Dow Drops More Than 500 Points

[drew54]

What I don't understand is the unwillingness to cut tax loopholes like the oil subsidies and private jet tax credit.

It always seems the message is the free market knows best, but don't mess with our sacred cows that are propped up.

[Dirtbag59]

Originally Posted by drew54

What I don't understand is the unwillingness to cut tax loopholes like the oil subsidies and private jet tax credit.

It always seems the message is the free market knows best, but don't mess with our sacred cows that are propped up.

I only know so much about this, but a lot of people want to hit a lot the corporations with heavy taxes which from a basic economic standpoint makes little sense. First it raises prices in an economy where many are either unemployed or underemployed. Then it encourages these companies that could be providing jobs to pack up and leave all together for more tax friendly countries.

There needs to be a more amicable solution then just going hard at the corporations with taxes. Only thing I can think of is tax breaks for companies that hired unemployed workers. Make it worth their while.

[drew54]

Originally Posted by Dirtbag59

I only know so much about this, but a lot of people want to hit a lot the corporations with heavy taxes which from a basic economic standpoint makes little sense. First it raises prices in an economy where many are either unemployed or underemployed. Then it encourages these companies that could be providing jobs to pack up and leave all together for more tax friendly countries.

There needs to be a more amicable solution then just going hard at the corporations with taxes. Only thing I can think of is tax breaks for companies that hired unemployed workers. Make it worth their while.

I was thinking more along the lines of all of these tax incentives that are unnecessary. Do you really need a $7,000 credit to go buy an electric car. If you cannot afford the car don't buy it. Do oil companies need an incentive to drill for oil? Do people who want to fly on a private jet need an incentive to own one? I would much rather see that money go into fixing the highway I have to drive to work on every day. Except not fixing those pot holes is a stimulus plan for suspension and tire manufactures.

I agree the main problem is that there is no incentive to keep jobs in the US right now. Lower taxes for the top individual bracket alone is not going to do that. Better corporate taxes might.

[Slingin Sammy 33]

Originally Posted by drew54

I was thinking more along the lines of all of these tax incentives that are unnecessary. Do you really need a $7,000 credit to go buy an electric car. If you cannot afford the car don't buy it. Do oil companies need an incentive to drill for oil? Do people who want to fly on a private jet need an incentive to own one? I would much rather see that money go into fixing the highway I have to drive to work on every day. Except not fixing those pot holes is a stimulus plan for suspension and tire manufactures.

I agree the main problem is that there is no incentive to keep jobs in the US right now. Lower taxes for the top individual bracket alone is not going to do that. Better corporate taxes might.

Check out the FairTax.
- Eliminates corp taxes (brings US business back from off-shore, brings foreign business here)
- Everyone keeps their full paycheck
- underground economy is taxed (all unreported income)
- significantly reduces (almost eliminates) the IRS
- simplifies the tax code (you don't need HR Block, etc to do your taxes...you don't do taxes)
- eliminates all tax loopholes provide by Congress to pet constituencies

Americans For Fair Taxation: Americans For Fair Taxation