One Part Of Obamacare To Be Repealed for Sure

[ChiTownVenture]

When I said "completely" eliminate corporate taxation, that is what I meant, ie: no federal or state income tax. Of course any municipal taxes for infrastructure would remain.

Are we eliminating payroll taxes paid by the corporation also SS/Medicare, Fed Unemployment for the feds and state unemployment tax?

return just to let the feds know you still exist.

Maybe just a TIN renewal form each year.

[burnsattornincan]

Are we eliminating payroll taxes paid by the corporation also SS/Medicare, Fed Unemployment for the feds and state unemployment tax?

Sorry, my mind is on a client's perilous situation with a hostile (soon to be) ex-wife. Yes of course, all of those redundant taxes that are not really generating any extra revenue for the IRS. It is all just one big make work project and is working out well for tax lawyers and accountants but not for millions of others unemployed. Taxation need only be applied to a real person in the form of income and consumption taxes. To continue on this theme, a flat (scaling if you wish) personal income tax rate, no social engineering deductions of any kind, could be laid out on one piece of paper for individuals as well.

[traelin0]

Jan 24, 2011 9:06:20 GMT -5 deminmaine said:

I agree that this part of the legislation should be repealed. I don't even see how it got in there.
Having said that, I think some people are making too much of how burdonsome this would be. It would be a matter of having the accounting software print 1099 reports for all vendors. A waste of time, paper and postage surely, but lawyers and accountants? Please.

Dem, it will affect numismatic small businesses, bigtime. I can't speak about other businesses because I don't have as much experience with them as I do with coins. Switzerland has a 0% VAT tax on gold for a reason. Our entire tax system needs to be ripped out by the roots and re-deliberated. I was reading something from the CEO of Intel the other day, and he said it costs $1 billion more to build and operate a major semiconductor plant in the US versus overseas. And 90% of it is NOT related to labor costs. The rest of the world is moving toward flat tax systems while we get bogged down in a 100 year old, over-legislated tax system.

Otellini's remarks during dinner at the Technology Policy Institute's Aspen Forum here amounted to a warning to the administration officials and assorted Capitol Hill aides in the audience: unless government policies are altered, he predicted, "the next big thing will not be invented here. Jobs will not be created here."

The U.S. legal environment has become so hostile to business, Otellini said, that there is likely to be "an inevitable erosion and shift of wealth, much like we're seeing today in Europe--this is the bitter truth."

...

Take factories. "I can tell you definitively that it costs $1 billion more per factory for me to build, equip, and operate a semiconductor manufacturing facility in the United States," Otellini said.

...

The rub: Ninety percent of that additional cost of a $4 billion factory is not labor but the cost to comply with taxes and regulations that other nations don't impose. (Cypress Semiconductor CEO T.J. Rodgers elaborated on this in an interview with CNET, saying the problem is not higher U.S. wages but antibusiness laws: "The killer factor in California for a manufacturer to create, say, a thousand blue-collar jobs is a hostile government that doesn't want you there and demonstrates it in thousands of ways.")

news.cnet.com/8301-13578_3-20014563-38.html

[fairlycrazy23]

I think Intel just opened its first factory in China.. But I agree that if our regulations (primarily taxation, but other as well) where reduced to a more reasonable level, and I actually believe that all Corporate income and payroll tax should be eliminated and replaced with a federal sales tax, more businesses would seek to locate/expand in the US despite higher labor costs.

[traelin0]

Jan 24, 2011 19:05:33 GMT -5 fairlycrazy23 said:

I think Intel just opened its first factory in China.. But I agree that if our regulations (primarily taxation, but other as well) where reduced to a more reasonable level, and I actually believe that all Corporate income and payroll tax should be eliminated and replaced with a federal sales tax, more businesses would seek to locate/expand in the US despite higher labor costs.

I don't blame them. Once upon a time, I considered starting a small coin dealership with a self-developed, original online research system in America, but the $600 1099 requirements killed that idea. Somehow I need to figure out a way to start it up somewhere like Switzerland or Asia but I am not sure how. (I will worry about it in 2 years or so, when my system is fully operational.)

I have been busting my arse for 2 years working on my project as my wife can attest to, and it makes no sense for me to have a huge chunk of the profits redistributed to those who had absolutely nothing to do with its innovations. There have been weeks where I've worked on it for 8 hours a day, in addition to my full-time job. Who should realize the fruits of this labor?

[floridayankee]

Jan 24, 2011 19:11:11 GMT -5 @traelin0 said:

There have been weeks where I've worked on it for 8 hours a day, in addition to my full-time job. Who should realize the fruits of this labor?

Surely not you....you evil, greedy bass turd!!