rdubnpk Think I read this morning that, unless we turn things around, the national debt will be 90% of GDP by 2015. It is about that time we will become a secondary subsidiary of China.
Since when did someone making $250,000 a year send jobs oversees? I think we need to see more of this Obama Seeks End of Corporate Tax Break to Raise $190 Billion - Bloomberg , and less of the top percent of hard earners carrying the bottom 50% of the population. If corporations were regulated and not feared, the world would be a better place.
I think a lot of people making 250K a year are sending jobs overseas. They are upper management people in mid-size companies. They outsource manufactured parts and products (from China, India, etc.). Some do it for a competitive edge and/or higher margins. Others do it because they feel forced...their competitors are doing it and they are finding themselves at a price disadvantage. In a real way, we do it ourselves whenever we shop at Walmart. The whole concept of "good corporate citizen's" has kinda gone by the wayside of late. Publicly owned companies have been doing everything they can to raise profits, to satisfy investors.
Wife is a dentist and small business owner. She is not "upper management" or a "midsized company". In three years she has built a clinic that now employs five people and the services of a local management company. None of these are overseas jobs. She opened her own clinic when she was making about that magical 250K and thought she could do even better. It's a pain in the @ss to run the office, see most of your revenue disappear towards the lease and the note and wages and employment taxes and supplies...etc...and now barely be able to pay yourself since about two years ago. And now see that once you fight through the first few years of small-business headaches, you'll get slapped by Uncle Sam because your extra gray hairs and fewer hours with your family will be rewarded by a higher tax bracket. She's working harder to gross the same $$, and will net less of that $$ ultimately. Yeah, she can throw in the towel and work for someone else...and cause five local (not overseas) peeps to become unemployed, and put a financial hit on the management company who will have lost a client. And drop revenue for the property owner and landlord. And reduce business taxes/fees collected by the state and fed agencies. Not all 250K earners are the same. Stop grouping my wife in the same category as Gates and Buffet. If you have a grudge against publicly-traded corporations and CEO's then work with the tax laws and change a buttload of exemptions/deductions that favor such entities.
Excellent points Michael. Some would say that 250K is a pretty nice income and don't grumble. But she is probably working two or three times harder and longer than the average employee. And, as you say, paying business taxes and employeeing people that also pay taxes. I've wondered whether increased tarrifs on imported products from countries that don't have the same environmental and labor standards we have, is the answer. But I don't think the banker (China) would be to happy about that. How about increasing corporate taxes combined with attractive deductions for domestic employees? I honestly don't have a grudge against corporations or CEO's. My point is that corporations exist to make money and not be be nice or "fair". Look back to pre-union days. That's what corporations will naturally return to. In a very real way they are doing it now by shipping jobs overseas to countries that don't have the standards we do. I hate taxes as much as the next guy. But we are all in debt. You can't "unspend" what already been spent. So we have a choice. Pay it down with taxes today or pass it on to future generation, along with the additional interest.
They are also doctors, lawyers, small business owners, University directors, architects, engineers, Scientists, Astronauts.. You speak about the low level of education in the U.S. but then you think we should punish our most highly educated? And upper management in multi national companies that are sending jobs oversees are making more like $500,000 annually. You´re talking mid management at 250. And either way, it is pressure from major shareholders that is forcing upper management to focus only on the bottom line. There is a big gap between earning $250,000 a year and $10 million a year. Obama calls this plan worker´s relief but 10% of those poeple don´t work and 50% of them already don´t pay taxes! I think it is insulting to our skilled and educated professionals that he would even title it that. Canada´s top tax bracket is 40% and that includes national healthcare. I pay over $200 a month for health insurance and that is with a $5,000 deductable, so I pretty much pay for all my medical and have insurance for a just in case. That is an additional $3,500 + a year for healthcare for just myself! The difference between U.S. spending and Canadian spending is that we have a large mobile military protecting ¨our¨ intrests abroad. The only thing is that I don´t know any docotrs or lawyers or even upper management execs that have intrests abroad, so why are they forced to pay for protecting them? If companies want to protect their intrests under the guise of the U.S. world police, they should have to carry that burden. And why aren´t they forced to? Elections.
250K for middle management? Damn....I'm middle management and I'm only making half that. I'm moving to the U.S.....lol
Yes sir, in regards to Microsoft that is sending an untold number of jobs overseas. Mid level managers are making 150-300 and GMs are making 500+. But again, these GM´s are not any more responsible for shipping jobs overseas than we are for shutting down all the local mom and pop stores. They are told PROFIT PROFIT PROFIT and we are told CONSUME CONSUME CONSUME.
And if you are making half that and you were in the states, you would be at 35% tax bracket for 2010 and closer to 38% once the Bush tax relief expires. You would have to pay all that and still have to pay for your family´s education and healthcare. I gaurentee you, you wouldn´t be happy about it.
