I'm not sure it's quite that easy.... Our entire Gross Domestic Product now sits below the level of the national debt. We're over 100% for that ratio
now. So if you took every dollar of every good, service and earning the nation produces...(thats the same money counted a few times given what GDP
represents)....then we still come short of paying the debt.
Now all the banks and corporations together...combined...are said to be sitting on a trillion or more in pure liquid or at least the annual reports
suggested that a few years ago. I don't know now because the numbers don't show the same thing at present.
Raising the Corporate tax rate is actually crazy right now. Corps CAN and DO just wave goodbye and leave the nation. If Obama wants to off-shore more
jobs, just make the climate here any more hostile than it is now.....and they'll head off shore as quick as they can make the arrangements. That's
been happening well before Obama, of course, but no need to encourage it, I'm thinking.
Global Corporate Tax Rates
Business goes where they feel they aren't being gouged...and hiring the tax paying jobs generally makes up the difference with dividends....literally.
However, by going on the chart above, the U.S. doesn't simply have ONE of the highest Corp rates today, it has *THE* highest corp tax rate in the
World. How much higher should it go? We can't tax what isn't here anymore...and they're leaving.
I'd also add..when austerity hits hard...it's going to hit right down to the lowest of the low class as well. Budgets for everything from assistance
to the poor to funding at any government level for things like homeless shelters will be among those things that aren't critical. I'll put money on
that..if I have any left.
*Correction.. I missed one. The United Arab Emirates is 15% higher than we are at 55%. We're #2, it appears. Err..... That's a list I wouldn't mind
being at least the middle of.
edit on 10-12-2012 by Wrabbit2000 because: (no reason given)