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(NYPost)   Poll shows that a majority of CEOs believe corporate tax hikes will harm businesses, slow growth, break up The Beatles, melt the Arctic ice shelf and tank the value of unicorn farts   (nypost.com) divider line
    More: Obvious, Tax, Corporate tax, Investment, Taxation in the United States, Public finance, Taxation, Tax incidence, Employment  
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356 clicks; posted to Politics » on 12 Apr 2021 at 4:02 PM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



51 Comments     (+0 »)
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2021-04-12 1:10:13 PM  
Greed is a disease that kills innocent people instead of the addicts.

Stop celebrating it and start properly taxing.
 
2021-04-12 2:31:51 PM  
The opinion of CEOs should count for a lot in the board room.  Outside the board room, they should be regarded as con men, and everything they say should be ridiculed and scorned to the maximum extent possible.  Large corporations are parasites.
 
2021-04-12 2:35:47 PM  
Wait, unicorn farts have value!?  Damnit, I thought it was unicorn *blood* that folks wanted.
 
2021-04-12 2:40:17 PM  
Maybe we shouldn't act on what CEO's "believe" and instead act on what we all know to be true.
 
2021-04-12 3:40:26 PM  
We also need all our houses and our private planes and our private islands and our mistresses.  If you raise our taxes we might have to sell some stuff.  It's just not fair.
 
2021-04-12 3:50:05 PM  
Just like they did before... Oh wait. No, strike that, reverse it.
 
2021-04-12 4:04:07 PM  
The idea that greed is good is a subversion of American Capitalism.
 
2021-04-12 4:04:47 PM  
Any job cuts will either be things they would have done anyway or pure personal spite.
 
2021-04-12 4:05:16 PM  
Polls of viruses show negative view on vaccines, news at 11
 
2021-04-12 4:06:14 PM  
You mean the reverse of the job hiring orgy when the Trump tax scam was passed ? Oh. Right. They hoarded any savings.
 
2021-04-12 4:06:37 PM  
Fark user imageView Full Size
 
2021-04-12 4:06:43 PM  
lol don't care
 
2021-04-12 4:06:59 PM  
"...two-thirds said it would hamper wage growth for American workers."

What, are we moving to yearly wage cuts? If I discount insurance increases, general inflation, I probably break a little over even.
 
2021-04-12 4:07:14 PM  
NY Post just ups and posts schit
News at 11
 
2021-04-12 4:07:28 PM  
DeVos may have to chose between either buying a yacht or buying a helicopter to add to her fleet, instead of both as she would like!!!
 
2021-04-12 4:08:45 PM  
In other words they'll voluntary slow expansion and lay off workers to compensate for the loss. Then they'll wait it out while they bankroll the next incompetent administration with an (R) next to its name and try to get the rates reduced to as close to 0% as they can get. I don't know about you but I'm pretty tired of watching these parasites hold our economic prosperity hostage.
 
2021-04-12 4:10:48 PM  
Fark the CEOs.
 
2021-04-12 4:11:04 PM  
I'm a little tired of the same people complaining about a poor person having an iPhone complaining about taxes hurting business.

These companies pay tens and even hundreds of millions of dollars to their top board members who have multi million dollar mansions, cars, yachts, etc.  Many of these people have two or three of these things.

So it's time to just call it.
Instead of a government hand out tax cut why not buy a cheaper home?

As long as these people can afford yachts and toy cars, tax cuts are not the issue.
 
2021-04-12 4:12:26 PM  
Majority of foxes believe hen houses are unsafe without them.
 
2021-04-12 4:12:27 PM  
Weird that they always seem to say "tax hikes will decrease hiring".  Zero business EVER have said, "hey, we are getting a nice return this year, lets hire a couple people we don't really need".
 
2021-04-12 4:12:29 PM  
The corporate tax rate cut was going to create jobs, raise wages, and spur expansion.
Instead, there were stock buybacks, stock prices increased, and all the execs got their bonuses.
So, it worked as intended.
 
2021-04-12 4:14:31 PM  
It's a little dishonest to call it a "hike" when it's still going to be lower than it was. It's only going to be a hike if they close a ton of loopholes so that taxes are actually paid for a change.
 
2021-04-12 4:14:41 PM  
Ya know, in my profession if I said things so obviously against all evidence, I'd be out of a job after not too many times stepping on my dick like that. It's a sad state of affairs where we allow this bulls__t from the top people in organizations where it would get anyone else canned.
 
2021-04-12 4:14:42 PM  
In related news, rich people tend to be well-marbled.
 
2021-04-12 4:15:55 PM  
That was the rationale and justification for the 2017 Trump tax-scam, yet....we have this thing called reality that tells us when given the tax break these CEOs used it to buy up stocks. As for those that did not do this? Well there was no massive rush to R&D development any more than there was any rush to increase their employee wages.

These same CEOs can make this argument all day, but in the end isn't the whole capitalist market their thing? What does the capitalist market have to say about wages again? They argue all day they won't raise wages, and they can they watch their employees leave to work for their competition.
 
2021-04-12 4:16:41 PM  
In reality they are really super happy they now have an excuse for not paying better wages or spending more on R&D.
 
2021-04-12 4:16:47 PM  

Marcus Aurelius: The opinion of CEOs should count for a lot in the board room.  Outside the board room, they should be regarded as con men, and everything they say should be ridiculed and scorned to the maximum extent possible.  Large corporations are parasites.


But what do they think about Georgia's new voter ID laws? They must make their voices heard on that topic...
 
2021-04-12 4:17:01 PM  
Sure, okay. But what do actual economists say?
 
2021-04-12 4:20:09 PM  
The Trump tax cuts saved my company about 18 million. That chunk of change was chalked up as bonus revenue (we were already doing fine) and then thrown on the pile.  There was no extra hiring, extra bonuses, or extra raises beyond what we would normally do on a positive year.  The tax cut was all to make the shareholders happy and to make the execs look good.
 
2021-04-12 4:21:01 PM  

PaulRB: We also need all our houses and our private planes and our private islands and our mistresses.  If you raise our taxes we might have to sell some stuff.  It's just not fair.


Price of materials go up - "we need to raise prices on the customer"

Price of energy goes up - "we need to rise prices on the customer"

Taxes go up - "I should sell my vacation home to pay th... or... wait a sec... we just need to raise prices in the customer"
 
2021-04-12 4:23:05 PM  

austerity101: Sure, okay. But what do actual economists say?


Who gives a unicorn's fart what the economists say.  How about asking the teachers (and everyone else) paying up to 33% taxes, and Amazon didn't pay a freaking penny?
 
2021-04-12 4:24:08 PM  

Ixnay on the ottenray: austerity101: Sure, okay. But what do actual economists say?

Who gives a unicorn's fart what the economists say.  How about asking the teachers (and everyone else) paying up to 33% taxes, and Amazon didn't pay a freaking penny?


... my point was that these people are  it experts and thus their (dishonest) opinions don't matter.
 
2021-04-12 4:24:23 PM  
*are not experts
 
2021-04-12 4:25:51 PM  
Because companies are not already charging the most they can. I mean, sure they could be making more money but that wouldn't make good business sense. Better to wait for taxes to go "up" (Or, you know, still lower than they used to be.) and then raise prices.
 
2021-04-12 4:27:39 PM  
Just cancel all taxes and print the bill. We do it for everything else. We're almost there.
 
2021-04-12 4:29:21 PM  
 
2021-04-12 4:35:43 PM  
You know what else will hurt American businesses?  Crumbling infrastructure.

You know what will help American businesses?  2 trillion in infrastructure spending moving around in the economy.
 
2021-04-12 4:39:06 PM  
It will only slow wage growth for the CEOs and upper management
No one else has any wage growth
 
2021-04-12 4:39:12 PM  

NkThrasher: You know what else will hurt American businesses?  Crumbling infrastructure.

You know what will help American businesses?  2 trillion in infrastructure spending moving around in the economy.


Unless it is another corporate welfare scheme. One where rich guys friends get handed money for nothing like the guys electrifying Puerto Rico.
Republicans don't have a monopoly on corruption when it comes to the rich.
 
2021-04-12 5:02:40 PM  

austerity101: Sure, okay. But what do actual economists say?


American economists are taught to look at the wrong shiat. It's all about the Markets. While markets and the economy affect one another, the markets are NOT a stick to measure the actual economy by. The number of publicly traded corporations is only about 1% of all total businesses in the US. Then there are commodities markets which measure trade commodities, which again represents a % of the overall economy and does not account for good made and sold without being traded on a market. It also does not account for the service industry which again, they focus on market trends. This all happens because the majority of businesses in this country do not have a measurable and predictable way of reporting their numbers like commodities and publicly traded companies do.

It's Wall St vs Main St. According to the Wall St statistics, the US economy grew by an additional Trillion dollars during 2020. Big businesses got bigger, the wealthy increased their own wealth by almost 3 Trillion extra dollars from the pandemic. But the Main St numbers show a very different story. Record numbers of unemployed with a huge spike of the American workforce getting pushed down into the gig-economy where they are not actual employees, do not receive employee status and protections, and yet are taken off the unemployment statistics because US economists have an agenda to make it look like the US economy is stable.

Those who were affected by the pandemic know all too well that the economy is not doing just fine. Millions are facing evictions. Even though if evictions are being throttled by the government, when they release the hold on evictions, renters will be responsible for the full amount of past due rent the same day the hold is lifted. But US economists don't take that into account, they only concern themselves with the positive spin on the economy.

These are the same economists that tell us that America can't sustain a $15/hr minimum wage, which they say will cost the US an additional $107 billion per year. This might seem like a lot of money to add to the national debt per year, but look at the profits of just the top 20 corporations in the US per year


Rank    Name    Industry                                    Profits
(USD millions)
1    Berkshire Hathaway    Conglomerate    81,417
2    Apple    Electronics    55,256
3    Microsoft    Technology    39,240
4    JPMorgan Chase    Financials    36,431
5    Alphabet    Technology    34,343
6    Bank of America    Financials    27,430
7    Intel    Technology    21,048
8    Wells Fargo    Financials    19,549
9    Citigroup    Financials    19,401
10    Verizon    Telecommunications    19,265
11    Facebook    Technology    18,485
12    Pfizer    Pharmaceutical industry    16,273
13    Johnson & Johnson    Pharmaceutical industry    15,119
14    Walmart    Retail    14,881
15    ExxonMobil    Petroleum industry    14,340
16    Fannie Mae    Financials    14,160
17    AT&T    Conglomerate    13,903
18    UnitedHealth Group    Healthcare    13,839
19    Comcast    Telecommunications    13,057
20    Visa Inc.    Financial Service    12,080

Remember this is PROFIT. This is how much these corporations are pocketing after taxes, after investments, after expenses and wages.

If we taxed the profits of just those top 20 companies by 21% with no loopholes, the minimum wage would be covered, those companies would be no where close to hurt by it, and the economy would be perfectly fine. No small business would be forced to cut jobs, or go out of business. And all that is required is for 20 companies to pitch in a little more to help out.
 
2021-04-12 5:25:08 PM  

GrinzGrimly: PaulRB: We also need all our houses and our private planes and our private islands and our mistresses.  If you raise our taxes we might have to sell some stuff.  It's just not fair.

Price of materials go up - "we need to raise prices on the customer"

Price of energy goes up - "we need to rise prices on the customer"

Taxes go up - "I should sell my vacation home to pay th... or... wait a sec... we just need to raise prices in the customer"


Forgot about the demand side of the equation there.
 
2021-04-12 5:26:33 PM  

Gin Buddy: Because companies are not already charging the most they can. I mean, sure they could be making more money but that wouldn't make good business sense. Better to wait for taxes to go "up" (Or, you know, still lower than they used to be.) and then raise prices.


What if they raise prices higher than people are willing to pay?
 
2021-04-12 5:38:52 PM  
I guess none of them were alive in the 1950s, when the corporate tax rates were around 50% and there were way fewer loopholes.  Some how the economy still grew 2-8% eight out of ten years.
 
2021-04-12 5:54:32 PM  

cameroncrazy1984: GrinzGrimly: PaulRB: We also need all our houses and our private planes and our private islands and our mistresses.  If you raise our taxes we might have to sell some stuff.  It's just not fair.

Price of materials go up - "we need to raise prices on the customer"

Price of energy goes up - "we need to rise prices on the customer"

Taxes go up - "I should sell my vacation home to pay th... or... wait a sec... we just need to raise prices in the customer"

Forgot about the demand side of the equation there.


Maybe you mean Democrats will 'demand' CEOs sell their boats to pay the corporation's taxes? Because otherwise they'll simply pass these taxes on to their customers.  Corporations won't have any sudden new competitive concerns. Georgia Pacific will raise the price of their toilet paper without concern because they know Kimberly-Clark will face the same new tax burden they do and respond the same way. The consumers will accept and pay the higher prices because the shiat will continue flowing form their arseholes much like it will continue to flow out of Joe Biden's mouth.
 
2021-04-12 6:05:36 PM  

GrinzGrimly: cameroncrazy1984: GrinzGrimly: PaulRB: We also need all our houses and our private planes and our private islands and our mistresses.  If you raise our taxes we might have to sell some stuff.  It's just not fair.

Price of materials go up - "we need to raise prices on the customer"

Price of energy goes up - "we need to rise prices on the customer"

Taxes go up - "I should sell my vacation home to pay th... or... wait a sec... we just need to raise prices in the customer"

Forgot about the demand side of the equation there.

Maybe you mean Democrats will 'demand' CEOs sell their boats to pay the corporation's taxes? Because otherwise they'll simply pass these taxes on to their customers.  Corporations won't have any sudden new competitive concerns. Georgia Pacific will raise the price of their toilet paper without concern because they know Kimberly-Clark will face the same new tax burden they do and respond the same way. The consumers will accept and pay the higher prices because the shiat will continue flowing form their arseholes much like it will continue to flow out of Joe Biden's mouth.


How much of overhead do you think taxes are?
 
2021-04-12 6:11:42 PM  

cameroncrazy1984: GrinzGrimly: cameroncrazy1984: GrinzGrimly: PaulRB: We also need all our houses and our private planes and our private islands and our mistresses.  If you raise our taxes we might have to sell some stuff.  It's just not fair.

Price of materials go up - "we need to raise prices on the customer"

Price of energy goes up - "we need to rise prices on the customer"

Taxes go up - "I should sell my vacation home to pay th... or... wait a sec... we just need to raise prices in the customer"

Forgot about the demand side of the equation there.

Maybe you mean Democrats will 'demand' CEOs sell their boats to pay the corporation's taxes? Because otherwise they'll simply pass these taxes on to their customers.  Corporations won't have any sudden new competitive concerns. Georgia Pacific will raise the price of their toilet paper without concern because they know Kimberly-Clark will face the same new tax burden they do and respond the same way. The consumers will accept and pay the higher prices because the shiat will continue flowing form their arseholes much like it will continue to flow out of Joe Biden's mouth.

How much of overhead do you think taxes are?


Corporations are people, therefore their income taxes are calculated the same as natural people, right? Otherwise his comment is completely ludicrous and shows an impressive amount of ignorance on the subject, which can't be right.
 
2021-04-12 6:17:01 PM  
Tell you what. How about we give you a choice.

Corporate Tax hike
Or
$15 minimum wage that kicks in tomorrow

Don't get me wrong we're coming for both, but for the infrastructure bill I'm willing to compromise and go after the tax hike later.
 
2021-04-12 6:19:33 PM  

UltimaCS: In related news, rich people tend to be well-marbled.


Fark user imageView Full Size
 
2021-04-12 6:51:35 PM  

Moopy Mac: cameroncrazy1984: GrinzGrimly: cameroncrazy1984: GrinzGrimly: PaulRB: We also need all our houses and our private planes and our private islands and our mistresses.  If you raise our taxes we might have to sell some stuff.  It's just not fair.

Price of materials go up - "we need to raise prices on the customer"

Price of energy goes up - "we need to rise prices on the customer"

Taxes go up - "I should sell my vacation home to pay th... or... wait a sec... we just need to raise prices in the customer"

Forgot about the demand side of the equation there.

Maybe you mean Democrats will 'demand' CEOs sell their boats to pay the corporation's taxes? Because otherwise they'll simply pass these taxes on to their customers.  Corporations won't have any sudden new competitive concerns. Georgia Pacific will raise the price of their toilet paper without concern because they know Kimberly-Clark will face the same new tax burden they do and respond the same way. The consumers will accept and pay the higher prices because the shiat will continue flowing form their arseholes much like it will continue to flow out of Joe Biden's mouth.

How much of overhead do you think taxes are?

Corporations are people, therefore their income taxes are calculated the same as natural people, right? Otherwise his comment is completely ludicrous and shows an impressive amount of ignorance on the subject, which can't be right.


The difference in a corporation and a person is that people own their own wealth. Shareholders own the wealth of corporations - those entities can either invest their profits back into the business or distribute them to shareholders. Taxing dividends to shareholders are a good way to tax corporate profits, but increasing the corporation's cost of doing business through taxes will just be passed onto the customer.  Functions as a regressive tax.
 
2021-04-12 7:31:18 PM  
Cool. I hate corporate CEOs' idea of growth, it seems. Let's find how high they can actually bear before things start creaking.

It's called lying. It's a really good negotiating tactic if the other party was born yesterday. Call bullshiat.
 
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