Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Paul Ryan. He protected all of them. Coming to think of it Republicans call the removal of loop holes "tax increase" and they have signed away the option of removing them. It is unfortunate because I know there was a time not too long ago when Republicans were trying to get rid of loop holes. It seems that now that some Dems want to remove them, the republicans have to oppose it just because they feel it is their duty to oppose everything.
I'll tell you why I don't believe a word you say.
There is a so-called corporate jet "loophole". In reality, it is not a loophole, and I will lay it all out for even the simplest-minded ******* to understand (assuming they WANT to understand (big assumption)).
Business are allowed to "write off" (or deduct) expenses from their revenue to arrive at profit (taxable).
However, when a business buys a capital assest (large, durable equipment like a truck, ship or airplane), they write off a part of that asset every year until it has all been written off over a certain period of time (or schedule). This is called depreciation, and all types of assets have a certain depreciation schedule (5 years, 7 years, 10 years etc) based on the lifespan of that asset.
An airline, buys an airliner, and is allowed to write the purchase cost of that airplane over a 7-year schedule. Every year, 1/7 of the cost of that airplane is allowed to be deduced from revenue (as an expense) every year for 7 years.
However, a less-durable corporate-class jet is written off over a slightly shorter schedule (5 years) reflecting the lesser lifespan. They can deduct a slightly-greater percentage of the cost each year (1/5 instead of 1/7), but can only do so for a shorter period of time (5 years instead of 7 years).
This durability-based difference in depreciation schedule (5 years vice 7 years) although wholly reasonable and fully warrented, is considered a "loophole" by *******s.
I would estimate that 95% or more of the *******s who spout-off about the "loophole" have nary a clue what it is, or how stupid it is to call it a "loophole", but nevertheless, spout off they must.
Corporate taxes is also DOUBLE taxation. If profit is taxed at the corporation level and then taxed again as dividends, that's double taxation, which should be illegal.
The investors that hold stock in the corporation are separate entities than the corporation. Sorry it's not double taxation.
People receive benefits in terms of being shielded from liability of actions they may take as an employee of officer of a corporation. They can also receive benefits like cars, houses, and other things that are owned by the corporation. Therefore they technically don't pay for these things. In most cases incorporation offers far more benefits to high assets individuals than liabilities. Especially if they have good tax lawyers and accountants.
It sounds good by that's not going to be enough to make up for the significant differences in labor cost. The dirty little secret that nobody has the guts to tell the American people is that for many industries and professions they are no longer wage competitive with other workers around the world. American corporations are much more interested in profits than they are the future economic growth of the United States. Simply put they see better opportunities in other parts of the world.
Yes, right wingers. What has Obama got to do with it? Nothing. Right wingers are the ones who refused to remove the tax loop holes which would have enabled the reduction in corporate tax rate.
Does Obama have anything to do with anything? Sometimes I feel like I'm trying to have a political discussion with children... <<""lightbulb"">>.
Quote:
Originally Posted by Boompa
the entire GOP, run with swine you pick up the stink
You can tell it's campaign season. All the papers ran anti-GOP cartoons with references to pigs this morning. I can't believe they're dusting off the pig wearing lipstick. I guess it's easier to convey idiocy with drawings.
There is a so-called corporate jet "loophole". In reality, it is not a loophole, and I will lay it all out for even the simplest-minded ******* to understand (assuming they WANT to understand (big assumption)).
Business are allowed to "write off" (or deduct) expenses from their revenue to arrive at profit (taxable).
However, when a business buys a capital assest (large, durable equipment like a truck, ship or airplane), they write off a part of that asset every year until it has all been written off over a certain period of time (or schedule). This is called depreciation, and all types of assets have a certain depreciation schedule (5 years, 7 years, 10 years etc) based on the lifespan of that asset.
An airline, buys an airliner, and is allowed to write the purchase cost of that airplane over a 7-year schedule. Every year, 1/7 of the cost of that airplane is allowed to be deduced from revenue (as an expense) every year for 7 years.
However, a less-durable corporate-class jet is written off over a slightly shorter schedule (5 years) reflecting the lesser lifespan. They can deduct a slightly-greater percentage of the cost each year (1/5 instead of 1/7), but can only do so for a shorter period of time (5 years instead of 7 years).
This durability-based difference in depreciation schedule (5 years vice 7 years) although wholly reasonable and fully warrented, is considered a "loophole" by *******s.
I would estimate that 95% or more of the *******s who spout-off about the "loophole" have nary a clue what it is, or how stupid it is to call it a "loophole", but nevertheless, spout off they must.
Sad, very sad.
Let me ask you two questions:
1. Were GOP reps also "*******s" when they pushed for removal of loop-holes? Was Reagan "*******"? It is too funny to see people like you turn around and fight to keep the loop holes, and then turn around to fight against them when the GOP goes back to opposing them.
2. Are you actually saying there is no such thing as loop-hole?
Oh, yes, Reagan closes a whole bunch of loop-holes including the ones his former employer GE (which you label as "Obama's buddy") had used. Now, Reagan also raised the corporate tax, while removing the loop-holes, but at this time we are in a position to remove so many loop-holes that we could actually lower the corporate tax and still collect more in revenue due to closing the loop-holes. You should read about Reagan and the 1986 Tax Reform Act.
REAGAN: We’re going to make it economical to raise children again. Flatter rates will mean more reward for that extra effort, and vanishing loopholes and a minimum tax will mean that everybody and every corporation pay their fair share.
Last edited by Finn_Jarber; 08-16-2011 at 05:52 PM..
Does Obama have anything to do with anything? Sometimes I feel like I'm trying to have a political discussion with children... <<""lightbulb"">>.
Well, either Obama had something to do with my comment or he did not, but he didn't. It is what it is. It is somewhat strange that if someone points out something completely unrelated to Obama, your reply ALWAYS starts with "But Obama said......"
No, it had nothing to do with him. Sorry, you got confused. I know you probably like to talk trash about Obama on every thread, but I simply was not talking about him at all.
Well, either Obama had something to do with my comment or he did not, but he didn't. It is what it is. It is somewhat strange that if someone points out something completely unrelated to Obama, your reply ALWAYS starts with "But Obama said......"
No, it had nothing to do with him. Sorry, you got confused.
Did you miss that GE is Obamas' favorite corporation? They are the largest company to pay ZERO taxes, and have collected BILLIONS in subsidies during Obamas' watch. If this is a "right thing" it sure seems to be benefiting the left.
I'm surprised at how quickly you proved my suspicions correct.
Did you miss that GE is Obamas' favorite corporation? They are the largest company to pay ZERO taxes, and have collected BILLIONS in subsidies during Obamas' watch. If this is a "right thing" it sure seems to be benefiting the left.
I think you are having major difficulty following the conversation.
GE was Reagan's former employer, and he killed their loop-holes anyway.
Well, if you do not want to remove the loopholes, then vote for someone who promises to keep them in place.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
