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Thread: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by apdst View Post
    This loopholes doesn't have anything to do with tax rates. That was the point I was making in my original post.
    but you said:

    One has to wonder what unintended conciquences would come along with closing this loophole.
    I was just pointing out that the low effective tax due to shifting income is the unintended consequence.

    Random thought. Corporations pay no federal income tax. Instead, we keep the tax rules in place and, instead of taxes, the corporation has to pay a dividend to their shareholders which is equal to the tax they would have paid to the government. Then, individuals pay ordinary income on the dividends. The dividend rate would have to go up a bit to replace the corporate tax, but it shouldn't be hard to get that number right.

    Doing it this way changes the whole dynamic. Right now, working for the benefit of the shareholders means minimizing the federal tax that is paid. With this change, working to benefit the shareholders would mean minimizing deductions rather than maximizing them. It would mean that shareholders would benefit by having the companies show profits in the US. Shareholders would want the companies to have a higher "tax" rate because they would get a major cut of the proceeds.

    If a company is not publicly traded, it pays the dividend to the government (perhaps at a discounted rate, but not a lot).

    The shareholders of large companies would then be looking for ways to reduce the loopholes.

    The effective rate the companies pay is about half the statutory rate (~35%), and the effective rate on all tax payers is about 20%. Set the tax on dividends to 45% and the statutory dividend rate at 45% and it ends up being almost revenue neutral. Stockholders would love it.

    Just a thought.

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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Seeing as corps now have the rights as people(thanks Supreme s)they should be taxed at the individual rate, including SS and Medicare tax.
    I am a man of fixed and unbending principles, the first of which is to remain flexible at all times.

    Sen. Everett Dirksen.

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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by donc View Post
    Seeing as corps now have the rights as people(thanks Supreme s)they should be taxed at the individual rate, including SS and Medicare tax.
    Hell, why stop there...We all know profits are evil right? So lets just have Obama take all of them over, how's that sound?


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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by zip98053 View Post
    Random thought. Corporations pay no federal income tax.
    Corporations don't pay federal income tax now, they simply collect the taxes from their customers by way of a higher price. The myth that corporations pay (or should pay) taxes is just more sleight of hand from the redistributionists.
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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by j-mac View Post
    Hell, why stop there...We all know profits are evil right? So lets just have Obama take all of them over, how's that sound?


    j-mac

    I am a man of fixed and unbending principles, the first of which is to remain flexible at all times.

    Sen. Everett Dirksen.

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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by zip98053 View Post
    but you said:



    I was just pointing out that the low effective tax due to shifting income is the unintended consequence.

    Random thought. Corporations pay no federal income tax. Instead, we keep the tax rules in place and, instead of taxes, the corporation has to pay a dividend to their shareholders which is equal to the tax they would have paid to the government. Then, individuals pay ordinary income on the dividends. The dividend rate would have to go up a bit to replace the corporate tax, but it shouldn't be hard to get that number right.

    Doing it this way changes the whole dynamic. Right now, working for the benefit of the shareholders means minimizing the federal tax that is paid. With this change, working to benefit the shareholders would mean minimizing deductions rather than maximizing them. It would mean that shareholders would benefit by having the companies show profits in the US. Shareholders would want the companies to have a higher "tax" rate because they would get a major cut of the proceeds.

    If a company is not publicly traded, it pays the dividend to the government (perhaps at a discounted rate, but not a lot).

    The shareholders of large companies would then be looking for ways to reduce the loopholes.

    The effective rate the companies pay is about half the statutory rate (~35%), and the effective rate on all tax payers is about 20%. Set the tax on dividends to 45% and the statutory dividend rate at 45% and it ends up being almost revenue neutral. Stockholders would love it.

    Just a thought.
    How do you figger that coporations don't pay Federal taxes?
    Quote Originally Posted by americanwoman View Post
    So there is absolutely no evidence this woman, whom you called a slut, did this but you are ready to take someone's word as evidence. Guess you don't think witch hunts have to end when it's going after the certain people.

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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by donc View Post
    Seeing as corps now have the rights as people(thanks Supreme s)they should be taxed at the individual rate, including SS and Medicare tax.
    Coporations already match SS and Medicare. What the hell more do you want from them?

    Your attitude will kill private business. Why would anyone want that?
    Quote Originally Posted by americanwoman View Post
    So there is absolutely no evidence this woman, whom you called a slut, did this but you are ready to take someone's word as evidence. Guess you don't think witch hunts have to end when it's going after the certain people.

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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by apdst View Post
    How do you figger that coporations don't pay Federal taxes?
    I think he's proposing a system, not saying what the rules are now.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by RightinNYC View Post
    I think he's proposing a system, not saying what the rules are now.
    Yes, you are correct. My bad.
    Quote Originally Posted by americanwoman View Post
    So there is absolutely no evidence this woman, whom you called a slut, did this but you are ready to take someone's word as evidence. Guess you don't think witch hunts have to end when it's going after the certain people.

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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by donc View Post
    that's what I thought.....Sad, so sad.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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