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Old 05-12-2017, 08:55 AM
 
Location: Paranoid State
12,364 posts, read 9,200,207 times
Reputation: 14481

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Looming tax reform spurs hefty corporate pension contributions

Quote:
Facing increased PBGC variable premiums and potential corporate tax reform, U.S. corporations are accelerating their pension contribution schedules...

...The largest contribution was made by Verizon Communications Inc., New York, which in the first quarter made $3.4 billion in discretionary pension contributions. The contribution was funded by debt, a portion of an $11 billion offering in March that also funded the Yahoo Inc. acquisition, said Robert A. Varettoni, company spokesman, in an April 20 email.

Verizon, in its 10-K filing in February, originally said it intended to make its minimum-required contribution of $600 million during the year; the additional discretionary contribution brings the total for the year to $4 billion...

http://www.pionline.com/article/2017...-contributions
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Old 05-12-2017, 03:05 PM
 
Location: Florida
4,244 posts, read 2,336,426 times
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I received a letter informing me that my pension benefits would be replaced with an annuity within the next 6 months.
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Old 05-12-2017, 05:56 PM
 
2,091 posts, read 1,113,302 times
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Originally Posted by engineman View Post
I received a letter informing me that my pension benefits would be replaced with an annuity within the next 6 months.
Congratulations on getting screwed.
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Old 05-13-2017, 03:41 AM
 
Location: Myrtle Creek, Oregon
10,812 posts, read 11,270,508 times
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In the 21st century, "tax reform" means they are going to blow a bunch more corporate loopholes in the tax code. Next up is a tax amnesty allowing corporations and individuals to repatriate $2 trillion in offshore cash without paying tax on it.
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Old 05-14-2017, 10:17 AM
 
Location: Paranoid State
12,364 posts, read 9,200,207 times
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Quote:
Originally Posted by Larry Caldwell View Post
In the 21st century, "tax reform" means they are going to blow a bunch more corporate loopholes in the tax code. Next up is a tax amnesty allowing corporations and individuals to repatriate $2 trillion in offshore cash without paying tax on it.
Not a loophole. Corporations don't pay income taxes; they merely collect and forward tax revenue to the IRS.

We need to completely eliminate corporate income tax, as the corporate income tax burden doesn't fall on the corporation. The corporate income tax burden falls on the shoulders of (a) customers, in the form of higher prices; (b) employees, in the form of lower total compensation; (c) business owners & shareholders, in the form of lower profits; and (d) suppliers, in the form of smaller orders. Suppliers burden again falls on their own customers, employees & owners.

Clearly, we should eliminate the corporate income tax and just tax those who bear the burden -- customers, employees, business owners & shareholders.
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Old 05-14-2017, 10:25 AM
 
4,229 posts, read 1,865,620 times
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Quote:
Originally Posted by SportyandMisty View Post
Not a loophole. Corporations don't pay income taxes; they merely collect and forward tax revenue to the IRS.
That's funny -- that's exactly what I do as an individual.

Quote:
Originally Posted by SportyandMisty View Post
Clearly, we should eliminate the corporate income tax and just tax those who bear the burden -- customers, employees, business owners & shareholders.
Dead horse alert. And if corporate tax burden already falls right where you think it should, why all the commotion about reform?
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Old 05-14-2017, 01:31 PM
 
2,142 posts, read 1,320,932 times
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Quote:
Originally Posted by SportyandMisty View Post
Not a loophole. Corporations don't pay income taxes; they merely collect and forward tax revenue to the IRS.

We need to completely eliminate corporate income tax, as the corporate income tax burden doesn't fall on the corporation. The corporate income tax burden falls on the shoulders of (a) customers, in the form of higher prices; (b) employees, in the form of lower total compensation; (c) business owners & shareholders, in the form of lower profits; and (d) suppliers, in the form of smaller orders. Suppliers burden again falls on their own customers, employees & owners.

Clearly, we should eliminate the corporate income tax and just tax those who bear the burden -- customers, employees, business owners & shareholders.
Maybe I'm biased because I'm a cpa for a Fortune 500 tax department, but do you really think it's a good idea to elimate the corporate income tax? As it is now, their income is taxed at the corporate and shareholder level.if you get rid of that layer of tax it gives the corporate form of business another massive advantage over other forms of business. Is that a side effect you'd want? Is that a side effect citizens want? People always rant that corporations already get special treatment. Good tax departments get the effective tax rate down to 18 percent or so despite the popular "marginal highest rate 36 percent in the world speech". You want to free up another 18 percent of their money to gobble up small business?

You're ignoring the double taxation. Where something is taxed in the chain matters. You vastly simplify it as being merely a collector. The fact you don't understand the significance of this pretty much proves you have no place weighing in on tax structures.

Last edited by Thatsright19; 05-14-2017 at 02:18 PM..
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Old 05-14-2017, 01:48 PM
 
2,142 posts, read 1,320,932 times
Reputation: 4593
Quote:
Originally Posted by Pub-911 View Post
That's funny -- that's exactly what I do as an individual.


Dead horse alert. And if corporate tax burden already falls right where you think it should, why all the commotion about reform?
If you know the history of this poster he or she often simplifies tax greatly and wishes cpas and attorneys to be unemployed and working at Starbucks since apparently, none of us are smart and talented.

Reality is, the person doesn't know much about the objectives of taxes that nearly always go far beyond merely raising revenue.
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Old 05-15-2017, 03:11 PM
 
Location: East Helena, MT
751 posts, read 459,601 times
Reputation: 1952
Quote:
Originally Posted by Thatsright19 View Post
If you know the history of this poster he or she often simplifies tax greatly and wishes cpas and attorneys to be unemployed and working at Starbucks since apparently, none of us are smart and talented.

Reality is, the person doesn't know much about the objectives of taxes that nearly always go far beyond merely raising revenue.


Taxes are complicated, that's the reason that most of America doesn't realize how bad they are getting shafted. Yes, all business income shouldn't be taxed. In a perfect world, they would all be pass through entities like S-corps and partnerships. Businesses, that includes corps. are the real job creators. The government should be supporting them, not creating endless regulations that keep small business from expanding, and punitive taxes that keep costs high.


Tax should only be collected at the final destination. Whether it be a dividend, interest, capitol gain, wages, or a profit.


The corps. are taking advantage of the existing tax law, and putting money into the pensions this year, to get the maximum credit against the higher 2017 tax rate. If they hedge their bets correctly, next year the tax rate will be around 20%. I don't have any confidence that the Trump administration will get congress to approve the 15% they want.


To the comment that CPA's and attorney's should be unemployed, no, you guys are needed. But you should be working directly for businesses. The tax code shouldn't be so complicated that regular wage earners need help to complete their tax return.
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Old 05-16-2017, 10:28 AM
 
Location: Myrtle Creek, Oregon
10,812 posts, read 11,270,508 times
Reputation: 16755
Quote:
Originally Posted by SportyandMisty View Post
Not a loophole. Corporations don't pay income taxes; they merely collect and forward tax revenue to the IRS.

We need to completely eliminate corporate income tax, as the corporate income tax burden doesn't fall on the corporation. The corporate income tax burden falls on the shoulders of (a) customers, in the form of higher prices; (b) employees, in the form of lower total compensation; (c) business owners & shareholders, in the form of lower profits; and (d) suppliers, in the form of smaller orders. Suppliers burden again falls on their own customers, employees & owners.

Clearly, we should eliminate the corporate income tax and just tax those who bear the burden -- customers, employees, business owners & shareholders.
Hahahaha! Good one! Eliminate one tax and institute four new ones.

What we really need to do is double or triple the tax on corporate profits, enough to make it a better long term bet to reinvest the profits in the business instead of pocket them. We desperately need a tax structure that will grow the economy, and a low tax rate has the opposite effect.
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