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Thread: Study finds Corporate America avoided $60B in taxes (2010)

  1. #121
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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by Boo Radley View Post
    That's nonsense and more propaganda than anything else. The biggest threat to jobs is cheap labor and healthcare (as long as it is linked to employment). Until you understand the problem, you will always reach the wrong conclusion.
    You have got to be joking, you think that you can tax business at a nominal rate of near 40% of their gross profit ??? You are a prime example of why a liberal could never make it in business.

    I can't but to wonder if you even know what gross profit is.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    well... see... the trick is... if you want the gold... you gotta kill that damn goose.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by SheWolf View Post
    You really trying to play that naive? Both parties use the term, so you can't say it's a liberal lie or a liberal myth concocted by socialists to make everybody poor.

    As I have said before, companies get tax credits for taxes paid in other countries, but they can also allocate 50% of their inventory sales to foreign countries as part of "foreign revenue" through the “title passage rule." That means they are basically getting double the tax credit, and it also means they can tie up tax credits through inventory management such as LIFO and FIFO reporting.

    I recently read that one company set up a shell company in a foreign country, and was making that shell by inventory just for a tax write off and then reselling the same inventory in America as a company from Bermuda... which wasn't taxed under Bermuda tax laws.

    American tax code also allows multinational companies to defer paying taxes on income earned overseas. The tax code doesn't force them to ever eventually pay taxes on the income, so they just tie their income up overseas and never pay taxes on it.

    The tax code doesn't allow individuals in foreign countries to indefinitely defer paying taxes on their income either, just businesses. I'd definitely consider that a loophole and a hypocrisy in the tax code, because it's considered taxable income by the tax code. The code just don't ever require multinationals to pay taxes on it.
    And, you know what? That has abosolutely nothing to do with raising taxes on domestic corporations.

    I'll ask you--a bean counter--what, "loopholes", do domestic businesses need to do without?

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by The Barbarian View Post
    You have got to be joking, you think that you can tax business at a nominal rate of near 40% of their gross profit ??? You are a prime example of why a liberal could never make it in business.

    I can't but to wonder if you even know what gross profit is.
    That's why it's so important that Liberalism targets people who absolutely don't know any better.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by 1Perry View Post
    Again, something being done as the law is written and intended is never a loophole. You want to believe that it's the corporations at fault for following the tax law as opposed to the politician for writing them that way.
    I'd consider it a loophole, because some companies have matstered finding actual holes in the code to avoid paying taxes. The tax code wasn't designed to encourage shell companies and tax avoidance. The law was not intended to do that. If the law was intended to do that, then I'd agree with you. I wouldn't consider having 3 kids and making just enough money in your business to maximize your Child Tax Credit and Earned Income Credit and tax loophole.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by apdst View Post
    And, you know what? That has abosolutely nothing to do with raising taxes on domestic corporations.

    I'll ask you--a bean counter--what, "loopholes", do domestic businesses need to do without?
    Those are domestic companies, many of them just have shells operating abroad and not actual operations abroad... And the IRS has caught on to some it, and are going to issue an new form to collect on some of that revenue. It's called the 1099 K.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by SheWolf View Post
    I'd consider it a loophole, because some companies have matstered finding actual holes in the code to avoid paying taxes.
    Such as? Have an example?

    The tax code wasn't designed to encourage shell companies and tax avoidance.
    Of course it was. That's what they paid for.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by SheWolf View Post
    Those are domestic companies, many of them just have shells operating abroad and not actual operations abroad... And the IRS has caught on to some it, and are going to issue an new form to collect on some of that revenue. It's called the 1099 K.
    That appears to be what GE is doing. Do you really think the government cares when they make the head of GE their jobs czar?

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    This conversation is back-a$$wards.

    Why do we tax? The Federal Government needs money by which to operate.

    Upon what should the Federal Government operate? That which is constitutional.

    What is constitutional? Besides the items to physically operate the Congress, the Executive, and the Judiciary, and a few other items found in the Constitution, those that are in Article I, section 8 are the constitutional powers of the Federal Government.

    If that were done, the budget of the United States would be cut by around 75%.

    Why not remove taxes from companies? Companies from around the world would flock to the U.S. to set up manufacturing and other facilities. Besides, the public pays the taxes anyway. It's like the gasoline or liquor tax. They are just hidden. Besides, with 75% or more of the government gone, taxes would decrease on individuals even if we did away with taxes on businesses.

    If companies flock to the U.S., what would happen to unemployment? It would dramatically decrease.

    If unemployment decreased, what would happen to wages? They would dramatically rise.

    Naturally, we would need to minimize our regulations and only keep those that are absolutely necessary for the well-being of the country and its people. Instead of being jealous and greedy, we should look for ways to maximize the ability of everyone to succeed and not seek to punish those who actually do succeed. Again, that is back-a$$$wards.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by SheWolf View Post
    Those are domestic companies, many of them just have shells operating abroad and not actual operations abroad... And the IRS has caught on to some it, and are going to issue an new form to collect on some of that revenue. It's called the 1099 K.
    Those are international companies. I'm talking about corporations that don't have any kind of overseas operations, unless maybe they're purchasing a piece of equipment, or buying parts, etc. You know, about 90% of, "Corporate America"?

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