No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are a g
 

A touch of funny with a whole bunch of reality...:thumbsup :clap

https://i.ibb.co/qxc5rh5/Taxes-Tweet.jpg

NO, YOU IDIOTS. THAT’S NOT HOW TAXES WORK. – AN ACCOUNTANT’S GUIDE TO WHY YOU ARE A GULLIBLE MORON

Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are
 

"Basically, you pay what you owe, no more, and anyone who claims otherwise is full of ****."

I kind of agree with that statement. The reason I say kind of is because I remember back in 2011 Warren Buffet claiming he paid a lower percentage rate in taxes than his secretary and whining how that wasn't fair.That man made a conscience decision to take advantage of every tax law he could in order to pay the least amount he can and then had the gall to whine how he was paying less a percentage rate than his secretary. If he truly felt that way then he shouldn't be taking advantage of every tax break he can and just paid 37% or more if he felt 37% was not enough. Its like a person who hates food stamps but uses them or a eco-tard who says he hates cars but uses his car to drive two blocks to work instead of walking or riding a bike.

Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are
 

Warren Buffet was saying those things to ingratiate himself with those on the left. Notice that he made a big deal about it, but at no time did he really DO anything about it.

Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are
 

In the classic Stalinist tradition of show me the man, I'll show you the crime, Democrats have created another unique offense to hysterically denounce Trump for violating, tax avoidance. It doesn't matter that the practice of minimizing your tax liability is virtually universal, Trump is "guilty" of using the tax code "loopholes" to avoid paying his "fair share".
It's a made up offense with guilt determined by partisan political opinion. :rolls

Remember when Romney released his tax return for a recent year in response to Harry Reid's criminal slander that he'd paid no taxes for 10 years? Turns out Romney had directed his accountant not to claim some charitable contributions to boost his tax liability. This effort to pay his so-called fair share was derided by Democrats as manipulation. :rolls All that is needed is an accusation to a made up crime if the target is a Republican. ;)

After the election Harry Reid boasted that his lie helped Obama get reelected. The media chuckled. :eek

Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are
 

And it gave him protection from the left, and the media.

Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are
 

Anyone here ever read "Rich Dad Poor Dad"?

there are several statements that the "rich dad" makes about taxes.
One has to do with how the rich ALWAYS try to pay less taxes or NO taxes. they have several ways of doing it. but summed up.
1 they have lobbyist deal with the congress to MAKE the laws that are more favorable to them.
2 they have accountants and lawyers exploit those laws to fullest extent possible.
3 they realize that if they have Assets that make money for them they can keep more cash than if they earn more hourly in an hourly wage. the Assets generally have more tax protection and much of their personal life/biz can be written up as biz expenses.

What do the middle class have, H&R block.

"Rich dad" mentions that since the creation of the tax codes the Rich have been figuring out ways not to pay them or the least amount. Always have always will.
Many people try to sell the public on the idea the the tax code is "fair", truth is it never was and never will be.
People like the late New York real estate heiress and hotelier Leona Helmsley in 2003 made it clear the idea the rich have about taxes
'Only the Little People Pay Taxes'

Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are
 

"An important point that isn’t emphasized is that among the vast majority of Trump’s supporters, not paying taxes isn’t even an option, regardless of how much they might want to chisel the IRS.
FICA taxes are automatically deducted, and the employer automatically files a W2. The option of setting up tax-exempt foundations, shell companies, and engaging in transfer pricing simply does not exist for these folks."

Also major corps are also famous for paying ZERO taxes.

60 of America's biggest companies paid no federal income tax in 2018
https://www.cbsnews.com/news/2018-ta...tax-last-year/

Bailed-out banks paid no income tax in some years, according to study
https://publicintegrity.org/inequali...ding-to-study/

Bank Of America Paid Nothing In Federal Income Taxes Last Year And Got Almost $1 Billion From Taxpayers
https://archive.thinkprogress.org/ba...-207309a6b45a/

How Fortune 500 Companies Avoid Paying Income Tax
https://www.investopedia.com/news/ho...ng-income-tax/
https://www.investopedia.com/thmb/kh...e0fb0051b8eed8


But hey, I'm sure if those big corps didn't pay zero taxes that they'd all cease to exist! Since they only survive on razor thin margins plus and if they paid more than minimum wage to the lowest workers, that'd just be to horrible to bear. :rolls

Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are
 

Once again, you rail about corporations doing tax avoidance as if they are somehow bad people for doing such. What you fail to address is that they are actually following the tax code. If you want to hold someone accountable, start with Congress. They are the ones that write the tax code, not the corporations or private citizens.

Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are
 

I'm just stating the facts, and the facts happen to put the corporations in a bad light from time to time.
light tends to exposes corruption.
and BTW...
Corporate lobbyist write the tax code for congress folks who make it law.
Corporate lobbyist have outsized influence over tax code that congress folks make into law.
Corporations support and donate well to congress people friendly to corporate bottom lines.
Why are you trying to spin it to make it seem as if corporations hands aren't deep up congresses back sides?

Re: No, you idiots. That’s not how taxes work. – an accountant’s guide to why you are
 

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. :rolls

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. :rolls

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. :devil