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Opinions & Editorials Discuss No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are a g at the General Forum; Originally Posted by AZRWinger Bad light? The point of the thread is that so-called bad light is often the product ...

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Old 09-30-2020, 12:01 PM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

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Originally Posted by AZRWinger View Post
Bad light? The point of the thread is that so-called bad light is often the product of ignorance based in political positions. According to the Left the tax code doesn't matter, the rich don't pay their so-called fair share. Naturally there is no precise definition of how much fair share actually is, that would disarm the fiery but hollow rhetoric of blind condemnation.

Let's look at 2 simple but key components underlying corporate tax calculations.

Just like individuals who suffer losses on investments corporations use loses to offset tax liability. Like individuals corporate losses can be carried forward. The fair share crowd would tax losses in the name of social justice.

Depreciation is the concept that capital equipment and facilities wear out with use. Most individuals understand the concept of depreciation in terms of their automobile. Depreciation allows businesses to accrue funds to replace worn out equipment. Individuals don't get depreciation for the most part.

It's easy to condemn businesses for using the tax code to minimize their liabilities without suggesting any reforms to the tax code.
The way I see it corporations consistently put millions of dollars at risk trying to expand their companies, which in turn creates more jobs, usually. Many times those risks fail, and millions are lost. Some people would like to see corporations pay taxes on all the money they use.
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Old 09-30-2020, 01:18 PM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

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Originally Posted by AZRWinger View Post
Bad light? The point of the thread is that so-called bad light is often the product of ignorance based in political positions. According to the Left the tax code doesn't matter, the rich don't pay their so-called fair share. Naturally there is no precise definition of how much fair share actually is, that would disarm the fiery but hollow rhetoric of blind condemnation.

Let's look at 2 simple ....
whoah whoah, before we look at anything else can we all agree that "the rich" and corporations "fair share" (-whatever that is-) is something more than ZERO?
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Old 09-30-2020, 02:12 PM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

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whoah whoah, before we look at anything else can we all agree that "the rich" and corporations "fair share" (-whatever that is-) is something more than ZERO?
Doesn't it depend on profits? if their losses and expenditures exceed their profits, than NO on taxes.
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Old 09-30-2020, 04:09 PM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

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Originally Posted by mr wonder View Post
whoah whoah, before we look at anything else can we all agree that "the rich" and corporations "fair share" (-whatever that is-) is something more than ZERO?
Again, take it up with Congress. While lobbyists will suggest and even write legislation, it is still the Congress Critters that actually pass it through the legislative process. Lobbyists cannot do that.
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Old 09-30-2020, 05:14 PM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

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Doesn't it depend on profits? if their losses and expenditures exceed their profits, than NO on taxes.
notice the profits...
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Old 10-01-2020, 08:18 AM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

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notice the profits...
How many of those companies violated the tax laws to get their tax rate down to zero? My guess is that they ALL followed tax laws in place at the time. If you have a problem with that, vote for people that will work to change the tax laws or become an advocate for a more fair system.

Edit to add: Also, this is only talking about INCOME TAX. Do you pay taxes that are NOT income tax? I'm sure that these corporations pay Millions if not Billions in other taxes. Income tax is mostly a tax levied on individuals. Businesses pay plenty of other taxes.
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Old 10-01-2020, 10:12 AM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

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Originally Posted by GetAClue View Post
How many of those companies violated the tax laws to get their tax rate down to zero? My guess is that they ALL followed tax laws in place at the time. If you have a problem with that, vote for people that will work to change the tax laws or become an advocate for a more fair system.

Edit to add: Also, this is only talking about INCOME TAX. Do you pay taxes that are NOT income tax? I'm sure that these corporations pay Millions if not Billions in other taxes. Income tax is mostly a tax levied on individuals. Businesses pay plenty of other taxes.
Just to add a couple of those 'other' taxes to the list, and yes I know some are particular to certain areas, and I'm sure there are some I am not aware of. Most are State related.

Gross Receipts Tax
Business License (percentage of sales)
Halls Tax (TN) (Income)
Professional Licensing (gross revenue)
Hospitality Tax (gross sales)
Tourism Tax (gross sales)

To name just a few....
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Old 10-01-2020, 11:30 AM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

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Originally Posted by GottaGo View Post
Just to add a couple of those 'other' taxes to the list, and yes I know some are particular to certain areas, and I'm sure there are some I am not aware of. Most are State related.

Gross Receipts Tax
Business License (percentage of sales)
Halls Tax (TN) (Income)
Professional Licensing (gross revenue)
Hospitality Tax (gross sales)
Tourism Tax (gross sales)

To name just a few....
Here in Nevada they are talking about taxing businesses on their GROSS sales.
I know that you know far more about this stuff than me. How does that work with businesses that work on large projects with very slim margins?
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Old 10-01-2020, 01:30 PM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

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Originally Posted by mr wonder View Post
whoah whoah, before we look at anything else can we all agree that "the rich" and corporations "fair share" (-whatever that is-) is something more than ZERO?
so it looks like the short answer to the question from all of you is "no".
"the rich" and corporations SHOULD NOT pay anything more than ZERO income tax.
Ok So please don't ask me to take it up with my congressmen again.

just to be clear, I simply would like to know do YOU FOLKS think the uber rich and corporations SHOULD pay ANY income taxes?

when i go complain congress and the president i need to know if i should count on honest conservatives like yourselves. Are you're with me or not? SHOULD the uber rich ... like Trump and Bezos and Zuckerberg and Gates pay more than $750 a year in income taxes. SHOULD corporations that make multi-million dollars worth of profits pay some income taxes and not get a dime in government refunds?
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Old 10-01-2020, 04:09 PM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

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Originally Posted by mr wonder View Post
so it looks like the short answer to the question from all of you is "no".
"the rich" and corporations SHOULD NOT pay anything more than ZERO income tax.
Ok So please don't ask me to take it up with my congressmen again.

just to be clear, I simply would like to know do YOU FOLKS think the uber rich and corporations SHOULD pay ANY income taxes?

when i go complain congress and the president i need to know if i should count on honest conservatives like yourselves. Are you're with me or not? SHOULD the uber rich ... like Trump and Bezos and Zuckerberg and Gates pay more than $750 a year in income taxes. SHOULD corporations that make multi-million dollars worth of profits pay some income taxes and not get a dime in government refunds?
Again, the rich and corporations pay what the law requires. They also pay other taxes than simply income taxes.

Personally, I would like to do away with the income tax as it is punishing people/companies for making money. If I had my way, I would tax spending and leaving income alone. Those that spend the most, would pay more.
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