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The willingness to innovative new approaches to old problems.
Socialism is Left Wing.
Another common kind of Socialism involves higher taxes. This is meant to give the government more funds, so that they can provide higher quality welfare.
Socialism can refer to a large number of Political systems, almost all of which are Left Wing.
posted by semperfortis
Using D.W.'s definitions, I have a short list of some famous Liberals. Lenin Marx Castro Ho Chí Minh
Another common kind of Socialism involves higher taxes. This is meant to give the government more funds, so that they can provide higher quality welfare.
Liberal anyone? Semper
I'm pretty sure that Exxon's tax payment in 2007 of $30 billion (that's $30,000,000,000) is a record, exceeding the $28 billion it paid last year.
Originally posted by semperfortis
Those same corporations you complain about getting tax breaks, pay the VAST, VAST majority of the tax revenue paid into the coffers.
Remember when the gov. bailed out Lee Iococa so he could continue to build junk.
At the time Iacocca took over, Chrysler was on the verge of bankruptcy
Iacocca approached the United States Congress in 1979 and asked for a loan guarantee. While it is sometimes said that Congress lent Chrysler the money, it, in fact, only guaranteed the loans
Chrysler leads the automobile industry in minivan sales[citation needed]. Because of these three cars, and the reforms Iacocca implemented, the company turned around quickly and was able to repay the government-backed loans seven years earlier than expected.
In May 1982, Ronald Reagan appointed Iacocca to head the Statue of Liberty-Ellis Island Foundation
In 1984, Iacocca co-authored (with William Novak) his autobiography, titled Iacocca: An Autobiography. It was a hugely successful book, proving to be the best selling non-fiction hardback book of 1984 and 1985. The proceeds of the book's sales benefitted diabetes research.
Following the death of Iacocca's wife from diabetes, he has become an active supporter of research to find a cure for the disease, and has been one of the main patrons of the innovative diabetes research of Denise Faustman at Massachusetts General Hospital. In 2000, Iacocca founded Olivio Premium Products, which manufactures the Olivio line of food products made from olive oil. He donates all profits from the company to diabetes research. In 2004, Iacocca launched Join Lee Now[7], a national grassroots campaign that will bring Faustman's research to human clinical trials in 2006.
Currently, the average combined federal and state corporate tax rate in the U.S. is 39.3 percent, second among OECD countries to Japan's combined rate of 39.5 percent.1 Lowering the federal rate to 30.5 percent would only lower the U.S.'s ranking to fifth highest among industrialized countries.
Many states impose state corporate income taxes at rates above the national average of 6.6 percent.
Taxable income over Not over Tax rate
$ 0 $ 50,000 15%
50,000 75,000 25%
75,000 100,000 34%
100,000 335,000 39%
335,000 10,000,000 34%
10,000,000 15,000,000 35%
15,000,000 18,333,333 38%
18,333,333 .......... 35%
Well, I'm not sure where you define wealthy...but the upper 50% of the wage earners pay @97% of all tax collections, and the lower ones only @3%. The upper of the upper pay a disproportionate share of that too, the Top 1% of earners = 37% of taxes paid, the next bracket 2-5% accounts for another 20%. So about 57% paid by the top 5%. Especially as this is for Personal Income Tax only, and many of the more wealthy have much of the income taxed (some would say double taxed) by in the Corporate returns of those corporations they control/own.
The Constitutional basis for this tax is found on Article 1, Section 8, Powers of Congress, Clause 1. “The Congress shall have Power To lay and collect Taxes . . . “ This clause however must be read in conjunction with Clause 18: “To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.”
The real Constitutional problem begins when you must determine whether and how to apply Article 1. Section 9, [originally] Clause 4 [Overruled by the 16th Amendment]: “No capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or Enumeration herein before directed to be taken.” Historically a “capitation” was a head tax. In other words, you counted the people and assessed a tax on each one. A head tax. www.usconstitution.net... For an earlier but probably familiar example of a HEAD tax, see Note 1.
Originally posted by donwhite
I want to furnish “free” health care for 100% of Americans -
If I want to work towards 100% employment
States with the highest income tax rates — California and New York, for example — are significantly outperformed by the nine states with no income tax, such as Texas and Florida.
As a study from the Atlanta Federal Reserve Board put it: “Relative marginal tax rates have a statistically significant negative relationship with relative state growth.”The other factor for attracting jobs and capital is right-to-work laws. States that permit workers to be compelled to join unions have much lower rates of employment growth than states that don’t. Many companies say they will not even consider locating a factory in a state that does not have a right-to-work law.
Our study also finds that states with antigrowth tax and spending policies don’t just lose people. Noncompetitive states like New York, Michigan, Pennsylvania, Illinois and New Jersey are plagued by falling housing values, a shrinking tax base, business outmigration, capital flight and high unemployment rates, and less money for schools, roads and aging infrastructure. These factors of decline hurt the poor the most.
The most outstanding policy differences between the two recoveries are in the realm of tax policy. Reagan instituted across-the-board reductions in tax rates, while Bush and Clinton both pushed massive tax increases. The most disturbing conclusion is that the 1990 and 1993 tax increases have cost Americans far more than the extra earnings collected by the IRS; they have cost the economy at least two years of growth. Comparing the two recoveries:
* Real GDP grew more in five years under Reagan (23 percent cumulative growth) than it is projected to grow in seven years under Bush/Clinton (21 percent cumulative growth).
* After four years, 4 million more jobs were created under Reagan than under Bush/Clinton.
* Federal revenues, adjusted for inflation, grew much faster under Reagan (33 percent cumulative growth) than projected under Bush/Clinton (20 percent cumulative growth).
* Real per capita disposable income grew more in two years under Reagan than in all four years combined thus far in the Bush/Clinton recovery (8.2 percent versus 7.8 percent).
* Median family income grew in all of the first three recovery years under Reagan, compared to three consecutive declines under Bush/Clinton.
In other words, during the economic expansion following Reagan's tax cuts, the economy grew faster, experienced stronger revenue growth, created more jobs, and saw more rapid income growth than the current expansion under the high tax policies of Presidents Bush and Clinton.
Originally posted by donwhite
There is NO proof low tax rates encourage overall economic prosperity OR conversely, that HIGH tax rates discourage overall economic prosperity.
posed by nyk537
Your post seems to draw upon the root meanings of the words, not necessarily the political leanings or stances of either. This is where we get what I and others like to call the "little L" liberal and "little c" conservative. These are the roots of these words and are not a bad thing one way or the other.
Conservatism seeks to empower the people of this country to make better lives for themselves. While Liberalism seeks to empower the government to make better lives for them. And that's something I can not and will not ever get behind.
The United States tax base is upheld and funded by corporate tax payments. The amount paid by individuals, while not insignificant, can hardly be considered impactive when compared to corporate dollars. As for your tax rates, I have no idea where you obtained them. You will find my tax base schedule I provided in my previous posting to be accurate and up to date. You will also find the links I used to obtain the current information so that you may study it yourself.
Again we are back at one of the main reasons why Liberalism today is something I completely disagree with. You, along with most other Liberals, believe that it is the governments responsibility to take care of and provide for us. You believe it’s the responsibility of the government to provide our health care, and make sure we are all on the same playing field.
I don’t need the government to take a larger chuck of my paycheck just because I’m making more money. The idea that this country could be headed toward a policy of redistribution of wealth scares me to death . . the thought of the government being able to step in and take more of my hard earned money to provide health care and/or welfare to those who don’t want to take advantage of the opportunities this country provides sickens me.