Global Economy Faces 'Perfect Storm' With Eurozone Crisis, 'Fiscal Cliff,' Slowdown, Iran Conflict

Commented Sep 7, 2012 at 19:19:35 in Business

“Which came first the chicken or the egg? Sounds like a catch 22. Corporations are still being taxed when they go to china if they remain American companies and most of them do. I have always thought that it was stupid to tax corporations. They have always past it on to consumers. The bottom line is that we allowed corporations to move to where they could get cheap unregulated labor and in many cases not much regulation at all. In some countries they probably can pretty much do as they please. Now it will probably be necessary to tax those people making all of the money from this, in order to make up the difference caused by the loss of jobs. Also, loss of your tax base is not the only reason people need to have jobs. This could have been prevented if the American people had stopped buy American products made by cheap foreign labor when their fellow Americans were losing their jobs to this labor. Anyway the rich are getting richer and the poor are getting poorer from what is happening. Getting rid of all corporate tax would stop some companies from becoming foreign companies and raising the tax on the wealthy might go a long way toward getting this country back on its feet.”