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WHAT IS PUBLIC, of course, are the GAAP Financial Statements including The Income Statement, the Balance Sheet, Statement of Cash Flows, etc.
There is a line item on the Income Statement that is the "Provision for Income Taxes." That line item is a GAAP line item (GAAP = Generally Accepted Accounting Principles), calculated based GAAP rules.
There is additional detail regarding the provision for income taxes in the footnotes to the financial statements. The provision is split between current and deferred taxes. That is further split into federal, state and foreign taxes of each of current and deferred.
The current federal income tax expense is primarily comprised of what is expected to be on the current year US corporate income tax return. Other items going through current would be prior year provision to return reconciling items, current year expense on uncertain tax positions and any audit settlements that weren't previously accrued for.
Additionally, the statement of cash flows will disclose the amount of income taxes paid during the year (in total). That can give the reader an idea of what portion of the current tax expense is actually going out the door.
So you are correct that the exact number isn't known, but the reader of the financial statements can get a pretty good idea of what the number is.
Corporate taxes can only come from customers, employees, or shareholders. The burden will vary from place to place and time to time, but there is no where else to get the funds. Taxing corporations is just taxing people so why would it be preferable to any other tax?
Yup.
People think the business is going to take the hit or pass it on to the consumer?
Corporate taxes can only come from customers, employees, or shareholders. The burden will vary from place to place and time to time, but there is no where else to get the funds. Taxing corporations is just taxing people so why would it be preferable to any other tax?
When taxes are cut, as it has happened with other GOP administrations, did prices fall, and wages rise? Please show me data.
but they do plenty of four-letter things to people and communities. More and more frequently it seems, ever since they got this status as quasi-people.
Yup.
People think the business is going to take the hit or pass it on to the consumer?
Prices rise and fall to market forces, not tax laws. This is total falsehood and has never been borne out by any data. When corp. taxes were cut did prices fall, and wages rise? Show me data.
No, I'm just a person who actually works in corporate tax for elite Fortune 500 companies and in the past for international cpa firms.
I'll keep laughing at your inaccurate and simple opinions.
What positions did you hold?
Did you read the article from Forbes magazine.
Do you think you know more than the U .S. Government Accountability Office?
Then provide data from reliable sources that they are wrong.
Prices rise and fall to market forces, not tax laws. This is total falsehood and has never been borne out by any data. When corp. taxes were cut did prices fall, and wages rise? Show me data.
No one says it works the other way around.
But I guarantee raising cost on a company will find its way to the consumer.
No one says it works the other way around.
But I guarantee raising cost on a company will find its way to the consumer.
Well, you are wrong. That is what the GOP and the Koch Brothers would like you to believe. Repeat this often enough and people like you will vote their way, against your own interest.
If what you say works one way, it should also work the other way. That is called logic.
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