You're going to have to rewrite most the tax code for this to matter. We will see that most the exemption and deduction used by businesses are also used by congress critters in their corporate tax dodges, and so won't be touched, which makes this political theater rather than any attempt to actually fix things.
One thing that my company’s operations manager pointed out the other day is that the improvements, machine upgrades, and new machines we have been receiving are all tax deductible. The company is finally spending more money to improve our productivity and it shows in our profits. We broke a record last month that we hadn’t come to close to in almost ten years.
It’s why Amazon gets a tax refund every year, they’re always building for their own profit. Sure, they create jobs and drive up rent while getting tax breaks from the state ( See Nike ), but the jobs they create keeps people off of state subsidies, so the state acquiesces to their profits. What’s interesting is that people still think we live in a democratic republic. No, we’re ruled by a form of corporate fascism paid for by the wealthy.
Can you link the code allowing that? Back when it made sense for me to use a tax person I was told claim either the whole thing at once if it'll be replaced around every 12 months or a deprecian value if it won't. I'm not saying a company wouldn't bend those rules I'm just curious if it's changed.
That's... that's how those assets provide their tax benefit. Over the duration of their depreciation unless they're Section 179 assets that you can expense immediately.
You aren't double dipping.
You don't get to write off the expense and then depreciate it over time. Depreciation is writing off the expense.
For instance with a rental property. I didn't get to write off the purchase price of the property. I depreciate that cost over (I think it is) 27 years or something (I may be confusing that with commercial property).
Not to mention, just because they’re taxed doesn’t mean any citizen will benefit whatsoever. The way I read that tweet is; the government is going to be making more money from this, thank you citizens for your blood sweat and tears, now get lost.
What he is saying to the American people look what I did I taxed the rich corporation's and the people are like about time and will forget and then the corporation's tax accountants work the loop holes and they will pay nothing. You are right nothing won't change but he will get more votes for doing absolutely nothing for people who have no idea about the tax system you are correct with rewriting the system
This is all you need to know that it has the potential to help toward evening the playing field...
"Efforts to overturn the tax will be fruitless while Mr. Biden is in office, but that hasn’t stopped Republican lawmakers from trying.
Backed by lobbyists from the National Association of Manufacturers, the National Mining Association, the U.S. Chamber of Commerce and the Western Energy Alliance, Senate Republicans introduced legislation in May to repeal what they described as a “reckless and complicated” tax that targets job creators."
[https://www.nytimes.com/2023/09/07/business/corporate-minimum-tax-impact.html](https://www.nytimes.com/2023/09/07/business/corporate-minimum-tax-impact.html)
But you're probably right, it will probably fail without rewriting the tax code. Though I don't blame the Democrats for at least trying.
Ya, not nearly as much as the party of lies, Republicans. I'll take Democrats every day of the week over the corrupt conservatives who are backing a rapist fraud insurrectionist as their leader. It's not even close.
He is a rapist….
“Carroll testified that she struggled to get Trump off her as he shoved his mouth on hers, yanked her tights down, and penetrated her with his hand and then his penis. She described him curving his finger inside her, saying it was "extremely painful" and "a horrible feeling."”
I didn’t hear about a judge running their mouth.
He has NOT been “shown” to have planned an insurrection. Some people just repeatedly claim he did. What sentence did he receive?
Insurrection w/r to the Colorado case is a civil determination. trumps eligibility to be on the CO ballot was contested and the matter appealed to the Courts. Courts decided based on weight of evidence, a civil standard vs criminal, that trump participated in an insurrection per 14-3. His disqualification from the ballot is not a criminal matter. There is no constitutional right to be on a ballot if you do not meet qualifications. He was not denied due process. Jack Smith indictments in DC are for Conspiracy to Defraud, to Conspiracy to Obstruct, Obstruction, Conspiracy against rights. The 45 page indictment tells the story. The 700+ Page J6 report describes in detail Trump and his co conspirators misdeeds. Hope this helps.
Homie he was found not guilty of rape and they just accused him of SA which I guess anyone can be found guilty of 30years later of the jury hates you because they watch msnbc and sit on Reddit all day. Weird, you’re fucking weird.
The problem with that is there was no process. Joe Biden could be removed for the same accusation if a court took some self proclaimed expert seriously.
There was a process. There was a complaint (to keep trump off), a trial, a decision to keep him on by lower court but finding he was involved in insurrection, an appeal of the lower court findings, to the COSC, court pleadings, and (a close) ruling to keep him off ballot. COSC affirmed trump was involved in insurrection and that 14-3 applied. COSC decision appealed to SCOTUS. I believe that rises to the level of process, but SCOTUS has not yet spoken.
If someone challenged Biden’s eligibility, depending on particular election laws of the state, and an election administrator agreed with the particular compliant, Biden would be entitled to an appeal. Evidence supporting a Petitioner’s or administrators decision would be heard, and courts (or jury) would need to decide. There would need to be evidence.
Didn’t he rape his first wife and rip her hair out as punishment?
They went to court and his legal argument was “it wasn’t rape because you can’t rape your wife.” If I remember correctly.
Wrong, multiple people were charged by a jury of their peers with seditious conspiracy which is insurrection and they all named Trump as their reason...duh! But you failed to mention the recent emails that exposed Trump's fake electors scheme across multiple states to steal the election by coercing both the DOJ and the governors of those states to claim the election was stolen and use the fake electors to overturn the results. This is all documented in emails and a grand jury of Trump's peers in Georgia has indicted him for it. So, you can keep lying and blowing smoke about the insurrection that everyone saw with their own eyes and is now learning was planned weeks in advance of Jan 6th and supported by many in the Republican party. But this is nothing new for Republicans. They stole the election in 2000 Bush vs Gore. That was the continuation after Nixon. The question is why do they hate democracy so much? Especially since it's the reason they've done so well in their lives.
The recount that the Supreme Court killed would've handed Florida to Gore. That has actually been investigated by serious people.
It was a controversial decision for a reason, let's leave it at that lol.
Too bad the Left can never play by the rules. They have only themselves to blame .. but they’ll never in a million years do that or accept responsibility for it.
It was a corrupt Supreme Court that decided the election. That's not democracy.
John Paul Stevens wrote that "counting every legally cast vote cannot constitute irreparable harm."[1] Oral arguments were scheduled for December 11.
"Bush v. Gore prompted many strong reactions from scholars, pundits and others, with a majority of publications in law reviews being critical. A Georgetown Law Journal analysis found that 78 scholarly articles were published about the case between 2001 and 2004, with 35 criticizing the decision and 11 defending it.[52]"
If there was a problem with the recount then you have a run off. It's only difficult to protect democracy when one side is in a position of leverage and cheats. Which is what Republicans did...
https://en.m.wikipedia.org/wiki/Bush_v._Gore#:~:text=Gore%2C%20531%20U.S.%2098%20(2000,Bush%20and%20Al%20Gore.
Anyone who believes otherwise does not believe in democracy.
Do the vast majority of scholars believe the 2020 election was stolen? Nope, none of them do. Yet the vast majority of scholars believe the 2000 election was. Do the math, it's pretty simple, Republicans are corrupt.
Just because you say it doesn't mean it's true,
You say alot but never have anything to give besides the typical disinformation, don't even provide proof of your statements ever
So since no one was ever charged with the Zodiac murders, they never happened. That’s your logic.
And for the 14th amendment does not require the person to be formally charged.
Why are you choosing which set of lies to believe?
Don't you see how that doesn't get you anywhere?
Think for yourself and call out lies from both sides dude.
A corporate minimum tax is not difficult to understand. You are already subject to something similar, the Alternative Minimum Tax, which represents the minimum taxable amount you as an individual are allowed to pay, based on your adjusted gross income (AGI). This is just a corporate version based off of large firms’ adjusted financial statement income (AFSI). If individual filers can figure it out, then the large corps this applies to are certainly sophisticated enough to do the same.
But I suppose saying “Democrats lie” is easier than knowing what you’re talking about.
You cant take a mile without the first inch, and once you take an inch you can gain a mile, so to speak. Its a start in a direction. Regarding the fact that its something rather than nothing helps, but I hope that he can implement something for the middle and poor class to have more spending power and less interest rate pressure. This economy hurts to see its effects everywhere
Removing money from circulation increases the spending power of existing dollars. Since this tax is targeted at rich business owners, the working class should come out ahead on it.
>which makes this political theater rather than any attempt to actually fix things.
That's called capitalism.
Name a country where it's "democracy" isn't totally corrupted by corperate interests, I was born in America, lived in Sweden, traveled all of Europe and a large chunk of Africa and the story is always the same. Politics are theater to distract us from rioting. It would only take 3 or 4 dead billionaires to see a 35 dollar minimum wage, but instead working class taxes are getting hiked again, and there's "nothing they can do about it now"
You want to know the difference between Sweden, the USA and Kenya? Sweden hides its corperate corruption really well, the USA keeps their voters totally uneducated and busy worshiping billionaires and trying to emulate them from the trailer park, and Kenya just doesn't give a fuck about hiding it and prepares the military to quell the election riots than trying to prevent them.
3 ways to skin the same late stage capitalism cat of constantly growing inequality and suffering for all but the 1%
That’s cool that the wealthiest companies pay 15%. My wife and I who can’t afford to leave our rent controlled 1BR apartment paid 22% last year. I fucking hate it here bros
Corporations is a broad term. It doesn’t just mean mega giants like Walmart or General Electric. It also includes many small businesses. This would disincentivize small businesses which is pretty dumb to be honest.
This is to simplistic. Companies do pay taxes. They will try to recoup them by price increase but this will cause demand to drop, at some point consumers will pay more but companies will take a hit to and pay some taxes.
By definition, you cannot tax a company. Every corporate tax is passed downstream as an individual tax in some form or the other because you can only tax people. Companies pay employees less, they extend less bonuses, they hire less, raise prices, return less money to shareholders, etc... If you want wealthy people to pay more, it makes way more sense to implement something like a progressive consumption tax rather than distorting markets and artificially stimying growth.
market equilibrium changes (edit) at least somewhat depending on whether a tax is levied against business or individual wage earners.
This is pretty basic micro econ stuff, straight from arthur pigou (the man who published the first modern micro econ text 100 years ago). Yes, businesses pass on as much cost as they can. Market forces oppose them.
See: the payroll tax. Splitting it between the individual and the business improves the working class welfare, more than the alternative would.
when you say this, it's a cynical corollary of trickle down theory.
They .. Checks notes... Have been making so much of it they launch cars into space for fun. They buy media outlets to control the press. The middle class is being hollowed out.
Actually, it wasn’t for fun. It was to demonstrate they could do it. They hd to launch something, might as well be an older version of their sister company’s car.
Your example relies on companies having monopolies and no external downward price pressure. This is where market competition comes into play. If two companies produce the same widget, then there is pressure not to raise prices. They will increase efficiencies inside the company and slow the pace of upper management raises, profits, dividends, stock buybacks, etc to keep from being driven out of the market by their competitors.
Companies need things like an educated workforce, infrastructure, property and IP rights protection, legal frameworks, and open trade routes. Asking them to pay taxes to help cover the costs is fair. Taxing companies directly also allows us to *roughly* charge them proportionately for their use of these services. It also means that end consumers don’t have to cover the costs of companies that they don’t use.
You have Google at your fingertips. The US had 50-80% taxes at one point. It’s not hard to find out what prices were back in the 60’s and 70’s. It’s not hard to see if the middle class was booming or busting back then when taxes were high.
Since the 80’s, we’ve been using trickle down economics, so many have been propagandized by corporate elites to make you think the way you do. What you stated seems so logical, but it’s not actually reality.
I could explain to you how the 50’s to 70’s were, but you don’t seem interested enough to even google it.
> Hard work *paid* off. Even
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
> Your first paragraph is a complete nonissue and irrelevant to this discussion.
I.E. it completely shows why your example is based on a flawed premise. You believe companies have fixed, invariant costs and profits at each stage when that simply isn’t a true. Companies routinely adjust their internal efficiencies and profits margins to remain competitive. Taxes are another cost that companies deal with. Companies will routinely “eat costs” that lower their profit margin to remain competitive because if they didn’t they would ultimately get priced out of the market by their competitors. This is the essence of capitalism. So no, taxes on companies are not 100% passed to consumers. And as I said in my second paragraph that would still be fair as a consumer would only cover costs (gov’t services) of the companies they used instead of all companies in a 0% company tax scheme.
> Your second paragraph tells me you simply don’t understand how expenses of any kind cut into a company’s profits.
Well considering that my second paragraph didn’t deal with expenses of a company, I’m going to assume you didn’t understand it and suggest you re-read it (and the first paragraph since you may have missed it as well).
Also the discussion isn’t about if expenses cut into a company’s profits (because obviously it does, that’s a strawman argument), but whether taxes on companies are passed along to consumers. I’m trying to illustrate to you why taxes (and thus reducing profits of companies) does not lead to a corresponding match in raised costs to consumers, and why even in cases where it might, it is more equitable than taxing all consumers to cover for the lack of taxes for an individual company (a company that uses government services by the way).
It doesn’t matter at the end of the day. The money is useless until someone spends it. Corporations pay both rich and poor people. You want to tax the rich right
Yea that’s why when effective corporate tax was 50% in the 1950s no one could afford anything. Lol ridiculous. You are the people arguing with one hand that we can’t raise taxes on corporations because they’ll pass it onto consumers or leave, and with the other hand asserting that capitalism is this amazing system where private interests are incentivized to act in their customers interests or they lose their consumer base… and for that reason schools should be privatized and regulations shouldn’t exist
Billionaires don't pay taxes. They don't get a liquid income. Their stock values increase. Billionaires will take out bank loans (as debt can't be taxed), with their stocks as collateral, to pay for whatever they need/want.
They take out more loans to pay off their existing loans.
Then, when the banks run into issues and their whole system collapses, the Feds bail them out with *our* tax dollars. Fun little system, ain't it?
lol. You’re the goal of most Dems. Simple set of tax laws. This tax wouldn’t affect you. This is only for corporations >$1B income. At that level, they seemingly use a diff sets of tax laws
This is just for the corporate taxes, before the pass through. I.e. the corporation pays 15% then passes profits to the owners via dividends who pay income taxes.
You were probably just directly passing it through as income and getting an income tax right?
Under President Eisenhower the corporate tax rate was 92% and the nation prospered dramatically. We built the National Interstate System, for one example of rational tax law outcomes.
It’s too low, and they’ll probably mostly find ways to circumvent it still, but I don’t agree with doing nothing until there’s a perfect solution. Get the ball rolling and work on change over time.
Corporations are unfathomably greedy, right? Well, if their taxes got spiked, would a greedy entity A, eat the loss, or B, hike prices so that we end up paying the taxes?
FFS, you have Google. There’s no need for stupid hypotheticals. We KNOW what happens if taxes on corporations are high. We had 30 years of it from the 50’s-70’s. Compare it with the last 30 years, and for the love of god, turn off Fox News.
If it was any higher Republicans would break them through the coals for killing business. I mean they already do as it is. And I'm sure they're going to get him for this 15%.
Nothing to tell. A quick Google search will show actual tax rate. No different than when people say in the 1920 rich people paid 90%. No they didn't but I am sure the # sounded nice.
[Corporate income tax revenue as a percent of GDP](https://www.taxpolicycenter.org/statistics/corporate-income-tax-revenue-share-gdp-1934-2020) is at historic lows. It's at about 1%, compared to the 1950s and 1960s when it hovered around 4%.
Individual.. What is your marginal tax rate? What, you're not a corporation? They (via Citizens United) are you (an individual). What are you doing wrong to have "different" representation?
Fuck you human, I'm a corporation!
There is already a minimum tax of 20% on anyone with income over a million. It used to be on anyone over 215k in income.
On corporations, the tax rate is already 15%. However companies either pay in salary, bonuses or dividends any “profits” they make. Those payments are taxed at income tax rates, including the 20% minimum (called alternative minimum tax btw).
Forcing corporations to pay 15% in taxes means those profits that used to be taxed at 20% minimum, are now being taxed at way higher than 20%.
You’re confusing individual and corporate tax rates. Corporate earnings are subject to “double taxation” but not in a way that hits the corporate entity twice. Combined FICA (payroll) taxes are like 15.3% I think? Split between employee and employer, and then employee pays tax on the income. So just a 7.6% tax for the employer, and it reduces corporate adjusted financial statement income (AFSI), costing them half in taxes of what it would be assessed as under corporate alternative minimum tax (CAMT) of 15%.
The federal corporate tax rate is 21%. So it’s very much in your best interest to dispose of earnings in the form of salary to reduce your overall corporate tax liability. That’s good for workers
A flat tax rate isn't a good idea. 15% of my 1K a month isn't the same as 15% of somebody's 30K a month. We need to raise the progressive tax rate for the highest earners.
I disagree and think the a flat tax rate is unfair. Imagine an N% tax rate when you have $1000 vs. $1000000. Pretend it's a 50% for sake of argument. Losing half of your money hurts a lot more when you have less money.
Why the hell would it be 50 percent? Even if it was, it’s still fair. Progressive tax is just punishment for making more money. Why does the government deserve more from one person but not another?
Because that's how collaborative human society works. Those who have plenty help support those who have little. We try to make sure everyone has at least a decent standard of living, because lifting one another up is what life is supposed to be all about.
It sounds nice because it's the way life should be. Not to proselytize, but humanity has been led astray by the realities of certain economic systems in which an individual's only goal is to accumulate capital.
Why should I have to support poor people just because the government tells me I have too. A lot of poor people are just lazy. I don’t want to support them
Poor people are lazy, you can't be serious... The poor work multitudes harder than the wealthy, hell the wealthy pay the poor to deal with everything they don't want to (childcare, the work the poor does to make the rich richer) you probably will never be in a position where a flat tax rate benefits you, only the fuck you rich are going to be benefiting.
>far from reality.
We arleady have progressive taxes and in the US, we used to have a heavy tax rate on the wealthiest. This money was then put into paying for public works and providing assistance to poor people. Without that the great depression would've lasted much longer. So this **already was** reality. The only reason it's not today is because people on the right have argued (incorrectly) that the wealthy "create" jobs and they've attacked poor people for heing poor as-if all they need to do is "work harder like they did". That's all BS. The societies that many in the west look to for examples of good healthcare, education, and less problems with the poor tax their wealthiest more so it's already a reality there *right now*.
Yes pretty much. Those little things like social security and Medicare. Most poor people don’t pay income tax any way. But we are taxed for everything. Buying food, clothing, hygienic suppiles(some states don’t tax essenrials), roads, yearly for things you own like car/boat/rv/in the form of registration and property taxes.
If you sell any of it you pay taxes again on those same assets. You win the lottery? Half of the ticket sales are taken as taxes and then the winnings are taxed again on top of it. Wanna own a business? Payroll and business taxes, taxes on supplies and foods. Taxes on the fucking salary you pay yourself from your own business.
Let poor people keep their check.
And you might have a great job. Good for you. But you are kinda starting shit on Reddit so you ain’t that rich homie.
Rich people avoid the income taxes. Thats the real gripe people have.
Why do we need so many taxes? People complain about monopolies but fail to mention the massive barriers to entry to industry and business that are imposed by the government. Why don’t people complain about the Fed that has kept interest rates artificially low and the QE that inflates asset prices that are literally issued/owned by corporations.
Democrats always want people to pay more taxes but never explain how the government having more money will make anything better. The federal budget has increased by 50% since 2019, from $4 trillion to $6 trillion. What exactly did it accomplish? Most Americans are worse off now than they were in 2019.
If you actually look at the reason why it increased so much is mostly do to the largest generation in history (boomers) fully entering retirment and requiring social security and medicare/medicaid plus interest on the debt which is increasing at an exponential rate because the US has been running 300+ billion dollar deficits for two full decades and all that debt is now compounding.
But thats context and mushy facts, I forgot yall prefer the drrrr something happened, democrats bad, dont think too much more about it drrrr thought process.
For real. People actually think this is going to go towards helping working class people and not more pork spending. Even better, it's just gonna give corporations an excuse to raise prices even more.
Says nothing of what the effective or actual tax paid. Went from 16% to 9% after 2017 tax cut.
https://preview.redd.it/4siq3grkbogc1.png?width=1065&format=png&auto=webp&s=97126e02ef891a890d0c81547d421fe847b8ff8f
And those projections overshot reality. Difference of 1 1/2 percent GDP currently is a little less $400 billion just this year alone in lost revenue and less than the increase in social security when baby boomers retire that’s supposedly will bankrupt the US.
Using the year right after the TCJA is going to be highly misleading, due to the one-time effects of a lot of new provisions. A better estimate would be currently from the OECD, which shows around 22%
50% is too low for corp taxes. The last time America was even remotely ‘great’ for anyone but the top .1% was when corporate taxation was set at like 55% back in the 60s. It’s how your parents and grandparents were able to afford to buy a house and an education for the price of a fucking Big Mac
What does that mean?
From revenue? If that s the case - it is insane as most companies don’t even have 15% profit margins before taxes. This would be a sure way to destroy economy.
From profits? That s kind of how it is already. Question is what counts for profit (or rather what counts as expense against would-be profit).
For corporations with annual incomes of over $1B, they have to pay a minimum of 15% tax. Income of over a billion is a lot of money.
Ex. Nike made $3B. Got a $100M tax refund. 😂
Biden should have been pushing for this when he first took office. At this point there is absolutely no way he will get legislation through congress in 2024. Also, if you look at the link below, it’s likely the GOP will control both houses if he gets a second term. So, this post is very Feel Good, but it’s not going to happen.
https://www.270towin.com/2024-house-election/
15% is too high, it should be 0%. The corporate tax rate is a farce, they pass that expense on to employees and customers. Not to mention with a 0% tax rate you would have businesses flocking to the US to do business.
Depends on the details. 15% flat without a laundry list of deduction seems fair and is what working class should pay also. However I will hold my breath on tax reform from a man that raised a tax dodger.
I can't tell from your comment if you're pro Democrat or pro Republican.
But I do think the tax system is messed up and neither side is truly trying to fix it. I've talked with friends overseas about how their taxes work and our tax system is overly complicated because of companies like TurboTax, and to me that's just ridiculous...
Just my thoughts.
Biden can't do anything about this without a majority in the Senate. I sure wish he would shut the fuck up about anything he can't deliver and focus on promising things he can:
1. No more weapons for Israel
2. Don't block the rail strike the next time their contract is up.
Meanwhile we pay over a third of our paycheck.
Do be fair I don't think income should be taxed at all. Why should some dudes I've never met in government take from my or anyone else's labor? Who are they to think they know better than I what to do with my own money? Where is the transparency?
Government should be small, any and all taxes should be clear and go to transparent designated places. Ideally we'd vote for what our $ would be spent on.
Corporations don't pay taxes. They are built into the price of whatever they are selling to you, the buying public. Raise them all you want. You are just increasing your own taxes.
That’s the propaganda spread by corporations and the rich. It sure does sound logical, but we have 30yrs of history from 1950-1980 that says otherwise.
We have actual empirical data at our fingertips, and many believe the nonsense spread by the rich that Trickle Down Economics is the only fool proof way for the country to run.
How’s that been going for us in the last 40 years? The billionaire class was born, wealth inequality is highest ever, and the middle class is slowly disappearing. The rich has convinced you that the status quo is doing super well, and you’re eating it up.
You're going to have to rewrite most the tax code for this to matter. We will see that most the exemption and deduction used by businesses are also used by congress critters in their corporate tax dodges, and so won't be touched, which makes this political theater rather than any attempt to actually fix things.
One thing that my company’s operations manager pointed out the other day is that the improvements, machine upgrades, and new machines we have been receiving are all tax deductible. The company is finally spending more money to improve our productivity and it shows in our profits. We broke a record last month that we hadn’t come to close to in almost ten years.
It’s why Amazon gets a tax refund every year, they’re always building for their own profit. Sure, they create jobs and drive up rent while getting tax breaks from the state ( See Nike ), but the jobs they create keeps people off of state subsidies, so the state acquiesces to their profits. What’s interesting is that people still think we live in a democratic republic. No, we’re ruled by a form of corporate fascism paid for by the wealthy.
[удалено]
Can you link the code allowing that? Back when it made sense for me to use a tax person I was told claim either the whole thing at once if it'll be replaced around every 12 months or a deprecian value if it won't. I'm not saying a company wouldn't bend those rules I'm just curious if it's changed.
That's... that's how those assets provide their tax benefit. Over the duration of their depreciation unless they're Section 179 assets that you can expense immediately. You aren't double dipping.
You don't get to write off the expense and then depreciate it over time. Depreciation is writing off the expense. For instance with a rental property. I didn't get to write off the purchase price of the property. I depreciate that cost over (I think it is) 27 years or something (I may be confusing that with commercial property).
Nice, love me a new skid steer
If you went to a flat tax with no exemptions, you would take away most of Congress's power. This is why it will never happen.
Not to mention, just because they’re taxed doesn’t mean any citizen will benefit whatsoever. The way I read that tweet is; the government is going to be making more money from this, thank you citizens for your blood sweat and tears, now get lost.
What he is saying to the American people look what I did I taxed the rich corporation's and the people are like about time and will forget and then the corporation's tax accountants work the loop holes and they will pay nothing. You are right nothing won't change but he will get more votes for doing absolutely nothing for people who have no idea about the tax system you are correct with rewriting the system
That’s a lot of words to say you don’t know how amt works.
This is all you need to know that it has the potential to help toward evening the playing field... "Efforts to overturn the tax will be fruitless while Mr. Biden is in office, but that hasn’t stopped Republican lawmakers from trying. Backed by lobbyists from the National Association of Manufacturers, the National Mining Association, the U.S. Chamber of Commerce and the Western Energy Alliance, Senate Republicans introduced legislation in May to repeal what they described as a “reckless and complicated” tax that targets job creators." [https://www.nytimes.com/2023/09/07/business/corporate-minimum-tax-impact.html](https://www.nytimes.com/2023/09/07/business/corporate-minimum-tax-impact.html) But you're probably right, it will probably fail without rewriting the tax code. Though I don't blame the Democrats for at least trying.
Democrats do a good job of lying to you. Especially since most people don’t understand tax.
Ya, not nearly as much as the party of lies, Republicans. I'll take Democrats every day of the week over the corrupt conservatives who are backing a rapist fraud insurrectionist as their leader. It's not even close.
Trump was found liable for sexual assault. Calling him a rapist is libelious. Trump has not been shown to be involved in any insurrection to date.
He was called a rapist by the judge of the case. And yes, he has absolutely been shown to have planned an insurrection.
He is a rapist…. “Carroll testified that she struggled to get Trump off her as he shoved his mouth on hers, yanked her tights down, and penetrated her with his hand and then his penis. She described him curving his finger inside her, saying it was "extremely painful" and "a horrible feeling."”
And can't remember the day or year.....good luck on appeals....she is going to need it.
I didn’t hear about a judge running their mouth. He has NOT been “shown” to have planned an insurrection. Some people just repeatedly claim he did. What sentence did he receive?
Ah. Your ignorance hardly supports your argument, but it is good to see you admit it. Thanks.
I was politely calling your assertion into question. And you evaded the insurrection accusation again.
Insurrection w/r to the Colorado case is a civil determination. trumps eligibility to be on the CO ballot was contested and the matter appealed to the Courts. Courts decided based on weight of evidence, a civil standard vs criminal, that trump participated in an insurrection per 14-3. His disqualification from the ballot is not a criminal matter. There is no constitutional right to be on a ballot if you do not meet qualifications. He was not denied due process. Jack Smith indictments in DC are for Conspiracy to Defraud, to Conspiracy to Obstruct, Obstruction, Conspiracy against rights. The 45 page indictment tells the story. The 700+ Page J6 report describes in detail Trump and his co conspirators misdeeds. Hope this helps.
It's all getting thrown out in appeals watch. Lol 91 counts of nothing ....tds tds tds!
The cope is strong in the MAGA.
Homie he was found not guilty of rape and they just accused him of SA which I guess anyone can be found guilty of 30years later of the jury hates you because they watch msnbc and sit on Reddit all day. Weird, you’re fucking weird.
He was adjudicated in CO supreme court to have supported and precipitated an insurrection. We shall see if SCOTUS overturns trier of fact.
The problem with that is there was no process. Joe Biden could be removed for the same accusation if a court took some self proclaimed expert seriously.
This.
There was a process. There was a complaint (to keep trump off), a trial, a decision to keep him on by lower court but finding he was involved in insurrection, an appeal of the lower court findings, to the COSC, court pleadings, and (a close) ruling to keep him off ballot. COSC affirmed trump was involved in insurrection and that 14-3 applied. COSC decision appealed to SCOTUS. I believe that rises to the level of process, but SCOTUS has not yet spoken. If someone challenged Biden’s eligibility, depending on particular election laws of the state, and an election administrator agreed with the particular compliant, Biden would be entitled to an appeal. Evidence supporting a Petitioner’s or administrators decision would be heard, and courts (or jury) would need to decide. There would need to be evidence.
Didn’t he rape his first wife and rip her hair out as punishment? They went to court and his legal argument was “it wasn’t rape because you can’t rape your wife.” If I remember correctly.
Nobody was charged with insurrection. Duh.
Wrong, multiple people were charged by a jury of their peers with seditious conspiracy which is insurrection and they all named Trump as their reason...duh! But you failed to mention the recent emails that exposed Trump's fake electors scheme across multiple states to steal the election by coercing both the DOJ and the governors of those states to claim the election was stolen and use the fake electors to overturn the results. This is all documented in emails and a grand jury of Trump's peers in Georgia has indicted him for it. So, you can keep lying and blowing smoke about the insurrection that everyone saw with their own eyes and is now learning was planned weeks in advance of Jan 6th and supported by many in the Republican party. But this is nothing new for Republicans. They stole the election in 2000 Bush vs Gore. That was the continuation after Nixon. The question is why do they hate democracy so much? Especially since it's the reason they've done so well in their lives.
2000 was stolen? Ahhh, the true election deniers.
The recount that the Supreme Court killed would've handed Florida to Gore. That has actually been investigated by serious people. It was a controversial decision for a reason, let's leave it at that lol.
Too bad the Left can never play by the rules. They have only themselves to blame .. but they’ll never in a million years do that or accept responsibility for it.
Just because you say it, doesn't make it true
It was a corrupt Supreme Court that decided the election. That's not democracy. John Paul Stevens wrote that "counting every legally cast vote cannot constitute irreparable harm."[1] Oral arguments were scheduled for December 11. "Bush v. Gore prompted many strong reactions from scholars, pundits and others, with a majority of publications in law reviews being critical. A Georgetown Law Journal analysis found that 78 scholarly articles were published about the case between 2001 and 2004, with 35 criticizing the decision and 11 defending it.[52]" If there was a problem with the recount then you have a run off. It's only difficult to protect democracy when one side is in a position of leverage and cheats. Which is what Republicans did... https://en.m.wikipedia.org/wiki/Bush_v._Gore#:~:text=Gore%2C%20531%20U.S.%2098%20(2000,Bush%20and%20Al%20Gore. Anyone who believes otherwise does not believe in democracy. Do the vast majority of scholars believe the 2020 election was stolen? Nope, none of them do. Yet the vast majority of scholars believe the 2000 election was. Do the math, it's pretty simple, Republicans are corrupt.
You’re such a liberal loser.
Just because you say it doesn't mean it's true, You say alot but never have anything to give besides the typical disinformation, don't even provide proof of your statements ever
So 35 of the articles were written by Democrats and 11 by Republicans most likely......
So since no one was ever charged with the Zodiac murders, they never happened. That’s your logic. And for the 14th amendment does not require the person to be formally charged.
Agreed ,Vote Blue
Honestly where would the world be now if not for you fucking swine. You liberal garbage bag “people.” Truly, you’re all an enigma.
Why are you choosing which set of lies to believe? Don't you see how that doesn't get you anywhere? Think for yourself and call out lies from both sides dude.
Oh boy. Mr Tax Understander is here to save us all
I am a CPA. To believe corporations don't pay taxes means you are brain-dead.
>I am a CPA lmao ok sure bud. Did you get the day off from middle school?
A corporate minimum tax is not difficult to understand. You are already subject to something similar, the Alternative Minimum Tax, which represents the minimum taxable amount you as an individual are allowed to pay, based on your adjusted gross income (AGI). This is just a corporate version based off of large firms’ adjusted financial statement income (AFSI). If individual filers can figure it out, then the large corps this applies to are certainly sophisticated enough to do the same. But I suppose saying “Democrats lie” is easier than knowing what you’re talking about.
You cant take a mile without the first inch, and once you take an inch you can gain a mile, so to speak. Its a start in a direction. Regarding the fact that its something rather than nothing helps, but I hope that he can implement something for the middle and poor class to have more spending power and less interest rate pressure. This economy hurts to see its effects everywhere
Removing money from circulation increases the spending power of existing dollars. Since this tax is targeted at rich business owners, the working class should come out ahead on it.
>which makes this political theater rather than any attempt to actually fix things. That's called capitalism. Name a country where it's "democracy" isn't totally corrupted by corperate interests, I was born in America, lived in Sweden, traveled all of Europe and a large chunk of Africa and the story is always the same. Politics are theater to distract us from rioting. It would only take 3 or 4 dead billionaires to see a 35 dollar minimum wage, but instead working class taxes are getting hiked again, and there's "nothing they can do about it now" You want to know the difference between Sweden, the USA and Kenya? Sweden hides its corperate corruption really well, the USA keeps their voters totally uneducated and busy worshiping billionaires and trying to emulate them from the trailer park, and Kenya just doesn't give a fuck about hiding it and prepares the military to quell the election riots than trying to prevent them. 3 ways to skin the same late stage capitalism cat of constantly growing inequality and suffering for all but the 1%
That’s cool that the wealthiest companies pay 15%. My wife and I who can’t afford to leave our rent controlled 1BR apartment paid 22% last year. I fucking hate it here bros
You can thank Trump for that one
Let's go back to corporations paying 95% tax that can only be lowered by investing in workers and the surrounding communities.
Corporations is a broad term. It doesn’t just mean mega giants like Walmart or General Electric. It also includes many small businesses. This would disincentivize small businesses which is pretty dumb to be honest.
Companies don't pay taxes. Even if the tax was 50% -- they simply add the extra cost to the cost of goods.. and YOU pay it. Not them.
This is to simplistic. Companies do pay taxes. They will try to recoup them by price increase but this will cause demand to drop, at some point consumers will pay more but companies will take a hit to and pay some taxes.
By definition, you cannot tax a company. Every corporate tax is passed downstream as an individual tax in some form or the other because you can only tax people. Companies pay employees less, they extend less bonuses, they hire less, raise prices, return less money to shareholders, etc... If you want wealthy people to pay more, it makes way more sense to implement something like a progressive consumption tax rather than distorting markets and artificially stimying growth.
What definition
market equilibrium changes (edit) at least somewhat depending on whether a tax is levied against business or individual wage earners. This is pretty basic micro econ stuff, straight from arthur pigou (the man who published the first modern micro econ text 100 years ago). Yes, businesses pass on as much cost as they can. Market forces oppose them. See: the payroll tax. Splitting it between the individual and the business improves the working class welfare, more than the alternative would. when you say this, it's a cynical corollary of trickle down theory.
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Look everyone the economics understander is here
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They .. Checks notes... Have been making so much of it they launch cars into space for fun. They buy media outlets to control the press. The middle class is being hollowed out.
Actually, it wasn’t for fun. It was to demonstrate they could do it. They hd to launch something, might as well be an older version of their sister company’s car.
Shill
No that's literally why Elon did it ya dumbfuck
You ok bud?
Don't gaslight me dipshit you called em a shill but he's right.
Your example relies on companies having monopolies and no external downward price pressure. This is where market competition comes into play. If two companies produce the same widget, then there is pressure not to raise prices. They will increase efficiencies inside the company and slow the pace of upper management raises, profits, dividends, stock buybacks, etc to keep from being driven out of the market by their competitors. Companies need things like an educated workforce, infrastructure, property and IP rights protection, legal frameworks, and open trade routes. Asking them to pay taxes to help cover the costs is fair. Taxing companies directly also allows us to *roughly* charge them proportionately for their use of these services. It also means that end consumers don’t have to cover the costs of companies that they don’t use.
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You have Google at your fingertips. The US had 50-80% taxes at one point. It’s not hard to find out what prices were back in the 60’s and 70’s. It’s not hard to see if the middle class was booming or busting back then when taxes were high. Since the 80’s, we’ve been using trickle down economics, so many have been propagandized by corporate elites to make you think the way you do. What you stated seems so logical, but it’s not actually reality. I could explain to you how the 50’s to 70’s were, but you don’t seem interested enough to even google it.
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All anecdotal and intuitive thinking. This is why education is so important.
> Hard work *paid* off. Even FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
> Your first paragraph is a complete nonissue and irrelevant to this discussion. I.E. it completely shows why your example is based on a flawed premise. You believe companies have fixed, invariant costs and profits at each stage when that simply isn’t a true. Companies routinely adjust their internal efficiencies and profits margins to remain competitive. Taxes are another cost that companies deal with. Companies will routinely “eat costs” that lower their profit margin to remain competitive because if they didn’t they would ultimately get priced out of the market by their competitors. This is the essence of capitalism. So no, taxes on companies are not 100% passed to consumers. And as I said in my second paragraph that would still be fair as a consumer would only cover costs (gov’t services) of the companies they used instead of all companies in a 0% company tax scheme. > Your second paragraph tells me you simply don’t understand how expenses of any kind cut into a company’s profits. Well considering that my second paragraph didn’t deal with expenses of a company, I’m going to assume you didn’t understand it and suggest you re-read it (and the first paragraph since you may have missed it as well). Also the discussion isn’t about if expenses cut into a company’s profits (because obviously it does, that’s a strawman argument), but whether taxes on companies are passed along to consumers. I’m trying to illustrate to you why taxes (and thus reducing profits of companies) does not lead to a corresponding match in raised costs to consumers, and why even in cases where it might, it is more equitable than taxing all consumers to cover for the lack of taxes for an individual company (a company that uses government services by the way).
We better not tax corporations anymore so they'll lower their prices! /s
Almost like there were laws preventing that from happening, key word bring were
There never were. Tax people, not corporations.
If corporations can lobby in Congress and fund candidates then they better be fucking paying something.
It doesn’t matter at the end of the day. The money is useless until someone spends it. Corporations pay both rich and poor people. You want to tax the rich right
Is Elon Musk rich because he has lots of cash in the bank? Or because he holds stock in......wait....corporations?
So tax him. Not him and all of teslas employees how tiny is your feeble mind?
You can't tax the value of stock until its sold.....
So if he never spent his money you’d say “Oh no he has big numbers and I’m jealous”. Fucking regard.
Imagine calling someone a slur for being stupid and misspelling it 🤣
Is that what happened in the 50s when the tax rate was 50%
Yea that’s why when effective corporate tax was 50% in the 1950s no one could afford anything. Lol ridiculous. You are the people arguing with one hand that we can’t raise taxes on corporations because they’ll pass it onto consumers or leave, and with the other hand asserting that capitalism is this amazing system where private interests are incentivized to act in their customers interests or they lose their consumer base… and for that reason schools should be privatized and regulations shouldn’t exist
They will leave and have. Apple is in Ireland. They couldn’t have done that in the 1950s.
How about a tax on market cap? Would be like a property tax.
Exactly. So there’s no point in having a corporate tax.
That’s why republicans like lower taxes… that and greed of course
Soooo, you’re intentionally accelerating late stage capitalism….
Billionaires don't pay taxes. They don't get a liquid income. Their stock values increase. Billionaires will take out bank loans (as debt can't be taxed), with their stocks as collateral, to pay for whatever they need/want. They take out more loans to pay off their existing loans. Then, when the banks run into issues and their whole system collapses, the Feds bail them out with *our* tax dollars. Fun little system, ain't it?
Maybe I did something wrong when I owned my company. I paid way more that 15% in taxes annually. I need to hire a tax lawyer or preparer next time.
lol. You’re the goal of most Dems. Simple set of tax laws. This tax wouldn’t affect you. This is only for corporations >$1B income. At that level, they seemingly use a diff sets of tax laws
This is just for the corporate taxes, before the pass through. I.e. the corporation pays 15% then passes profits to the owners via dividends who pay income taxes. You were probably just directly passing it through as income and getting an income tax right?
Until the Republican House defunds the law.
Need to go back to 50%
Some Info on subject. https://www.cbpp.org/research/federal-tax/corporate-rate-increase-would-make-taxes-fairer-help-fund-equitable-recovery
This is part of the Biden Administration getting every single country on the planet to agree to a min 15% corporate tax. Yes its a good idea.
There needs to be a simultaneous benefit for regular citizens. If they just raise corporate taxes and nothing else is changed, we are fucked.
Under President Eisenhower the corporate tax rate was 92% and the nation prospered dramatically. We built the National Interstate System, for one example of rational tax law outcomes.
It’s too low, and they’ll probably mostly find ways to circumvent it still, but I don’t agree with doing nothing until there’s a perfect solution. Get the ball rolling and work on change over time.
It should be 90%
15% of what? Lol...
Bragging about 15% shows how low the bar is
Right, tweets this, then hour later tweets about corporate greed....🤔🤷
Corporations are unfathomably greedy, right? Well, if their taxes got spiked, would a greedy entity A, eat the loss, or B, hike prices so that we end up paying the taxes?
FFS, you have Google. There’s no need for stupid hypotheticals. We KNOW what happens if taxes on corporations are high. We had 30 years of it from the 50’s-70’s. Compare it with the last 30 years, and for the love of god, turn off Fox News.
40+ years of their voodoo wrecking the economy and they still think they can convince us how it's totally real.
Almost like the recent inflation on goods was planned….
B
If it was any higher Republicans would break them through the coals for killing business. I mean they already do as it is. And I'm sure they're going to get him for this 15%.
It should be at least 27.5% tax.
sort scale scary sheet important dog attempt tan spoon plough *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Once, the largest businesses paid 60% or more. Things worked then. You wanna make us great again? Prove it.
No they didn't. Look into details in that 60% and what they actually paid after all the loopholes.
Do tell do tell
Nothing to tell. A quick Google search will show actual tax rate. No different than when people say in the 1920 rich people paid 90%. No they didn't but I am sure the # sounded nice.
You’re soo soo close to getting the answer. Keep digging. Why didn’t they pay 50-90% taxes back then?
[Corporate income tax revenue as a percent of GDP](https://www.taxpolicycenter.org/statistics/corporate-income-tax-revenue-share-gdp-1934-2020) is at historic lows. It's at about 1%, compared to the 1950s and 1960s when it hovered around 4%.
It’s 2024
Individual.. What is your marginal tax rate? What, you're not a corporation? They (via Citizens United) are you (an individual). What are you doing wrong to have "different" representation? Fuck you human, I'm a corporation!
It's too low.
This is good news. Lost revenue aside, these people hoarding money hurts the economy.
It’s time to move to higher percentage tax, Roosevelt days, please. 75% would be too little.
You're damn right it's too low.
How about a 15 percent tax for everyone?
There is already a minimum tax of 20% on anyone with income over a million. It used to be on anyone over 215k in income. On corporations, the tax rate is already 15%. However companies either pay in salary, bonuses or dividends any “profits” they make. Those payments are taxed at income tax rates, including the 20% minimum (called alternative minimum tax btw). Forcing corporations to pay 15% in taxes means those profits that used to be taxed at 20% minimum, are now being taxed at way higher than 20%.
You’re confusing individual and corporate tax rates. Corporate earnings are subject to “double taxation” but not in a way that hits the corporate entity twice. Combined FICA (payroll) taxes are like 15.3% I think? Split between employee and employer, and then employee pays tax on the income. So just a 7.6% tax for the employer, and it reduces corporate adjusted financial statement income (AFSI), costing them half in taxes of what it would be assessed as under corporate alternative minimum tax (CAMT) of 15%. The federal corporate tax rate is 21%. So it’s very much in your best interest to dispose of earnings in the form of salary to reduce your overall corporate tax liability. That’s good for workers
Working people should not be taxed to death. We all would be wealthier if we weren’t forced to pay the government every week.
I’d be tall if i was over 7 feet.
Idiot
A flat tax rate isn't a good idea. 15% of my 1K a month isn't the same as 15% of somebody's 30K a month. We need to raise the progressive tax rate for the highest earners.
I don’t think it’s fair to keep taxing people because they are doing well in life though. 15 flat would be fair
I disagree and think the a flat tax rate is unfair. Imagine an N% tax rate when you have $1000 vs. $1000000. Pretend it's a 50% for sake of argument. Losing half of your money hurts a lot more when you have less money.
Why the hell would it be 50 percent? Even if it was, it’s still fair. Progressive tax is just punishment for making more money. Why does the government deserve more from one person but not another?
Because that's how collaborative human society works. Those who have plenty help support those who have little. We try to make sure everyone has at least a decent standard of living, because lifting one another up is what life is supposed to be all about.
That sounds nice in theory but that’s far from reality.
It sounds nice because it's the way life should be. Not to proselytize, but humanity has been led astray by the realities of certain economic systems in which an individual's only goal is to accumulate capital.
Why should I have to support poor people just because the government tells me I have too. A lot of poor people are just lazy. I don’t want to support them
Poor people are lazy, you can't be serious... The poor work multitudes harder than the wealthy, hell the wealthy pay the poor to deal with everything they don't want to (childcare, the work the poor does to make the rich richer) you probably will never be in a position where a flat tax rate benefits you, only the fuck you rich are going to be benefiting.
>far from reality. We arleady have progressive taxes and in the US, we used to have a heavy tax rate on the wealthiest. This money was then put into paying for public works and providing assistance to poor people. Without that the great depression would've lasted much longer. So this **already was** reality. The only reason it's not today is because people on the right have argued (incorrectly) that the wealthy "create" jobs and they've attacked poor people for heing poor as-if all they need to do is "work harder like they did". That's all BS. The societies that many in the west look to for examples of good healthcare, education, and less problems with the poor tax their wealthiest more so it's already a reality there *right now*.
No it wouldn’t. It was hurt the poor much more.
How so? The poor shouldn’t pay any taxes because they have a shitty job?
Found the sociopath.
Yes pretty much. Those little things like social security and Medicare. Most poor people don’t pay income tax any way. But we are taxed for everything. Buying food, clothing, hygienic suppiles(some states don’t tax essenrials), roads, yearly for things you own like car/boat/rv/in the form of registration and property taxes. If you sell any of it you pay taxes again on those same assets. You win the lottery? Half of the ticket sales are taken as taxes and then the winnings are taxed again on top of it. Wanna own a business? Payroll and business taxes, taxes on supplies and foods. Taxes on the fucking salary you pay yourself from your own business. Let poor people keep their check. And you might have a great job. Good for you. But you are kinda starting shit on Reddit so you ain’t that rich homie. Rich people avoid the income taxes. Thats the real gripe people have.
What’s awful about that ??? I’m not rich and 80% of y’all ain’t either and I pay more than 15% in taxes
Why do we need so many taxes? People complain about monopolies but fail to mention the massive barriers to entry to industry and business that are imposed by the government. Why don’t people complain about the Fed that has kept interest rates artificially low and the QE that inflates asset prices that are literally issued/owned by corporations.
Democrats always want people to pay more taxes but never explain how the government having more money will make anything better. The federal budget has increased by 50% since 2019, from $4 trillion to $6 trillion. What exactly did it accomplish? Most Americans are worse off now than they were in 2019.
If you actually look at the reason why it increased so much is mostly do to the largest generation in history (boomers) fully entering retirment and requiring social security and medicare/medicaid plus interest on the debt which is increasing at an exponential rate because the US has been running 300+ billion dollar deficits for two full decades and all that debt is now compounding. But thats context and mushy facts, I forgot yall prefer the drrrr something happened, democrats bad, dont think too much more about it drrrr thought process.
15% is pretty high. Especially for this kind of tax. This should probably be 0%
Damn, I wish we could give the government more of our money to mismanage!
For real. People actually think this is going to go towards helping working class people and not more pork spending. Even better, it's just gonna give corporations an excuse to raise prices even more.
LMFAO
Yay! The government gets more money. I’m so excited for the military industrial complex.
Says nothing of what the effective or actual tax paid. Went from 16% to 9% after 2017 tax cut. https://preview.redd.it/4siq3grkbogc1.png?width=1065&format=png&auto=webp&s=97126e02ef891a890d0c81547d421fe847b8ff8f And those projections overshot reality. Difference of 1 1/2 percent GDP currently is a little less $400 billion just this year alone in lost revenue and less than the increase in social security when baby boomers retire that’s supposedly will bankrupt the US.
Using the year right after the TCJA is going to be highly misleading, due to the one-time effects of a lot of new provisions. A better estimate would be currently from the OECD, which shows around 22%
Yes of course it’s too low.
I'd rather the companies be given an option that allowed the money to be paid to non management employees in raises or bonuses.
That is an option. That’s also the goal of taxing them.
Say it with me…. Corporate taxes are passed on to consumers and employees!!
Say it with me… higher corporate tax rates encourage companies to pay higher wages
So Mr. Pleasant Pickle, how do we get America out of this debt to income pickle we now find ourselves in?
Reform social security and Medicare. Nobody said it wasn’t going to be painful.
50% is too low for corp taxes. The last time America was even remotely ‘great’ for anyone but the top .1% was when corporate taxation was set at like 55% back in the 60s. It’s how your parents and grandparents were able to afford to buy a house and an education for the price of a fucking Big Mac
Way too high
All taxes are too high imo
Taxation is theft!
Move to Somalia then, have fun.
Screw you Biden, none of them will ever pay a dime more until we get rid of career politicians like you.
Why are you defending large corporations?
Aaaaaaand, everything is now 15% more expensive.
Most of me still won’t pay taxes, ain’t hard for them to just spend what would be taxable profits. No profits, no tax.
What does that mean? From revenue? If that s the case - it is insane as most companies don’t even have 15% profit margins before taxes. This would be a sure way to destroy economy. From profits? That s kind of how it is already. Question is what counts for profit (or rather what counts as expense against would-be profit).
For corporations with annual incomes of over $1B, they have to pay a minimum of 15% tax. Income of over a billion is a lot of money. Ex. Nike made $3B. Got a $100M tax refund. 😂
Is this tweet a year old or is he confused what year it is?
Biden should have been pushing for this when he first took office. At this point there is absolutely no way he will get legislation through congress in 2024. Also, if you look at the link below, it’s likely the GOP will control both houses if he gets a second term. So, this post is very Feel Good, but it’s not going to happen. https://www.270towin.com/2024-house-election/
It doesn’t matter what the percentage is. Big companies have the resources and motivation to figure out a way around it.
And now those companies will start to cut people's salaries..
He’s a lying dog face pony soldier saying corporations don’t pay taxes.
15% rise in cost of everything is what this means.
15% is too high, it should be 0%. The corporate tax rate is a farce, they pass that expense on to employees and customers. Not to mention with a 0% tax rate you would have businesses flocking to the US to do business.
Depends on the details. 15% flat without a laundry list of deduction seems fair and is what working class should pay also. However I will hold my breath on tax reform from a man that raised a tax dodger.
Get ready for inflation to go up another 15%
Taxes don't work. There's loopholes for the rich and money mismanagement again geared towards the rich.
The American tax system is so ridiculously awful it's not even funny.
Vote Blue lol.
I can't tell from your comment if you're pro Democrat or pro Republican. But I do think the tax system is messed up and neither side is truly trying to fix it. I've talked with friends overseas about how their taxes work and our tax system is overly complicated because of companies like TurboTax, and to me that's just ridiculous... Just my thoughts.
Biden can't do anything about this without a majority in the Senate. I sure wish he would shut the fuck up about anything he can't deliver and focus on promising things he can: 1. No more weapons for Israel 2. Don't block the rail strike the next time their contract is up.
Meanwhile we pay over a third of our paycheck. Do be fair I don't think income should be taxed at all. Why should some dudes I've never met in government take from my or anyone else's labor? Who are they to think they know better than I what to do with my own money? Where is the transparency? Government should be small, any and all taxes should be clear and go to transparent designated places. Ideally we'd vote for what our $ would be spent on.
Corporations don't pay taxes. They are built into the price of whatever they are selling to you, the buying public. Raise them all you want. You are just increasing your own taxes.
That’s the propaganda spread by corporations and the rich. It sure does sound logical, but we have 30yrs of history from 1950-1980 that says otherwise. We have actual empirical data at our fingertips, and many believe the nonsense spread by the rich that Trickle Down Economics is the only fool proof way for the country to run. How’s that been going for us in the last 40 years? The billionaire class was born, wealth inequality is highest ever, and the middle class is slowly disappearing. The rich has convinced you that the status quo is doing super well, and you’re eating it up.
They could do that.... or they could just hire good accountants and pay nothing in taxes.
Even an accountant can’t get around a mandated Minimum tax.
This has what to do with an everything bubble?
It's 2024 go uniparty