Archived posting to the Leica Users Group, 2011/10/16
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]On 10/16/2011 6:33 PM, George Lottermoser wrote: > On Oct 16, 2011, at 6:07 PM, Ken Carney<kcarney1 at cox.net> wrote: > >> Wonder how all these occupiers were able to get off work for so long? > Many of the Milwaukee "Occupiers" (a one Saturday event) were "laid off" > or otherwise unemployed; part of that 9.1% as well as the 99%. I spoke > with quite a few degreed professionals with 20 plus year professional > careers who have been unable to find "any" work for 4 to 12 months. Others > have been forced into early retirement. Others are serious students who > can no longer finance their educations; or find employment. The stories > are many and sad. Minorities in Milwaukee have more than 4 times that 9% > unemployment rate. And those rates do not include the people who have > simply given up on the prospect of finding work. > > Regards, George > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information > I hear you. It also relates to Richard's comments about corporations hoarding cash and banks not lending...the reason is that there aren't as many opportunities for investment now. The reverse, actually. The question is, what can our government do about it? The government doesn't create jobs, except in a temporary and largely wasteful sense. Large CEO salaries and taxes on the rich are irrelevant - the most draconian measures would not put a small dent in the debt. What is needed, IMHO, is competent fiscal administration, something not present now (IMHO). I have now escalated into a rant, which needs at least a couple of constructive suggestions. As a tax adviser, I will probably be excommunicated for this one, but I think the current policies regarding transfer of intangible assets offshore should be revisited (Google, Cisco et al.). All that is happening there is that the income escaping U.S. tax must be reinvested in another offshore business, else it will become income subject to U.S. tax. So, the U.S. tax break is building industries and infrastructure in other countries. A U.S. citizen is taxable on worldwide income, now matter where earned. Why should it be different for a corporate business? A second suggestion is to stop U.S. military intervention in hopeless causes, e.g., Afghanistan. OK, a third bonus suggestion would be some way to eliminate federal pork spending, a lost cause I know. Lastly, I have numerous clients who have taxable income in excess of $1 million. They all pay taxes at the highest rate. They are also usually high charitable givers. Who pays taxes at a lower rate? Two instances come to mind. One is the risk taker who is able to take a deduction for intangible drilling costs in the exploration for oil and natural gas, and that is a temporary thing. The other is someone who has bitten on a tax shelter, with blowback potential that will greatly exceed the temporary tax savings. EOR! Ken