Kevyn wrote:
The lack of money is the result of outrageous corporate wellfare combined with very irresponsible tax cuts for the most wealthy and the people paying for this gift to the rich are our Vetrans, children and elderly. End all corporate wellfare, raise the top marginal tax rate, tax Capitol gains as income for both income and payroll tax purposes and pay down the debt.
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Kevyn;
Hope you are doing well. I can agree with the portion of
your post regarding ending all corporate welfare. I recently read an article regarding General Motors excursions into China. General Motors has exercised an agreement with two Chinese Government owned entities to form joint ventures in China. General Motors has built 11 different manufacturing facilities in China, as GM management feels that is the new and most dominant market for GM. GM stills owes the US Government 11+ billion dollars due to the bankruptcy bail out, which has not been repaid. The corporate bond holders were repaid $.10 on the dollar in that deal and contrary to 200 years of bankruptcy law, placed at the tail-end of the revenue stream. The UAW now is a 35% stakeholder in the 'new' GM. What say you about this agreement structured by the current administration?
$1 trillion in 'shovel ready' projects paid to Wall Street investors, Democrat funding bundler's, and other party contributors. Seems the 'shovel ready' projects were a myth. Either this Administration was naive or Congress was naive in going through the legislative process to fund this boondogle.
A government guaranteed loan to Solyndra to to the tune of $500 million + to build solar panels. Inept US trade agreements with China allowed Chinese solar panel manufacturers to flood the US market and bankrupt this company where US Taxpayers paid the loan guarantee bill.
As far a "irresponsible tax cuts for the most wealthy", I would consider Bush and Obama responsible for this issue. Remember the AIG bailout, where brokers were still paid their $ 1 million bonuses despite the US taxpayer bailing out the company. I can only guess, but have a very sound idea the true reason WHY is the AIG held the Congressional Pensions as one of their major accounts. US Senators and Representatives had to protect their own.
Raising top marginal rates will force the wealthy to remove their funds beyond the reach of IRS in offshore accounts, shell companies, offshore investments, etc. Look at Mark Zukerberg, CEO of Facebook. Mark earned $16 Billion on the Facebook IPO. He found that his US Treasury tax bill would generate $7+ billion and became and Ex-Pat, gave up his US Citizenship and moved offshore. He currently tele-commutes to work and continues to run the business. Capital can and will flee the country if the tax rates are punitive.
I am glad the veterans are finally getting the financial remedy needed for medical treatment. We hired them, set them into battle and received damaged troops as a result. We have a moral obligation to remedy these troops andd make them whole.