Our Congressman will give a press conference today about the failure of the American Recovery and Reinvestment Act of 2009, which was signed into law one year ago today. From his press release:
SANTA CLARITA, CA – One year ago tomorrow, Democrats passed a $862 billion stimulus bill that they claimed would immediately spur job creation and economic recovery. Since that time, the nation’s economic health has deteriorated and roughly 3.5 million jobs* have been lost. California’s unemployment rate is sitting at a painful 12.5%.
Businesses in individual communities across America are suffering. For instance, A-V Equipment Rentals, Inc. in Newhall has suffered greatly despite the “so-called” stimulus. Rather than invest in job producing initiatives, Democrats chose to inject millions of dollars in new programs leaving companies such as A-V Rental to lose half of its employees since the stimulus was passed.
What McKeon won’t tell you is that while he voted “No” on the ARRA, he put his own pork in it and has been more than happy to take credit for federal funding he voted against. For example:
- He helped secure $333,000 in the ARRA “to assist Henry Mayo Newhall Memorial Hospital in designing and building a helipad” LA TIMES
- The bill also included $167,000 he got for the Autry National center of the American West LA TIMES
- In January, Buck McKeon held a press conference in front of the South Valley WorkSource Center in Palmdale. He announced “that $100,000 in federal funds [have] been secured for the South Valley WorkSource Center.” That money was attached to the fall Omnibus Spending Bill, which McKeon also voted no on LINK
If he thought this bill would be such a failure, why did he load his own spending in it before voting no?
McKeon is also not likely to mention that the ARRA has directly benefited local government agencies and non profits during a terrible recession and massive state budget cuts. According to the Recovery.gov website, some $26 million has been distributed to local agencies and non profits including:
- $42,500 to the Santa Clarita Valley Boys and Girls Club
- $331,362 to the Santa Clarita Valley Committee on Aging
- $10.09 million to the City of Santa Clarita
- $8.9 million to the William S. Hart Union School District
- $353,780 to the Santa Clarita Community College District (COC)
- $140,000 for LARC Ranch
In addition, the Recovery.gov website says $630,351 in contract money has been awarded to local private firms, many of which are located in the Valencia Industrial Center.
Moreover, the stimulus act included nearly $300 billion in tax cuts for individuals and businesses, something Republicans like McKeon always push as a solution to economic recession.
And it included the famous “Cash for Clunkers” program which was successful at driving auto sales locally so much so that Cheri Fleming of Valencia Acura said, “Wow, we’re busy. We might be back in business.”
Has the ARRA worked as well as the Administration said it would? Obviously not. They sold it as a cure-all and they were either far too optimistic about its effects or they had vastly underestimated how deep the recession actually was.
But it’s undeniable that it has benefited local communities and softened the effect of the economic downturn. It has likely saved jobs in public agencies and non-profits and, as Vice President Biden said today, it’s not done yet as only half of the funds have been distributed.
All I’m asking for is a little honesty and nuance from Buck McKeon. We’re all in this recession together and it’s not over by a long shot. It sucks that AV Equipment is suffering through hard times, but just blaming the Democrats won’t solve the issue and it’s dishonest to claim that the stimulus has been a total failure.
Great Writing.
Jeff,
While your arguments for the stimulus may be good I do find fault in your disagreement with McKeon. It was the right move for him to add his pork request before voting no. I don’t agree with the stimulus handouts either but if some idiot is going to give money away I’ll be in line to get it. It’s the old addage, “if you can’t beat ‘em, join ‘em.” True bi-partisanship.
nav:
So what you’re saying is: he voted for it, before he voted against it?
“All I’m asking for is a little honesty and nuance from Buck McKeon.”
You’re obviously asking for too much!
Couldn’t have said it better myself. %-)
Jeff – I agree with you that the stimulus is not a total failure. I am glad that the stimulus has helped save jobs for teachers, local agencies etc.
I just wanted to offer my perspective from the private sector. My company in the entertainment industry continues to suffer. The studios continue to lay people off and our company went through another round of layoffs just last week. The stimulus hasn’t helped any single studio or the vendors in the area that support the entertainemnt industry. I ahve seen many friends in the industry lose their jobs and it’s not slowing down.
Additionally, I wanted to tell you a story about a new client we brought in to our fulfillment business. There is a company I would prefer not to name that was based in Connecticut. Recently 2 partners purchased the business and decided to lay off everyone in the company. They have since outsourced all customer service and order processing to call centers in India. All of their product is now stored and shipped from our facility here in Valencia. Yes, this does help our bottom line for our company here in Valencia, but I can’t help but feel terrible for the families that suffered from the actions of these 2 partners.
In my opinion, the ARRA and new regulations are not stopping the corporations and wealthy from taking advantage of the economic crisis. They are using the economic downturn as an excuse to outsource, cut costs, reduce jobs, freeze salaries and ultimately increase profit margins.
I now find myself working 12-14 hour days, and am losing hope in the whole system. I haven’t seen you for a month!
navigator – Then Buck will be whining about them liberals putting pork in all those bills. This was pure politics and Jeff called.
I have been waiting for Republicans to come up with solutions… little tougher to do that then just find some problems with Democrat Solutions.
Republicans are reminding me of John Kerry in 2004.
“It was the right move for him to add his pork request before voting no. ”
I see. So if Democrats include pork, they are big tax ‘n spenders. If Republicans include pork and then vote no, they get criticism Immunity, like on Survivor or something.
Completely fair!
HAHA Republican require 15 pieces of Flair.
I am still trying to figure out how Republicans who are responsible for 8+ trillion of the 12 Trillion in National Debt get a pass?
Could it be that they have figure something out… criticize all spending and the public will give you a free pass to spend whatever you want, then once the debt is compiled blame it on your rival.
“If Republicans include pork and then vote no, they get criticism Immunity,”
The difference is that Dems put up the pork and then vote it in. The Reps put up for the pork and try to vote it down.
Great comments Jeff.
I think what irks me just as much as you Jeff is that the Republicans that voted no are taking credit for when good things happen in their district such as funding coming in.
McKeon is being a hypocrite. If you think the stimulus is a failure and you voted against it, that is fine. Stick to your guns. You should not be able to get any credit for when something positive happens especially since you cast a NO VOTE!
McKeon is not the only Republican doing this. Its happening all over America. Republican Aaron Shock from Illinois is doing the same thing and Rachel Maddow called him out on it on last week’s Meet the Press.
“The difference is that Dems put up the pork and then vote it in. The Reps put up for the pork and try to vote it down.”
Republicans get to have their cake and eat too. Isn’t that Special
Susan Staedtler – Or at least have the rocks to admit you were wrong.
Susan/Blaze – Jeff has told me that he is going to come over and take every other penny I make over the next year. Then he’s going to spread it out among all those here on SCVTalk that voted for him to do that. I told him that I could use a few extra bucks to buy food with if his plan passed. Thankfully that since his grab and spend bill worked here I’ll at least have food on my table after I voted no on his plan.
$42,500 to the Santa Clarita Valley Boys and Girls Club
$331,362 to the Santa Clarita Valley Committee on Aging
$10.09 million to the City of Santa Clarita
$8.9 million to the William S. Hart Union School District
$353,780 to the Santa Clarita Community College District (COC) $140,000 for LARC Ranch
This is nothing more than vote-chumming. Buck makes sure every organization in this valley is beholden to him because he gets all those pork bucks to them. So it doesn’t matter to them that Buck is a totally worthless jerk, as long as they can depend on him to bring home the pork these organizations will vote for him and campaign for him and treat him like a king when he struts around at all the SCV events. But complaining about the stimulus program WHILE using stimulus money to campaign by throwing all that stimulus pork around SCV is beyond hypocritical, even for such a mega-hypocrite like Buck McKeon.
Charlie,
Sad but true.
I dont know how much of the money that all these agencies recieved are through Buck’s pork but I know the majority of the funds that came to the City and the School District are allocations based on population. So Buck had nothing to do with it at all.
As long as we can agree that the stimulus did not work as well as the Democrats promised it would, I’ll allow your other eccentricities on the subject Jeff.
Well it has certainly worked better than the Bush Administrations Iraq war planning from 2003-2007…
Who really thought Stimulus would be the fix all?
Perhaps someone can refresh my memory on the Republican’s remedy again?
Agreed Jeff. The planning for turning around Iraq after the invasion failed and it took an additional 3 years to settle that nation. But the idea that Iraq could be turned around has always been disputed by liberals so in that sense your analogy is inaccurate.
The Republican Plan to fix everything: http://www.roadmap.republicans.budget.house.gov/plan/
Buck is worthless. How long have we waited for a Cemex bill to pass?
His political posturing insults the voters intelligence (except perhaps for Navigator who is happy to get the money no matter how or if deserved).
The Republican Plan to fix everything:
$2300 tax credit per person… times 300 million people equals nearly 700 billion dollars
What is the difference?
“Creates state-based health care exchanges, so individuals and families have a one-stop marketplace to purchase affordable health insurance without being discriminated against based on pre-existing conditions.”
HAHAHA RRRRRight
Need – Cemex and posturing I’ll give you. If you’ve got any extra cash I’ll take it.
What Bush did: Sent pallets of money to Iraq with no accountability and had Bremer throw it off the trucks. Stimulus spent.
Obama let a smaller portion out to measure the effect and to determine what works and what doesn’t. Then release the rest. This minimizes fraud and waste.
We’re in debt due to Bush’s approach. Why do it again?
The right hates accountability, that’s obvious!
Brian – I don’t think either side like accountability. Difference is Democrats are being held accountable while Republicans weren’t held accountable.
I think Republicans are better watch dogs and complainers then law makers.
Need for Involved Citizenry says: February 17, 2010 at 3:54pm:
Buck is worthless. How long have we waited for a Cemex bill to pass?
But hey, we’ve got lots of signs thanking him when it finally does!
Stimulus did not help Jill Brown!
Jobless claims rise UNEXPECTEDLY today to 473,000
Stimulus=EPIC FAIL
blazingmonk please give me an example of Democrats being held accountable.
KK – turn on fox news
“KK – turn on fox news”
LOL
I notice you did not mention CBS, NBC, ABC, PBS, CNN or MSNBS?
I notice you did not mention CBS, NBC, ABC, PBS, CNN or MSNBS?
Did ya now…
Yeah just lucky I guess?
Do you consider their unbiased coverage of this abomination “holding this administration accountable”?
The administration hires a tax cheat to steward the economy and now appears clueless as to the true extent of the weakness of the overall economic picture. This is not accountability by any standards.
The thing that always gives me 6 chuckles is whenever someone on the left side of the isle writes or says anything about the stimulus they never mention who is paying for it?
We are printing money as fast as we can and new inflation numbers show the results.
Now lets start talking about how this failure is going to be paid back and by who!
We laid this debt on the backs of our kids and grandkids for what?
Is ANYONE happy with the result? (imagine how looney you need to be to say yes)
Please jeff tell the citizens of SCV how this will be paid back and how long it is going to take?
Then let them decide if the whole stimulus fraud was worth it!
20 years from now Obama will be a punchline to a joke just like Carter is now.
I too chuckle when someone on the right or left acts like they act like their side hasn’t contributed to our problems. Republicans are responsible for 8+ trillion of the 12 trillion in debt. They have put an average of 450 billion a year on the national debt to the Democrat’s 200 billion including Obama.
Everyone needs to get real.
It is correct to point out that Republicans participated in and even led the orgy of spending that has taken place over the last 3 decades since Reagan made a small attempt to reign it in. Having said that, it is Democrats that championed the housing policies that led to the instability of the housing market. It is also Democrats that have sought to increase spending and taxes which is a double whammy to the U.S. Household. Republicans increased spending and cut taxes.
Still waiting for the answer to who-when will be paying back this stimulus.
Then let the voters decide if it was worth it.
The voters decided that they did not want anymore Bush/republicans in 2006 and 2010 and that was fair enough.
From the MA election results it looks like they may be voicing there opinion again
One can forgive Liberals for failing to acknowledge the sea-change in voter attitude towards the Democrats. looking at the results of 2006 and 2008, one might identify that Democrats were handed a mandate to run things as they see fit. That however turns out to be the exact opposite of the message voters sent. They were reacting to 6 years of Republican rule and were voting not for CHANGE but for bipartisan solutions that advance the causes of America forward. What they got was a naive, partisan-hack President and a Congress so deluded by their own lies as to be completely unable to bring the opposition to the table for bipartisan problem solving.
Obama said he would rather be a great 1 term president than a mediocre 2 term! Just how many great presidents have been voted out after 1 term?
Punchline I tell you
Oh and BM…. 4 trillion of debt in one year? At his current pace where will we be after 4 years?
I have a great project for jeff!
Go to to the Valencia Auto Center and spend all day trying to find 1 car salesman/manager/executive that believes the Cash4clunkers program was a good idea. (I mean if you really want to provide unbiased insight to your blog readers)
I look forward to reading your findings.
Yo Vegas guy read my blog. I quoted Cheri Fleming, the co-OWNER of valencia acura!
Honesty please the number is 1.6
How long ago was that quote? But, I may be very wrong? I just spoke to one of my best friends who is the sales manager at one of the largest toyota dealerships is cali and his exact words were “I hope they have 3-4 more this year”
After laughing he did say that in the big picture the program was a failure but the only actual stimulus he saw the government provide all year. His exact words were ” it is the only thing that obama has done where you could see and feel the results”
So there you have it
“Republicans are responsible for 8+ trillion of the 12 trillion in debt”.
YO jeff I did read your blog and got this quote from ms Flemming
“Hopefully,” she added, “this momentum will continue.”
Did it???????????
200 billion Carter
1.4 trillion Clinton
1.6 trillion Obama
the rest are the previous president back to WWII
Oh
Reagan 2.0 Trillion
Bush Sr. 1.6 Trillion
Bush Jr. 4.6 Trillion
alright then. So at the current pace where will obama be at when he is booted out in 3 years?
The best way to destroy the capitalist system is to debauch the currency” Vladimir Lenin
Bammy is off to a great start!
Your belief that some how Obama caused this problem is very misguided.
I never said he caused it nor have I implied that he did. I am only saying that without a doubt his plan to fix it was at best a HORRIBLE plan. It did not in any way SLOW unemployment or increase confidence. That is exactly what we were told it was going to do!
Anyone that claims otherwise is at best stupid at worst a liar.
Now lets get back to the question that has still not been answered. Who gets to pay for this failure and how long is it going to take our kids/grandkids to pay it back?
What was the Republican plan?
So I take by that response that you stipulate that it was a HORRIBLE plan?
When repulicans said this was a bad plan what did you say last Feb?
I ask you now? Who was right?
I grant you that Bush and the idiot spend at will congress started this mess. But I am not going to be like bammy and just blame everyone else for his failures. It’s time for bammy to step up to the plate. Does the buck not stop at his desk? I am positive the american public is tired of his act.
This horrible experiment will end in less than 3 years and maybe then we will elect a leader and not someone that just reads a good game from a teleprompter.
I say vote out all incumbents and start over from scratch! Lets get people into office that want to do more than just getting themselves re-elected! That includes Buck!
I will ask you again What was the Republican plan?
Easy to criticize when you don’t have a better solution.
I am giving you the chance to play monday morning QB… what should have been done.
Blazingmonk you must have missed the link I shared earlier in this string. It links to Paul Ryan’s website explaining the conservative solution to each of the major issues facing Congress, the President and the American people. Scroll up to find it.
Great read even though I know you wont agree with it.
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=521534
Nate you read to many liberal sites if you actually believe there was no republican plan.
(how come I know that is what you believe?)
http://www.cnbc.com/id/29020945
http://theplumline.whorunsgov.com/stimulus-package/dems-house-gops-stimulus-plan-would-actually-raise-taxes-for-many-americans/
Nope I got it and asked you questions which you didn’t answer.
Which question was that because all you ever do is spout off easily challenged rhetorical snowballs against “republicans”. Might have missed it if one of them contained an actual need for clarification. But in the broader context, the fact that you are not familiar with the suggestions that Conservatives have explained only proves that you don’t have any interest in knowing how we would solve the problems. You are using the fact that this President and this Congress have locked the Reps out of everything as evidence that the Reps don’t want to work towards solution.
KK,
How do you debate with someone that actually believes what he reads on huffpo and thinks there was no republican plan?
A simple google search debunks that myth in .34 seconds
Results 1 – 10 of about 2,950,000 for republican stimulus plan. (0.34 seconds)
Now it is very easy to figure out what his response will be…..
Oh yeah more tax cuts yada yada yada……
Given a choice between spending 400 billion on a failure or 900 billion on a failure which would you choose for your government to try?
“I know you wont agree with it.”
Mind reader?
Question. First He site Reagan as some kind of hero yet Reagan was the president that started the deficit spending trend?
One common theme you see in both situations was people from both sides working together.
First time in thirty we had budget surplus was with A Democratic President and Republican Congress…. I am seeing a trend
America is better when we work together. Before Obama even took office the attacks and temper tantrums started. I have said the same thing over and over and over again when guys criticize WHAT CAN WE DO BETTER? And why aren’t the Republican presenting the options?
Washington has this ALL or Nothing mentality.
I am confused why you included this…
http://theplumline.whorunsgov.com/stimulus-package/dems-house-gops-stimulus-plan-would-actually-raise-taxes-for-many-americans/
GOP seemed to be double talking criticizing Dems for not lowering taxes when their plan was to raise… isn’t that the McKeon way? Say one thing and do the other?
Are you suggesting Raising Taxes would be a better solution?
You also criticize Obama for the Job loss… What was the Republican’s plan to create jobs if they don’t want to do a stimulus.
Kevin’s link suggests 700 billion dollars in tax credits…
His link also fail to address Job Creation.
How is a leader to have a Balanced Budget & Create Jobs in this Economy without a stimulus?
Another great read and the next government failure FHA
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=521540
You love to Straw man and assume you know my position… it is the reason thing get ugly.
No the Congress Reagan had to deal with deficit spent in response to Reagan’s cuts to all nondefense spending. You lie!
Blameshift… no way the messiah could have been a big government spending president.
The first 5 years of Reagan has a Republican Controlled Senate and Democratically controlled House.
I don’t think you read the story?
It was about Dems strategy for blasting the republicn plan that you believe did not exist?
So are you now saying you knew there was a republican plan but it was a bad one? Please help me out here cause it is hard keeping up with your positions?
I didn’t say it didn’t existed… I asked what it was.
Do you honestly think this plan would fix this problem?
Where is the job creation?
How would Republicans both keep a Balanced Budget, Created Jobs in this Economy without a Stimulus?
why did you ask though? What point was made by asking?
I don’t know if would have worked? it may have helped?
I did know the obama plan was a joke? Everything that was pointed out by the right has come true!
First they said money was being spent in the wrong places and would not spur job growth! Fact
They also said not enough money was being spent the first year! Fact
They also said jobs that were created would end up being temp jobs and not long lasting employment! Fact
From the left we got..This will keep unemployment below 9%! EPIC FAIL
We also got “This needs to be passes now so we can get americans working now! EPIC FAIL
Oh and my favorite line…Shovel Ready! LOL who is still buying that load of crap? (dont answer)
Then we can agree that we don’t know which plan was better. Is it really fair to assume the Republican plan is better which doesn’t address Job Creation?
Republicans plan for Job Creation was hope for the best… my uncle has work almost exclusively on Stimulus Jobs. Without the Stimulus he could be on unemployment which doesn’t seem like a good use of our money. I think I would rather get a road then just pay guys to watch Springer.
This situation is very tough and Republican seem content to make it tougher on this President.
Cutting taxes spurs investment in the economy which translates into more job. Eisenhower, Kennedy, Reagan, Clinton and Bush 43 already proved this.
And then we have the way liberals do it. FAIL.
I am done with this conversation, it just goes round and round and blazingmonk is willfully ignorant of the facts.
Republicans are hard on poor bammy?
LOL
What rock were you hiding under from 2000-2008?
http://www.house.gov/pelosi/press/releases/Aug03/prWherearetheJobs080103.html
What was unemployment then? What was the yearly job growth?
Dems spent 8 years bad mouthing everything Bush did! You need to expand your website reading
Obama is creating a death spiral in the government financial situation. The stimulus spend will only creates a deeper hole. Without the creation of a new source for job growth what happens when the stimulus is gone? Answer: more debt and a continued level of high unemployment.
The private sector is the only hope, not Obama!
I love this version
http://patriotroom.com/article/pelosi-where-are-the-jobs-mr-president
The bottom line?
Are there more or less people working today than the day stimulus passed?
Based on current numbers released today is there a light at the end of the tunnel?
Then why the hell did the democrats push this trillion dollar fiasco down our throats? Am I the only person that remembers the rush to get it passed? TOTAL EPIC FAIL
“Then why the hell did the democrats push this trillion dollar fiasco down our throats?”
Because Nancy and Harry knew they could. The two of them make me ill!
Cash I live in Vegas and can assure you reid will not run for re-election! His son will be on the ballot and he will not let his horrible record tarnish his sons name!
Besides he has a better chance of getting hit by lightning 4 times in one day than getting re-elected
JA
I understand your state is in a world of hurt financially; worse than California I believe. Does Reid actually live in Searchlight?
Would the son be any better? They say the fruit does not fall far from the tree.
Rory has zero chance of getting elected governor! He is a bigger geek than his father
http://www.washingtonpost.com/wp-dyn/content/article/2010/01/11/AR2010011104067.html?hpid=topnews
Hey what’s the problem with geeks?
JA.
Does Reid ride a bike pulling a little trailer?
lol? I have no idea? But geeks have a purpose in life I am sure? It was probably a geek that invented the ball? To bad he could never learn to catch, throw or hit it!
I am guessing by your Red Herrings “answers” that you don’t have an answer to my question…
“Are there more or less people working today than the day stimulus passed?”
The only way this logic works is if you are suggesting that the stimulus has caused job loss…
[If have 50,000 more people unemployed then before and the Stimulus has created whatever... 300,000. That means with out the Stimulus we would have 350,000 people unemployed plus what was unemployed when the stimulus took place]*
*these are not real numbers, I am only illustrating the logic.
Again John do you have an answer to this question?
How would Republicans both keep a Balanced Budget, Created Jobs in this Economy without a Stimulus?
It is a fair question to anyone throwing out criticism. Don’t be 2004 John Kerry…
You are guessing? OK
I would ask you to do a modicum of research and look at what the cutting of corporate tax rates have done for the economy and jobs in US history.
Just google “US corporate tax cut history” I have a feeling you will learn quite a bit.
Then, remember those would not be “temp jobs” but rather long lasting income.
But, then think about the cost of both those plans. One cost a trillion and unless you are a liberal loon was a complete and total failure (Name one goal that we were told before passage that was achieved? JUST ONE)
The other cost 400 billion and has a track history on its side!
I take history for 400k Alex!
Now if you are really the moderate that you claim to be? do the reasearch! Take 30 minutes out of your busy day and read. Don’t just respond with rhetoric or talking points read on huffpo. Educate yourself and get back to me.
Besides the topic of the thread was the success of failure of the stimulus plan. Why do you keep changing the topic with…. ya but no republican plan…. ya but what republican plan… ya but republican etc..
It is starting to get hold. If you think the stimulus is a success than tell us why!
If you can’t tell us why? Just read and move on
Liberal Loon? Really? I never get hardcore Republican that believe their view point is 100% and everyone else is a loon. My experience it is the crazies who think everyone but them is crazy. I don’t think it is coincidence that this depression and the great depression were proceed by a decade of Republican policy…
So your answer is more tax cuts for big biz like we did leading up to this, and like what was done for all the Tarp banks to make it appear like they paid back the money they stole from the American people.
btw… I am very much on topic
Did you do the research?
I notice you have not given anyone here the reasons behind your support for the stimulus (Although I have a good guess… NOT REPUBLICAN)
Lay it out for us why has it worked?
Given the goals we were given please tell us all which ones have been achieved?
Come on man we are spending a trillion on this… Please give us all the great results without the yada yada republican BS.
I mean a man with your astute knowlegde should be able to list these in 10 seconds! Right on the tip of your tongue!
Waiting patiently
“I think I would rather get a road then just pay guys to watch Springer.”
Finally, something we can agree on!
Perhaps you can show some hard evidence to support your claim that corporate tax cut has resulted In a MAJOR increase in hiring.
Has the stimulus come up short of its promises… Yep,
big surprise. Has it been a failure, I don’t think there is evidence to support that. Keeping people working rather then paying out unemployment is better. we can’t afford to Rely on an ideology which hasn’t shown the promised dividends in the past
Nav we agree on more then you think….
Oh yes about your Tax cuts…
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/11/AR2008081102324.html
When 2/3 of corporations paid no taxes from 98-05… what is a tax cut going to do?
Read your link and the key quote was this
“The GAO did not analyze whether the firms had profits that should have been taxed”
Wow sounds like an in depth study!.
So you are claiming 66%+ of corps in the US don’t make profits that should be taxed. Would you like to support that?
Are you kidding me? Did you even read the story?
From YOUR link
“A greater proportion of large corporations pay taxes, according to the GAO. In 2005, about 28 percent of large corporations paid no taxes. Of the 1.3 million corporations included in the study, 998 were categorized as “large.”"
Just to help you figure it out there are many different types of corporations. My partner an I were one about 8 years ago.
Did we pay taxes? YES
Did we pay a corporation tax? NO
Hear is where you ask “How”?
Because we zero out our books every year. What ever was left we paid ourself in salary and paid INCOME TAX!
The corporation never made a profit on paper! But we paid individual income tax every year.
Now I know I am not the smartest guy on the planet so I am sure there are tens of thousands of “corporations” That operate in the same exact way.
Lesson over
Right on the mark JA. Most small C corps work that way. S corps and partnerships and individuals benefit from the EZ because everything they make in profit is taxable as personal income.
Don’t support your claims with any facts…