- No I am not saying that. - And no I am not wanting to take a shit on backbone of America, you misunderstand what I am saying, and are assuming far to much.
I just want to know where my money is going. The Feds are taking my cash and blowing it on sea monkeys and x-ray glasses from the back of a magazine.
This scares the hell out of me! I have one order for a MarAzul class yacht, if I can get 2 more we will start a production run to produce the 3 +1. I plan to do it here (SW Washington) but Bernies' plan would put the squelch on the the production. I would have to pay about 48% tax on the profit, but the whole plan took 20 years to make happen. This isn't right! I guess the production will have to be moved, perhaps Ireland.
Much more concerning than these bracket changes are the total estimated taxation effects of Bernie's proposal. All tax payers would see a decreased income between 11% and 18% depending on income. I sure wouldn't be excited about taking a 15% pay cut. http://taxfoundation.org/article/details-and-analysis-senator-bernie-sanders-s-tax-plan
Taxfoundation.org is pretty biased. They have decent models but they clearly spin everything pro GOP. Good to see you bb30! Been awhile.
I had to come out from my under my rock to get in some political fights. Tax foundation isn't perfect, but they are trying to capture all of Bernie's tax effects which are a lot more than the simple 2.2% income tax increase.
The entire Internet is biased in one way or another. It's precisely why I can look up articles saying the new iPhone is the best phone of all time. And easily find another article that says the galaxy is the best phone of all time.
Yes, that would work. Of course I can just say fuck it, I am not doing this so that Bernie and henchmen get the money, I do the work and take the risk. No skin off my backside if 20 jobs over a two year period just don't begin because Bernie made it not worth while. Geez, people need to wake the fuck up!
Wouldn't you be building the boats as a corporation for liability reasons? The corp could pay you a salary over a number of years to avoid the higher taxes. And considering how long it took you to build the original Mar Azul I'm sure it will take you a few years to build 3 of them. You're acting like you could just instantly pump these things out and suddenly have all this profit. Considering that under the above tax table the rates actually go down if you make $464,000-$499,000 a year you would be wise to pay yourself that much every year. There, I just earned my consulting fee. That will be $2 million. Thank you.
Where's the Presidential Debate on GM's Crony Capitalism? From Fox Business... In the 1950s, General Motors President Charles Wilson famously said: “What was good for our country was good for General Motors, and vice versa.” You might do a double take on that comment after you venture a look at GM’s current remarkably low tax bill. A dive into GM’s filings with the Securities & Exchange Commission reveals that while the carmaker makes nearly all of its profits in the U.S., it pays virtually no U.S. federal, state or local taxes. The carmaker paid just $5 million in federal taxes last year, its SEC filings show. For its total federal, state and local bill, all in, it booked zero taxes, the filings show. Meantime, in 2015, GM paid more than $908 million in taxes to China, due to its profits from its joint ventures there, the filings show (see here:https://www.gm.com/content/dam/gm/en_us/english/Group4/InvestorsPDFDocuments/10-K.pdf). GM’s historically low tax bill has flown under the radar screen in this presidential election season, when candidates from both parties offer ideas on reforming the corporate tax code. While the White House has railed against loopholes for big corporations, Democrat candidates Hillary Clinton and Bernie Sanders continue to stump for getting companies to pay their “fair share,” and the GOP candidates largely push for lower tax rates. Ask yourself, how come the candidates aren’t debating how the GM bailout is a textbook case of crony capitalism? A bailout in which taxpayers paid millions of dollars in “advisory” fees to companies like Evercore Partners to arrange, and given that GM is paying more in annual taxes in China than it is paying in the U.S.? All in, GM got a $51 billion bailout, for which it refused to pay back some $10.5 billion to U.S. taxpayers, since that $10.5 billion hit arose from the Treasury Dept.’s losses on the automaker’s stock when it sold the shares in late 2013 (the bailout took the form of a loan and a 61% equity stake in GM by the Treasury Dept.). The bailout was an “investment,” President Barack Obama insisted at the time, adding that it would cost taxpayers “not a dime.” The White House also held up the GM bailout as an example of how to battle China’s ascendancy in manufacturing, even though GM was mastering the art of outsourcing its new vehicle development and global export operations to the Middle Kingdom—to the point whereit has been touting the fact it will be the first U.S. carmaker to actually import and sell one of its Chinese-made SUVs, the Buick Envision, back into the U.S. this year (http://www.wsj.com/articles/gm-to-import-chinese-made-buick-suv-1447349781?mg=id-wsj). It’s estimated China plans to increase production in China by 65% through 2020. The reason for GM’s low tax bill: A big fat tax break in the bailout. This sweetheart deal from the Obama Administration let GM deduct $45.4 billion in costs going forward, against current year taxes, even though it discharged those sums in bankruptcy. The $45.4 billion included things like its losses in the years before GM entered bankruptcy, costs for its pensions and post-retirement benefits, as well as costs for its equipment and factories. That means the actual cost of GM’s bailout to taxpayers is much higher, likely on the order of nearly $75 billion, tax experts note. Update: After this report was published on Thursday, General Motors made the following statement to FOX Business Network: “GM adheres to all applicable federal, state and local tax laws and regulations. Since 2009, we have also made significant investments in the U.S. – totaling approximately $17.8 billion – which have created approximately 6,250 new jobs and secured another 20,700 positions.” http://www.foxbusiness.com/markets/...sidential-debate-on-gms-crony-capitalism.html
And if the government didn't step in to help out GM, China would have bought them. Then you would be complaining how Obama let America's largest car manufacturer become Chinese owned.
The first year would operate at a loss tax wise. The second year would deliver product and what ever profit. Probably would not be a third year beyond just self. Yes it does look better the longer the pay out is strung out, but my original point is that it has already been strung out for years and you get no credit for this time tax wise. This is the big problem with these extremely progressive tax schemes. For example let take the case where we both earn 2 million. You do it 100k a year for 20 years. In my case here, I earn it over 20 years but the money all comes to the corporation in the 20th year. Then we are done. You will pay 300k in taxes, a little a year, every year. I will pay 960K in tax all in one year, the year of delivery and finial receipts. Could string it out with book keeping but that has other cost just keeping the corporation artificially alive. I don't do this! I know of places where the bite is no where near this draconian. This country is a very poor place work for yourself with a payday years a part. People that vote for this sort of stuff, have no idea what they are doing to their own possibilities.
Nope. Not a fan of corporate welfare. If China wants to buy them, good for China. Detroit might not have failed so badly, financially.
There are situations where a company can pay no federal income taxes in a year. A nol, or foreign tax credits lower taxable income or tax due. But they are still paying payroll federal taxes. And they are still paying state and local taxes. Get the companies back investing in the usa by eliminating foreign tax credits.
Yep. Apple or GE or any of the infamous tax "evaders" write checks every quarter for many $billions directly to the US government. In effect, they're the tax collectors and they also pay the payroll and other taxes as well as telephone tax and all the rest of those sorts of taxes.
An What does Bernie think? He couldn't give a shit less. He knows I would never vote for him and his pandering schemes. He will go for the young guys and gals, whom have yet to think of the problems Bernie will cause for them. No doubt years away yet. Damn! this is a crappy way to select a leader. About like voting for the cheerleader, but the ramifications are so much more, and the cost of poor choices, beyond awful.
