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August West
Trad climber
Where the wind blows strange
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35% is economic insanity.
Same as the Federal Income Tax, just make it flat - NO DEDUCTIONS. It can even have 3 tiers of rates, just make em FLAT!!!
I'm not opposed to getting rid of tax breaks and using them to reduce the top line rate, but...
NO DEDUCTIONS! Yea, right. So if a owner has a million dollars in gross revenue he gets a flax tax on all of that? No deductions for the wages he pays to employees? Oh, you mean no deductions after the tax accountants have figured out expenses and came up with a magic number for profit? So if Apple says all of its patents are owned by an entity in Ireland and, whadya' know, all of its profits end up in Ireland and on and on and on...
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JEleazarian
Trad climber
Fresno CA
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August, you're onto an important issue here. What do we mean by a deduction? I'd said earlier that anything that differs from GAAP isn't really a deduction, but that's too simplistic. For example, cash accounting for farmers differs from GAAP, but makes sense from a tax standpoint for individuals, since they need cash to pay the tax. A better statement would have been that a duduction should be what is necessary to differentiate between income and gross receipts, but I suspect I need to refine that too.
In addition, this isn't your issue, but the idea of a three-tier flat tax is an oxymoron.
As I told Scott, above, though, I need to get back to my project, so I may say more later.
John
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Jorroh
climber
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"Are you saying that the only reason anyone donates to a political party is to receive favors at the expense of the general public"
No. No idea how you got from A to B on that one.
Corporations on the other hand... yes, anything else would be a betrayal of their obligations to their owners....oh wait... thanks to republican lawmakers, executives don't even have to disclose those "donations" to their owners.
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TradEddie
Trad climber
Philadelphia, PA
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Are you saying that the only reason anyone donates to a political party is to receive favors at the expense of the general public?
We're not talking about personal donations. Any for-profit corporation that donates money to a political party is doing so in the expectation of receiving a financial benefit greater than their donation, otherwise it would be a negligent activity. Whether those favors are seen to be at the expense of the general public, or as providing a benefit to the general public is the job of an army of lobbyists.
TE
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thebravecowboy
climber
The Good Places
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man, you guise are talking chopping rates? I be talkin' choppin' heads.
-STRPC&MSoc
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Jorroh
climber
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Who pays corporate taxes?
In trying to think about this for just Apple.. I'm guessing, the particular taxes that they pay should'nt make that much difference to their particular supply/demand equation when it comes to products and product pricing...seems that with certain tech companies like Apple there is quite a large disconnect between cost of manufacture, design etc and price of final product.
So I'm guessing most of the impact is within the company itself in the form of changes in profit and compensation. Probably not lower level employees, but higher level employees/executives (less after tax profit=lower bonuses maybe?), certainly shareholders though...lower E..means lower P.
any other ideas?
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