Comments on: Macau big for casinos, taxman http://blogs.reuters.com/david-cay-johnston/2011/08/16/macau-big-for-casinos-taxman/ Sat, 23 Mar 2013 13:49:31 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: BornInUSA http://blogs.reuters.com/david-cay-johnston/2011/08/16/macau-big-for-casinos-taxman/#comment-149 Thu, 18 Aug 2011 21:23:17 +0000 http://blogs.reuters.com/david-cay-johnston/?p=60#comment-149 It comes down to this:

Are U.S. domestic producers to continue to be forced through preferential tax policies to subsidize their foreign competition, or not?

Unfortunately, that question can effectively be answered only by the US Congress, which does a much better job of representing MNCs than it does representing the best interests of the most productive citizens.

This point has been well established in published work of David Cay Johnston.

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By: DrJJJJ http://blogs.reuters.com/david-cay-johnston/2011/08/16/macau-big-for-casinos-taxman/#comment-148 Wed, 17 Aug 2011 23:23:31 +0000 http://blogs.reuters.com/david-cay-johnston/?p=60#comment-148 The gambling industry creates more social ills/problems than you could ever tax! Raise taxes big time on gambling, porn and alcohol-the industries we could never tax enough!

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By: jjd http://blogs.reuters.com/david-cay-johnston/2011/08/16/macau-big-for-casinos-taxman/#comment-147 Wed, 17 Aug 2011 19:39:23 +0000 http://blogs.reuters.com/david-cay-johnston/?p=60#comment-147 The American multi-nationals need to do their part to stabalize our economy and debt.
I see two options.
They can provide jobs for Americans so they can pay tax, or the corporation needs to start paying on the profits they made from outsourcing the jobs.
The only type of bussiness that is overtaxed is the little guy who doesn’t have a building full of tax lawyers.
In my opinion we should tax based on where its made and where its sold. If you make it here with American labor and export it there would be NO corporate tax.
If you manufacuture it outside the U.S. with foreign labor and import and sell in the U.S. you should pay the highest tax rate.

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By: robb1 http://blogs.reuters.com/david-cay-johnston/2011/08/16/macau-big-for-casinos-taxman/#comment-146 Wed, 17 Aug 2011 17:45:27 +0000 http://blogs.reuters.com/david-cay-johnston/?p=60#comment-146 @D3V: true that outsourcing is “THE biggest source of profit” especially for big US companies. If we would just “discourage that” with a proportionate tax, not just completely “take away”, it would help creating more domestic jobs. It is a form of taxation that would directly balance the higher cost of our US workforce against the developing countries. Also, most of the times, the profit of outsourcing stays abroad and is taxed at very low rates, while domestic job creation and profits are taxed at standard domestic rates, so I think, we would generate perhaps the same amount of tax revenues adding local jobs.

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By: robb1 http://blogs.reuters.com/david-cay-johnston/2011/08/16/macau-big-for-casinos-taxman/#comment-143 Tue, 16 Aug 2011 23:41:23 +0000 http://blogs.reuters.com/david-cay-johnston/?p=60#comment-143 ginchinchili: well written analysis!

I realize our fiscal pressure is not “so bad” compared to “some others” and I recognize how the two, so called “wars”, degraded our finances. But in better times we were able to sustain much worse expenses.

One of the big corporate loopholes we should eliminate is outsourcing, it kills domestic US jobs. If we would discourage that, limiting its tax deduction, it would create domestic jobs and would not be so dramatic as resorting to import tariffs. Outsourcing is also mainly used by big corporations, while small business would indeed benefit simply from a lower statutory corporate tax.

How r we going to pay now?

De-valuating our currency hoping for inflation is the ongoing strategy.

Aiming at a new economic growth to generate more tax revenues (aka jobs) should be next in the agenda.

I am simply afraid we cannot afford to raise taxes now and still hope for a recovery, and no, I am not in favor of the Republicans way of spending.

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By: BornInUSA http://blogs.reuters.com/david-cay-johnston/2011/08/16/macau-big-for-casinos-taxman/#comment-141 Tue, 16 Aug 2011 20:46:07 +0000 http://blogs.reuters.com/david-cay-johnston/?p=60#comment-141 I guess the connection between Macau and comment by ‘ginchinchili’ is that the bizarrely stupid behavior of gamblers playing against a vig in places like Macau can be matched by the bizarrely stupid behavior of the US Congress.

It’s true that many things in the U.S. Internal Revenue Code are bizarrely stupid if you think about it. David Cay Johnston has exposed much of this.

We (USA) also have to put up with many bizarrely stupid things in the Federal budget, and one of those is that the wars since 2001 have been declared “off budget”. So all the recent disastrous budget talky-talky was based on explicitly (by law!) inaccurate or even meaningless numbers.

We also can note (although very few do) that the Bush administration found that fraud in Iraq and Afghanistan military operations could not be prosecuted, since those were NOT wars (declared by Congress pursuant to Art. I, § 8, of the Constitution). On the other hand, when it came to Congress “patriotically” and unquestioningly appropriating all the funds that the Bush administration requested for those wars, then they were WARS (sacred causes) after all – even though never declared by Congress (which has delegated that power of Congress to the Executive under “War Powers” legislation).

It’s like Alice (thinking people) and Humpty Dumpty (Congress):

“When I use a word,’ Humpty Dumpty said in rather a scornful tone, ‘it means just what I choose it to mean — neither more nor less.’

’The question is,’ said Alice, ‘whether you can make words mean so many different things.’

’The question is,’ said Humpty Dumpty, ‘which is to be master — that’s all.”

— Lewis Carroll (Through The Looking Glass)

http://www.goodreads.com/author/quotes/8 164.Lewis_Carroll

Yes, if you want to see “bizarrely stupid” in this postmodern era – take a good look at SuperAmerica!

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By: robb1 http://blogs.reuters.com/david-cay-johnston/2011/08/16/macau-big-for-casinos-taxman/#comment-140 Tue, 16 Aug 2011 19:59:13 +0000 http://blogs.reuters.com/david-cay-johnston/?p=60#comment-140 answering ginchinchili: Taxes r too high here in the US simply because our economy cannot afford higher taxes, at least at the present time.

I agree with u that our government spend (spent) too much on wars etc. without realizing how much debt it would generate.

But, besides tax loopholes that big US corporations enjoy, the typical small business here in California is taxed @ ~43%.

Do u know that in Singapore the flat corporate tax rate is, I think, ~12%?

How can we compete on a global scale?

Not even Vegas can compete anymore, until we re-structure our fiscal system and make good decisions how to spend our $.

That’s the real lesson to learn.

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By: robb1 http://blogs.reuters.com/david-cay-johnston/2011/08/16/macau-big-for-casinos-taxman/#comment-137 Tue, 16 Aug 2011 17:35:55 +0000 http://blogs.reuters.com/david-cay-johnston/?p=60#comment-137 If the strip in Vegas were the only place in the US to gamble it would be always packed.

Taxes in the US r too high, no lesson to learn here.

It is just a developing nation opening up to the gambling thrill (and losses), we have been there, done that.

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By: Byanyothername http://blogs.reuters.com/david-cay-johnston/2011/08/16/macau-big-for-casinos-taxman/#comment-136 Tue, 16 Aug 2011 17:24:28 +0000 http://blogs.reuters.com/david-cay-johnston/?p=60#comment-136 Come on … this is the only place in China that you can go to gamble. Taxing this one place into the ground is not the same as taxing a whole country. And don’t we already have some hefty sin taxes?

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