Garamendi’s weak tax math

Discussion in 'Budget & Taxes' started by Robert Urbanek, Jul 30, 2021.

  1. Robert Urbanek

    Robert Urbanek Active Member

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    I recently received an e-mail from my California Congressman, John Garamendi, which read:

    55 of the country’s largest corporations paid zero dollars in federal income taxes last year despite making $40 billion in profits, and the wealthiest billionaires paid almost nothing. Hard working Americans shouldn’t be paying a higher percentage in federal taxes than major corporations and the ultra-wealthy. This must change.

    That's why I support President Biden’s economic plan, including the American Jobs Plan. This proposal closes the tax loopholes the 1% and wealthy corporations use to avoid paying their fair share. . .

    Additionally, this plan will not raise taxes on Americas making under $400,000. It includes $800 billion in new tax cuts and credits for the middle class.


    Garamendi doesn’t say how much revenue we would get from the 1 percent, but even if you could reap half the money from the untaxed $40 billion in corporate profits, that $20 billion would not go very far to cover the $800 billion cost of the American Jobs Plan.
     
  2. joesnagg

    joesnagg Well-Known Member

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    Gonna close them tax "loopholes", eh? Sure they are, sure they are....:rolleyes:
     
  3. Pants

    Pants Well-Known Member

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    So because it doesn't go very far to cover the cost of the Plan, we should do nothing? I know you didn't say that, but I'm left wondering what your point is with respect to what Garamendi stated.
     
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  4. Mircea

    Mircea Well-Known Member

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    Garamendi apparently is not aware that only 3% of US businesses are publicly-traded corporations.

    Accordingly, that's about ~690,000 publicly-traded corporations that are allowed by law to sell stocks.

    55 corporations. Well, that's easy:

    55 / 690,000 * 100 = 0.007971%

    So, Garamendi is fretting and fussing because 0.007971% of publicly-traded corporations paid no taxes.

    Gosh, 0.007971%. We're almost in a state of Anarchy.
     
    Last edited: Aug 1, 2021
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  5. MJ Davies

    MJ Davies Well-Known Member

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    Now, why in the world would you want to go and stop the sky from falling? We can fight and argue if you keep this up. ;-)
     
  6. Hoosier8

    Hoosier8 Well-Known Member Past Donor

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    The Biden Administration is unable to provide any proof that Delta variant is real and White House Deputy Press Secretary just admitted in a press briefing that she has no idea if there's even a test for it!
     
  7. OldManOnFire

    OldManOnFire Well-Known Member

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    Corporations pay federal taxes on PROFITS...TAXABLE PROFITS. I suspect the $40 billion mentioned above is not profits but pretax income??

    Comment about billionaires 'paying almost nothing' is meaningless since it is not quantified.

    People and corporations pay tax rates based on their taxable income...there is nothing that says 'Americans should not pay higher tax rates'??

    There are no tax loopholes...they are current tax policy and laws...period. All people and corporations pay taxes based on the same tax laws. There are no loopholes for some and not for others.

    It's all sensational BS...
     
  8. Bluesguy

    Bluesguy Well-Known Member Donor

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    Yes these leftist rants never say is the gross revenue, gross income, net income, after tax net income.
    There is also loss carry over, when a company losses more money than it's income it carry over those losses I believe under current law for three years writing off against future income. They also rally those how have little business experience with claims like "look they made a BILLION DOLLARS no company needs to make a BILLION DOLLARS" when in fact that BILLION DOLLARS only respresents a 2% return on the investor/owner assets.

    They use this lack of education to create the evil protagonist they can jump on their white horses to save the masses wearing their Saul Alinsky hats.
     
  9. OldManOnFire

    OldManOnFire Well-Known Member

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    Taxation and spending, etc. is not a red or blue issue...everyone for decades has been political instead of doing what's in the best interest of the nation...
     
  10. Bluesguy

    Bluesguy Well-Known Member Donor

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    It should but the liberals and progressives see it first as a tool for their social engineering and to satisfy their jealousy and envy of successful people and families.
     

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