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Politics : Mainstream Politics and Economics

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Little Joe

To: koan who wrote (50416)	8/7/2013 10:16:38 PM
From: Bearcatbob	1 Recommendation of 85487

Koan, Let me help you understand why Reich is playing the loony left for fools. Lie #1: U.S. corporate tax rates are higher than the tax rates of other big economies. Wrong. After deductions and tax credits, the average corporate tax rate in the U.S. is lower. According to the Congressional Research Service, the United States has an effective corporate tax rate of 27.1%, compared to an average of 27.7% in the other large economies of the world. It is incremental $ tax rate that counts. Lie #2: U.S. corporations need lower taxes in order to make investments in new jobs. Wrong again. Corporations are sitting on almost $2 trillion of cash they don't know what to do with. The 1000 largest U.S. corporations alone are hoarding almost $1 trillion. Rather than investing in expansion, they're buying back their own stocks or raising dividends. They have no economic incentive to expand unless or until consumers want to buy more, but consumer spending is pinched because the middle class keeps shrinking and the median wage, adjusted for inflation, keeps dropping. Much of that is stuck overseas where it will be used for jobs somewhere else. Congrats to the loony lefties who purport so loudly to care and then implement economic ruin in policy, Lie #3: U.S. corporations need a tax break in order to be globally competitive. Baloney. The "competitiveness" of American corporations is becoming a meaningless term because most big U.S. corporations are no longer American companies at all. The biggest have been creating way more jobs abroad than in the U.S. The issue is where the money flows to after it is earned. Obama talks about caring for the middle class. Oh how loudly he purports to care and oh readily the lefty loons believe him. The biggest victims of the idiocy of Obama are the lower classes - the ones who vote for him without thinking - and hence doom themselves to poverty - all the while believing the purporting of the liar in chief. What Obama cares about are wacko greens with money. Bob

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