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Old 12-17-2017, 08:36 AM
 
Location: Paranoid State
12,685 posts, read 9,443,087 times
Reputation: 14945

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Quote:
Originally Posted by Thatsright19 View Post
You post this nonsense over and over in tax threads. It’s so clear someone has no idea what they’re talking about when they propose ridiculously simple solutions to complex programs.

https://www.ctj.org/fact-sheet-why-w...te-income-tax/

Someone's been watching too much Rachel Maddow.
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Old 12-17-2017, 09:17 AM
 
2,248 posts, read 1,391,923 times
Reputation: 4900
Quote:
Originally Posted by SportyandMisty View Post
Someone's been watching too much Rachel Maddow.
I have no idea who that is. But, perhaps you could try to dispute the facts supported by the irs, the treasury, the congressional budget office, and tax professionals who actually have a clue how the world works?

Your thoughts on corporate taxes are absurd and absolutely not supported by reality.
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Old 12-17-2017, 09:45 AM
 
7,008 posts, read 6,641,386 times
Reputation: 5284
Quote:
Originally Posted by LeavingMA View Post
This post has valid points as people get income from companies and the government consistently taxes on income. So why not make it easier and just tax on personal income.
That makes corporations sound like charities, when in fact, the payments to employees are compensation for services. Social security, Medicare/Medicaid, workmen's comp, unemployment insurance, and other costs are classified under the benefits section of employee compensation.

Corporate income taxes are imposed net of costs of doing business, of which payments to suppliers is one cost, whether they are W-2 employees or 1099 contractors.

Eliminating the corporate income tax would also create a backdoor for individuals to get a much lower tax rate than other taxpayers through compensation via dividends. It would eventually push the individual income tax rates higher.
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Old 12-17-2017, 05:40 PM
 
3,476 posts, read 1,988,641 times
Reputation: 7888
Quote:
Originally Posted by TuborgP View Post
I think people are hearing what they want to hear and not what is being said and implied. Repatriating money will increase the annual income for many. As you note it will be in capital gains/dividends and not wages.
What the op says is nothing new. I coulda done telled you that.

Which will only benefit those wealthy enough to own shares or own it and not the little people, who, even in middle class, may not be able to afford much in stocks.

It's still a plan of the rich, by the rich and for the rich.

What the government could have done that might actually help all employees is a zero tax due on profits "repatriated " to employees via an EQUITABLE PROFIT SHARING PLAN OR PROGRAM. Share your profits with ALL your employees EQUALLY, and you'll owe NO TAX on those profits. Or even maybe a rebate?

Those programs do or did exist. I once worked for a company that had such a program. But it was a thin one. They'd give you profit sharing on 5% of profits for a HUGE tax break they got, but it amounted to like $100 /year per employee, and you had to be there 10 years or Something to be just 50% vested, and 15 years to be 100% vested. In other words, it was really only lip service to the employees to get a big tax break for the owners of the business. I left after5 years for greener pastures in 1990, when the economy buckled and they cut all our hours to just 10 hours week from 40. I couldn't pay bills on that. The economy also affected my second job, completely eliminated then, so I really could not pay my bills. I left for "home" with stable but l very low economy.

Only if it benefits the business world will they "repatriated funds ", or share profits with ordinary employees. Employees who do own shares might benefit, but if their shares are bought back, they get nothing more from the company.

The company I work for now will get the owners a tax break, he'll keep more money, but I guarantee you he won't be paying me/us any more, and there is no stock option here. Heck there isn't even a 401 or anything. He keeps all profits except spending what the franchise orders him to spend to maintain/update/upgrade the property.

No this plan the GOP has won't work to Joe Mainstreet's advantage.

It really sucks.

But of the rich, by the rich, and for the rich was exactly how this country was founded. Nothing has changed in our hundreds of years.

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Old 12-17-2017, 05:50 PM
 
Location: Fort Payne Alabama
1,071 posts, read 1,472,789 times
Reputation: 2028
Quote:
Originally Posted by galaxyhi View Post
What the op says is nothing new. I coulda done telled you that.

Which will only benefit those wealthy enough to own shares or own it and not the little people, who, even in middle class, may not be able to afford much in stocks.

It's still a plan of the rich, by the rich and for the rich.

No this plan the GOP has won't work to Joe Mainstreet's advantage.

It really sucks.

But of the rich, by the rich, and for the rich was exactly how this country was founded. Nothing has changed in our hundreds of years.

Gee Galaxy, how many jobs do you personally provide, do you pay a living wage, provide decent benefits?
How many jobs does you "rich employer" provide?
That being said knowing the top 1% pay 40% of all income taxes, the bottom 50% pay Zip, how can these bottom 50% get a tax cut, of course the majority is going to go to the wealthy versus Joe Mainstreet as they pay the vast majority of the Federal Income Taxes!
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Old 12-17-2017, 05:50 PM
 
8,295 posts, read 3,460,242 times
Reputation: 1587
Quote:
Originally Posted by galaxyhi View Post
What the op says is nothing new. I coulda done telled you that.

Which will only benefit those wealthy enough to own shares or own it and not the little people, who, even in middle class, may not be able to afford much in stocks.

It's still a plan of the rich, by the rich and for the rich.

What the government could have done that might actually help all employees is a zero tax due on profits "repatriated " to employees via an EQUITABLE PROFIT SHARING PLAN OR PROGRAM. Share your profits with ALL your employees EQUALLY, and you'll owe NO TAX on those profits. Or even maybe a rebate?

Those programs do or did exist. I once worked for a company that had such a program. But it was a thin one. They'd give you profit sharing on 5% of profits for a HUGE tax break they got, but it amounted to like $100 /year per employee, and you had to be there 10 years or Something to be just 50% vested, and 15 years to be 100% vested. In other words, it was really only lip service to the employees to get a big tax break for the owners of the business. I left after5 years for greener pastures in 1990, when the economy buckled and they cut all our hours to just 10 hours week from 40. I couldn't pay bills on that. The economy also affected my second job, completely eliminated then, so I really could not pay my bills. I left for "home" with stable but l very low economy.

Only if it benefits the business world will they "repatriated funds ", or share profits with ordinary employees. Employees who do own shares might benefit, but if their shares are bought back, they get nothing more from the company.

The company I work for now will get the owners a tax break, he'll keep more money, but I guarantee you he won't be paying me/us any more, and there is no stock option here. Heck there isn't even a 401 or anything. He keeps all profits except spending what the franchise orders him to spend to maintain/update/upgrade the property.

No this plan the GOP has won't work to Joe Mainstreet's advantage.

It really sucks.

But of the rich, by the rich, and for the rich was exactly how this country was founded. Nothing has changed in our hundreds of years.

My stocks are gunna swoon!

Two big things for main street: Eliminate payrolls taxes. Rebate everyone/family on a monthly basis 1/3 of their yearly OOP HC expenses if they tow their medical line and don't overuse HC resources.
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Old 12-17-2017, 08:48 PM
 
3,476 posts, read 1,988,641 times
Reputation: 7888
Quote:
Originally Posted by GreggT View Post
Gee Galaxy, how many jobs do you personally provide, do you pay a living wage, provide decent benefits?
How many jobs does you "rich employer" provide?
That being said knowing the top 1% pay 40% of all income taxes, the bottom 50% pay Zip, how can these bottom 50% get a tax cut, of course the majority is going to go to the wealthy versus Joe Mainstreet as they pay the vast majority of the Federal Income Taxes!
I've always held two jobs during my working career. I was no slouch. I've always had income tax bill due, I pay taxes.

How many people did Trump put out of work closing his casinos and other businesses????

My OH and I are squarely in the lower middle class, and My OH works two jobs too.

I call it the " Upper Poor class" and we getvshafted just like the other middle incomes who pay taxes as well. I don't have tax shelters, my money always stays stateside, I don't offshore any of it to reduce or eliminate taxes.

I have several business ideas, and even got SCORE to help with a business plan for one. A second one could easily mirrir the first. That would creat jobs, and like Costco, I could both pay my employees a living wage and make good profits.

I lack one thing...perhaps you can help me and put your money where your mouth is...i lack the capital to do so. Perhaps YOU'D LIKE TO INVEST. YOU COULD BE MY MARCUS LEMONIS. Heck, I'd even cut you in for a percentage, but not give it away to you.


Last edited by galaxyhi; 12-17-2017 at 09:08 PM..
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Old 12-17-2017, 09:08 PM
 
3,476 posts, read 1,988,641 times
Reputation: 7888
Quote:
Originally Posted by GreggT View Post
Gee Galaxy, how many jobs do you personally provide, do you pay a living wage, provide decent benefits?
How many jobs does you "rich employer" provide?
That being said knowing the top 1% pay 40% of all income taxes, the bottom 50% pay Zip, how can these bottom 50% get a tax cut, of course the majority is going to go to the wealthy versus Joe Mainstreet as they pay the vast majority of the Federal Income Taxes!
Oh, and my "rich employer" currently has only a few jobs. And he skinflints us. No living wage, no benefits, only expensive very expensive health care for 32 hours for more. He does have 32 hour jobs, but works most of us quite hard, cutting payroll is paramount to him, NOT "creating jobs " or paying a living wage. He drives a Mercedes, we drive second hand cars. He has a big fancy house, all my coworkers rent dumps as its all they can afford. BECAUSE my OH and I work hard, we have a house with mortgage and in just less than 5 years will have it paid off. We pay property taxes, the renters, while it can be argued their rent subsidizes or pays property taxes, have NO (PROPERTY) TAX BILL IN THEIR NAME. Only one other coworker owns a house she just bought with mortgage help from her sister. Ours was conventional mortgage.

BECAUSE my OH and I work hard, even though I'm only part TIME, we have things and money in the bank. We have to work hard to keep it there. We just don't have the capital to do my business ideas.

Because we are Willing to work hard we have two paid for vehicles, one bought older and used, one bought New, for cash.

But we are not the slouches who ARE leeches of society.

I've alwaysuntil recently held two jobs, including two full tome jobs whike carrying full time college course, forcteo semesters, 3 "A"s, and one "B" per each semester. That wore me down and i couldnt do itr a third semester.

DON'T tell me i dont pay taxes. I cringe at what our tax bill will be this coming year.

Btw, just How many living wage jobs do YOU CREATE? WHERE CAN I APPLY FOR ONE OF YOUR JOBS?

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Old 12-18-2017, 08:20 AM
 
8,295 posts, read 3,460,242 times
Reputation: 1587
How to repatriate capital out of China
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Old 12-18-2017, 08:49 AM
 
Location: Fairfax County, VA
1,387 posts, read 602,607 times
Reputation: 2723
Quote:
Originally Posted by lchoro View Post
Social security, Medicare/Medicaid, workmen's comp, unemployment insurance, and other costs are classified under the benefits section of employee compensation.
You mean under the LEGALLY REQUIRED BENEFITS sub-heading. And "Medicaid" and "other costs' don't belong on the list.
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