Food for thought...
- Thread starter Facman
- Start date
Very interesting Post mate.....will you ever sort it out over there ?
Unfortunately not in my lifetime. One question I'd like answered, but won't hold my breathe waiting for...How many of the top 1% served in the Military/Peace Corps?
I looked up the bios for 3 well known wealthy Americans...Warren Buffet, Bill Gates & Donald Trump, none of them ever served.
We already knew about Dick Cheney, who is said to have said when asked..."I had better things to do at the time."
I then found this research...
The Effect of Military Service on Wealth Accumulation
This study examines the association between serving active military duty and wealth accumulation. It was expected that those who served active duty would be more likely to accumulate less wealth than nonveterans. Using data from the first wave of the Health and Retirement Study, a sample of 5,800 men was analyzed to determine the relationship between the length of time spent on active military duty and net worth. Multiple regressions suggest that factors commonly associated with wealth accumulation significantly affect net worth. More important, the total number of years served was very significant in that additional years of service decreased net worth. The results were insignificant for respondents who served more than 20 years but suggest that extended military service may positively affect net worth. Overall, the results show that there is an economic disincentive to serve in the military, which may affect the ability of veterans to accumulate wealth and future military recruitment.
http://roa.sagepub.com/content/28/1/56.abstract
It is my personal opinion, that those who have done so well, without ever putting their arse on the line, owe this country far more than they now contribute monetarily.
I looked up the bios for 3 well known wealthy Americans...Warren Buffet, Bill Gates & Donald Trump, none of them ever served.
We already knew about Dick Cheney, who is said to have said when asked..."I had better things to do at the time."
I then found this research...
The Effect of Military Service on Wealth Accumulation
- Kelly G. Fitzgerald
- University of Massachusetts Boston
This study examines the association between serving active military duty and wealth accumulation. It was expected that those who served active duty would be more likely to accumulate less wealth than nonveterans. Using data from the first wave of the Health and Retirement Study, a sample of 5,800 men was analyzed to determine the relationship between the length of time spent on active military duty and net worth. Multiple regressions suggest that factors commonly associated with wealth accumulation significantly affect net worth. More important, the total number of years served was very significant in that additional years of service decreased net worth. The results were insignificant for respondents who served more than 20 years but suggest that extended military service may positively affect net worth. Overall, the results show that there is an economic disincentive to serve in the military, which may affect the ability of veterans to accumulate wealth and future military recruitment.
http://roa.sagepub.com/content/28/1/56.abstract
It is my personal opinion, that those who have done so well, without ever putting their arse on the line, owe this country far more than they now contribute monetarily.
How did it ever get that way? ... did it start here?
Yes, Voodoo Economics undoubtedly played a part in my opinion.
2
2054172
Guest
You think Britain is not in the same boat? All western countries would have similar reality graphs. Gentlemen I put it to you that we are all in for a rocky ride in the next year or two. I believe there will be a great shake up in our systems, call it the great leveling effect...to bring us all to the footing we should be on.
Like you say the World could be better regarding the Financial side, some better than others, our Government as made and still making cuts which do seem unreal.........bright side of things no one in the UK is starving
Something else to chew on...The Republican Party is expected to approve a resolution this week, calling for repeal of an Obama administration law that is designed to crack down on offshore tax dodging...http://news.yahoo.com/republican-party-vote-repeal-u-anti-tax-dodging-234904778--sector.html
And another bite...
1. Bank of America took $336 billion in bailouts in 2009, but in 2010, flush with $4.4 billion in profits, it paid no taxes. Even Forbes magazine asked, how is that possible? Probably thanks to their 115 offshore tax havens.
2. Boeing just received $35 billion from our government to build 179 airborne tankers, but despite nearly $10 billion in profits from 2008 to 2010, it too paid no taxes, again thanks to foreign tax havens.
3. Citicorp took $476 billion from the bailout and then made monster profits in 2010, yet it paid no taxes, thanks to 427 subsidiaries in tax havens like the Cayman Islands and Hong Kong.
4. Exxon/Mobil, received huge oil subsidies from the government and earned $45 billion in 2009 but paid no taxes, again thanks to stashing profits in places like the Bahamas and Singapore.
5. GE – see last week’s column for the stats and facts on this corporation’s tax dodge.
6. Google utilizes a technique that moves most of its income through Ireland and Netherlands to Bermuda, making its tax rate 2.3 percent.
7. Mega Pharmaceuticals Merck earned $9 billion in profits and paid no taxes in 2010, while Pfizer (largest drug maker) owed $10 billion in taxes but found the necessary loopholes to pay no taxes, thanks to its offshore subsidiaries in places like Luxembourg and the Isle of Jersey.
8. Fox News/News Corporation, Rupert Murdoch’s media monolith that owns Fox News avoids paying American taxes through its 152 subsidiaries in tax havens from the British Virgin Islands to Hong Kong.
9. Verizon, despite making $24.2 billion in pre-tax US income, paid no taxes and actually claimed a federal refund of $1.3 billion for the last two years, again all thanks to those offshore subsidiaries.
10. Wells Fargo, the fourth largest bank in the US, which took $107 billion in bailouts, wrote off all its losses by acquiring Wachovia, thus paying no taxes. Yet its CEO earned $5.6 million in cash for his salary and $13 million in stock.
And another bite...
1. Bank of America took $336 billion in bailouts in 2009, but in 2010, flush with $4.4 billion in profits, it paid no taxes. Even Forbes magazine asked, how is that possible? Probably thanks to their 115 offshore tax havens.
2. Boeing just received $35 billion from our government to build 179 airborne tankers, but despite nearly $10 billion in profits from 2008 to 2010, it too paid no taxes, again thanks to foreign tax havens.
3. Citicorp took $476 billion from the bailout and then made monster profits in 2010, yet it paid no taxes, thanks to 427 subsidiaries in tax havens like the Cayman Islands and Hong Kong.
4. Exxon/Mobil, received huge oil subsidies from the government and earned $45 billion in 2009 but paid no taxes, again thanks to stashing profits in places like the Bahamas and Singapore.
5. GE – see last week’s column for the stats and facts on this corporation’s tax dodge.
6. Google utilizes a technique that moves most of its income through Ireland and Netherlands to Bermuda, making its tax rate 2.3 percent.
7. Mega Pharmaceuticals Merck earned $9 billion in profits and paid no taxes in 2010, while Pfizer (largest drug maker) owed $10 billion in taxes but found the necessary loopholes to pay no taxes, thanks to its offshore subsidiaries in places like Luxembourg and the Isle of Jersey.
8. Fox News/News Corporation, Rupert Murdoch’s media monolith that owns Fox News avoids paying American taxes through its 152 subsidiaries in tax havens from the British Virgin Islands to Hong Kong.
9. Verizon, despite making $24.2 billion in pre-tax US income, paid no taxes and actually claimed a federal refund of $1.3 billion for the last two years, again all thanks to those offshore subsidiaries.
10. Wells Fargo, the fourth largest bank in the US, which took $107 billion in bailouts, wrote off all its losses by acquiring Wachovia, thus paying no taxes. Yet its CEO earned $5.6 million in cash for his salary and $13 million in stock.
Last edited:
2
2054172
Guest
No different up here in Canada ...the list is long.
I believe we are one up on you now...the head CEO of the Canadian Mint who is a personal friend of our Minister of Finance was caught coaching multi millionaires how to avoid taxes by putting money off shore.
The system is corrupt from the top down and this is what one gets living in a Corporate Fascist country.
I believe we are one up on you now...the head CEO of the Canadian Mint who is a personal friend of our Minister of Finance was caught coaching multi millionaires how to avoid taxes by putting money off shore.
The system is corrupt from the top down and this is what one gets living in a Corporate Fascist country.
Buffett wears jack boots? I didn't know that...
2
2054172
Guest
See you learn something every day.
D
DasTiger
Guest
Sighhhhhhhhh...............
LMAO...
D
DasTiger
Guest
I was thinking about this today and I have always wondered why people questioned Reagen-omics. When it is very simple to understand why it was successful. Seems that it does work...
Wisconsin
http://www.foxnews.com/on-air/your-...3/gov-scott-walker-his-tax-cut-plan-wisconsin
Texas
I love this quote: "Clearly, something special is happening in Texas, but what exactly is the state’s secret to success? Simply put, Texas has gotten government out of the way."
Read more: http://dailycaller.com/2012/03/05/why-texas-economy-is-booming/#ixzz2skD3616W
For the past few years one of my favorite statements is:
"It took Jimmie Carter to give us Ronald Reagen. It took Barack Obama to give us........ Stay tuned."
Let's not put the cart before the horse, you've still got to win an election to be able to say that.
In your response above I see nothing to indicate your position on those giant corporations that pay no taxes, yet benefit from the great opportunity to be found here in America (Thanks to the sacrifices of guys like me and the other millions who served). And now the Supreme Court says they have the same rights as you and I.
D
DasTiger
Guest
My response wasn't directed towards the Tax thing. But OK. We'll go there.
First of all, all of those companies didn't do anything illegal as is insinuated in the figures you quote. One of the reasons those loop holes are there is because the USA has the HIGHEST corporate tax rate in the WORLD!!!!!!!!!
http://www.kpmg.com/global/en/servi...esources/pages/corporate-tax-rates-table.aspx
If we didn't have those loop holes I would bet that we would have ZERO economic growth and Higher unemployment than we really have. Which, buy the way is a bunch of book cooked crap that this administration has manipulated to save face. Even the nut jobs at CNBC can figure it out:
http://www.cnbc.com/id/101398855
Even the Huffiington Post can figure it out:
http://www.huffingtonpost.com/jared-bernstein/unemployment-rate_b_4588623.html
Here's Some real stats:
Bank of America employess :284,000
Boeing: 168,421
Citicorp: 251,000
Exxon/Mobile: 76,900
GE: 287,000
Google: 46,421
Merck: 83,000
Fox News: Couldn't find a solid number
Verizon: 176,800
Wells Fargo: 272,200
That's a grand total of 1,645,742 jobs excluding Fox. Yeah, those companies are bastards for legally not paying taxes. If they did have to pay the HIGHEST corporate tax rate in the WORLD I wonder how many people they could employee. Probably not 1.6 million.
The corporations aren't the problem people. It's the government who is. And this Obamacare mess and other train wrecks of this administration I hope will convince the American voter that there has to be a better way. But if the Government establishment will have their way, the American public will continue to believe their spin stories on the big evil companies and how we need to stick it to them. And then when those nasty companies pack up and leave the government will be there to "help" . Help to keep millions of Americans on welfare and in a shitty educational system that forces them to conform to their desire and wishes. To become robots for THEIR vision of Utopia. Which has them jetting around the world in Learjets and eating the finer things in the world and living in ridiculous luxury. And just as a reminder I'm not describing the company CEO's. I'm describing your "elected" politicians.
http://swampland.time.com/2014/01/09/congress-is-now-mostly-a-millionaires-club/
Were getting screwed people. And it ain't the big companies with their hands on your shoulders.
And thank you very much for your service. Eventually we will need brave souls like you to take back what is ours. As has happened through out history. Like what happened in 1775, 1787 and 1905 just to name a few.