A tax lesson

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KpAtch3s

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Ireland is nowhere. Insourcing will probably drag USA down.

Insourcing would naturally occur if the US substantially lowered it's taxes, which means more wealth generation and spending. It would drive our economy.

One of the sources I mentioned in my previous post is here World's Richest Countries: Luxembourg, Norway & Switzerland Lead Top Ten GNP Nations | Suite101.com I glanced through it before and upon closer inspection I realize it was for GNP. Still, a search for GDP will show some different statistics from your source. Also your source shows different figures after clicking on each country.

Absolute figures of GDP show true wealth. The sole reason for using GDP per capita is to give an idea of standard of living. Take a look at the HDI and you'll see they are not closely relate. I will say it again, GDP per capita is inherentely misleading and provides a poor comparison.
 
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KpAtch3s

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yeah we did have a great few years, loads of jobs to be had and the country was overflowing with money, but as usual it was mismanaged by our politicians (who we elected so we cant complain) and spent in ridiclous ways.
the country is in the toilet now, other countries are following our lead and now large multi-national companies are leaving Ireland for places like Poland, eg Dell.
We became greedy and priced ourselves out of the market the cost of living in Ireland was at ridiclous levels over the last few years

Ireland's decrease in taxes improved your economy, as it was much worse than it was in the 80's. My point is high taxes stifles economies and this is a problem in the US currently and Ireland is a prime example of the explosion of growth we could experience if we did the same.
 

kelvin070

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Insourcing would naturally occur if the US substantially lowered it's taxes, which means more wealth generation and spending. It would drive our economy.

One of the sources I mentioned in my previous post is here World's Richest Countries: Luxembourg, Norway & Switzerland Lead Top Ten GNP Nations | Suite101.com I glanced through it before and upon closer inspection I realize it was for GNP. Still, a search for GDP will show some different statistics from your source. Also your source shows different figures after clicking on each country.

Absolute figures of GDP show true wealth. The sole reason for using GDP per capita is to give an idea of standard of living. Take a look at the HDI and you'll see they are not closely relate. I will say it again, GDP per capita is inherentely misleading and provides a poor comparison.

The main contention here is your claim that the US is the wealthiest country in the world. You have not produced any source to substantiate your claim.
You also claim absolute figures of GDP show true wealth. Now let me give you a simple and real example. China has overtaken Germany in GDP and is now the third-largest economy (source: China Overtakes Germany in GDP, Becomes Third-Largest Economy - WSJ.com). Does that mean China is richer than Germany????? BTW China is still a third world country and Germany is a first world country.
 

kelvin070

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Ireland's decrease in taxes improved your economy, as it was much worse than it was in the 80's. My point is high taxes stifles economies and this is a problem in the US currently and Ireland is a prime example of the explosion of growth we could experience if we did the same.
Paul Volcker knows his job pretty well.
 

KpAtch3s

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The main contention here is your claim that the US is the wealthiest country in the world. You have not produced any source to substantiate your claim.
You also claim absolute figures of GDP show true wealth. Now let me give you a simple and real example. China has overtaken Germany in GDP and is now the third-largest economy (source: China Overtakes Germany in GDP, Becomes Third-Largest Economy - WSJ.com). Does that mean China is richer than Germany????? BTW China is still a third world country and Germany is a first world country.

I refer you to my post again. I also suggest you take an economics class since you've not had one. GDP is equal to the total income generated in a country. So yes, that means China has more wealth than Germany. 3rd world country simply refers to their standard of living.

:24: Per capita! We have 300 million people! GDP per capita is inherently misleading. Not to mention it does not mean thats how much income each person has. I also do not think your source is correct, as I've found other sources that are different, some don't even include Singapore. For the sake of argument we'll use your source. Here is total GDP I've calculate per country:
GDP Per Capita..........Population........................Total GDP
Liechtenstein........118,000....................34.247...................4,041,146,000
Qatar...................101,000..................907,229..................91,630,129,000
Luxembourg...........85,100..................480,222.................40,866,892,200
Kuwait..................60,000...............2,505,559................150,333,540,000
Norway ................57,500...............4,627,926................266,105,745,000
Brunei..................54,100..................374,577..................20,264,614,700
Singapore..............52,900...............4,553,009................240,854,176,100
US.......................48,000............301,139,947............14,454,717,456,000
Ireland .................47,800...............4,109,086................196,414,310,800
San Marino ............46,100...................29,615....................1,365,251,500

Total GDP excluding the US: 1,011,875,805,300

Conclusion, the US is the wealthiest country in the world, not to mention more wealth than all the other top 9 countries combined.


Also, I know Obama isn't going to reduce taxes. I never expected him to. In fact, he said he was going to raise taxes. This thread is merely pointing out how reduced taxes improves a countries economy as Ireland has shown. It's the way to bring the US out of recession, not government spending and bailouts.
 

KpAtch3s

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Don't ride piggyback on me. Just find your own source to substanciate.

I used your own source against to you. If you really want to argue about it, then take a look at this according to the CIA world fact book. The list is taken from http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

22px-Flag_of_Brazil.svg.png Brazil 1,665,000

The US is the only country to appear on this list when you compare the top 10 GDP per capita to the top 10 total GDP

Now I am done arguing with you. You've shown to me that don't have a clear understanding of economics, which is confirmed by your own admittance to your lack of education of the subject.
 

alibaba

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Ireland's decrease in taxes improved your economy, as it was much worse than it was in the 80's. My point is high taxes stifles economies and this is a problem in the US currently and Ireland is a prime example of the explosion of growth we could experience if we did the same.

:homo:
I totally agree with you, I'm just saying that things have to be managed correctly, learn from our mistakes!!
 

kelvin070

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The US national debt shown above is in fact misleading.

U.S. N[SIZE=+2]ATIONAL[/SIZE] [FONT=verdana,arial,helvetica][SIZE=+3]D[/SIZE][/FONT][FONT=verdana,arial,helvetica][SIZE=+2]EBT[/SIZE][/FONT] [FONT=verdana,arial,helvetica][SIZE=+3]C[/SIZE][/FONT][FONT=verdana,arial,helvetica][SIZE=+2]LOCK[/SIZE][/FONT]

[FONT=verdana,arial,helvetica]The Outstanding Public Debt as of 09 Jun 2009 at 03:15:13 PM GMT is:
[/FONT]debtiv.gif
[FONT=verdana,arial,helvetica]The estimated population of the United States is 306,336,503
so each citizen's share of this debt is $37,221.53. The National Debt has continued to increase an average of
$3.86 billion per day since September 28, 2007!
Source: U.S. National Debt Clock
[/FONT]
 
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