Here come the tax hikes

[Tiny]

Originally Posted by bf0082

LOL, I hope you see the irony, the cause of energy rising is caused by the free market. It's actually good for the economy, but most deplorables wouldn't understand, since they don't have Don the Con to explain it to them in lies they can understand.

Actually I was thinking people in California pay something like 60% more per kilowatt hour for power compared to people in most red states because of government overregulation.

[Tiny]

Originally Posted by bf0082

I'm more of a Tax the fuck out of Corporations until they take their shit out of our Country and we can replace that market with small business.

$2T tax revenue individual tax payers, all time low $180B from corporations.... smh

That’s a recipe for disaster. Our corporate tax rates were the highest in the world until the Republicans wisely cut them in 2017. Even Obama and Biden realized they should have been lower but never did anything about it because their political base likes to demonize the corporations.

[WTF]

Originally Posted by Tiny

That’s a recipe for disaster. Our corporate tax rates were the highest in the world until the Republicans wisely cut them in 2017. Even Obama and Biden realized they should have been lower but never did anything about it because their political base likes to demonize the corporations.

The actual corporate tax rate was much lower with all the loopholes.

I'm not making a judgment...I'm just stating facts.

[Tiny]

Originally Posted by WTF

The actual corporate tax rate was much lower with all the loopholes.

I'm not making a judgment...I'm just stating facts.

For some corporations it was and for some it wasn’t. Some exporters with operations entirely in the USA were paying at a combined federal and state rate of over 40%. How were they supposed to compete with foreign competitors paying 20%?

The TCJA, which reduced the rate, also removed some of the loopholes. I don’t like loopholes.

[WTF]

Originally Posted by Tiny

For some corporations it was and for some it wasn’t. Some exporters with operations entirely in the USA were paying at a combined federal and state rate of over 40%. How were they supposed to compete with foreign competitors paying 20%?

The TCJA, which reduced the rate, also removed some of the loopholes. I don’t like loopholes.

I'll not argue with any of that....that is why I posted about not judging the merits.

I was just pointing out the fact that the actual rate was no where near what was stated.

[bf0082]

Originally Posted by Tiny

For some corporations it was and for some it wasn’t. Some exporters with operations entirely in the USA were paying at a combined federal and state rate of over 40%. How were they supposed to compete with foreign competitors paying 20%?

The TCJA, which reduced the rate, also removed some of the loopholes. I don’t like loopholes.

Not for us to care, let the corporations die, they do nothing except remove resources from our country... their market share, whatever they do WILL BE REPLACED, they aren't the only game in town, small business will always be there to fill the void.....

Thinking we need Corporations is how you got brainwashed by your UltraWealthy top 0.01%

I'd really like to know what the disaster is.... ?

They refuse to give PTO, Pay for Health care, provide a pension, they sometimes offer some sort of 401k investments, which no one ever gets the same value as a solid pension, that would pay as much as Social security each month. They won't pay fair wages, they hoard cash out of our Country to avoid taxes....

Corporations are unAmerican !

[Tiny]

Originally Posted by bf0082

Not for us to care, let the corporations die, they do nothing except remove resources from our country... their market share, whatever they do WILL BE REPLACED, they aren't the only game in town, small business will always be there to fill the void.....

Thinking we need Corporations is how you got brainwashed by your UltraWealthy top 0.01%

I'd really like to know what the disaster is.... ?

They refuse to give PTO, Pay for Health care, provide a pension, they sometimes offer some sort of 401k investments, which no one ever gets the same value as a solid pension, that would pay as much as Social security each month. They won't pay fair wages, they hoard cash out of our Country to avoid taxes....

Corporations are unAmerican !

Life's going to be no bowl of cherries after we get rid of Walmart, Target, Best Buy, Amazon, UPS, Fedex, Microsoft, Google, CVS, Walgreens, Samsung, Johnson & Johnson, Netflix, Apple, Visa, Mastercard, Lowe's, Home Depot, Procter & Gamble, Ford, GM, the big supermarkets, the big airlines, the big banks, the big utilities, the big agricultural processors, etc., etc.

You take away my Whataburger and there's going to be hell to pay.

[WTF]

Some shithole corporation bought Whataburger!

Correction...Orivate Equity Firm


https://austin.eater.com/2019/6/14/1...te-equity-firm


Tiny the poster has a point....every suburb looks like a cookie cutter look a like.



.

[GastonGlock]

Originally Posted by Tiny

You take away my Whataburger and there's going to be hell to pay.

Originally Posted by WTF

Some shithole corporation bought Whataburger!

I apologize on behalf of Chicago for the unexpected corporate colonialism. I'd like to think Chicago appreciates a good burger though, so I don't think they'll change it. But still...

[oeb11]

Originally Posted by bf0082

Not for us to care, let the corporations die, they do nothing except remove resources from our country... their market share, whatever they do WILL BE REPLACED, they aren't the only game in town, small business will always be there to fill the void.....

Thinking we need Corporations is how you got brainwashed by your UltraWealthy top 0.01%

I'd really like to know what the disaster is.... ?

They refuse to give PTO, Pay for Health care, provide a pension, they sometimes offer some sort of 401k investments, which no one ever gets the same value as a solid pension, that would pay as much as Social security each month. They won't pay fair wages, they hoard cash out of our Country to avoid taxes....

Corporations are unAmerican !

Comment - Lenin, Stalin, Mao, marx and engles would appreciate your post.

They, and their successors in marxist tyranny, treat their People exactly as You describe in your post.


Communism has only One corporation - the marxist Communist party .
move to Venezuela and see how that works for You!

[zont]

Every time I see "tax the wealthy" tied to income tax, I get annoyed.
Income tax is not a tax on the wealthy so much; it is really a tax on the folks trying to get wealthy (who, IMHO, make the country run)

[WTF]

The Incredible Shrinking Corporate Tax Rate Continues to Hit New Lows for These Business Giants
BY
ERIK SHERMAN
December 19, 2019 2:00 PM CST

These 6 Tech Giants Paid a Shockingly Low Tax Rate
They’re being dubbed the “Silicon Six.”
SharePause
Unmute

CaptionsFullscreen




Remember how the Tax Cuts and Jobs Act of 2017 lowered the corporate tax rate from 35% to 21% but was going to eliminate loopholes and workarounds to avoid being one giant giveaway to large companies?

Well, about that—a funny thing happened on the way to the U.S. Treasury. The biggest corporations enjoyed an average effective tax rate of 11.3%—the taxes a company ends up actually paying—according to a new study from the Institute on Taxation & Economic Policy (ITEP). The low rate is one of the reasons deficit spending soared from $666 billion in the federal government's 2017 fiscal year to $779 billion in 2018 and $984 billion in 2019.

[Tiny]

Originally Posted by WTF

The Incredible Shrinking Corporate Tax Rate Continues to Hit New Lows for These Business Giants
BY
ERIK SHERMAN
December 19, 2019 2:00 PM CST

These 6 Tech Giants Paid a Shockingly Low Tax Rate
They’re being dubbed the “Silicon Six.”
SharePause
Unmute

CaptionsFullscreen




Remember how the Tax Cuts and Jobs Act of 2017 lowered the corporate tax rate from 35% to 21% but was going to eliminate loopholes and workarounds to avoid being one giant giveaway to large companies?

Well, about that—a funny thing happened on the way to the U.S. Treasury. The biggest corporations enjoyed an average effective tax rate of 11.3%—the taxes a company ends up actually paying—according to a new study from the Institute on Taxation & Economic Policy (ITEP). The low rate is one of the reasons deficit spending soared from $666 billion in the federal government's 2017 fiscal year to $779 billion in 2018 and $984 billion in 2019.

What you've provided is very sketchy. But apparently they're looking at just one point in time and apparently at tech companies. Tech companies, like drug companies, are notorious for shifting taxable income to tax havens, like Ireland. The Tax Cuts and Jobs Act tried to remedy this by imposing a tax on "Global Intangible Low Tax Income (GILTI)." But perhaps it didn't do a good enough job in that respect.

If the 11.3% includes 2020 data, its going to be skewed because of losses from the coronavirus. If it's from 2018, it's going to be skewed because of multinationals paying the GILTI tax and recognizing income on money they'd been stashing overseas to avoid paying 40% (federal and state) U.S. income taxes. This resulted by the way in them also bringing a lot of that money back to the USA and using it here.

I question your source. ITEP appears to work hand in hand with Citizens for Tax Justice, which promotes higher taxes and is very biased. I question whether they properly took into account taxes paid to states and foreign countries.

And no matter, before you had some companies paying 40% tax rates including state income taxes. It's very possible the TCJA didn't do a good job of cutting out the loopholes, still the tax rate needed to come down. It would be far preferable to take out the loopholes and simplify the tax system, including compliance, instead of jacking the rate back up again and having every special interest paying off Congressmen for special tax treatment.

[WTF]

Although labeled “tax reform,” the 2017 tax law actually opened up major new loopholes for the wealthy to exploit. One of the biggest loopholes within the bill is the so-called pass-through loophole, which created a 20 percent deduction of business income for owners of businesses such as S corporations or LLCs—opening up a number of new gaming opportunities. The deduction effectively lowered the top tax rate on most business income of high-income individuals by 10 percent—from the pre-2017 rate of 39.6 percent down to 29.6 percent. The largest beneficiaries of this provision by far are the richest 1 percent of Americans, who will see nearly two-thirds of the windfall. Moreover, in the final hours before the bill was passed, lawmakers added a last-minute provision to expand the pass-through loophole, especially for real estate owners.

[HedonistForever]

Originally Posted by 00 gauge

Yeah having dipshitcrats in charge and raising taxes is what they've always done ..... they always scream about how the rich get all the tax breaks, and I'm not necessarily disagreeing with that, yet they resume power and up goes everyone's taxes, and who gets hammered the most when they do? The lower class and middle class income earners ..... but the hatred for Trump was so bad these idiots were willing to fuck themselves taxwise by voting for biden ..... and these are the same idiots who thought that by removing Trump from office that things would get better .....

Never were truer words spoken but it won't be limited to just higher taxes. Many more things will become more clear very shortly. Higher energy costs will be coming soon.