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In theory that is why there is preferential treatment. Most of the world don't try to tax the same income twice. Without the capital gains break, 100 earned by the Corporation can be taxed at $40 at the entity level, leaving $60 retained earnings. Upon release of the $60 taxed at 40% again fed and state or $24. That means of the $100 in pre-tax income, uncle fed and Auntie State took $64 bucks. The BUSH tax cut relieve some of that.
I agree with this statement. The double taxation on C corporation earning is a problem, but I think the BUSH tax cut are a terrible solution. Now I like the Bush break as much as the next guy come tax time, but the reason the Bush break doesn't work is that big companies are not double taxed. Most large C corps pay no or little tax, via the Double Irish or other corporate structures. Hence your argument above does not hold for large publicly traded companies (and even if it did your tax rate example is wrong even for high tax states).
A better approach would be to - a eliminate the tax on C corp earnings or - b allow corporations to tax deduct any dividend payments. The former comes with a whole host of problems, because of other tax distortions, so the later is probably preferable.
However what is more important is what started this thread. Thomas was arguing about new business creation and double taxation. My argument remains that raising the marginal tax rate will not hurt new business creation, in fact I claim it might well help new business formation.
Tax the super rich...great! Right out of the Communist Manefisto!!
Like the irresponsible baffoons in DC (District of Corruption) need MORE taxpayer money to waste and squander.
Before DC was developed it was a swamp. It still is.
Abe, You have absolutely nothing to add to any discourse. I have asked you repeatedly to give me examples, detail your logic (if there is any) and you never can. Just a series of dumb, over-the-top, unsupported rants. You, my friend, are being played by Fox News (oxymoron if ever there was one) and its wealthy masters and they are laughing at you and they screw you up your red, white and blue butt. I just feel sorry for you.
Anyway, this will be the last time I ever hear from you because your are now on ignore.
Marquis, (1) You are aware "a heavy progressive income tax" is one of the planks of the Communist Manifesto, aren't you? If not I respectfully request you research and read it for yourself. [Tax the super rich = a heavy progressive income tax]
(2) You don't actually think the crooks in DC, with a PROVEN track record of financial mismanagement. should have MORE taxpayer money, do you?
(3) Washington does waste and squander taxpayer money, isn't that correct?
(4) DC was a swamp before it was developed.
(5) The reference to DC still being a swamp is a euphemism to the corruption that is obvious to both the 99%'rs and the Tea Party.
The only people who are not outraged about whats been going on are those who have not been paying attention.
BTW, what have you been reading lately? What are you putting into your mind. I'll bet you'll be like the rest of the "progressives" here who refuse to divulge what they read.
My guess is that they are:(1) not reading, or (2) not proud of what they are reading and therefor refuse to discuss it.
What about you Marquis, are you up to the challenge??? What have you been reading?
Tax the super rich...great! Right out of the Communist Manefisto!!
Thats all they know.. they have no idea what it takes to make a robust economy... jobs, growth, empowering the entrepreneurial spirit to go from nothing to making a better life.
All they can say is nanananana ! im not hearing you as our industries start to crumble.
Big Business crushes the entrepreneurial spirit just as much as Big Government does.
The fight is not between "Socialists" and "Capitalists." Quit falling for that particular "us vs. them" trap.
The real fight is between the Crony Capitalists (Mega-Corporations and other special interests that own our Big Government) and the rest of us who are totally skrewed by this unholy alliance.
Wthfkr80, I think you hit the nail on the head when you said Big Government crushes the entrepreneurial spirit.
In a survey I recently heard about, when asked the question: "Is government helping, not helping, or hurting your ability to get ahead" [From memory - not necessarily an exact quote] Only 33% said government was helping...whereas 67% said big government was either not helping, or actually hurting their chances of getting ahead. Big, constantly growing, intrusive government is not the solution - its the problem.
Limited, constitutional government would go a long way in solving our countries current problems.
I have also permanently tuned-out Dishonest Abe's noise.
Is his still yapping even after I put him ignore? He's like a turd that just won't flush...
Hahaha, you very vocal, but weak minded liberals love to hurl your derogatory (often sexual) slurs at those who are mentally and emotionally superior to yourselves. Hahaha.
Your crude remark reveals you to be my inferior. Go ahead, block me all you want. Hahaha.
BTW, what have you read lately? Or are you too chicken to say. I double dog dare you. You won't, coward, will you?
Big hat, no cattle. Big wind, no substance. Big head, no mind.
And just to be clear, you sir, are in the minority. The very vocal minority.
Nomo, why do you constantly play the "Am talk radio" card? Is that all you got?
Todays book: The Anti Capitalist Mentality, by L.V. Mises
BTW, no matter how you attempt to disguise it, A HEAVY PROGRESSIVE INCOME TAX is one of the planks of THE COMMUNIST MANEIFSTO...COMRADE.
Hahaha, you very vocal, but weak minded liberals love to hurl your derogatory (often sexual) slurs at those who are mentally and emotionally superior to yourselves. Hahaha.
Flushing turds is a sexual slur? I really don't want to know what goes on behind your bedroom door.
Bob, having trouble reading? I said "weak minded liberals love to hurl derogatory (often sexual) slurs".
Then you end with another dig, hahaha, is that all you got?
When only one entity has a monopoly on the use of violence to enforce rules, funded by taxpayer dollars, it is called government.
Have a good day.
Chances of them falling into the Soviet block without Soviet Red Army occupation very little.
Not just Soviet Block, electing a Socialist or Trotskyite party that would drop out of NATO and kick out US troops and close US bases. This was the danger with Greece and Italy in particular.
Bob, having trouble reading? I said "weak minded liberals love to hurl derogatory (often sexual) slurs".
Then you end with another dig, hahaha, is that all you got?
When only one entity has a monopoly on the use of violence to enforce rules, funded by taxpayer dollars, it is called government.
Have a good day.
I might as well do digs. You have never in all the years I've read Patrick.net actually offered any type of suggestions how things could be better. You have only one trick, government is bad. But no suggestion whatsoever what would be good. Not that you ever answer other than to spew anti government am radio regurgitations, but what is your vision of how society should function?
Bob, my vision is stated in my book: "Is Government the Problem?" but I won't publish it. I don't want to be on the government kill list, but I probably am already.
All of my suggestions get trashed because they are based on freedom, liberty, sound money and the constitution. All the things necessary for a healthy society.
Government is like fire, a necessary evil. If you don't contrtol it, it will destroy you.
Milton Friedman: Why soaking the rich won't work.
http://www.youtube.com/embed/Wi-D24oCa10&feature=related
Patrick, If I get LESS when the 1%'rs make MORE, do I get MORE when they make LESS?
I'm going to buy stock in those companies who financially rape and pillage America, then I'll have the right to complaign how much the CEO makes. My stock profit wouldbe directly related to expenses (salaries), right?
Otherwise its none of my business (I'm not a lib, and as such I don't have a busy-body, entitlement mentality).
If I get LESS when the 1%'rs make MORE, do I get MORE when they make LESS?
Historically speaking, yes you do.
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http://johnsroom.wordpress.com/2012/01/21/super-tax-the-super-rich-an-idea-whose-time-has-come-again/