End of corporate tax breaks for jets?

[gret]

You know, that statement appears on the boards ocassionally and it is utterly false. Never been in a meeting and heard anybody say... "well we better factor in our corporate income taxes" It never happens. Markets set prices, not taxes.

Reminds me of the idiots that say it doesn't pay to work overtime because it puts them in a higher tax bracket.

Geezzzzzzzzzz...

 

[rettofly]

You know, that statement appears on the boards ocassionally and it is utterly false. Never been in a meeting and heard anybody say... "well we better factor in our corporate income taxes" It never happens. Markets set prices, not taxes.

Reminds me of the idiots that say it doesn't pay to work overtime because it puts them in a higher tax bracket.

Geezzzzzzzzzz...

..and then there are the parasites who say it doesn't pay to work at all because it causes you to lose your bennies and may, in fact, put you in a (gasp) tax bracket.

 

[gunfyter]

The markets set prices ... and the COST OF GOVERNMENT is factored into to these markets... They do a good job of explaining this in THE FAIR TAX book and its sequel.

Chinese cost of government is <10% GDP. US cost of government is 25% projected to be 30% in a few years. These costs are reflected in the cost of products. The US also has significant State and Local taxes, large costs of Tax Compliance, onerous Regulation EPA, OSHA etc..

There is no tax rate that can afford government at 25% - 30% GDP. The average tax revenues to the United States has been 18% GDP during periods of high taxes and low taxes. Higher rates do not increase revenues... but do make us less competitive.

Increase the cost of private jets with taxes ... we will have fewer planes, fewer jobs in the industry.

 

[gunfyter]

Taxing Rich 100% does not solve deficit:

REPORT: Oracle of Omaha has problem with math...

In fact, the only way for the government to solve its fiscal issues with revenue would be to confiscate every single dollar from every single American making $200,000 or more per year, the study said.

“Finally, to put everything in perspective, think about what would need to be done to erase the federal deficit this year: After everyone making more than $200,000/year has paid taxes, the IRS would need to take every single penny of disposable income they have left. Such an act would raise approximately $1.53 trillion,” reported the Tax Foundation.

I am afraid that eliminating the deficit means (not raising taxes) cutting federal spending about 40%. From $3.8T to $2.2T. From 25% GDP to about 16% GDP (closer to Chinese spending who are our competitors).

 

[G4dude]

REPORT: Oracle of Omaha has problem with math...




I am afraid that eliminating the deficit means (not raising taxes) cutting federal spending about 40%. From $3.8T to $2.2T. From 25% GDP to about 16% GDP (closer to Chinese spending who are our competitors).

Correct in every detail, Guns. This debt/deficit was not caused by lowering taxes, because tax revenue went UP after taxes were cut by W. Bush. The problem is massively increased spending. So reduce the spending, all you wise people in DC!

 

[glasspilot]

...because tax revenue went UP after taxes were cut by W. Bush.

Nice try. Did Fox tell you revenues went UP after the Bush Tax cuts? Why would you believe that? If I told you my cancer was cured AFTER I started smoking would you believe that too? At least you were right about spending. Bush cut revenue AND spent like a drunken sailor.

Here are the facts about tax revenues since 1940. In today's dollars or in constant FY2005 it looks the same. Receipts went DOWN after the Bush tax cuts.

Source (NOT from Fox).


For reference, the Bush tax cuts were really sort of a two part thing that happened in 2001 and 2003. Source


Fly Safe, GP

 

[imacdog]

As your graph clearly shows, receipts went up as the economy improved.

 

[rettofly]

We should also get rid of other tax loopholes ... like the Home Mortgage deduction and tax credits for having children, etc.. We lose tax revenue because of things like that. Why should people Rich enough to own their own home get a tax break, that those who live in apartments do not? And EITC ... Why should you get a tax credit for working?

All money should go to the government first, to be distributed fairly....

I get the sarcasm. :smash:

Why should you get a tax refund if you didn't pay income tax in the first place? :angryfire

 

[rettofly]

As your graph clearly shows, receipts went up as the economy improved.

Looks like GP would prefer to be one of fewer people paying more tax to being one of more people paying less tax.