In a Remarkable Show of Bi Partisanship... GE Pays No Tax on 14 Billion Profit.

[BridgeTroll]

You mentioned...

he believed in a 78% top tax bracket as well......

He didn't... and I showed the results of the 1986 Tax Act... which is always credited with Reagan but was quite a model of bipartisan politicking... as the bill was actually sponsored by Democrats.

I am also arguing that Reagan wanted corporations to pay their fair share.

Well no, Bridge Troll, aside from a couple of democrats like Gephart, lets see you back up this claim of it being quite the model of bipartisan politicking.

So lets say that the ideal model of 'bipartisan politicking' would result in broad support on both sides of the aisle.

Broad support would mean 60% of the votes from both parties.

So please show us where this claim you made is true.

How about 97-3 in the Senate... 292-136 in the House


http://findarticles.com/p/articles/mi_hb3356/is_n3_49/ai_n28674284/

On June 24, 1986, the U.S. Senate passed its version of the Tax Reform Act of 1986 by a vote of 97 to 3. If for only a brief period, this high degree of consensus on what the tax system should look like was astounding.

[Debbie Thompson]

The 1950's are fondly remembered as a time of the burgeoning middle class.  Returning GI's bought homes and cars, and established families.  Unemployment was low.  The 50's are considered some of "the best of times."  During that time, the top marginal tax rate was 91% for incomes over $400,000.  (Well, after all, there was a huge World War to pay for.)

Now, we are fighting on two battlefronts.  We can't spend our way out of debt.  If only that were true, I would have WAY more shoes and purses!!  :-)

Everyone should pay their fair share, no more, no less.  I heard a story on the radio this morning on the way to work.  It was either NPR or WOKV..I switch back and forth.  Probably WOKV, because this sounds like Neil Bortz.  They polled foreign companies - not American companies doing business overseas - foreign companies.  They asked them tax rates were the same in the US as overseas, what would their next move be.  They responded they would open shipping centers, etc. here.  then they asked them if the "fair tax" was implemented in the US, what would their next move be?  They said they would move here.

Just food for thought.  If everyone thought they were being treated fairly by the tax man, instead of now, where everyone figures they are getting the...well, you know...would they not be more likely to pay up cheerfully and without looking for outs?

[Debbie Thompson]

Point taken, but I was under the impression from the story those foreign companies would be paying the "fair tax" to the US as US income tax.

Like I said, it was a sound byte and simply food for thought.  It's not like the current system is working very well. :-)

[BridgeTroll]

You mentioned...

he believed in a 78% top tax bracket as well......

He didn't... and I showed the results of the 1986 Tax Act... which is always credited with Reagan but was quite a model of bipartisan politicking... as the bill was actually sponsored by Democrats.

I am also arguing that Reagan wanted corporations to pay their fair share.

Well no, Bridge Troll, aside from a couple of democrats like Gephart, lets see you back up this claim of it being quite the model of bipartisan politicking.

So lets say that the ideal model of 'bipartisan politicking' would result in broad support on both sides of the aisle.

Broad support would mean 60% of the votes from both parties.

So please show us where this claim you made is true.

How about 97-3 in the Senate... 292-136 in the House


http://findarticles.com/p/articles/mi_hb3356/is_n3_49/ai_n28674284/

On June 24, 1986, the U.S. Senate passed its version of the Tax Reform Act of 1986 by a vote of 97 to 3. If for only a brief period, this high degree of consensus on what the tax system should look like was astounding.

The fact that Congress went against the wishes of powerful lobbyists in overwhelmingly passing this legislation was clearly a victory for the American people.

[finehoe]

Point taken, but I was under the impression from the story those foreign companies would be paying the "fair tax" to the US as US income tax.

If it was Bortz, keep in mind that he most likely wasn't talking about "fair taxation" in a general sense, but probably was talking about the "Fair Tax," a specific right-wing proposal to abolish the income tax and implement a national sales tax:  http://www.fairtax.org

[BridgeTroll]

You mentioned...

he believed in a 78% top tax bracket as well......

He didn't... and I showed the results of the 1986 Tax Act... which is always credited with Reagan but was quite a model of bipartisan politicking... as the bill was actually sponsored by Democrats.

I am also arguing that Reagan wanted corporations to pay their fair share.

Well no, Bridge Troll, aside from a couple of democrats like Gephart, lets see you back up this claim of it being quite the model of bipartisan politicking.

So lets say that the ideal model of 'bipartisan politicking' would result in broad support on both sides of the aisle.

Broad support would mean 60% of the votes from both parties.

So please show us where this claim you made is true.

How about 97-3 in the Senate... 292-136 in the House


http://findarticles.com/p/articles/mi_hb3356/is_n3_49/ai_n28674284/

On June 24, 1986, the U.S. Senate passed its version of the Tax Reform Act of 1986 by a vote of 97 to 3. If for only a brief period, this high degree of consensus on what the tax system should look like was astounding.

The fact that Congress went against the wishes of powerful lobbyists in overwhelmingly passing this legislation was clearly a victory for the American people.

[BridgeTroll]

Didnt you support and vote for Reagan once upon a time?

[BridgeTroll]

Didn't you support and vote for Reagan once upon a time?

Yes I did.

Was one of the reasons his tax policies?  Or foreign policies?

[buckethead]

Point taken, but I was under the impression from the story those foreign companies would be paying the "fair tax" to the US as US income tax.

If it was Bortz, keep in mind that he most likely wasn't talking about "fair taxation" in a general sense, but probably was talking about the "Fair Tax," a specific right-wing proposal to abolish the income tax and implement a national sales tax:  http://www.fairtax.org

Go finehoe, GO!

http://www.fairtax.org

[BridgeTroll]

You mentioned...

he believed in a 78% top tax bracket as well......

He didn't... and I showed the results of the 1986 Tax Act... which is always credited with Reagan but was quite a model of bipartisan politicking... as the bill was actually sponsored by Democrats.

I am also arguing that Reagan wanted corporations to pay their fair share.

Well no, Bridge Troll, aside from a couple of democrats like Gephart, lets see you back up this claim of it being quite the model of bipartisan politicking.

So lets say that the ideal model of 'bipartisan politicking' would result in broad support on both sides of the aisle.

Broad support would mean 60% of the votes from both parties.

So please show us where this claim you made is true.

How about 97-3 in the Senate... 292-136 in the House


http://findarticles.com/p/articles/mi_hb3356/is_n3_49/ai_n28674284/

On June 24, 1986, the U.S. Senate passed its version of the Tax Reform Act of 1986 by a vote of 97 to 3. If for only a brief period, this high degree of consensus on what the tax system should look like was astounding.

The fact that Congress went against the wishes of powerful lobbyists in overwhelmingly passing this legislation was clearly a victory for the American people.

[uptowngirl]

I thought Fair Tax/Flat Tax was the dream child of libertarians? I am interested in why Fair Tax would not work? everyone buys stuff, so wouldn't it be a way to tax everyone fairly, no matter how their money was actually made?

[buckethead]

I thought Fair Tax/Flat Tax was the dream child of libertarians? I am interested in why Fair Tax would not work? everyone buys stuff, so wouldn't it be a way to tax everyone fairly, no matter how their money was actually made?

The website explains it much better than I can, but what the hey.


The Fair Tax is a uniform consumption tax which by all accounts is revenue neutral. (It doesn't add tax reciepts nor reduce them.) It taxes all goods and services. Ya... milk and diapers too. NO FAVORED INDUSTRIES. NO UNFAIR MONOPOLISTIC FEDERAL REGULATIONS.

There is a universal prebate to the poverty level. All US citizens receive a prebate on taxation for spending up to the poverty level, determined by congress. This tax ELIMINATES the poor (working or otherwise) from the tax rolls.

The sixteenth amendment would be repealed. (no more income tax)

All forms of income tax would be replaced. SS tax, FICA, (payroll taxes. The largest tax burden for the working poor) Corporate income tax, capital gains, death tax, I'm sure I missed many.

The USA becomes the tax haven of choice globally. Tens of TRILLIONS of dollars return to our shores, becoming productive for our beloved nation.

Imported goods are now subjected to the SAME taxation as US produced goods. (I would also support a tariff on goods produced in nations that subsidize goods and services through tax policy or slave wages)

Wealth is taxed. Huh???

26million dollar house? Yup. 2oo million dollar yacht? Uh huh. Hookers? Indeed. Mistresses? Still working on that. No system is perfect.

FOr everything I missed: fairtax.org

Now I realize that many people here see it as regressive and unfair because, as they say, it puts an undue tax burden on the poor and middle class. I acknowledge that most of these people are far more intelligent than me. Yet, I remain unconvinced that the Fair Tax isn't the proper way to provide for our federal government's funding.

[Dog Walker]

In Europe they have both a consumption tax, the VAT (value added tax) AND an income tax.  Things are expensive because of the VAT.  I could buy my Italian ties less expensively in San Francisco than in Milan, where they were made (no VAT on exported goods).

The interesting side effect of a high VAT or sales tax is that it pushes the goods to be of higher quality.  Because they are made more expensive by the VAT, people want goods that are more durable and longer lasting.  As a result, the cars, clothes, shoes, pots & pans, toys made in Europe are of better quality than the shoddy, throw-away stuff we import from China and buy here.

Fair Tax, sales tax, VAT are all consumption taxes, but I am not sure that a pure consumption tax system with no other taxes would work.  Europe seems to work OK with low or no corporate taxes.

Would a nationwide consumption tax like the Fair Tax create an instant black market system to avoid it?

[buckethead]

Avoiding the Fair Tax would require a conspiracy, whereas avoiding income tax can be done by a single person.

Yes, however. Taxation will always generate a desire of avoidance.

[BridgeTroll]

Taxation will always generate a desire of avoidance.

But only by republicans...