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America, meet the Pelosi House.
Articles of impeachment,
a move to abolish the electoral college,
comparisons of the president to Hitler,
a nonstarter vote on the shutdown,
a proposal for a 70% tax on the "wealthy"
--all under 36 hours.
Wait till they get rolling!
originally posted by: lakenheath24
Forgive my ignorance on money matters but the Uber wealthy usually have little to no income per se as they have everything invested in a circular scheme that they then pull money from for "expenses". Like in the movie Getty. Let's not forget who writes tax laws as well ...and it ain't Peters Family Optical Outlet.
originally posted by: ketsuko
a reply to: tabularosa
People also conveniently forget that the rest of the world was recovering and rebuilding from WWII. We were the only country that emerged with our industrial base intact. There really was no global economy. These days, business and manufacturing and people have a bunch of different developed and developing nations to pick from that won't take 2/3 to 3/4 of their earned wealth from them and be more than happy to have them move on in.
originally posted by: TheRedneck
a reply to: GeechQuestInfo
Then why do companies negotiate for tax breaks to decide where to put up a new plant? That's common practice for large companies that promise to bring in jobs to support the local economies. I haven't heard of a single large company that didn't do so in the last several decades.
Of course, that doesn't affect Federal taxes. So in order to avoid them, a company has to move out of the country. That has its own logistics problems: are the workers educated enough? Are there enough workers? Are there any other costs of doing business there? What does that do to shipping costs? Everything comes into play; one cannot isolate taxes and say the number of companies moving is a direct correlation to taxation. Taxes are only one thing they have to look at, but they are a big thing.
Ketsuko is right: we are now, since Reagan, in a global economy. I can order from China any time I want; someone else calculates the exchange rates, the money transfer is seamless, and shipping is no big deal any more. That's because China grows their economy and their infrastructure to support it. A better economy and infrastructure makes China more appealing to US companies. The extra considerations become less and less pronounced as we move further into a global economy, making it easier to move companies.
When was the last time you saw a TV made in America? They're not... no amount of money will buy an American-made TV. How about computer chips? They're not made in Silicon Valley, contrary to popular belief... they're developed there. Then the masks and schematics are sent to Chinese factories where the raw materials needed are more abundant. Silicon cells are the same way... China (along with the surrounding Asian countries) holds almost all of the rare earth metals needed for them; other countries can only get enough to do research. All of these companies used to exist in the United States. I actually still own one of the last Curtis Mathis TV sets made in the US. I used to buy chips from Motorola made in American factories. Solyndra could not compete because China will not sell their rare earth metals in raw bulk; it was doomed form the start.
They all left because the taxation was lower, and because the obstacles to move were relaxed.
Mom and Pop places won't move... can't afford to move... they'll just be forced out of business because it costs them so much more than it does the multi-nationals to do business.
Any time you, or anyone else, advocates these massive tax hikes, it is nothing less than support for the same companies that are causing the economic problems you also complain about. Every agreement to tax the rich is an agreement that multi-national corporations should not be forced to compete with smaller local businesses.