Debt limit reached, US halts 2 pension investments

You guys realize that a lot of our problems would be solved by dissolving the NAFTA accords..

Put an end to these incentives for companies to move there factories to Mexico, bring back manufacturing to the states... Add extra duty to over seas firms doing business in the states...

Look at Haliburton... to avoid taxes they moved out of Duncan OK and set up shop in the UAE...
rather than slap their hands for the move TPTB happily gave their KBR branch more "No-Bid" contracts...

Lets face facts... to much underhandedness, double dealing, outright bribes... that needs to stop... NOW
we don't need handouts from the government... But without equal protections for our own people... we're not gonna make it.... little wonder no one has faith in our government

reply to post by DaddyBare


KBR hasn't been part of Halliburton since 2007.

They are their own independent company now and they are based in the US, in Houston.

In 2007, KBR reached a major milestone as it separated from Halliburton and became a stand-alone company. Today, KBR employs more than 35,000 people globally and is considered one of the world's premier engineering, construction and services companies. KBR supports the civil infrastructure, hydrocarbon, government and defense and power and industrial sectors and services its clients with a broad range of products and services through its Downstream, Gas Monetization, Infrastructure & Minerals, International Government & Defence, North American Government & Defense, Oil & Gas, Power & Industrial, Services, Technology, Ventures business units.

www.kbr.com...[

reply to post by MikeboydUS


since we're talking about the debt limit, then the IRS getting their grubs on it would be the point, no?

in terms of moving the economy in the right direction, their spending would help for sure.

reply to post by Crakeur


Well it depends on what would be the most effective manner in collecting revenue.

If the wealthy spend their money, creating more businesses and jobs, that would create revenue.

I'm not a financial expert, so I would have to defer, but I would like to see a study done, to determine what would be more effective to generate revenue for the IRS: a robin hood tax or force the robber barons to spend their money.

reply to post by MikeboydUS


in theory, the spending is on services and products and those services and products cost money to produce/provide.

let's say a guy makes $10,000,000 and you take 50% for taxes:

that's 5 million.

now let's say you give him a tax break for spending instead. since you are going to tax the leftover, you wouldn't make him spend half. thus he'd be putting less than 5 million into the economy and the things he spends on have costs associated with them so the IRS might wind up getting less than half of what he spends.


taking the half is more effective in terms of bringing money into the government.

reply to post by MikeboydUS


They may no longer be a subsidiary of big red but the same good ole boys run both companies...
Not talking management but Board members.. the real power behind the scenes

reply to post by Crakeur


While I do understand your point about taxing I am going to have to disagree. You can't tax your way out of this deficit. The reason is if you tax the rich too much they will simply pack up and go to a country that has less taxes. That will hurt the economy even more because you have companies moving to Taiwan or India who would welcome them with open arms.

We need to cut spending which is the first key to this whole mess. Kill all 4 wars, Iraq, Afghanistan, Libya, and the war on drugs. Dissolve military bases around the world. Quit giving money to countries that don't deserve it, ie. Pakistan.

The only way raising the debt ceiling would help the US is if it went to education. Give incentives for doctors, engineers, and science while taking tax breaks from churches and other religious institutions. I am a Christian and I think it is ridiculous how some religious institutions have as much wealth as banks.

But I don't think taxing the rich even more would help the economy. How would you feel if you worked hard to make that $10,000,000 and than got taxed 50% of it, and than taxed again and again, I bet we wouldn't even be having this conversation.

Cut tax breaks for companies and for bonuses, don't tax the income earned.

Originally posted by Equinox99
While I do understand your point about taxing I am going to have to disagree. You can't tax your way out of this deficit. The reason is if you tax the rich too much they will simply pack up and go to a country that has less taxes. That will hurt the economy even more because you have companies moving to Taiwan or India who would welcome them with open arms.

No they won't. If they haven't already set up their home base in a tax haven nation, they aren't going to do it now. Besides, they won't make the same money here as they would there.

Originally posted by Equinox99
We need to cut spending which is the first key to this whole mess. Kill all 4 wars, Iraq, Afghanistan, Libya, and the war on drugs. Dissolve military bases around the world. Quit giving money to countries that don't deserve it, ie. Pakistan.

Absolutely. Since we got Osama, we should pull out of Afghanistan, Iraq ended and we are supposed to be leaving. Libya? Unless we take full control of the fight and fight to own their oil, there's no point being there.

Originally posted by Equinox99
The only way raising the debt ceiling would help the US is if it went to education. Give incentives for doctors, engineers, and science while taking tax breaks from churches and other religious institutions. I am a Christian and I think it is ridiculous how some religious institutions have as much wealth as banks.

Again, I agree that any additional debt incurred should be done with the concept of putting back into things like doctors, science etc but that takes a longer time to see results and we're in a bind now. Unfortunately, the reason for increasing the debt ceiling will be to borrow more to pay the interest on the current debt. It's like taking cash out of one credit card to pay another. Pointless and a very dangerous game to play.

Originally posted by Equinox99
But I don't think taxing the rich even more would help the economy. How would you feel if you worked hard to make that $10,000,000 and than got taxed 50% of it, and than taxed again and again, I bet we wouldn't even be having this conversation.

I don't make that kind of money and, truth is, if my company was raking in enough money to pay me an insane salary, my first order of business would be to reward every who made it possible and only after they were all well compensated, would I give myself a bonus above and beyond my normal salary. These CEO's are drawing salaries that allow them to live the life they are accustomed to and then they take these inane bonuses that results in a drop in earnings and that drop is reduction in money that should go to the shareholders or the employees. You don't see CEO's taking pay cuts instead of laying off employees. Hell, in 2008 and 2009, there were tons of layoffs in the investment sector and, yet, the bonuses remained fairly high for many of the players in the industry.

Originally posted by Equinox99
Cut tax breaks for companies and for bonuses, don't tax the income earned.

I think the big companies should be the first to see a tax overhaul. Too many loopholes, too many credits.

reply to post by Crakeur


Too bad you didn't actually run for the office. The people who do will never even consider anything that would fix this mess.

reply to post by PsykoOps


too many skeletons but thanks for the vote of confidence

Lord knows no one in their right mind would want me in office...
Me and Dick Cheney have one thing in common... we like shooting Lawyers

Originally posted by MikeboydUS
reply to post by Crakeur

 

If the wealthy spend their money, creating more businesses and jobs, that would create revenue.

Just can't see that happening for two reasons.

1. People with a lot of money will simple re-locate it to a safehaven to avoid any and all tax hits (Switzerland comes to mind). There was a 60 minutes show a few weeks back that showcased this exact issue. Companies were established in Switzerland with really no representation (maybe a PO box) and they could simply skirt corporate taxes.

2. Wealthy people are wealthy for a reason, many are frugal and will sit on their pile. To them its about getting more zeroes on their balance sheets and safeguarding their fortunes. If I were wealthy and a tax as your suggesting were imposed I'd split.

brill