50p tax rate 'failing to boost revenues’

[Denny Crane]

http://www.telegraph.co.uk/finance/...9/50p-tax-rate-failing-to-boost-revenues.html

The Treasury received £10.35 billion in income tax payments from those paying by self-assessment last month, a drop of £509 million compared with January 2011. Most other taxes produced higher revenues over the same period.

Senior sources said that the first official figures indicated that there had been “manoeuvring” by well-off Britons to avoid the new higher rate. The figures will add to pressure on the Coalition to drop the levy amid fears it is forcing entrepreneurs to relocate abroad.

The self-assessment returns from January, when most income tax is paid by the better-off, have been eagerly awaited by the Treasury and government ministers as they provide the first evidence of the success, or failure, of the 50p rate. It is the first year following the introduction of the 50p rate which had been expected to boost tax revenues from self-assessment by more than £1billion.

(more at the link)

 

[BLAZER PROPHET]

That's the exact same thing wealthy tax payers do here, of course. But "tax the rich" is such a vote getter for the class warfare promulgating left that they will sacrifice higher tax revenue (I mean, hell, we can always print more money and make blame the deficit on Bush) for political sound bites.

 

[HailBlazers]

As they say in racing, There's no replacement for displacement (size of the engine). We need more taxpayers, not taxes.

 

[BLAZER PROPHET]

As they say in racing, There's no replacement for displacement....

I thought that was the official saying for Viagra.

 

[MARIS61]

British rich people are every bit as unpatriotic, dishonest, and selfish as American rich people.

That was your point, wasn't it?

 

[Denny Crane]

British rich people are every bit as unpatriotic, dishonest, and selfish as American rich people.

That was your point, wasn't it?

They were more patriotic when the tax rate pct. was lower.

 

[Eastoff]

They were more patriotic when the tax rate pct. was lower.

So what you're saying is, they are the most patriotic they've ever been in america?

changing subjects, what is your opinion on the proposed corporate tax changes from the obama administration. IE closing a majority of loopholes and lowering the nominal rate to 25% for manufacturing and 28% for all others.

 

[Denny Crane]

So what you're saying is, they are the most patriotic they've ever been in america?

changing subjects, what is your opinion on the proposed corporate tax changes from the obama administration. IE closing a majority of loopholes and lowering the nominal rate to 25% for manufacturing and 28% for all others.

If you measure the % of all $$$ paid, then they are the most patriotic.

If you're rich enough, you will create a corporation to shelter your income and assets. Nice tax break for the rich, don't you think? If their accountants are smart, they'll claim to be manufacturing corporations.

Anyhow, I'm in favor of cutting tax rates, but govt. has to cut spending by a lot or we're in big trouble no matter what.

 

[BLAZER PROPHET]

So what you're saying is, they are the most patriotic they've ever been in america?

changing subjects, what is your opinion on the proposed corporate tax changes from the obama administration. IE closing a majority of loopholes and lowering the nominal rate to 25% for manufacturing and 28% for all others.

As for me, generally I agree with lowering tax rates and eliminating loop holes and creative accounting.

 

[Eastoff]

As for me, generally I agree with lowering tax rates and eliminating loop holes and creative accounting.

I heard that companies spend a lot of money trying to game the system. So many there will be less waste there too. Sorry accountants!

 

[Denny Crane]

The best trick is your corporation orders 12,000 Chevy volts in exchange for a $0 tax bill on $billions in profit.

 

[mobes23]

My favorite tax break was the one for buying a Hummer. That totally made sense.

 

[huevonkiller]

If we had a fair tax even "illegal" immigrants would be paying taxes, and it would be so simple to understand.

The tax code should be simplified, and the base should be broadened, I agree.

 

[Eastoff]

The best trick is your corporation orders 12,000 Chevy volts in exchange for a $0 tax bill on $billions in profit.

I'm not sure why. denny keep up! and here

 

[Denny Crane]

Keep up, westnob.

Here:
http://gas2.org/2012/02/20/ge-forcing-employees-into-chevy-volts/

and here:
http://www.forbes.com/sites/beltway...dent-obama-at-the-altar-of-industrial-policy/

 

[Eastoff]

Keep up, westnob.

Here:
http://gas2.org/2012/02/20/ge-forcing-employees-into-chevy-volts/

and here:
http://www.forbes.com/sites/beltway...dent-obama-at-the-altar-of-industrial-policy/

While that is discouraging, i don't see the relation to taxes. Maybe I didn't read closely enough.

 

[Denny Crane]

The best trick is your corporation orders 12,000 Chevy volts in exchange for a $0 tax bill on $billions in profit.

I guess I have to spell it out...

GE PAID $0 in taxes. They're propping up Obama's political investment in GM by foisting Volts on its employees. Quid pro quo.

Maybe if GE CEO Imelt wasn't so tied to the administration, they'd be looking to make GE pay significant ($billions) in taxes.

At 35%, GE should pay $5B in taxes. The 12,000 volts costs GE 1/10th that and they get the use of the vehicles, deduct the lease payments from their profits (tax break), and they'd be buying 12,000 of some vehicles anyway.

GE donated $500M to Obama's 2008 campaign and $2.4M to Democrats.

Tax the rich! Damn those individuals making 7 figures! But lay off GE, they're the golden goose.

 

[bluefrog]

GE donated $500M to Obama's 2008 campaign and $2.4M to Democrats.

Tax the rich! Damn those individuals making 7 figures! But lay off GE, they're the golden goose.

Are you sure about that figure?

 

[BLAZER PROPHET]

Are you sure about that figure?

They were the 17th largest donor to Obama's Presidential election at $529,855.

http://www.opensecrets.org/pres08/contrib.php?cid=N00009638

University of California $1,648,685
Goldman Sachs $1,013,091
Harvard University $878,164
Microsoft Corp $852,167
Google Inc $814,540
JPMorgan Chase & Co $808,799
Citigroup Inc $736,771
Time Warner $624,618
Sidley Austin LLP $600,298
Stanford University $595,716
National Amusements Inc $563,798
WilmerHale LLP $550,668
Columbia University $547,852
Skadden, Arps et al $543,539
UBS AG $532,674
IBM Corp $532,372
General Electric $529,855
US Government $513,308
Morgan Stanley $512,232
Latham & Watkins $503,29

 

[bluefrog]

They were the 17th largest donor to Obama's Presidential election at $529,855.

http://www.opensecrets.org/pres08/contrib.php?cid=N00009638

That link says $500,000 not $500,000,000

 

[Denny Crane]

Typo. $500K is a BIG donation

 

[Eastoff]

Typo. $500K is a BIG donation

yeah, that's still pretty high, I agree. I do not like the practice, but as in the other thread I will say again. I'll still vote for Obama over any of the other candidates.

 

[BLAZER PROPHET]

yeah, that's still pretty high, I agree. I do not like the practice, but as in the other thread I will say again. I'll still vote for Obama over any of the other candidates.

What are Obama's strong points, in your opinion.