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OP, they also gave $40 million to the Kennedy Center so that Nancy Pelosi and her minions can be entertained. Don't you understand what the priorities are?
The Covid relief bill got folded into the bigger omnibus spending bill that covers pretty much all government spending and which had to be passed because they need to keep key federal programs like law enforcement and the CDC/FDA operating. Committed to job or not, key federal employees lose motivation when they get IOUs instead of paychecks, especially around the Christmas season.
The foreign aid bill was part of that same omnibus bill. A lot of the places that the right wing set complained about as getting 'excessive' funding? They're part of China's Silk Road project and deleting that funding could very well put those countries into China's sphere of influence permanently like the old USSR had its Warsaw pact allies. We need to take actions in Central Asia to counter that extremely aggressive Chinese trade and development policy.
Quote:
Originally Posted by LeaveWI
I never saw a country so dead set on helping those struggling!! Not EVERY person who is trying to make ends meet, or God forbid, gets what little benefits the US allows for its people, is a lazy deadbeat loser!!! IDK where this idea that the wealthy are assumed to be so virtuous, and the poor, esp the working poor, are lazy drug addled slugs, even comes from!!
See Joel Osteen (a big receiver of covid relief grants first time around) and the rise of the prosperity gospel set.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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If you manage your income, especially in retirement, it's fairly easy to get the CARE checks.
I too know someone who drives a Porche 911 C, living in a luxurious home, (his other car is the BMW).
We could see no reason or incentive for fast cars and big house for 2 of us. So the CARE checks went into investing. We don't need the RMD or CARE checks but we will get them. The taxable investment accounts (+20% and +45% YTD).
Last edited by leastprime; 12-23-2020 at 06:16 PM..
Just give PPP in the same amount to everybody. They get the free money in the tens and hundreds of thousands of dollars, while getting to deduct the gift from their taxes.
It reminds one of the unrepatriated foreign profits fraud where companies get to record tax liabilities without actually paying tax and then get to write off the expenses for the tax shelter.
Actually, Canada's pandemic unemployment assistance is similar to the US' in size. People just pull out figures without looking at what it applies to.
Rental assistance is applied for by the landlord as well as the tenant.
Too much politics injected into economic arguments, but you can predict who lines up in favor of PPP and against stimulus check and unemployment assistance as well as vice versa on the basis of whether they identify as faux conservatives or as faux liberals.
A bipartisan insult to the American people and legislative process.
Just give PPP in the same amount to everybody. They get the free money in the tens and hundreds of thousands of dollars, while getting to deduct the gift from their taxes.
It reminds one of the unrepatriated foreign profits fraud where companies get to record tax liabilities without actually paying tax and then get to write off the expenses for the tax shelter.
Actually, Canada's pandemic unemployment assistance is similar to the US' in size. People just pull out figures without looking at what it applies to.
Rental assistance is applied for by the landlord as well as the tenant.
Too much politics injected into economic arguments, but you can predict who lines up in favor of PPP and against stimulus check and unemployment assistance as well as vice versa on the basis of whether they identify as faux conservatives or as faux liberals.
I’d love for you to explain that one.
I spent two entire years working on this.
How is the old system of permanently reinvested earnings a fraud?
What do you mean by “get to†record tax liabilities? This happens for all tax deferrals. Literally every one. They’re all recorded on the balance sheet as deferred tax assets or deferred tax liabilities. It’s ASC 740.
Say a controlled foreign corporation is operating in France. They pay French tax on their earnings. In the U.S, they made APB 23 assertions to permanently reinvest the earnings overseas. In other words, they proved they have use of the funds and don’t have a need for that money. So, they would defer the u.s tax liability on foreign earnings (that again, are already taxed locally, the u.s had a worldwide system of taxation instead of territorial) until their was an actual distribution....since the tax rate was so high then (marginal rate of 35%), no one would want to bring the money back to the U.S. they could just borrow new money cheaper (for example). What is fraudulent about that? Do we pay French taxes on our earnings in the U.S? No, because France didn’t have a world wide system of taxation like the U.S did at that time.
In some ways, I think this system was designed for the Fortune 500 to keep dollars abroad on purpose. It’s part of the U.S dollarizing the world with globalization and spreading power with the dollar....but trump unwound it all...because I’m convinced that trump is a Russian operative specifically trying to undermine American empire. But...that’s just my opinion.
The transition tax was a deemed repatriation so all of those earnings (and cash as well...but I distress) in controlled foreign corporations were hit with an extremely complicated one time tax to transition to the GILTI tax structure, which is paid on a yearly basis.
How is that a tax shelter? Write WHAT off? Are you talking about FTC’s?
After this deemed distribution, many corporations never actually did actual distributions of money back to the United States...because just like the original assertion would indicate...they need the funds overseas and don’t have uses for it domestically...and sure enough, that was still the case after the transition tax was paid.
Last edited by Thatsright19; 12-23-2020 at 06:00 PM..
All the essential businesses are still open, they never did shut down.
And they are doing well, not needing any stimulus at all. It's the non-essential businesses that are hurting and need the stimulus. What we are doing is like putting premium gas in the tank to get better performance when we have deliberately shut down 6 out of 8 cylinders in the engine.
same here... I know people who were driving BMWs and living in luxurious homes getting $2400 in checks. If the $2k idea passes this time these fat cats will be getting $8k in checks.
I guess I indirectly get it as I'm sure all of my tenants fall under the criteria to receive checks, but I hear you.
I'm driving around in a 2006 beater living well below my means. I don't need the checks, but it sucks to be responsible and not rewarded for it.
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