Occupy Wallstreet

[FranklinX 37]

Do you know what occupy Wallstreet is? Do you know the issues?

 

1. The Top 1%

The Top 1% in America own over 50% of the nation's wealth. Did you know major corporations do not pay taxes? Companies like Wal-Mart do not pay local and state taxes. ttp://www.washingtonpost.com/business/economy/whos-not-paying-corporate-taxes/2011/11/02/gIQAw9ArgM_graphic.html

 

2. The Cost of Education

The cost of Education in America has grown to new heights.

 

3. Lack of Jobs

The top 1% are not paying taxes. They did not use the extra dollars to create new jobs.

 

4. This is NOT capitalism. This is Monopoly capitalism.

Capitalism does not includes bailouts. It also does not includes stores like Wal-Mart killing other businesses. We currently have Monopoly capitalism.

 

5. Food Monopoly.

 

Yes there is a food monopoly. Did you know it is illegal to save your seeds? It is also illegal to grow a farm without using Monsanto's products. Monstanto has copyrighted seeds to plant crops. Only their products can make the seeds grow. This is extremely bad for the environment.

 

Occupy Wallstreet will now be showing commercials.

 

[ForeverZer0 44]

I don't really know where you are coming up with your information, but it grossly inaccurate.

 

http://ntu.org/tax-basics/who-pays-income-taxes.html

 

This information can be verified at the IRS website.

 

The reason businesses don't pay tax is so that items are not to be taxed twice, which we should all be thankful for. It is so that tax is payed only once, and that is by the end-consumer. The idea to "march on Wall-Street" is silly, at best. Is it seriously being proposed that the way to get out of a financial mess is to hurt the income of the largest job providers and sources of revenue to the country? That doesn't even work in theory. I agree that our financial institution does need some crooks weeded out of it, but I personally thinks its kinda stupid and childish to suggest that we all scream "Revolution!" and go harass Wall-Street.

Edited November 5, 2011 by ForeverZer0

[Marked 197]

The reason businesses don't pay tax is so that items are not to be taxed twice, which we should all be thankful for. It is so that tax is payed only once, and that is by the end-consumer. The idea to "march on Wall-Street" is silly, at best. Is it seriously being proposed that the way to get out of a financial mess is to hurt the income of the largest job providers and sources of revenue to the country?

I pretty disagree with this entire quote.

 

Firstly, the tax you're talking about is goods and services tax, and that is NOT paid by the corporation its paid by you and (not me coz I dont live in the US). This defeats the whole entire purpose of the protest - the poor pay tax while the large corporations get away with it. So much revenue is lost. If one person or entity has to pay tax, we ALL must pay tax, and tax is what runs a government and a country. Taxing the larger corporations obviously brings more revenue to the government, and it can therefore be redistributed to the poor indirectly through public spending.

 

You should not be thankful for the very common saying; it makes the rich get richer and the poor get poorer. Also, why did you say corporations pay tax and then give reasons why they dont? Well, I don't know the system over their very well, probably mentioned US taxes in my finance textbooks but I promptly disregarded it.

 

The US administration clealy does not know economics. The country nearly defaulted recently, and lets not get into politics but who's legislating to give these huge corporations such enormous tax breaks? You can't ignore the poor, because eventually they are going to rise up (all 99% of them).

 

I say you all should occupy wall street. Lets see if there's any democracy left.

 

(I apologize if I sound rude in that reply, if i do my rudeness is intended for subject matter)

[ForeverZer0 44]

I don't understand quite what you mean by the "the poor pay tax while the large corporations get away with it". You are comparing individuals with business as if they are somehow equal entities. I believe this is where so much information gets all fumbled up, and people believe somehow all rich individuals are not paying tax.

 

BUSINESSES do not pay taxes, their (usually) wealthy owners, etc., who are INDIVIDUALS, DO pay tax, more than anyone for that matter. My point is, you are comparing apples to oranges. You can't compare the poor single mother of 2 having to pay tax on diapers and the large corporation Acme, Inc. not having to pay, and say that it is "unfair". If you told me that everyone who makes over $100,000 a year didn't have to pay, I would totally agree, and be in an outrage myself, but that is the opposite of how it actually is.

 

Also, why did you say corporations pay tax and then give reasons why they dont?

I don't see where I did say this...

 

The US administration clealy does not know economics

So the plan is to have the government regulate them more? Something doesn't sound right about that...

 

Don't get me wrong, I totally agree our financial system needs run differently, I am just saying more regulation and control by people/governments who are unqualified is not the answer.

[FranklinX 37]

ForeverZero, you're not understanding this tax problem. Corporations are not paying taxes from PROFITS. People are paying federal income taxes from their paychecks. However, Corporations aren't paying their earnings.

 

This has nothing to do with regulation.

[Marked 197]

BUSINESSES do not pay taxes, their (usually) wealthy owners, etc., who are INDIVIDUALS, DO pay tax, more than anyone for that matter. My point is, you are comparing apples to oranges. You can't compare the poor single mother of 2 having to pay tax on diapers and the large corporation Acme, Inc. not having to pay, and say that it is "unfair".

Yes, if the context of equality it does not make sense to compare them. There was a US Supreme Court decision that ruled a corporation is a 'person' for the sake of legislation that applies to individuals (i was literally just told when I posed the question to someone in the room with me :P). This makes the term 'unfair' only irrelevant morally, but anyway. I think the income tax paid by a factory worker who works his ass off day in day out for nearly his entire life SHOULD be comparable, in the content of 'fairness', to the profits made by the corporation. Where do those profits go? They go to the owners of the corporation, bonuses to managers, retained earnings etc. The point is that all these things should be taxed so that governments can redistribute wealth for greater equality. If I'm a factory worker, working hard every day, and some of almost-minimum hourly rate is taxed (which I was during a particular summer job), then why shouldn't the profits of corporations be taxed before they're distributed to individuals or used to make them richer? But again, the context of fairness may be an irrelevant one. Corporations should be taxed for the good of the country, to spread wealth and spend where the public needs it most (ie jobs, education, health).

 

So the plan is to have the government regulate them more? Something doesn't sound right about that...

Not regulation legislation. My point was that tax is has to be established in a statute, its illegal not to pay tax, therefore the government has legislated to allow corporations not to pay tax. I didn't mean regulate them more, I just meant legislate to tax them appropriately.

 

Don't get me wrong, I totally agree our financial system needs run differently, I am just saying more regulation and control by people/governments who are unqualified is not the answer.

Personally I think taxing corporations will go a long way to reducing the debt. A massive issue is the banks. In New Zealand and Australia our financial systems were more resilient in the global financial crisis than in the US and Europe. But I really don't know how you go about changing such an established system. I think thats off topic though :P

 

EDIT: Yeah Franklin, i think the whole tax issue directed at corporations profits only. Usually dividends are taxed twice; once by the corporation as profits and 2nd when they are received by shareholders.