Some right-wing politicians want to raise the Medicare age to 67. This would reduce the deficit by $5.7 billion each year but pass on costs to seniors of $11.4 billion every year as well.
Rather than making health care more expensive for seniors, here’s a progressive deficit reduction idea. Earlier this month, the Congressional Budget Office saidAi??we could raise $114 billion over ten years — twice as much as raising the Medicare age — by limiting corporate tax deferrals.
The way to do this would be to subject all income earned by foreign subsidiaries of U.S. corporations to U.S. tax laws by limiting or eliminating deferrals for overseas profits. Right now, large corporations like Microsoft will shift their profits to overseas locations — such as remote islands in the Caribbean or Switzerland — to avoid paying taxes on them.
Click hereAi??to pledge to hold any Democrat who agrees to a deal that cuts Social Security, Medicare, or Medicaid benefits accountable.
If only we can actually enforce the rules for everyone, not just those who can’t aford to fine loopholes
Here’s the truth no corp or business pays taxes. The taxes they are charged are merely added to the price of the product. so when you say raise taxes on the rich you are just raising the price of the products you buy. Get it?
The problem we have in this country is a spending problem. Too many people are living on the government dime. Historically this country has taxed around 19% of the GDP. Tax more than that and the rich stop investing in new business. They take their ball and go home. That’s why job creation is so poor.
We’re spending around 24% of the GDP. Borrowing 40 cents of every dollar the government spends. Obama has us on a course for ruin.
In 20 years when living in the USA will be like a 3rd world country maybe then all you idiots who voted for Obama will understand
Steve, you realize that you are in effect swing we always spend between 15-25% of GDP and claiming anyone who likes Obama is an idiot. We know we spend more now in a down economy and we know this big spending isn’t all because of Obama. As the country recovers GDP will go up and our spending problem will be reduced to under 20%.
Additionally, you realize of course that money is an illusion. We can and do print money and it has never been a problem. We aren’t Greece and there is a reason people flock investment to the US.
Clearly you are completely misinterpretting the concept of “Full faith and credit.” As soon as you fire up the printing presses an monetize the debt, you are sending a signal to the world that you have no intention of paying them back with anything of real value, you’re just going to treat your currency like Monopoly money. This tends to evaporate confidence in a hurry – see Argentina’s financial crisis a while back, or Zimbabwe (where I believe they had > 1000000% inflation, yes 1 Million percent). Not exactly countries whose economy I would want to emulate.
where are you making that 24% info up from..
Year GDP-US $ trillion nominal Population-US million Total Spending-total $ trillion nominal
2001 10.2862 285.082 3.43 i
2002 10.6423 287.804 3.70 a
2003 11.1422 290.326 3.93 i
2004 11.8533 293.046 4.13 a
2005 12.623 295.507 4.40 a
2006 13.3772 298.109 4.70 a
2007 14.0287 300.733 4.92 a
2008 14.3691 303.380 5.34 a
2009 13.939 306.051 5.97 a
2010 14.5082 308.746 5.94 a
2011 14.9586 311.592 6.06 e
2012 15.6015 314.123 6.23 g
2013 16.335 316.847 6.28 g
2014 17.1556 319.594 6.46 g
2015 18.1778 322.366 6.80 g
2016 19.2611 325.010 7.28 g
2017 20.3686 327.676 7.74 g
i – interpolated between actual reported values
a – actual reported
e – estimated by usgovernmentspending.com
g – ‘guesstimated’ projection by usgovernmentspending.com
b – budgeted estimate in US fy13 budget
Steve: And of course, you are a professional economist and have objectively analyzed all the relevant issues . . . oh, you aren’t . . . oh, you got all your information from right-wing, ultra-conservative media outlets . . . I thought so because we have heard all your unoriginal and misleading statements ad nauseum . . .
Here’s the fact of the matter – our corporate tax rate is astronomical compared to most other countries. If we lowered the corporate rate to something competitive, then we could really clamp down and these companies wouldn’t mind bringing their profits back onshore. Without a competitive tax rate, either they keep offshoring their profits, or they have to significantly raise prices for consumers.
The headline tries to make the low informed believe that corporations are doing something illegal. They are following the tax code as written but the polititians.
The same people who are crying others are using the tax code, look for every possible deduction available to them when they file their tax return. ie: home mortage interest, state/local taxes paid, etc.
They want THEIR deductions, but they do not want others to have them.
We all used to be able to deduct credit card interest, the code was rewritten, not you can’t. Rewrite the code and the law abiding will comply.
It is not a Dodge, it is the law, and available to everyone, not just the rich.
We should also be looking to move manufacturing BACK to the US and creating new state of the art non-polluting manufacturing (yes, it can be done) HERE with good paying jobs. CEOs need to be discouraged from attending Bilderberger, CFR and other elitist organizations. PERIOD.
This needs to be a country of shared resources, shared committment to better lives for all and a shared love of the country itself not an outpost in an ill-conceived empire run by trust fund babies.
Why do you think things are so cheap? Do you think the items you have today would be as cheap as they are if it weren’t made overseas? No thought into your statement.
The fact of the matter is that manufacturing job are slowly tricking back stateside as it becomes more expensive to make things overseas. It is cheaper for companies to almost completely automate their systems than to pay the rising cost of employment overseas. Once automated it is just as cheap to produce things stateside as it is overseas due to the fewer laborers required to keep everything running. At this point things can still be made and sold cheaply. Do your research before condemning the ideas of others
Maybe, just maybe, there are more important things than bottom line pricing for handheld electronics.
Why don’t we quit trying to mix different issues, just raise the current Medicare % from everyone’s pay check to 5% and then we can feel good that seniors have free medical care. Attack the tax code separately.
Companies should not pay US taxes on Money / Profits that they earn abroad. This is ridiculous – think about it.
you effectively want the a McDonalds in Russia to pay the American Taxes on its profits / sales in Russia. That means that the McDonald’s in Russia would pay taxes to the Russian Gov’t and the US Gov’t.
Or better yet – how about all the workers in the US that work for Toyota (or any foreign company) – how much fun would it be if their end of the year bonus was smaller because Toyota US had to pay American and Japanese taxes on the cars that they sell in the US.
Companies should only pay taxes to the country that they build / sell the product.
@DCbased – I believe the issue is that the companies are taking US profits, and using loopholes to offshore the funds, effectively reducing their US income. This, in addition to what you were describing. The fact is that a large number of corporations are not paying any income tax, never mind the nominal 35% rate. There s a lot of information on this, but let’s stay away from the progressive sources, and reference ABC.
Fact is, double taxation exists now, so your complaint is irrelevant. If the money stays in the foreign country, it’s not taxed in the U.S. If they bring the money back here to enrich toe corporate coffers, it’s income and gets taxed here. What’s wrong with that? The net income is always higher than the tax, or companies wouldn’t do it, duh.
Why not just double the threshold at which Social Security stops being taken from payroll? Currently anyone who makes more than $114,000 per year has a Social Security holiday after they reach their threshold. Then Congress – Quit Borrowing Social Security for boondoggle pork projects. Let it grow and there will be no shortfall EVER.