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Ever-growing entitlement programs like Social Security, Medicare, Medicaid and the social welfare programs

WHAT THE OBJECTIVES OF THE REPUBLICAN TAX CUT PLAN SHOULD BE



WHAT THE OBJECTIVES OF THE REPUBLICAN TAX CUT PLAN SHOULD BE What should the correct Republican tax plan look like? There's only one answer. The correct plan is one that gives tax relief to the small business owners so they can create more jobs. The plan must also include tax relief to the middle class, who have not seen an increase in their household incomes in decades. The plan must exclude the wealthy business owners of the big multinational companies from receiving any special tax breaks whatsoever. Let's start with the big, multinational companies.
A corporation which has diversified holdings in at least one other country other than its established base of operations can be called a Multinational Corporation. Such companies have branches established in different countries and a headquarters, from where they'll manage the other offices. These companies are global companies, as they are not concentrated in a single state or country. One of the main goals of these companies is to have a worldwide, free market without any boundaries and restrictions to enable them to make unlimited profits. The top five multinational companies in the world are:
  1. Apple
  2. Google
  3. Microsoft
  4. Berkshire Hathaway
  5. Exxon Mobil

1. Apple

--HQ: US --Age of company: 41 years --Number of employees: 66,000 The company started in Steve Jobs' parents' garage when he built the first Apple computer. Apple has an estimated net worth of $605 billion, the highest of any other company. In 2016, however, it had to contend with falling sales of the iPhone. -- Source By 2017, Apple had already created 2 million jobs in the U.S.

2. Google

--HQ: US Specializes in Internet-related services and products. These include online advertising technologies, search, cloud computing, software, and hardware. Google was founded in 1998 by Larry Page and Sergey Brin while they were Ph.D. students at Stanford University, in California. In 2016, Google had 72,053 full time employees.

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3. Microsoft

--HQ: US Like Apple, Microsoft also started in a garage, where Bill Gates and Paul Allen put together their first computer. Microsoft was officially founded in 1975, a year earlier than Apple. The company has a virtual monopoly on its "Windows" operating system. It offers several other software products like the Microsoft Office suite, and the Internet Explorer and Edge web browsers. It also manufactures and sells hardware products such as the Xbox video game consoles, the Microsoft Surface tablet lineup. It also develops and sells personal computers. As of 2016, it was the world's largest software maker by revenue.

4. Berkshire Hathaway

--HQ: US Warren Buffett is the company's Chairman of the Board, President, and Chief Executive Officer. The largest company on the list not involved in technology has its origins as far back as 1888 as a textile company. It is now a holding company with investments in utilities, railroads and insurance companies. No of employees: 360,000.

5. Exxon Mobil

---HQ: US It is the largest direct descendant of John D. Rockefeller's Standard Oil Companyand was formed on November 30, 1999 by the merger of Exxon (formerly Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York). The world's largest oil and gas company has dropped from number one last year to number five. The company was formed in 1999 when two giants, Exxon and Mobil, merged their businesses. No of employees: 73,500

OWNERS INCOME

Apple Inc. CEO: Tim Cook made $8.7 million in compensation in 2016 Google Inc. The founders of the company are Larry Page and Sergey Brin. Larry Page's net worth is now estimated by Forbes to be about $35.7 billion, while Segey Brin is worth about $35 billion. Eric Schmidt is the chairman of the board. Forbes estimates his net worth at $10.4 billion. Google cofounders Larry Page and Sergey Brin just made about $8 billion in one day MICROSOFT CEO: Satya Nadella made $20 million in 2016. BERKSHIRE HATHAWAY Warren Buffett earned $6,731 in Dividend Income Per Minute in the second quarter of 2017. For regular 365-day year, it's 525,600 minutes. He will earn about $3.5 billion this year in stock dividends. Exxon Mobil CHAIRMAN AND CEO REX W TILLERSON made $25 million in total compensation. From this data, it is clear that any tax cut plan by the Republicans must exclude the owners of US multinational companies from any favorable tax treatment by the IRS. Now let's talk about the small business owners. A tax cut would be a great thing for them because it would let them keep more of their own money which they would most certainly use to invest in their businesses because they want to make more profits. In order to expand, the small business owners would need more workers. This would lead to massive job creation, which would create job competition among the business owners. This would create upward pressure on wages, leading to better paying jobs and upward mobility for those already employed. Finally, this massive job creation would benefit both the government and the working poor, because many people are presently in a circumstance where they can only work part-time or they will lose their welfare benefits. If they could find good paying jobs, they could quit the social welfare programs they are currently trapped in, move into the middle-class and lead a much happier and more productive life.


Giving the middle-class a tax cut would benefit them, because it would put more money in their pockets. They could use that money for things like saving for a down payment on a car, or a home mortgage. They could use the extra money to pay down their student debt, credit card debt, car loans and home mortgages. Many people in the middle-class would go shopping and buy things they have needed for a long time, but couldn't afford them. Where do people in the middle-class go when they need to have maintenance done on their cars and homes, replace broken hot water tanks and appliances, or putting a new roof on their homes? They go to small businesses. It is clear that a middle-class tax cut would generate more sales for small businesses, causing them to hire more workers to handle the increased demand for their services. As the small businesses rack up more profits, the government receives more money in tax revenues which could then be used to reduce deficit spending and start paying down the national debt. This is the tax cut the middle class and small business owners of America need. I hope the Republicans understand this, because if they don't, the US economy will not get the economic growth it needs and the government will not get the resulting tax revenues it needs to reduce the deficit and pay down the national debt. In that case, sooner or later, the politicians will be forced to raise taxes on the middle-class to get the obscene amount of money needed to continue to fund the ever-growing entitlement programs like Social Security, Medicare, Medicaid and the social welfare programs.

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Robert Steven Ingebo -- Bio and Archives

Robert Steven Ingebo, is president of FRI Corporation


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