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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 GetAClue Again, the rich and corporations pay what the law requires. They also pay other taxes than ...

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  #21 (permalink)  
Old 10-01-2020, 07:44 PM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

Quote:
Originally Posted by GetAClue View Post
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.
That's an interesting dodge of the question. AGAIN.
It's a very strait forward question that it seems you don't want to answer.
Your steadfast defense of the uber riches money is quite interesting. looks like you won't be of any help when i do as you suggest, and contact my congressmen.
I'm sure the uber rich appreciate your support.

But OK, well to reply to you comments, everyone else pays many other types of taxes as well. PLUS they pay income taxes.

And Clue, i have to wonder if you supported and voted for Ron Paul, since he actually proposed getting rid of the income tax and the whole IRS. ad
Have you contacted your congress people about doing away with the income tax? Or does getting rid of the income tax only come up when we need an excuse to defend the rich's LONG TIME habit of paying ZERO income taxes?
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Old 10-02-2020, 03:20 AM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

Here's an interesting article taking the NY Times to task for benefiting, very handsomely, from the same tax minimization "loop-holes" they lambast Trump for. The Times uses corporations that exist just to lose money to cut its tax liability and has made the taxpayers of this nation pay for its lousy M&A track record, buying high and selling low and claiming the losses.

The Times has huge foreign investments and investors and partial owners and entanglements in foreign countries, including some not so nice ones.

Through the corporation and personally, the Ochs-Sulzberger family have exploited tax laws that have allowed the siphoning of vast sums of money out of the corporation, with minimal taxation to benefit various members of the family.

As it is with hypocrites, when you point at someone, three fingers are pointing back at you:

"The New York Times Company had a loss of about $58 million in 2008, and its 2009 annual report disclosed a net income tax “benefit” of nearly $6 million that year. The annual report says, “State tax operating loss carryforwards (‘loss carryforwards’) totaled $13.5 million as of December 27, 2009 and $9.5 million as of December 28, 2008. Such loss carryforwards expire in accordance with provisions of applicable tax laws and have remaining lives generally ranging from 4 to 20 years.”

Similarly, in 2006, the New York Times Company was in trouble. Its stock price had tumbled to a low of $21.58 in that year from a high of $40.80 in 2005. The company reported an annual loss for 2006 of $543 million. The Times 2006 annual report says the company’s “effective income tax rate was 3.0% because the majority of the non-cash impairment charge of $814.4 million at the New England Media Group is non-deductible for tax purposes.”

Speaking of the New England Media Group, it is to the Ochs-Sulzberger family what loss-producing golf courses are to the Trump family. The Times Company bought the Boston Globe for $1.1 billion in 1993, added the Worcester Telegram & Gazette for $295 million in 1999, and sold them both to Boston Red Sox owner John Henry for $70 million in 2013."


https://www.nysun.com/national/guess...out-tax/91280/
.
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Old 10-02-2020, 07:25 AM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

Quote:
Originally Posted by mr wonder View Post
That's an interesting dodge of the question. AGAIN.
It's a very strait forward question that it seems you don't want to answer.
Your steadfast defense of the uber riches money is quite interesting. looks like you won't be of any help when i do as you suggest, and contact my congressmen.
I'm sure the uber rich appreciate your support.

But OK, well to reply to you comments, everyone else pays many other types of taxes as well. PLUS they pay income taxes.

And Clue, i have to wonder if you supported and voted for Ron Paul, since he actually proposed getting rid of the income tax and the whole IRS. ad
Have you contacted your congress people about doing away with the income tax? Or does getting rid of the income tax only come up when we need an excuse to defend the rich's LONG TIME habit of paying ZERO income taxes?
You may view my position anyway you like, that is your prerogative.

However, I don't sit around everyday worrying about how much people that have more money than I do pay in taxes. I also don't have the privilege of looking at their financials to examine WHY their tax rates are so low.

You seem to want to demonize people/corps that have more than you do. If that is how you go through life, have at it. But as I correctly point out, THEY DON'T WRITE THE TAX CODE. They are simply following the law that Congress wrote. You sound like Barack Obama when he proposed raising the taxes on Capital Gains even after it was shown that total tax receipts actually go down and he replied, "Its a matter of fairness."

And to answer your question, YES I have talked with my congressman (Rep Bob Gibbs) about my ideas to eliminate the income tax and go to a consumption tax. He appeared to be receptive of the idea, but I know that is about as far as it went.

But here are the facts. These companies are able to use the tax code to get their incomes to a level in which they pay little if no tax at all. HOWEVER, there are many OTHER taxes in which they pay far more money in taxes than I ever will. How much do they pay? I have no idea, but I am sure that if you are interested in it, there are ways to find out for publicly traded companies. My suspicion is that their total tax bill is in line with what one would expect for companies of that size.
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Old 10-02-2020, 08:13 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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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?
Construction isn't usually subject to gross sales tax. It usually relates to retail or restaurants. But don't worry, I'm sure they will find a lovely tax, just for you.

As to how a gross tax works, it's usually a small percent, 1%-1.5% is what we pay locally, on a monthly basis, literally on your gross sales. We sell $50,000 worth of sandwiches, we pay $500 to the city.
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Old 10-02-2020, 08:24 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 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?
Corporations will build the cost of taxation into their price that the consumer (or another business) pays. So effectively, the consumer is paying more than they actually should for the service/product. Why bother?

Uber rich should be taxed as any other individual should. What needs to be reduced is the means to 'write off' certain expenses that are specific to monetary transactions. While the write-offs are available to everyone, the average joe doesn't do them as frequently, nor in the same quantity. Sales tax, for one. Real estate taxes is another.* Prepaid costs for the purchase of a second home. Following me?

*By removing the ability to deduct RE taxes, people may actually start feeling the bite of what they are paying to their local governing bodies, and realize how badly they are being clipped.

Noblesse Oblige is all well and good, but to keep adding to it on the basis 'they have more than I do' is greed.
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Old 10-02-2020, 11:09 AM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

Quote:
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?
Where did "NO TAXES" come from? Come on W, no one says the rich should NOT pay taxes. Correct me if I'm wrong, but doesn't the top 1% pay 50% of the taxes already? Should they pay 100%? 75%?
Some say that would hurt the economy and jobs. Do you think that is true? Or do you think more taxes would help the economy and create jobs?
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Old 10-03-2020, 11:50 AM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

Quote:
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?
Some concepts that ought to replace class warfare demogoguery.

Individuals and corporations aren't taxed for most losses but the amount of loss that can be declared in any 1 year is capped. Excess losses can be carried forward and in some cases applied retroactively.

Corporations have a fiduciary duty to act in the best financial interest of their shareholders including minimizing tax liability.
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Old 10-04-2020, 01:07 AM
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Default Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are

Quote:
Originally Posted by cnredd View Post
normalize his cheating and while you're at it apologize for you paying more taxes than millionaires even if they didn't cheat.
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Old 10-04-2020, 07:51 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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normalize his cheating and while you're at it apologize for you paying more taxes than millionaires even if they didn't cheat.
The norm is just under half of Federal income tax filers pay no net income tax while the rest of us pay the minimum amount we are required to fork over. The Bad Orange man is no different than the norm.
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Old 10-14-2020, 04:52 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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The norm is just under half of Federal income tax filers pay no net income tax while the rest of us pay the minimum amount we are required to fork over. The Bad Orange man is no different than the norm.
Some people appear to think that rich people have a duty--a moral duty, at least--to pay just as much as possible in income taxes.

But why should a different principle apply to them than applies to the rest of us, just because they much wealthier?

I believe that those people who believe this would really be much more comfortable with socialism than with capitalism...
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