The Stupid Thread 2 (Part 1)

For C corps or in general? It seems to me that we’re going the opposite direction. We’ve had negative tax rates for a long time… I agree they’re dumb, but like you said in the other thread (or earlier in this one) people that get “refunded” money that isn’t theirs to begin with tend to not vote for the person that took it.

Ya… companies have had net negative tax rates for a long time. How much money in federal taxes do you think Amazon has paid since inception? I’m gonna guess a lot, lol.

What deductions should we get rid of?

You know, if we just spent less…

In general

Yeah I know. It’s a shitty scenario for people that aren’t idiots. In a perfect world I’d do away with negative tax rates. But that’s not realistic.

Specifically? Most of them imo. Realistically? I’d leave deductions in place and put a deduction cap so that your actual tax rate cannot go below X%

I was really hoping Trump would do that. It was one of the things I was genuinely excited for with POTUS Trump. Then that first year’s budget hit and bwoppppp MILITARRYYYYY

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Certainly an interesting idea.

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I was going to ask this question. Why SHOULD a corporation pay income taxes? Does every individual in that corporation(to the extent that they make enough money) not pay income taxes?

It’s definitely double taxation.

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So… like an AMT for businesses? Is that a policy proposal anywhere. Be interesting to read one.

I would prefer a 5 page tax code myself. But I’ll just keep on dreaming. The economy loses so much money to tax and regulatory compliance. it’s insane.

Not that I disagree, but I hope everyone’s prepared for all the lost jobs a 5 page tax code would cause.

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Nah I doubt it. The guy that proposes that wouldn’t have enough capital to afford the yard signs.

On the flip side of that coin, truly simplifying tax and reg compliance would probably put a hundred thousand + people out of work in it’s first week.

(I’m still in favor)

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Imagine if (work with me here) instead of all of those people who can understand business and do math shift their focus from playing non-value-add games (depreciation, amortization, LIFO, carry forwards, corporate structure etc…) to things like overtime rates, throughput, margin analysis etc… to actually drive the business forward and win in the marketplace.

More importantly I think the tax code is the #1 driver of corruption in the US. There’s so many favors and loopholes baked into it it’s not worth saving.

I’d guess at least double that amount.

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While I’m in favor, this would snowball to even more job losses and probably kick start the necessity of UBI.

I think a low cap of tax rate would solve this as well. Enjoy your 800 deductions, we’re capping everyone at using X of them (by value ofc)

I think an AMT approach would be simpler. “Deduct to your heart’s content, but pay 8% of EBIT minimum.”

Would this touch the individual taxpayer not being able to go negative as well?

I would hope so. There’d be a lot of nonsense around people on welfare, SSI, Social Security though. Probably never get passed.

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Jezz, even morning Joe is mad…

So much for the will of the people

Ouch

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Told you they’d figure it out.

Edit: @polo77j

HA

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Who cares? She knows what’s best for them.

Like I said, it’s easier to pay people not to work if there aren’t jobs in the way.

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In the grand scheme it won’t really change anything. The next city will certainly be willing to corporate welfare Amazon’s face off so they build in that city.

But the people who stood to see massive property value increases in NY sure are going to be bitter when AOC runs for reelection