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Thread: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE BILL

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    Re: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE B

    Quote Originally Posted by apdst View Post
    I think that since you feed from the trough, as well, you can't understand/won't admit that recycling government money doesn't create new tax revenue.

    Picture this: I own a business. I charge my employees 15% of their payroll to work for me. I turn around and use that 15% for my payroll account. Am I creating new revenue for my business?
    That's not a good example... Directly charging your employees for an expense like that would result in tax write off for them anyway. You'd loss a tax deduction, but your net income would be higher and would be taxed, making up for your employees tax write off.

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    Re: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE B

    Quote Originally Posted by TurtleDude View Post
    more populist nonsense. GE generates lots of wealth for lots of people and lots of taxes for the government-from the income taxes dividend owners pay to payroll taxes
    I think GE was actually one of the companies that received a lot of bad publicity because they made huge profits, but paid no taxes...

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    Re: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE B

    Quote Originally Posted by TurtleDude View Post
    more populist drivel. GE paid taxes in other countries

    they lost money or had recognizable losses that offset corporate profits

    should GE pay taxes on income realized in other countries where they paid taxes on it?

    where does that income go? to stockholders who paid taxes on it

    why should GE's income be TAXED TWICE?
    Everybody is taxed twice... You pay taxes on the money before you receive it, and when you spend it, you pay a sales tax.

    In terms of corporate profit and stockholders, the income is taxed twice, but taxpayer is NOT taxed twice.. The first time, the taxes are paid on the company's retained earnings account. The second time it's taxed, it's a capital gains tax for the stockholder.

    Average people are taxed twice, companies are not taxed twice and in GE's case, they weren't taxed at all.

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    Re: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE B

    Quote Originally Posted by TurtleDude View Post
    if he reported them as other income

    he is not forced to say where he got the money because it would violate the 5th amendment

    its the same reason why gun registration laws do not apply to felons.
    Where did I ever claim a robber would be forced to say where the money came from? All I said is it's still considered taxable income according to the tax code.

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    Re: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE B

    Quote Originally Posted by SheWolf View Post
    I think GE was actually one of the companies that received a lot of bad publicity because they made huge profits, but paid no taxes...

    they obviously did not make enough profits in the USA to overcome their losses

    the Chairman of GE (a local boy from Cincinnati) sits on some Obama Committee and is a big supporter of "Dear Leader"

    the bad publicity came from the lefties who don't understand taxes and some righties who hate the fact that one guy in GE is an Obama slurper



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    Re: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE B

    Quote Originally Posted by SheWolf View Post
    Where did I ever claim a robber would be forced to say where the money came from? All I said is it's still considered taxable income according to the tax code.
    True enough-I wasn't claiming you said that-I was explaining how it works legally

    the IRS has a specific line for "illegal income"



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    Re: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE B

    Quote Originally Posted by TurtleDude View Post
    they obviously did not make enough profits in the USA to overcome their losses

    the Chairman of GE (a local boy from Cincinnati) sits on some Obama Committee and is a big supporter of "Dear Leader"

    the bad publicity came from the lefties who don't understand taxes and some righties who hate the fact that one guy in GE is an Obama slurper
    So you're claiming to be a tax attorney now?

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    Re: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE B

    Quote Originally Posted by SheWolf View Post
    Everybody is taxed twice... You pay taxes on the money before you receive it, and when you spend it, you pay a sales tax.

    In terms of corporate profit and stockholders, the income is taxed twice, but taxpayer is NOT taxed twice.. The first time, the taxes are paid on the company's retained earnings account. The second time it's taxed, it's a capital gains tax for the stockholder.

    Average people are taxed twice, companies are not taxed twice and in GE's case, they weren't taxed at all.
    the owners of the company are taxed twice because all the assets of the company are owned by the shareholders

    so if a corporation is owned by ten people (assume not a subchapter s) and it makes a net profit of 1 million dollars should each owner get 100K and then pay taxes on it or should the corporation pay say 35% on that and then the taxpayers each pay 15% on the 65K they each get after the corporate taxes?

    or to use Obama logic. should they pay 40% on the 65K each gets?



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    Re: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE B

    Quote Originally Posted by SheWolf View Post
    So you're claiming to be a tax attorney now?
    I suspect since I took every tax class available at a law school that was reputed to be one of the top 4 in that area, and since I am a director of a LLC that is an investment holding company I suspect I know a bit more than the average poster here though I dont claim to be say Donald Alexander who was the best tax lawyer I ever knew (he was IRS commissioner for almost 8 years) and billed as the best tax lawyer in the USA in the 80s

    I do not practice tax though I have been involved in issues like "Summons enforcement" issues



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    Re: [Ohio]- SECRETARY OF STATE HUSTED CERTIFIES SIGNATURES FOR REFERENDUM ON SENATE B

    For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.
    General Electric Paid No Federal Taxes in 2010 - ABC News

    According to the article GE avoided taxes through off shoring, not by carrying over NOLs.

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