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All the money out there
posted at October 25, 2012 1:31 AM EDT
Re: All the money out there
posted at October 25, 2012 6:42 AM EDT
First: February 29, 2008
Last: February 27, 2014
In Response to All the money out there:
It just makes me wonder how much money is really "out there" when we hear about the wealthy and influential donating hundreds of millions of $$$ for campaign funding. I watch the lottery on TV where hundreds of thousands and tens of millions of $$$ are going into the pot for a winner. Most states are going into the red to provide for basic and needed services for the public. Here in Chicago, a vote was posed as part of the ballot as to how to fund the many mental health clinics that have closed down over the last 10 years. There's a need for mental health care which many people can't afford, but should these clinics be funded with real estate taxes or with state taxes? I'd say federal, but in this current climate any tax increase is shunned. I just wonder how much lottery money could be allocated for basic public health services instead of going to one person. The money is there, but it's just a matter of where it's allocated.
Posted by intersan
The wealthy are donating some of the money they get in tax breaks to get the same party elected that give them the tax breaks ....(it's like one hand helps another.)
.But, no one even knows how much money has left this country that has been made in this country. The current practice is perfectly legal, but the US government considers it harmful to the American economy. President Obama announced a crackdown on the tax shelters, aiming to raise USD 210 billion in taxes over the next decade. A Wall Street Journal report in April quoted a figure of USD 58 billion in overseas earnings which are out of the tax office's reach, losing it an estimated USD 20 billion in tax revenue. One third of the foreign profits in 2003 came from what the US Treasury calls, "three small, low-tax countries: Bermuda, the Netherlands, and Ireland."
Mr Obama's proposal for "getting tough on overseas tax havens" requires US businesses to report their overseas corporations on their US tax returns, making it illegal to hide them in from the Inland Revenue Service. In addition, the plan aims to create fiscal incentives to create jobs in the US rather than abroad. If the plan, for which the administration is seeking bipartisan support, is passed by Congress, the IRS will hire nearly 800 new staff to enforce the rules.