A company, paying taxes? What a bizarre idea... That's not how things have ever worked and, now that Daddy is gonna take over, we'll probably get rid of the entire charade altogether.
Schumer Says He Can Block Trump’s Efforts to Repeal Dodd-Frank Anders Melin melinanders November 20, 2016 — 10:38 AM CSTUpdated on November 20, 2016 — 10:57 AM CST Incoming Senate minority leader vows ‘tooth and nail’ fight Schumer predicts Trump would also lose on Obamacare rollback Incoming Senate Minority Leader Chuck Schumer, drawing a line in the sand for the next administration, said he has the votes to stop President-elect Donald Trump from repealing the Dodd-Frank Act and “the rules we put in place to limit Wall Street.” Schumer predicted that the Senate’s Democratic minority would get help from Republicans in any such fight. “We have 60 votes to block him,” Schumer said in an interview on NBC’s “Meet the Press.” As a candidate, Trump said he would scrap Dodd-Frank, Congress’s attempt to legislate new rules that would prevent a repeat of the 2008 financial crisis. Following Trump’s victory on Nov. 8, his transition team said it will be "working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.” Read more: What Trump might mean for Wall Street reform law Schumer, a Democrat from New York, similarly predicted Trump would face defeat if he tried to repeal the Affordable Care Act, President Barack Obama’s signature health-care measure. But he expressed support for “dramatic change” in trade laws and for closing loopholes in the tax code, ambitions that may align with Trump’s. “When we oppose Trump on values or this presidency takes a dark, divisive turn, we’re going to do it tooth and nail,” Schumer said in another interview on ABC’s “This Week With George Stephanopoulos," broadcast Sunday. Democrats chose Schumer to serve as minority leader in the Congress that begins in January, succeeding Harry Reid of Nevada, who is retiring after five terms. Schumer told "Fox News Sunday" in an interview taped on Friday that he and Trump had spoken twice since the election, including once about the possibility of "a major infrastructure bill." ... http://www.bloomberg.com/news/artic...ll-fight-trump-tooth-and-nail-over-dodd-frank
So , corporations pay lower taxes (unless you are GE and have not paid them in 35 years ) and then they tax the individual at a capital gains tax rate which makes up for the lowered corporate rate. How about they reduce the taxes for individuals and corporations and then eliminate the capital gains tax for dividends? I still regard it as a tax on a tax. I don't have a copy of my utility bills right now, but I have seen taxes on them that are small taxes based on another tax I paid. It is only .02 or .03. But I think it is sneaky and a round about way of taxing us without having to justify raising another tax. It may not sound like much but .02 multiplied by 8MN people in the metropolitan area (Dallas/Ft Worth) is a lot of money every month. It's not the money, it's the principle. I got an idea, how about reinstating Glass Steagall.........it separated investment banking and commercial banking. It was instituted in 1933 to provide stability in the financial industry but was repealed by Clinton in 1999. They said it was ineffective when it was repealed, but there should be some kind of reform in the financial industry so if there is a financial crisis, the failure of a large bank won't bring down the whole industry like a house of cards. Isn't it the banks of North Dakota that do not belong to the FDIC and have their own statewide banking insurance ? They are probably the most financially secure. They still need to reinstate the uptick rule. Without it, the only people it will benefit will be the investment houses with HF Trading. http://www.investopedia.com/terms/u...ediaSiteSearch&qsrc=0&o=40186&lgl=no-infinite
I personally think the repeal of Glass Steagal was good for America. Larger financial institutions should have lower costs of capital and they can pass that to borrowers. I do believe that financial institutions aren't regulated enough. The Corp tax + dividend tax is > personal income tax. The unearned income surcharge doesn't help. There are lots of taxes paid at each point through the supply chain. Basically like a VAT system.