Corporate Income Tax Increases Adverse Impacts

 

U.S. Corporate Federal Income taxes in 2024 are set at 21%. In the past, they have been as high as 35%. Many Democrats would like to see them higher again (at least 28% and some would prefer 35%). That would be a great mistake for the following reasons:

1. U.S. Corporations compete with other nations for business both in America and globally. Average global Corporate income taxes are around 21% with China at 12.5%. Therefore raising US corporate income taxes means that American companies would be at an economic disadvantage and therefore less competitive than foreign companies regarding the prices they must charge to cover their expenses and still make a net profit. This would result in less goods and services sold by American companies resulting in job layoffs, less future job hirings, and smaller wages for American workers.

2. In addition to Federal corporate income taxes, American companies also pay:

A. Social Security taxes.

B. State income taxes in most states.

C. Capital Gains taxes

All these taxes, combined with Federal income taxes, make it harder for American companies to successfully compete with foreign companies for business, thus further eroding employment and wages.

Bottom Line - Higher taxes on Corporations are ultimately paid for by Americans in the form of less jobs, lower wages, and higher prices on products and services.

2024 Trump Policies That Will Benefit You

                                          2024 Trump Policies That Will Benefit You

1. Reducing tax rates for people and corporations.

Your take home pay will go up as will your standard of living as a consequence. Corporations will have more money to expand their businesses and thus grow the economy. Plus corporations will have more money and opportunities for new hires, raises, and promotions. Plus they will be more competitive with foreign corporations, increasing exports and thus jobs in America. Plus foreign companies, as they did when Trump lowered taxes in his first term as President, move more production to America thus increasing job opportunities for Americans. Finally, historically, Federal tax revenues will increase faster with lower tax rates due to more people working and paying taxes.

2. Repealing Energy Drilling Restrictions imposed by Biden-Harris.

We became energy independent during the first Trump Presidency due to his energy policies. Harris-Biden restricted energy drilling causing energy prices to rise which significantly increased the cost of production and services, plus the cost of driving a car and heating and cooling your home. That fueled massive inflation that has hurt all of us. We are no longer energy independent due to Harris-Biden and must buy much more expensive and dirtier fuel from other nations. Inflation will only increase further under Harris as has proposed abolishing fracking which will lead to higher oil imports and more inflation.

3. Repealing the laws requiring auto makers to switch from gasoline cars to battery cars in the near future.

Battery cars are much more expensive to purchase than gasoline cars. Most Americans need and depend on cars for necessary daily transportation. Being forced to purchase battery cars will significantly lower the standard of living of the poor and the middle class. In addition to that, if all cars were battery cars, America has nowhere near the supply of electricity to charge them. Let's also not forget that electricity is generated by fossil fuels, so battery cars are not "energy friendly". Also, their batteries are prone to fires and putting a battery operated car in your garage is a fire risk.

4. Trump will again pull America out of the disasterous Paris Climate Accord.

Trump did that in his first Presidency. Harris-Biden reversed it and rejoined the Paris Climate Accord. This will result in America paying trillions of dollars in "carbon taxes" and hand it over to "developing nations". It is beyond stupid and unaffordable!! Trump will get us out again.

5. Trump Immigration Policies.

America cannot handle the huge influx of millions of illegal immigrants coming here each year. Illegal immigration was much less under Trump policies and he did not need that ridiculously stupid proposed legislation to not do anything about illegal immigration until it reached a point of exceeding 5,000 illegals a day (over 1.8 million a year). We don't have enough housing for all these illegals which is driving up the cost of housing for all of us. Plus, by driving up labor supply, illegals keep wages lower for many of us than otherwise would be if the supply of labor for jobs did not have all these illegals in it.

6. Imports and Export Control Via Tariffs.

Under the first Trump Presidency, by threatening retaliation tariffs for the high tariffs other nations imposed on America's exports, Trump got Mexico, Canada, and much of Europe and Asia to lower their tariffs on American exports. This resulted in a boom for American exports creating more jobs. More work needs to be done. Harris refuses to do it. Trump will get it done.

Do the Wealthy Pay Their Fair share of Taxes?

Do the wealthy pay their fair share of taxes? Hey Joe Biden, yes they do. The top 1% pay almost 46% of all Federal income taxes collected. The top 10% of income earners pay 75% of all Federal income taxes collected while the bottom 50% of income earners only pay 3% of all Federal income taxes collected. That is very fair and very "progressive". Scroll down this link to the chart listed under What's Your Tax Rate?

https://www.cbsnews.com/news/tax-irs-income-taxes-who-pays-the-most-and-least/

Inflation 2024 - Who is Responsible - Trump or Biden

Another clueless news story that never answers the question posed in the headline, namely the cause and responsibility of high inflation. As a person who majored in Economics in college, here are the facts logically analyzed to conclusions:

1. Energy Costs
Under Trump, we were energy independent for the first time in decades. Costs for gasoline, electricity, heating and air conditioning were cheap.
Joe Biden, on the first day of his Presidency, restricted energy drilling in America. Consequently, we were no longer energy independent and had to get a significant part of our needed oil supplies from other nations at more expensive prices and higher transportation costs to ship it thousands of miles over oceans. Plus it was dirtier fuel to burn than American fuel. Energy costs are a big part of producing and transporting goods and services. So everything was negatively impacted with higher costs that were passed on to consumers.
2. Interest Rates
Covid, which started in earnest in 2020 during Trump's Administration, was nobody's fault but it negatively impacted our abilities to work, shop, and use restaurants. To counter the impacts of Covid, Trump had to vastly spend money to prevent Economic collapse. That significantly raised deficits to two trillion dollars a year. Huge government deficits require higher interest rates to attract people to buy government bonds to cover our deficits because the risk of a future government default is exponentially higher. Higher interest rates impact production and services costs, causing prices to rise to cover the increased costs. The housing industry is especially negatively impacted by this, and so is the cost of food. For the most part, Covid was over in terms of the number of people impacted when Biden took office. Federal budgets needed to get rid of extra 2 trillion dollars in Covid spending and go back to pre-Covid 2019 federal spending levels. Instead Biden didn't cut the spending and consequently interest rates kept going up and is the reason for America's high interest rates. https://www.usatoday.com/story/money/2024/06/27/biden-trump-presidential-debate-economy-inflation-takeaways/74236870007/

                                              Evolution and Creation

1. Some people don't believe in God.

2. Some people who believe in God don't believe in Evolution.

3. Some people believe, per counting the human generations and ages listed in the Bible, that the Earth and the entire Universe is only 6,000 years old.

All are wrong for the following reasons:

1. Remember the old cliche - "Which came first - the chicken or the egg?" You can't have an egg without an adult male and female chicken at the same time having bred it. You can't have the first adult male and female chicken unless they were eggs first. So either way, the first adult chickens had to be "created" or if they started as eggs, the eggs had to be "created". Same principle applies everywhere, but most especially to humans. Look at a newborn human baby. Totally helpless and dependent on it parents, a newborn baby could not survive on its own. So the first human baby needed an adult male and female human to copulate to create the first baby. Logically, those two first human adults who created the first human baby - how did they come to be if they were never babies themselves? Only logical answer is that they have to be created and in an Earth that is 24,000 miles in circumference, they had to be near each other too.

2. Once created, evolution can occur later through environmental and other factors. After all, we are one human species but have evolved into different skin colors through living in either hot or cold climates for many thousands of years. We know that different skin color humans are one and the same species as we can share blood and body organs when health issues require that to survive.

3. Science has proven that the light from stars that reach the Earth have traveled, depending on how far away from Earth they are, thousands of years in some cases to get here, millions of years in other cases, and billions of years in some cases. So how can the Universe be only 6,000 years old?

Also, if you believe that just the Earth is 6,000 years old, then explain dinosaurs. We know from extensive fossil records, that dinosaurs existed and were huge. It would have been impossible for humans to survive in a world of dinosaurs. Dinosaurs are not mentioned in the Bible, nor in human history. So if the Earth is only 6,000 years old and there's no human history of them, then did they only exist for 100 years and died out? Not realistic.

Everything Is Relative

 Everything Is Relative

The term "millionaire" has been utilized to indicate a person of great wealth for generations. How true is that today?

For example, in 1900, a million dollars was equivalent to the annual income of 2,283 workers.

In 1950, a million dollars was equivalent to the annual income of 314 workers.

Today, a million dollars is equivalent to the income of only 16 workers.

100 years from now, it is conceivable that "just a millionaire" would be utilized to describe a person who is poor.

Black Households with Children Income Differences Between Married and Unmarried

Especially if you are Black, you need to read this comparison of the huge difference in incomes between single parent Black female households ($34,544) and Black married households with children ($94,943). If you don't want to be poor, get married before having children. Democrats won't save you from poverty - they want to keep you there through enticing you through welfare programs. It's their way of getting your vote starting with Democrat Lyndon Johnson's Great Society Welfare programs in 1964 aimed at doing just that after Republicans broke the Democratic filibuster and got the the Civil Rights legislation passed. Wise up for your own good and that of your children.

https://wirepoints.org/new-census-data-marriage-bonus-for-kids-greatest-among-black-families-wirepoints/

World Population Growth History and Challenges

 World Population Growth History and Challenges

1. World population reached 1 billion people in 1800.

2. It took another 127 years to double to 2 billion people in 1927.

3. It took only 48 years to double again to 4 billion people in 1975.

4. It took just 48 years to double again to 8 billion people in 2023.

Therefore, in less than 100 years the world human population has quadrupled!! What will happen if the human population doubled again? Seemingly that would happen sometime this century and some people alive today will likely be alive when that occurs. How would we feed 16 billion people? And would someday about 100 years from now would there be a need to feed 32 billion people?

The potential solutions would be challenging and likely would include:

1. Converting wildlife lands to farms, thus driving many species to extinction or near extinction.

2. Converting suburban home lawns to farmland.

3. Inventing/building high tech skyscraper farm buildings that don't use soil to grow crops.

4. Very restrictive laws on how many children families can have (likely just 1 which is something that China does already) or if some families can have children at all.

Will some nations that are having trouble feeding their population invade neighboring nations who still have land resources for additional farmland? Based on human history, most likely yes.

Will their be energy shortages and also shortages of key resources such as steel, wood, salt, materials for clothing, etc.? Most likely yes.

Will a future atomic war occur that would result in a much smaller human population?