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Latest Activity: Nov 19, 2012
Started by Darla Dawald, National Director. Last reply by debra rae steinman Jan 22, 2009.
Started by Darla Dawald, National Director. Last reply by Darla Dawald, National Director Jan 15, 2009.
Started by Darla Dawald, National Director Jan 14, 2009.
Started by Darla Dawald, National Director Jan 11, 2009.
Started by Darla Dawald, National Director. Last reply by Ken Gates Mod Mar 30, 2011.
r2 Patty: absolutely. PAN2 keeps me out of the loop. PAN1 is MUCH better than PAN2.
Dear Members; Aside from the imperative need to reduce the burden of entitlement spending, we find that 'tax-reform' can end the economic crisis within one years time. If I may share it with you now.
In the spirit of monetary analysis we will use these ideas as a guideline for these analyses and we will attempt to show at what level a Flat-tax should be implemented to cover the proposed 2012 budget set forth in the Continuing Resolution (CR) of April 2011 concerning the $3.7 trillion proposed budget.
Knowing that there are mean incomes variations set forth in nine (9) different regions and from rural to urban areas as researched by the Bureau of Labor Statistics (BLS). For the purpose of calculation, a general view of income as a conservative estimate of mean income will be calculated by combining mean family income of $45,000, mean government income of $70,000 and mean corporate income of $160,000. This will give us an overall combined mean income of $91,600 dollars. This figure will be used for this calculation.
Personal Income Tax: Since ‘taxable income’ will start at $10,000, 151 million people constituting full and part time working citizens will be used to calculate the needed flat-tax to cover the current 2012 Budget of $3.7 trillion.
The population count should adjust for the accounting for and from an 8.1% to 11.4% unemployment rate and those making under $10,000 and/or are on health and retirement plans. Neither inflation nor base-line budgeting will be used for the purpose of these calculations.
A Flat-tax of 14% will be used for the purpose of these calculations [down from the current 27%-56% now used] thus cutting personal national income tax already by nearly half.
The Calculation: Using a flat-tax of 14% we will carry out the calculation. Thus; $91,600 minus $10,000 non taxable income=$81,600 taxable x .14= $11,424 x 151 million people = $1,725,024,000,000 [$1.7 trillion].
The goal is still short by $2 trillion dollars.
Corporate Income Tax: However…By taxing all forms of Corporations only 20% [down from the 35% that they currently rarely pay] will help balance the deficit and give them a ‘stake-in-the-game’. The Mean Corporate income of 275 Fortune 500 companies is $102 billion dollars each thus totaling 28,050,000,000,000 trillion gross income combined. With ALL the Fortune 500 companies plus all other American corporations inside and outside our borders weather or not their main office is in Ireland, the Caymans, the Netherlands, Dubai or any other country utilizing the ‘Double Irish’ or ‘Dutch Sandwich’ as tax loop holes or non-compliance, will be expected to pay their income tax…No exceptions will be allowed.
For a working figure for all American corporations, $29 trillion gross income will be used.
Thus; 20% of $29 trillion = $5.8 trillion dollars. Yes…$5.8 trillion.
Using $2 trillion to cover the budget short-fall above, this will leave a 3.8 trillion dollar surplus within the first year of which we can pay off the Chinese debt of $2 trillion. The reserve surplus of $1.8 trillion will be used to start paying down the principle of our $15.1 trillion dollar sovereign debt while spending cuts; the down-sizing and/or decentralization of governmental departments, agencies and institutions ensue.
Multi-National Corporation Income Tax: Most International Tax Treaties with other countries will have to be renegotiated or the tax burden for MNC’s (Multi-National Corporation) will exceed their current level. Since protections for American corporations are given by law, reciprocal revenues should be collected. The 20% tax on a MNC will be paid to the US Treasury is both non-negotiable and nor will be allowed any exemptions.
Example: Let us use China for example which ranges anywhere from 15% to 25% tax for MNCs doing business over-seas. If the MNC is a ‘cutting-edge’ company that China wants, then their tax rate is lowered to 15%...If not it is 25%. High tech companies are given a larger tax break if the host country desires their “patents and knowledge” (pending copyright enforcement and national security interests). If high tech MNC-A is paying 15% in China, paying the 5% balance to equal 20% to the US would seem fair but skew the US tax revenue by a negative -15%. Therefore that is not acceptable. If MNC-A was low tech and paid 25% to China, they would under the new provisions NOT get a 5% rebate from the US. That would also be unacceptable.
What would be more likely to happen...Is that if high tech MNC-A paid 15% to China...They still owe 20% to the US, thus making their total tax burden overseas 35% as a cost of doing business…Unless they renegotiate their Tax Treaty.
Renegotiation example: If MNC-A pays 15% to China and 20% to the US where they are based then their tax burden is 35% unless the Chinese are willing to renegotiate their Tax Treaty (Tax Treaty is required before granting or extending a Most Favored Nation Trade status).
If China renegotiates and are willing pay to the US say 10% (or whatever settled amount) of that 15% to the US, while the MNC pays the other 10% or remainder from their gross income, then that will make the MNC’s total tax burden then only 25% and the 20% tax requirement paid to the US Treasury fulfilled. Still 10% lower than what they are required to pay today at 35% but don’t due to current tax loop-holes. Which ever way, a 20% corporate tax is what is required and is what will be paid to the US Treasury.
“In many places around the globe already, taxes are paid “before” the final global “passport-transaction” (who gets what, when & how) takes place to the banks. This makes it real simple. This can and should be paid either in cash or accrual method to reduce loopholes and accounting errors.” (Robert Halcombe, CEO the Sovereign Group)
Note: Aside from executive remuneration and managerial payment allocation doing a complete 180 degree shift in the last twenty years from; i.e. employee, company stockholder to stockholder, company, employee while passing on high-risk portfolio’s to the American tax-payer, know this…The payment of taxes from the corporate world is probably the single most important factor that would restore financial responsibility, integrity and obligation of governmental operations under this current economic crisis and its recovery while reducing the tax burden at the same time. From the latest survey by the Pew Research Center, about two-thirds of Americans now believe there are “strong conflicts” between rich and poor in the United States. One may want to consider; who is in whose pocket.
Thank you; John Wayne
President Obama keeps telling us what might not be paid if the debt ceiling isn't raised.That's the wrong answer to a question that America isn't even asking.
This new iCaucus Video calls on the President to answer the real question: "Mr. President, if the debt ceiling isn't raised and you're not planning on paying our debt obligations, or social security, or medicaid, or our military personnel...even though you will have more than enough money to do so...then what's more important and what will you be paying instead with the $180 billion that the government will keep collecting every month?"
Dr. (Senator) Ron Paul is a advisor to the Mises Instute of Austrian Economics and has been stating this for decades.
A suggested reading is "End The Fed" by Dr. Paul.
Acta Non Verba!
Greetings fellow Patriots:
Peter Schiff...who is Ron Paul's Economic Advisor...is keynoting an Economic Summit on Saturday, and there is an on-line broadcast available so anyone can watch the proceedings from the comfort of your own living room without having to travel to see him...and this Economic Summit is co-sponsored by Patriot Action Network.
Who is Peter Schiff? Here's a great short video of Peter Schiff telling it like it is and exposing the sub-prime mortgage crisis, and Bailouts, and inflation, and the culprits (by name!) a full year before the economic crisis hit us:
Now this Saturday at the Economic Summit, Peter Schiff will be presenting very specific and concrete solutions to get our Economy back on the same track...and you do not want to miss it!
The best part is that if you are busy Saturday...you know, like counter protesting the Union thugs in Wisconsin or Ohio or something...and you can't watch the event or attend it in person, you can still sign up for the on-line broadcast and you will be sent a DVD recording of the entire proceedings so you wont miss any thing!
Here's the link with all the details about the Economic Summit, including all the speakers and sessions, and info on registering to watch broadcast and get the DVD recording:
This short video puts the Federal Budget into its proper perspective....plus details about the Economic Summit with Peter Schiff that is co-sponsored by Patriot Action Network
Dear Friends; The Wisconsin move against the Unions is a welcomed sign. Also...This new clip from Chigago University concerning the issue of economics and the budget is also interesting. I don't belive it goes far enough, but there is at least talk on "Fiscal Consolidation" which is the antithesis of the Keynesian model, and reflects the economic crisis in their discussion. It's long so get some wine and a cigar... http://www.youtube.com/watch?v=tN3awPki0sI
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Posted by MOTUS on May 24, 2013 at 1:44pm
Posted by RAMJR on May 24, 2013 at 11:26am
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Posted by RAMJR on May 24, 2013 at 10:25am
Posted by Kathryn McEwen on May 24, 2013 at 4:24am
OBAMA’S SEQUESTER FAVORS COCAINE DRUG LORDS AND DECIMATES AMERICAN INTERDICTION EFFORTS
OBAMA BOARDS MARINE ONE, DOESN’T SALUTE MARINE UPON BOARDING
IF REPORTS ARE CORRECT, ERIC HOLDER LIED UNDER OATH – PERJURY
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