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| Take THAT Michigan!! Love , John McCain
Posted: 10/17/2008 11:29:19 AM | I am sick of the people that blame the Bush for the economy! It should be obvious that greed from everyone, including the big 3 has gotten us where we are. If alot of us were not so silly and actuallly bought cars thatsipped gas and not vehicles that made the auto companies rich that would be a start. The ones that do the most ****ing are the ones that dont care until its to late! And then they blame everyone else and want the government, which is us to bail them out! If you are offered a mortgage for 130% of your houses value dont take it and the whine when you cant afford the payments!!!!!!!!!! | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/17/2008 2:13:36 PM |
I am sick of the people that blame the Bush for the economy!
If the economy was good then he would be taking credit for it. When you are in charge you are the ONE repsonsible for the results. He also has to live with the blame of the Iraq war, etc. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/17/2008 4:31:04 PM |
Alternative energy. That would go a long way!
We’re still a ways from achieving that goal, so until then we are dependant on oil. I’m happy that gas prices have come down, but I also wonder if the headway we made in alternating our habits will revert to what they were before the $4/gallon.
So..........opinions about the debate last nite?
I watched the first half hour and then I went to bed. It started sounding like a therapy session.
I am sick of the people that blame the Bush for the economy!
He has the power to veto what lands on his desk, so he needs to take his share of the blame. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/19/2008 12:51:29 PM | Interesting.... For all those who think the republicans believe in regulation instead of deregulation
WASHINGTON - Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 1:47:07 PM |
Democrats, who were then in the minority, already opposed it unanimously.
Gee, tell the whole story next time please. It's quite possible that the payoff might not have worked, but it did. It didn't even take a bribe to convince the Democrats to oppose it. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 1:58:05 PM |
All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
Gee, guess who is up at the top and who is down so low it doesn't even count as a donation in comparison.
So if you wish to talk about who is in bed with who...
http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 2:20:21 PM | Well all I know is that I see too many negatives for McCain. I wish I didn't since I am republican but I can't vote for McCain and feel good about myself .
He should have addressed the issues instead of spreading lies and falsehoods and hatrid. I mean be for real, Obama is not a terrorist and a socialist. Nor is McCain. but to spread the hatrid around that's just not honorable.
I don't expect to convince anyone but seriously are you tired of negative compaigns don't you want to hear about the issues......
I would have rather had all candidates address the issues. These lies are just not doing the country any good.
If McCain had a realistic plan to address the economy it is likely that I would have voted for him but even his website is vague and non-specific. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 5:20:07 PM | Ok, this is a little off topic, but this is the most political thread we have going. It’s something to keep an eye on in Congress next year. I posted the link, if it doesn’t work I’ll post the article here in its entirety
House Democrats Contemplate Abolishing 401(k) Tax Breaks
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
http://www.workforce.com/section/00/article/25/83/58.php | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 6:18:08 PM | Another link. I came across this, it spells out each candidate issues and positions. It was taken from Mccain's and Obama's websites and layed out in an easy reference. Be warned, it's long.
http://michigantaxes.com/presidential-2008-candidate-issue-positions_.pdf | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 6:18:09 PM | Yep, that's why I typically vote republican. My taxes tend to go up 6000 a year when a democrat is in office.
But even McCain is tax happy this year. He wants to tax our benefits. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 6:25:16 PM |
But even McCain is tax happy this year. He wants to tax our benefits
If your talking about the ad UAW is running, it's been debunked. There is very little truth to it. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 6:44:15 PM | The Obama site has tons of detail, not like McCains that has no substance at all.
Enact windfall profits tax and give it back to the people. (Hmm, so big oil might finally be accountable!)
Oil companies pay more taxes than most other companies as it is. The fact is they pay 45% of their gross profits.
"If reporters were to dig just a bit deeper into the company's earnings statement they would find that Exxon—like all the major domestic oil companies—directly pays or remits a staggering amount of taxes to governments both here and abroad. Before taxes, Exxon had income of $20 billion on total world-wide revenue of $116 billion. Its earnings statement shows that the company paid $9.3 billion in income taxes to governments here and abroad. This amounts to an effective tax rate of more than 46 percent, 10 percentage points higher than the U.S. statutory rate of 35 percent."
First Quarter 2008 Results
(Millions of Dollars) Exxon Conoco Chevron Total
Gross Sales $ 116,000 $ 54,883 $ 64,659 $ 235,542
Income before tax $ 20,192 $ 7,549 $ 9,677 $ 37,418
Income taxes $ 9,302 $ 3,410 $ 4,509 $ 17,221
Sales-based taxes $ 8,432 n/a n/a $ 8,432
All other taxes $ 11,607 $ 5,155 $ 5,443 $ 22,205
Total taxes $ 29,341 $ 8,565 $ 9,952 $ 47,858
Net Profits $ 10,890 $ 4,139 $ 5,168 $ 20,197
Effective Income Tax Rate 46% 45% 47% 46%
The total taxes paid by what is refered to as "BIG OIL" actually exceeds profit.
Fact: Companies don't pay taxes, tax costs are passed on to the consumers.
Fact: High tax rates cause companies to move in order to pay less taxes.
Fact: Companies have an obligation to share holders to make as much profit as possible. If you have a 401k or are part of a pension plan there is a good chance it has oil stock as part of its portfolio. THIS MAKES YOU PART OF BIG OIL AND MORE TAXES MIGHT HURT YOU!!!!!!!!!! | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 7:05:11 PM |
But even McCain is tax happy this year. He wants to tax our benefits
If your talking about the ad UAW is running, it's been debunked. There is very little truth to it.
Nope talking about his own words and independent comparsion of the plans.
McCain wants to tax our health care benefits. Said right on the debates. What is he crazy? | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 7:20:57 PM |
"If reporters were to dig just a bit deeper into the company's earnings statement they would find that Exxon—like all the major domestic oil companies—directly pays or remits a staggering amount of taxes to governments both here and abroad. Before taxes, Exxon had income of $20 billion on total world-wide revenue of $116 billion. Its earnings statement shows that the company paid $9.3 billion in income taxes to governments here and abroad. This amounts to an effective tax rate of more than 46 percent, 10 percentage points higher than the U.S. statutory rate of 35 percent."
Note the abroad statement. I didn't see a division of U.S. taxes vs. abroad, did you? Many corporations pay ZERO tax. But either way, it's obvious we are getting gouched, I guess you can't see that.
Right now oil is what approx 70 bux a barrel, yes gas is still around 2.70. Does that make sense. If I am not mistaken when it was 50-60 bux a barrel gas used to be in the 2.10 range or so. Seem like it's 60-70 cents high on each gallon. That's a lot of dough. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 7:44:24 PM | Exxon earned 71.6% of its profits outside the USA in 2006 up from 70% in 2005. Tax them more and they will earn 100% of their profits outside the USA in time. I guess you can't see that can you?????
Exxon doesn't pay taxes at all if you get right down to it. Their consumers do. Companies are really just middle men collecting taxes for the government. Better take a look at who is really gouging you. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/21/2008 9:32:16 PM | Um, doesn't that make sense. The U.S.A consumes 25% of the worlds oil. If Exxon being global makes profits in line with global demand then yep 75% would be outside of the U.S.
DUH? | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/22/2008 7:21:15 AM | First Quarter 2008 Results
(Millions of Dollars) Exxon Conoco Chevron Total
Gross Sales $ 116,000 $ 54,883 $ 64,659 $ 235,542
Income before tax $ 20,192 $ 7,549 $ 9,677 $ 37,418
Income taxes $ 9,302 $ 3,410 $ 4,509 $ 17,221
Sales-based taxes $ 8,432 n/a n/a $ 8,432
All other taxes $ 11,607 $ 5,155 $ 5,443 $ 22,205
Total taxes $ 29,341 $ 8,565 $ 9,952 $ 47,858
Net Profits $ 10,890 $ 4,139 $ 5,168 $ 20,197
Effective Income Tax Rate 46% 45% 47% 46%
One can make numbers and percentages say anything you want, trust me I did that for years working in M&A. I am not going to research deeply into the numbers presented, but I will point out a few facts using Exxon as an example...
Exxon Income taxes include taxes paid to foreign countries (since much of their business is done outside the US). Looking at their 2007 annual report they paid $29B in Income taxes of which $4.5B was paid to the US and $24.5B to other countries.
Also, a filing reports the booked Income Taxes, this is not the actual amount they paid the government. The amount is less after capitalization and other deferred expenses are added in over their amortization period. In 2007 they had $19B in Net Deferred Tax Liabilities. (sorry but accounting gets very arcane, that's why it's easy to hide money and mislead investors and/or the government).
I am not positive, but I believe that excise tax is part of the Sales Tax numbers. Excise tax on gasoline is for the building of roads, bridges, etc. Exxon is collecting those taxes from the consumer and sending them to the government.
I will stop here, numbers make my head hurt. But after all this one could make Exxon's 2007 US tax rate look like it was 6.5% of Total Earning or 1% of Total Revenue. See numbers can support any point...somewhere in between lies the real story. I would guess that Exxon paid <30% income tax on their US earnings after all is said and done, the US Corporate Income Tax rate is 35% (I think) so they are being fairly taxed based on the current tax code.
Revenues $404B
Earnings $70B
Taxes $29B
US $4.5B (including excise tax, which it does not pay, but just collects)
Non-US $24.5B | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/22/2008 2:26:07 PM | Granholm was elected almost entirely by promising fatter welfare checks.
At the risk of being labeled a racist, the fact is the Metro Detroit black women elected her. As a population group, black females in the metro detroit {flint, saginaw, etc, area}
outnumber all other population groups in all of michigan. If they decide on Obama, well he will take michigan hands down. In fact, if black females were able to get anything up to ballot, they could pass it regardless of if it makes sense or not, its simple math. And its not going to change, that is why this went from a republican state to a democratic state. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/22/2008 5:08:47 PM | gmain, that is racist and sexist. I've met some hard working black woman that made their own way beautifully without relying on the state to get them through. They did it all by themselves through education and hard work, just like any one else who succeeded in life. I've also met enough white trash who thrives on handouts from the State. Never worked a day in their lives because they didn’t have to.
Flawed & John, did you look at the volume & reserves summary? It’s decreased over the years along with their profits while their taxes have increased. For those interested in viewing Exxon’s financials,
http://www.exxonmobil.com/corporate/files/news_pub_sar_2007.pdf | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/22/2008 6:18:11 PM | I am confused.
If a candidate talks about raising taxes or closing loopholes on corporations will it really matter all that much when they are making billions a quarter.
I can't see them raising taxes so much that it solves the deficit can you?
In general taxes are just one way to help the country. I think whats really more important is to get money to the middleclass so that the economy starts up again. Without the middle class there is no economy.
McCain never says middle class, why is that?
I also think that our international reputation has taken a big hit. McCain says nope not going to talk, even to Spain? Obama says lets sit down and talk.... Doesn't talking help our reputation?
We can nitpick things or look at the big picture. No one here is going to convince each other of the right candidate. All I am saying is there are real issues here and they need to be addressed. McCain doesn't do that at all. I wish he did so we could know where he stands. I really do. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/23/2008 3:56:23 AM | The best way to help the 'middle class' (and lower classes) is job creation, and not another Wal-Mart or McDonalds, real service, tech or science jobs. The more people employed, the higher the tax revenue, even with Bushes tax cuts in effect. Michigan is a helluva example of how you cannot tax your way to prosperity.
IMO, neither candidate has a solid plan, they are saying what they think their following wants to hear but nothing of substance. Whatever plan they may have still has to go through Congress. Neither has come up with a solid plan to reduce the deficit, but they both have found ways to increase it.
Question of the Day—(yes back to oil) Who is the largest producer of oil, excluding OPEC and where do they fall in terms of exports? | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/23/2008 4:14:35 AM |
The best way to help the 'middle class' (and lower classes) is job creation, and not another Wal-Mart or McDonalds, real service, tech or science jobs. The more people employed, the higher the tax revenue, even with Bushes tax cuts in effect. Michigan is a helluva example of how you cannot tax your way to prosperity.
Comparing Michigan to Obama is apples and oranges. Michigan rose taxes all over the place hitting the middle class as hard as it could, Obama wants to avoid that (hopefully considering it's very likely now he will win).
And still McCain doesn't even say middle class? Come on. How can he not even say it! It's like he is lying and can't bring himself to say it.
Yes neither candidate has a detailed solid plan, Obama has some line of detail which has been consistent so it probably is a plan, McCain has none. Still comparing apples and oranges.
As for producer, I believe it's Russia with the U.S. not far behind. But Russia exports oil whereas the U.S. doesn't. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/23/2008 6:01:01 AM |
Flawed & John, did you look at the volume & reserves summary? It’s decreased over the years along with their profits while their taxes have increased.
It's a much debated subject about how much oil reserves there are in the world. Some believe it is inflated by over 30%, that it includes oil that can not be drilled or extracted profitably (at any cost). One thing for sure is it is a finite amount, and since global consumption is growing at a fast pace we can expect to run out sooner then later.
Question of the Day—(yes back to oil) Who is the largest producer of oil, excluding OPEC and where do they fall in terms of exports?
I am guessing Russia, not exactly who you want to be dependant on for your economic health. Maybe bush should hold off on all the saber rattling until we can get alternative fuels in place. | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/23/2008 2:36:26 PM | | my kids are all what we americans consider middle class, incomes between 75,000 and 150,000 per year...they are all voting republican this time out...tax cuts are not possible in our nations time of economic crisis...everyone always wants to think politicians they favor speak the truth concerning taxation issues...i for one hope the american people are not duped once again by promised tax cuts and equalization for all...you reap what you sow, plain and simple...get past obamas minority influence, and look for real qualities instead...i'm a female chauvanist pig, and i'd rather have hillary than barrack hussien obama...hell the dude's still wet behind the ears | |
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| Take THAT Michigan!! Love , John McCain
Posted: 10/23/2008 2:41:00 PM | wait.. middle class is 75,000-150,00 a yr? Holy cow.. i thought i was on the top of the heap when my ex and i made 100,000 a yr.. im sooo far below that now..  | |
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