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Member since: January 21, 2009
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Great format, good to have a PDF file to search instead of a static image, or list...
Thanks for the upgrade!
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How about we prosecute Harold Raines, Barney Frank, Chris Dodd for their failure, lack of oversight and complacency in the Fannie Mae, and Freddie Mac debacle? How about prosecuting "Secretary" Geithner for failure to file taxes in the last 5 out of 8 years? How about this tidbit of news:
"Treasury Secretary Timothy Geithner, in his first full day on the job, is announcing new rules to limit special-interest influence on the government's $700 billion financial rescue program.
The new rules are designed to crack down on lobbyist influence over the rescue program. The Obama administration says they go farther than the lobbying rules imposed by the Bush administration."
Except the rukes don't apply to the new assistant secretary of defense, a former Ratheon lobbyist, or evidently to Geithners second in command, a former Goldman Sachs officer. In this case it looks a lot like the Goldman team is ex-facto running Treasury for the country. Look out below!
At least President Bush's team did what had to be done to keep America safe from attacks on our soil. Calling them "criminals" doesn't make their replacements any more palatable. Now I have to worry about an attack on my wallet from tax cheats posing as appointed government officals, and former lobbyists signing massive purchase orders to their former employers. What a life!
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I think Mr. Rall has his corporate tax facts a bit bollixed up.
Compared to other countries in the world the US Corporate Tax Rate is among the worlds’ highest. Currently, the average combined federal and state corporate tax rate in the U.S. is 39.3 percent, second among OECD countries to Japan's combined rate of 39.5 percent. Lowering the federal rate to 30.5 percent would only lower the U.S.'s ranking to fifth highest among industrialized countries. Additionally, the U.S. is among eight countries with extra corporate tax rates imposed by state or local levels of government. While the burden of these state-level taxes is somewhat lessened because they can be deducted from federal taxes, they do add a second layer of tax and also add considerable complexity for multi-state and multi-national businesses. Also consider the shift in the form of business organization in the United States since 1986 has substantially reduced the amount of business income subject to double taxation. The UK, Italy and Germany have all lowered their combined corporate rates over the last 5 years to try to stay competitive globally; and the USA , just under Japan, is still at the top of the tax heap.
CEO pay packages and corporate tax rates have nothing in common. One is set by the company's board of directors to presumably retain competent executive talent to grow a business and return value to shareholders. If it is considered "excessive" complain to the board’s executive compensation committee members directly, which can be done easily with most public companies, again, assuming you own shares in the companies and have cause to complain. Other than that you are just politicizing jealousy, and creating “class envy”. However, I would get on board with a plan that would cost the executive money in years when they did not add value, or lost worth in a business under their management; sadly that will never happen though.
As to corporate taxes, they are a drag on capital formation, business expansion and a job-killer. The more money sent to government at all levels the less left over to expand business, build new facilities and hire workers. When was the last time you ever saw any government create a good or service that was self-funded, expanded the public good, and terminated when complete?
Respectfully yours,
George Lee
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