release saying he had called federal immigration officials to warn them that illegal immigrants might show up at Durbin's meeting promoting the DREAM Act.

from the link above....
Hmmm
 
uscitizen said:
WASHINGTON (AP) — A Republican presidential candidate on Tuesday called for a federal immigration raid at a meeting in the U.S. Capitol hosted by the Senate's No. 2 Democrat.

No one from Immigration and Customs Enforcement showed up despite GOP Rep. Tom Tancredo of Colorado's call, Assistant Majority Leader Dick Durbin of Illinois said afterward.

"His hatred for people who are immigrants is boundless," Durbin said.

Tancredo issued a news release saying he had called federal immigration officials to warn them that illegal immigrants might show up at Durbin's meeting promoting the DREAM Act.

from the link above....
Hmmm
Click to expand...
Yo. I read the link and answered it. Hmmm...

Even quoting portions of the story.
 
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