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Reuben Foster to the Can
http://steelerfury.com/forum/viewtopic.php?f=9&t=10223
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Author:  jebrick [ Mon Mar 12, 2018 8:43 am ]
Post subject:  Re: Reuben Foster to the Can

So do 95% of the corporations not pay taxes because they do not make enough or is it because they make enough investments or have lost enough money to qualify for tax breaks?

Author:  R S [ Mon Mar 12, 2018 9:38 am ]
Post subject:  Re: Reuben Foster to the Can

jebrick wrote:
So do 95% of the corporations not pay taxes because they do not make enough or is it because they make enough investments or have lost enough money to qualify for tax breaks?


I think it's mostly because, for example, a Corporation makes 10 million gross income, they have a 5 million payroll, 3 million in expenses, and then that last 2 million they either invest in new technology, equipment, expansion, or bonuses to employees so they don't have a surplus which would be taxed at corporate rates. So if it's passed through to the employees it's taxed at personal income tax rates.

The smarter guys can correct me if I'm wrong.

Author:  Kodiak [ Mon Mar 12, 2018 1:17 pm ]
Post subject:  Re: Reuben Foster to the Can

jebrick wrote:
So do 95% of the corporations not pay taxes because they do not make enough or is it because they make enough investments or have lost enough money to qualify for tax breaks?


It's because when they formed their company, they elected to have pass-thru taxation. The company is not taxed - it's all taxed on the individual income tax returns.

And, in a nutshell, that's why the whole corporate tax thing is head-bashingly stupid. But it's a political football, now.

Author:  Kodiak [ Mon Mar 12, 2018 1:20 pm ]
Post subject:  Re: Reuben Foster to the Can

R S wrote:
So if it's passed through to the employees it's taxed at personal income tax rates.


I don't know what the form is called. but if I elected pass-thru taxation and my company makes $2M....then I have $2M on my personal income taxes, regardless of what amount I took in distributions out of the company. Kodiak LLC does not file or pay taxes (that's what pass-thru means).

Author:  jebrick [ Mon Mar 12, 2018 3:06 pm ]
Post subject:  Re: Reuben Foster to the Can

Kodiak wrote:
R S wrote:
So if it's passed through to the employees it's taxed at personal income tax rates.


I don't know what the form is called. but if I elected pass-thru taxation and my company makes $2M....then I have $2M on my personal income taxes, regardless of what amount I took in distributions out of the company. Kodiak LLC does not file or pay taxes (that's what pass-thru means).


I see. This is what Trump did when his Casino went under and he wa sable to take it was a tax break for the next 10 years. Thanks. did not know that.

Author:  R S [ Mon Mar 12, 2018 4:49 pm ]
Post subject:  Re: Reuben Foster to the Can

no, i don't think that has anything to do with what's being discussed here.

Author:  Still Lit [ Mon Mar 12, 2018 4:53 pm ]
Post subject:  Re: Reuben Foster to the Can

Kodiak wrote:
Y-Town Steel wrote:
Still Lit wrote:
But until the government gets its shit together regarding spending, we need to tax everything, IMO.

Whaaaaaaat?!?!? :shock: :? :cry:


Yep....Another sheeple. What is shocking is that you'd think that Lit would know better. But apparently he doesn't care.


Look. That’s hardly a fair comment. My point is that we should pay for what we spend. My point is not that we should be spending what we are spending.

And I never said you were wrong about what you said about taxes. I said you had not yet shown why my argument is wrong. I may be wrong. I may be a sheeple. But I sure as shit can keep an argument straight. 8-)

Author:  Poltargyst [ Mon Mar 12, 2018 6:44 pm ]
Post subject:  Re: Reuben Foster to the Can

https://www.ctj.org/fact-sheet-why-we-need-the-corporate-income-tax/

Discuss.

Author:  R S [ Tue Mar 13, 2018 1:14 pm ]
Post subject:  Re: Reuben Foster to the Can

Poltargyst wrote:


I get #1,,,i don't have time to read them all. I own an S-Corp. Any "retained" profits at the end of they year are subject to corporate tax rates. That forces me to either...pay out bonuses(taxed), reinvest in the company(taxed) or a couple other options. Otherwise I could sit on that profit and do nothing or save it for a rainy day. That would be nice, but I own a very small business of less than 10 employees. I suppose there are in depth ways to take advantage of loopholes for large corporations so we need the taxes. For the little guys, not so much.

Author:  Kodiak [ Wed Mar 14, 2018 6:02 am ]
Post subject:  Re: Reuben Foster to the Can

Poltargyst wrote:



Yeah, that article is garbage that understands nothing about tax or economics. I've already destroyed every argument it makes. There are really no good, nor sentient, points made in that article.

Also, most economists agree that taxes are passed on to the consumer. So, there's that. When I see an article pretending otherwise, then I know it's propaganda or completely ignorant.

The main point of that article is "hey!, if we don't tax this money, it's deferred indefitinetly". Well, that's already largely true whether you tax corporations or not. The fact is a good share of corporations ARE owned by mutual funds and pensions, so if you want true progressive taxation, then you change personal income rates and don't tax corporations.

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