Woolfsmck 2,763 Posted March 27, 2019 Author Share Posted March 27, 2019 9 minutes ago, HorusRa2 said: In terms of corporations, I’m not saying increase tax rates on small businesses or mid sized businesses. I’m referring to companies like Amazon, Disney, Universal, etc etc. So either we change how they can lower their taxable income or we increase the tax rate. Again, I’m not saying bankrupt corporations with taxes but they should pay more taxes than your average middle class worker. In in terms of wealthy individuals and their tax increase, I would say we can start at lower than AOCs marginal tax rate of 70% and let’s try 50-55% on income over the 10 million. For greater than 1 million and less than 10. Maybe 40% on the income greater than 1 million & 12% on the first million. Im not a tax expert but that does not seem far left to me. It isn’t fair to rich individuals and the profit motive but I do not see a moral reason for people, individuals to have more than 1 million income in a year. Yeah. Certain loopholes need to be closed as to level the field like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted March 27, 2019 Author Share Posted March 27, 2019 19 minutes ago, Mr V said: I personally find the article a bit overdramatic That's my take too... Disagreement is acceptable...bias assault isn't productive. like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
HorusRa2 5,005 Posted March 27, 2019 Share Posted March 27, 2019 54 minutes ago, Economy said: It's not that simple. First of all the size of the Corporation doesn't mean anything. There's mid size corps that are highly profitable just as there are large corps running losses Secondly Corporations are not like your everyday business that has an owner at the top of the chain. These are publicly listed companies. Anyone can invest in them Average Joe's invest in shares too also pension and retirement funds largely grow by investing in Corporations stocks. Affect their performance and u affect people's retirement funds too Also many Corporations profit margins are only 5% to 15% of revenue. Tax them more and to make up for the loss higher prices will get passed on to consumers It's better to target the rich individuals with income taxes and even higher capital gains taxes on equity gains over a certain threshold If u just raise taxes on the companies thenselves u end up costing the middle class too I think you’re missing my point. I am just saying that large multinationals should not be able to pay 0 in taxes. I’m not saying they need to become unprofitable in order to satisfy social programs either. I’m just saying they should be paying at LEAST as much in taxes as an average American family. Additionally, the problem with this focus on shareholders and their investments has created a corporate culture that often requires people like me to work nearly 60 hours a week because I’m a “salaried” individual. There is no reason that I should be expected to work 60 hours a week crunching numbers and creating financial statements and doing more than an individual share of work for 50 some odd thousand dollars a year all for the idea of a good ROI on investors. I witnessed a spin-off take place and saw senior leadership get laid off after putting a 15+ year in a company they care about because the stock price didn’t go up high enough after the spinoff took place. So the said multinational corporation started a hiring freeze and started laying people off - and believe me the company is very profitable. So don’t sit there and tell me that these people are going to suffer by having to pay a nominal amount of taxes that isn’t going to make a blimp to the Balance Sheet. Link to post Share on other sites More sharing options...
Economy 53,071 Posted March 27, 2019 Share Posted March 27, 2019 14 minutes ago, HorusRa2 said: I think you’re missing my point. I am just saying that large multinationals should not be able to pay 0 in taxes. I’m not saying they need to become unprofitable in order to satisfy social programs either. I’m just saying they should be paying at LEAST as much in taxes as an average American family. Additionally, the problem with this focus on shareholders and their investments has created a corporate culture that often requires people like me to work nearly 60 hours a week because I’m a “salaried” individual. There is no reason that I should be expected to work 60 hours a week crunching numbers and creating financial statements and doing more than an individual share of work for 50 some odd thousand dollars a year all for the idea of a good ROI on investors. I witnessed a spin-off take place and saw senior leadership get laid off after putting a 15+ year in a company they care about because the stock price didn’t go up high enough after the spinoff took place. So the said multinational corporation started a hiring freeze and started laying people off - and believe me the company is very profitable. So don’t sit there and tell me that these people are going to suffer by having to pay a nominal amount of taxes that isn’t going to make a blimp to the Balance Sheet. I agree but I think the tax rate is fine where it is. The combined Federal Tax rate is 26% which I think is more than reasonable If anything what can maybe be done is crack down on loopholes that allow companies to evade some of their taxes But again these companies are public and owned by rich and middle class alike not to mention as I said a tax hike on them would on raise consumer prices so ur in effect taxing the middle class Companies revenue doesn't stay taxed at 26%. Any profits that make it to the hands of individuals gets taxed again in the form of capital gains tax (or income tax if it's something like a CEO salary) If you wanna target the wealthy specifically it's better to go after income taxes and capital gains taxes not Corporate taxes Unless a tax hike on middle class is part of the plan too. I'm just trying to point out that an income tax hike on the wealthy stays on the wealthy. A tax hike on companies the cost ends up rippling thru to everyone and it doesn't stay confined to the rich Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted March 27, 2019 Author Share Posted March 27, 2019 1 hour ago, Economy said: capital gains taxes Many small and middle size business owners earn $1 income from their company and pay income tax on that....then Declare a dividend to themselves after the totals come in from the book keeper.... Then pay the capital gains taxes (which are much lower than income tax) on said dividend..... ……….…………. Also, many corporate <benefits> are booked as operating costs to reduce the taxable revenue.... ……. Loopoles that a salaried or hourly employee cannot get.... like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
Jill 31,812 Posted March 28, 2019 Share Posted March 28, 2019 19 hours ago, MonterAK said: And because I'm not someone important, let's see what Margaret Thatcher said lmao so I can quote Barack Obama now and it will somehow be more valid for you than if I just said my personal stance? and Thatcher of all people Former First Lady of the United States. Now card-carrying member of the Communist Party of China (CPC). Link to post Share on other sites More sharing options...
JazzGa 14,654 Posted March 28, 2019 Share Posted March 28, 2019 Yahoo Finance, soooo credible lol My old cat is a tough man, but i cant deny the way he bites my hand and he stabs me, he grabs me by my heart <3 Link to post Share on other sites More sharing options...
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