Posted on 03/12/2002 9:37:30 AM PST by Willie Green
Edited on 09/03/2002 4:50:05 AM PDT by Jim Robinson. [history]
WASHINGTON -- Treasury Secretary Paul O'Neill, who has made workplace safety a priority, said Tuesday that serious safety problems at the Philadelphia mint are being corrected with the goal of making the facility "a benchmark of federal manufacturing."
An inspection last year by the Occupational Safety and Health Administration found 47 serious health and safety violations at the Philadelphia facility, ranging from precariously stacked coin containers to dangerous fire-escape routes.
(Excerpt) Read more at newsday.com ...
It won't be long before I'll be posting articles about layoffs at the Mint because O'Neill moved production to Mexico!
did somebody say "MODEL"..?
Wierd statistic. Does this mean that most accidents involve more than one employee?, or do they all just take a sympathy break when someone stubs their toe?
Ridiculous. OSHA is a nightmare. They were one more reason to get out of the construction idustry for me.
The US Mint is not moving to Mexico. Your fears have no merit. And incase you and others didnt know, the US Mint is the largest producer of currency in the world. Even if you take out their production of US currency. The US Mint produces currency for an astonishing number of countries.
Unfortunately, that means it is always advisable to second check anything he has to "report". He tends to demogoguery rather than straight fact reporting, with a socialist workers of the world unite, kind of twist on everything.
You don't think there's an awful lot of tit-for-tat going on over at Treasury?
I knew it would only be a matter of time before the NRST flying monkeys swooped down on this thread!!!
Listen real close, geezer: We don't need no steenkin' corrupt Mexican-PRI style sales tax imposed on our American citizens.
Take your plans to undermine U.S. sovereignty and VAMOOSE!!!
Same thing that excessive OSHA regulations have to do with loss of other manufacturing industries to Mexico.
I'm merely highlighting the increasing body of circumstantial evidence that documents the Treasury Department's increasing entanglement with Mexico. Links are provided to the sources of this information.
IMHO, where there is smoke, there is usually fire.
We don't need no steenkin' corrupt Mexican-PRI style sales tax imposed on our American citizens.
Take your plans to undermine U.S. sovereignty and VAMOOSE!!!
Undermines U.S. soverignty?? That's a real laugh Willie. You are really pushing the envelope to come up with that one, as a Retail Sales tax allows U.S. business to export products tax free into other nations. While assure there products get hit, twice, by Tariffs and U.S. sales taxes as well. You have really blown that one through your hat this time Willie.
The NRST prohibits a system like the Mexican tax system.
The NRST, is a single stage, single rate RETAIL sales tax paid outright and VISIBLY by retail customers. Under the NRST, all income and payroll taxes are abolished replaced with only a single tax on sales. Thus taxes are not hidden away from the sight of the citizen, like VATs do Willie. The people are aware of the price of the largess buying votes for politicians and can make a knowing decision about how large government is impacting their lives.
Mexico's Tax system is an income tax with a VAT Willie, just like those Canada's, Australia, Russia, Europe and Asia. And indistinguishable from that in the United States today. Only rates and specific exceptions differ.
Mexico's system is just like the current tax system in this nation, as a combined individual income tax, corporate VAT & ss/mediscare tax plus miscellaneous excises & tariffs.
Definition [ http://www.encyclopedia.com/articles/13330.html ]:
value-added tax
levy imposed on businesses at all levels of production of a good or service, and based on the increase in price, or value, added to the good or service by each level. Because all stages of a value-added tax are ultimately passed on to the consumer in the form of higher prices, it has been described as a hidden sales tax. Originally introduced in France (1954), it is now used by most W European countries.
Mexico's tax system is a socialist nightmare, just like the current United State's tax system you try so hard to support.
refer: Taxes in Mexico.
The principal taxes are as follows:
Federal Taxes
1. Taxes on income, including a minimum tax based on assets held;
2. Value-added tax;
3. Import and export taxes; and
4. Payroll taxes, principally the 1% percent tax on salaries, social security and contributions to the National Workers Housing Fund.There are a number of special federal taxes, such as excise taxes on the mining industry and on a few specific products and services, such as alcoholic beverages, cigarettes, gasoline, telephone service, automobiles, etc.
Local Taxes
1. On real property;
2. On salaries (payable by the employer); and
3. On acquisition of real property.
CLASSES OF TAXPAYERS
Tax payers are divided into four main groups, for which, in addition to the rules of general application, separate sets of rules are provided as follows:
Resident Corporations and Other Associations Taxable as Corporations
Resident corporations, permanent establishments and "fixed bases" of operations of non-commercial activities of foreign corporations and all entities other than those associations specifically designated as non-profit organizations, will be taxed in the same manner and under the same rules applicable to resident corporations discussed below in greater detail.
Resident Individuals
Residents of Mexico, irrespective of nationality, are subject to Mexican taxation on their worldwide income of all types which must be included in an annual personal income tax return. Special treatment is given to capital gains, domestic interest and dividend income, at a graduated scale of rates reaching 35%.
Non-Resident Corporations and Individuals
Non-residents are taxed only on their Mexican source income, usually at flat rates applied separately to different types of gross income without deductions. However, under special rules they may elect to be taxed at higher rates on net taxable profits from sales of real property or shares or on short-term construction, installation, erection and similar work. No overall annual return is required of non-residents.
Non-residents may be considered to have a permanent establishment or a fixed base of operations for income tax purposes in Mexico under certain circumstances. In these cases, the permanent establishments, or fixed bases, are taxed in the same way as duly registered branches of foreign corporations, basically following the rules for resident corporations.
Non-Profit Organizations
Under the law, a limited number of civil societies and associations that are specifically designated as non-profit organizations, as well as certain cooperatives, are considered as non-taxpayers, although they are required to file annual information returns to determine their net excess of income over expenses. Consequently, there are no "exempt" organizations.
TAXES ON CORPORATE INCOME
Federal Income Tax
The federal corporate income tax rate is 35%. Provisions designed to recognize the effects of inflation for tax purposes in the areas of monetary assets and liabilities (monetary correction), inventories and depreciable assets have been incorporated in the law as a consequence of high inflation rates in the past.
Once a corporation has paid its income tax, after-tax earnings may be distributed to the shareholders without any further tax. However, if the corporation makes a distribution out of earnings that for any reason have not been subject to corporate income tax, e.g., book earnings not yet recognized for tax purposes, it will have to pay a corporate tax of 35% out of these distributed earnings.
Minimum Tax
An asset tax is payable at the rate of 2% of the value of the assets of corporations, unincorporated businesses, organizations of a civil nature not specifically excepted, and branches or other permanent establishments of foreign persons. It supplements the federal income tax, i.e., it will only be payable and increase the overall tax burden if it exceeds the regular income tax due.
In other words, an amount equal to the taxpayer's regular income tax is credited against his minimum 2% assets tax due for the current year and the five preceding years. Any unused carry back will be indexed for inflation during the carry back period. Thus, the taxpayer's combined tax burden will only be affected if the taxpayer pays little or no federal income tax over an extended period.
State Taxes:
There are no state taxes on corporate net income.
OTHER TAXES
Value-Added Tax
A value-added tax (VAT) at the general rate of 10% is payable on sales of goods and rendering of services, rents, and imports of goods and services. Certain medicines and basic foods have been temporarily zero-rated for 1992.
The principal transactions exempt from the tax include sales of land, books, credit instruments (including equity shares), residential construction and materials therefore, financial and medical services (except for interest charged by issuers of credit cards), education and rentals of residential property.
Taxes paid by business enterprises on their purchases may usually be credited against their tax due on their own sales; the latter tax must be charged to all customers. Excess credits can be refunded.
The 0% rate of tax is applicable to a substantial number of transactions, which in general terms means that no VAT is payable thereon, while amounts paid on purchases of materials, supplies and services can be recovered through a credit against the entity's VAT due or by direct refund. Included in this treatment are the export of goods and services; sales to maquiladoras (in-bond assembly plants) or to companies solely engaged in exporting goods, which are treated as indirect exports; the sale of certain basic foodstuffs, agricultural goods, services and rentals; and other minor transactions.
Compulsory Profit-Sharing
Every business concern having employees is required to distribute a portion of its annual profits among all employees, regardless of its form of organization. The amount distributable to the employees in most cases amounts to 10% of taxable income, adjusted to eliminate inflation-related income or deductions and increased by dividend income, which is not included in taxable income. Special rules apply to a limited number of specific businesses.
CORPORATE INCOME TAX
Tax Year
Taxpayers are required to use the calendar year for income tax purposes. Newly formed corporations will have a short taxable year from the date of incorporation to December 31 of that year. Similarly, existing corporations will have a short taxable year in the year in which liquidation procedures commence.
Corporations and Shareholders
The income tax system seeks to tax corporate earnings only once, at the corporate level. However, a 35% tax is imposed on the corporation on distributions which for any reason represent income that has not been subject to the corporate income tax.
It is important to note that not taxing dividend distributions eliminates double taxation at the shareholder level and thus significantly reduces the overall tax burden of domestic or foreign investors' return on investment.
But then You are against the NRST, which repeals that kind of tax system,
It becomes very apparent where your actual sympathies lay regardless of your demogoguery.
According to Willie only businesses are supposed to pay taxes. The common man is not required to be made aware of the burden government lays on him.
You know, a no brakes on government kind of thinking.
At least your way of doing things would make sure everyone is well aware that gubermint freebees ain't free. Though you do leave abit too much out on the liberty and financial privacy side of things for my liking.
I suspect you had better get that rope of yours ready for Willie.
AG, I ain't sure about Willie's idea that Mexico will mint our coins {though, if things keep going,they will be making their own coins for the former U.S. of A.}, nor am i suer of his ideas about a true flat tax based on income with no deductiona and/or exemptions, but,I'm pretty sure you might have misrepresented Willie a bit. Peace and love, George.
A flat rate individual income tax sounds very reasonable, George. I certainly agree that specialized deductions and exemptions have become convoluted, along with the use of tax "credits". I'm uncertain of total elimination of exemptions, though. (Just really haven't put much thought into it yet.) My initial gut instinct is to favor only the personal exemption for individuals and dependents -- adjusted for inflation from what it was 30-40 years ago.
BTW, you're right about geezer misrepresenting what I say.
He's a creature of habit and has more difficulty telling the truth than Klintoon.
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