I thought I should give you some encouragement on the tax reform bill as by now if you’ve watched the Lame-street Media you’ve been inundated with all the bad that’s gonna happen because of this “GOP Tax Scam”.
Hat-tip Ben Shapiro of The Daily Wire, when Ireland lowered its corporate tax rate from 40% (wow!) to 12.5% in 1995 it resulted in a whopping 23% GDP growth. Ireland benefited greatly with over $277 billion worth of U.S. direct foreign investment. Now those companies can come back home to America.
What’s more, the tax reform bill is like a giant “permission slip” to companies holding profits abroad to repatriate that money. Under the old tax plan they would be taxed 35% when bringing profits back to America -ouch! Under the tax reform they’ll be taxed at new ultra-low rates: 8 percent for profits invested in real estate and other hard assets abroad, and 15.5 % for profits in cash and stock and other liquid assets.
This makes it affordable for Apple to repatriate the $252.3B cash it currently holds overseas. Apple would be able to take advantage of a one-time tax break, paying just 15.5% tax on the cash, rather than the 35% it would have had to pay previously. If Apple decides to make the move taking advantage of the one-time opportunity and brings all their hoarded cash back to the US, it would pay $39.1B in tax!
Now that’s no small potatoes Nancy & Chuck-U. 15.5% of something is better than 35% percent of nothing!
Aloha, Mikie ~just a blogger (fightin’ like a girl)
~Psst, tired of politics? Check out Travel in the Categories drop down menu (right side panel) for my blogs posted from interesting locations during my travel adventures.
I don’t know, maybe it’s because they didn’t build that Olympic Stadium or the roads leading to it, but American Olympians who win gold medals this year will face nearly $9,000 in federal income tax per medal, and silver medalists will pay a bit over $5,300. According to Americans for Tax Reform these hard-working athletes representing the United States face a top income tax rate of 35% even though I’d venture to say hardly any of them are millionaires or billionaires.
That’s a 19-medal smile!
Isn’t that beautiful?
Yes, sadly the USA is the last of the developed countries to tax income produced outside the country. Another good example of why we need comprehensive tax reform. Don’t try a do-over. It’s too screwed up. Do a flat tax a fair tax or maybe even the 9-9-9, but the current tax code stinks!
Other Interesting Olympic Tidbits:
The 1912 Olympic games in Sweden was the last time gold medals were made of solid gold.
It’s up to the host country to make the medals which are now alloys. London’s gold medals weigh just under a pound and contain gold, silver (92.5%) and copper.
Eight female badminton players (from China, Indonesia & S. Korea) were disqualified from the 2012 Olympics for intentionally losing early matches to draw easier opponents going forward.
Police recovered Tristan Gale’s 2002 gold medal from the Salt Lake City Games (skeleton-racing champion) at a local pawn shop a week after it was stolen in a burglary.
A gold medal from the 1980 “Miracle on Ice” hockey team was auctioned in 2012 for $310,700.
During the Opening Ceremony last week NBC censored out a 6-minute tribute to victims of the 2005 London subway terror attack victims cutting to a Ryan Seacrest interview with Michael Phelps.
Further emphasizing that Islamic terrorism does not exist, the IOC rejected repeated calls for a moment of silence at the London games for the 11 Israeli athletes & coaches murdered in 1972 in Munich (this is my first memory of Islamic terrorism 40 years ago).
Mitt Romney served as President of the Salt Lake City Winter Olympic committee UNPAID for 3 years and put the money-losing venture into the black.
Aloha, Mikie ~just a blogger (fightin’ like a girl)
So much blather about the debt ceiling, but without spending cuts and major TAX REFORM that’s all it is -talk. This bears repeating until the nimrods in Washington get it. There are a lot of reasons (power, greed and favoritism to name a few) for them not to get it, so it’s up to us. We will never have any real economic recovery without tax reform.
The Internal Revenue Service says it will need a battalion of 1,054 new auditors and staffers
and new facilities at a cost to taxpayers of more than $359 million in fiscal 2012 just to watch over the initial implementation of President Obama’s healthcare reforms. Among the new corp will be 81 workers assigned to make sure tanning salons pay a new 10 percent excise.
Does this look like a president who now understands what ‘We the People’ want in the way of deficit reduction? If this isn’t a case for a total tax reform I don’t know what is. Do you think the IRS came out with this on their own? I doubt it, they are at the beck and call of the administration which continually talks out of both sides of their mouth.
The President’s budget does not include a single difficult decision, yet he says he is willing to compromise and work with the House Majority. Where’s the leadership here? This makes them the villains when they do come up with the real substantial cuts necessary. It’s the same with the GOP being forced to shut down the government if they push for conditions on raising the debt ceiling.
First of all, everyone needs realize that shutting down the government is not a bad thing. It’s called Time Out!
Mitch Daniels, a likely GOP presidential candidate tells it like it is regarding doing the hard work of deficit reduction,
“When infinite demand meets finite supply, you have a problem.”
But even better, Daniels admits his fellow Republicans need to admit this too and get down to work. Just like senator Rand Paul says, it’s not just Republican vs Democrat, it’s can the country sustain that level of debt? Answer: Not even!
Please urge your Congressmen and women to get serious on the budget (and part of this is tax reform). All entitlement programs need to be cut (medicare, medicaid and social security) and there needs to be means testing to qualify for entitlements. Here’s all you need to do: find your state on this map and away you go!
Inheritance Tax Interest expense (tax on the money)
Inventory tax IRS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Local Income Tax
Marriage License Tax
Real Estate Tax
Septic Permit Tax
Service Charge Taxes
Social Security Tax
Road Usage Taxes (Truckers)
Recreational Vehicle Tax
Road Toll Booth Taxes
State Income Tax
State Unemployment Tax (SUTA)
Telephone federal excise tax
Telephone federal universal service fee tax
Telephone federal, state and local surcharge taxes
Telephone minimum usage surcharge tax
Telephone recurring and non-recurring charges tax
Telephone state and local tax
Telephone usage charge tax
Toll Bridge Taxes
Toll Tunnel Taxes
Traffic Fines (indirect taxation)
Trailer registration tax
Read about and push for tax reform for a better future
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft registration Tax
Well Permit Tax
Workers Compensation Tax
NOTE: There’s been a lot of talk of tax reform. Obama even mentioned it in his recent State of the Union address, buttax reform will not come from politicians. They reap too much in power and campaign contributions giving favored tax treatment to special interest groups, big business and their friends.
TAX REFORM WILL ONLY COME FROM THE BOTTOM UP -FROM THE PEOPLE!
Be sure to see my Tax Reform category (in the right side panel) to raise your tax reform IQ.
Over the last 5 days I wasted a lot of time doing GET taxes for the State of Hawaii (for the privilege of doing business -ha!) and Federal and State Estimated taxes that are due on Jan 20th. I hate it!
Most people probably wouldn’t admit it, but I’ll bet everybody is or has been at one time or another a little bit intimidated by the IRS or State Tax Dept. Naturally those in thick with the politicians who have the proper amount of influence and willingness to grease the skids, aren’t intimidated by the IRS because they’re used to having the tax code modified (600 changes in 2010 alone) to favor their personal or business situation.
A quick Google search -key words “special tax consideration” netted me 7,460,000 results in 0.10 seconds. Is it any wonder that by the IRS’ own admission, our tax code now has 3.8 million words, which would fill 11,045 single-spaced pages? And compliance is expensive! FairTax.org estimates citizens and businesses spend about $300 million every year to figure out our taxes!
If you don’t qualify for special tax consideration, here’s some friendly advise.
There’s a better way -Simplify the Tax code!
It can be done but not without a lot of Americans like you and me writing Congress demanding tax reform. Here’s how to contact your Congressmen and women and here’s a list of all US Senators. They’re waiting for your call (with special operators standing by -NOT). The truth is you have to be persistent, leave a message with their staff and tell them you expect them to support tax reform to help get the country and the economy back on track.
Get informed be a part of the change we so desperately need.
Be sure to check out the Tax Reform category (in the right side panel) to raise your tax reform IQ!
I can't stand it anymore! What is becoming of our country, our basic liberties?
After two careers (18 yrs as a dental hygienist, then 20 as a Realtor) I have to stand up and try to effect some change. I want to make it easier for you to do the same. We have to Get Off Our Butts and spread the word. There are more of us than they think, but we have to make ourselves known before it's too late.