Negative effective tax rate for many companies

[Joe Bagadonuts]

This is honestly crazy. If Trump wins another term, the top 1% will have ALL the money.

This is such an awesome argument... provided that you ignore that the wealth in all working classes is growing.

 

[AlaskanAssassin]

I think we need a more transparent tax system, not all these different levels and types of tax. A one time tax on income, with few if any deductions outside of those at low income level, and stop all the games. It would put me out of a job, but I'd still vote for it. Many residents of coastal states have a total tax burden of greater than 50% of their income, which puts them in line with very socialist countries like Germany, but without all the great benefits citizens in those countries receive.

Agreed. The biggest thing that bothers me is how easily the government can control our behavior just based off of tax law. Think of common deductions that are written into the tax code, such as deductions for medical expenses. Why on earth would this be something that can be deducted from your taxable income? Deductions for mortgage interest........why? All these deductions do is allow for the government to control supply and demand (and your behavior). I understand that people are going to have health problems, and they are going to want to buy houses, but giving tax breaks to people that participate in specific behaviors such as these just bothers me. These are clearly the result of lobbyists. Crony Capitalism is the worst.

 

[Saint Cy of JFC]

Its all good though, i mean ya these wealthy corporations are getting to keep more money than ever but thats a good thing cause that means they can give us all awesome raises! I got a 25 cent raise this year! My health insurance went up by almost 100 dollars per month and my mortgage increased along with basically the price on everything else so the 25 cent raise is actually more like a dock in pay. But at least i can work even more overtime than i already was to make up for the loss in pay! Yippee!


Sent from my iPad using JazzFanz mobile app

Unionize!

 

[candrew]

They are literally stealing the our money. Literally. But hey, they provide jobs
!

Actually they're taking that money and investing in AI and automation - so they won't be providing jobs much longer (far fewer anyway)

 

[JAZZGASM]

Agreed. The biggest thing that bothers me is how easily the government can control our behavior just based off of tax law. Think of common deductions that are written into the tax code, such as deductions for medical expenses. Why on earth would this be something that can be deducted from your taxable income? Deductions for mortgage interest........why? All these deductions do is allow for the government to control supply and demand (and your behavior). I understand that people are going to have health problems, and they are going to want to buy houses, but giving tax breaks to people that participate in specific behaviors such as these just bothers me. These are clearly the result of lobbyists. Crony Capitalism is the worst.

Exactly. If it weren't for industry lobbyists (think, lawyers, accountants, special interest groups etc.) and special interest groups/companies (you can Google to see the type of subsidies Boeing gets for example) we'd have a much simpler and fair tax system). But as a country, we are too entrenched. I don't see anything changing.

 

[idestroyedthetoilet]

This is such an awesome argument... provided that you ignore that the wealth in all working classes is growing.

Don't know what you're responding to but why waste your breath? There's a certain segment of the population that will never be satisfied and permanently engaged in class warfare. Hell, Obama just put in massive wealth taxes that were a huge transfer to the poor through Obamacare. They weren't just paper tax rate increases either. It was something like a massive 20-25% effective increase the rich paid in just one year. He hit dividends and cap gains with a 58.7%, which was long overdue. That's a huge, steep, shocking increase. It was such a big change that some of the more astute liberal writers were complaining that Obama's credit was virtually non-existant because celebrating it would have meant weakening the class warfare rhetoric.

Another good example is Bernie's crying about Amazon. As @JAZZGASM explained the code, a huge part of Amazon's tax avoidance was by giving ownership to the working class. Do they care to explain how that is detrimental to society?

Most people see through the plebian outrage full of cherry picked examples, and those outraged are clueless as to why the reaction they often get is Oh STFU child.

 

[Deleted member 365]

Socialize the costs.
Privatize the profits.

I’ve learned over the years that one party claims that financial aid to students, old people, and the unemployed will always be referred to as “socialism”, “welfare,” “entitlements”, and “handouts.”

While their socialism, welfare, entitlements, and handouts to the rich will always be referred to as “incentives.”

It’s probably the distinguishing factor of the two political parties because it accomplishes two main goals: (1) Demonizes financial aid to those who most need it (the poor, old, and colored) and (2) bribes the rich to continue to donate to this political party.

It’s hard to compete against this political party since they don’t need to come up with an agenda for the 99 percent to stay in power. They just need to serve the interests of the 1 percent donating class.

What many Americans miss is that we are all subsidizing these companies further via health care and food expenses. When these companies pay their workers so poorly that they cannot afford health care and food, government must then step in to pick up the slack.

The rich right now have a pretty good deal.

They own the courts.
They own the White House and senate.
They own an entire media propaganda apparatus that does nothing but demonize the most in need. Rupert knows exactly what he’s doing. But the rubes watching think they’re actually the ones “stickin it to the rich elite.”
They’re the greatest beneficiaries of the tax cut.
They’re enabled to subsidize their paltry salaries and benefits through your taxpayer funded health care and food stamps (which are then used to buy groceries in their stores).

Fascism is in the rise. Wealth inequality through deregulation, political corruption, and regressive taxation is growing. Race tensions igniting.
It’s almost like we learned nothing from the 1920s and 1930s.

All well. Ignore history and you’ll be doomed to repeat it. Quite fitting for a country that cares far more about what Kim K tweeted than attending their school board meeting or knowing who represents them in congress.

 

[fishonjazz]

This is such an awesome argument... provided that you ignore that the wealth in all working classes is growing.

Faster than the cost of living/inflation?

I lose money every year. My budget gets hurt every year. I also get a raise every year.
I could give a **** if my wealth grows if it grows slower than my expenses.

Sent from my ONEPLUS A6013 using JazzFanz mobile app

 

[Alfalfa]

This is such an awesome argument... provided that you ignore that the wealth in all working classes is growing.

Wealth for everyone except the very top has not kept up with GDP for a few decades now. So your definition of growing wealth is absurd when the average person's purchasing power has declined. Can someone on an entry level salary even buy house in the city anymore? No.

 

[Alfalfa]

Don't know what you're responding to but why waste your breath? There's a certain segment of the population that will never be satisfied and permanently engaged in class warfare. Hell, Obama just put in massive wealth taxes that were a huge transfer to the poor through Obamacare. They weren't just paper tax rate increases either. It was something like a massive 20-25% effective increase the rich paid in just one year. He hit dividends and cap gains with a 58.7%, which was long overdue. That's a huge, steep, shocking increase. It was such a big change that some of the more astute liberal writers were complaining that Obama's credit was virtually non-existant because celebrating it would have meant weakening the class warfare rhetoric.

Another good example is Bernie's crying about Amazon. As @JAZZGASM explained the code, a huge part of Amazon's tax avoidance was by giving ownership to the working class. Do they care to explain how that is detrimental to society?

Most people see through the plebian outrage full of cherry picked examples, and those outraged are clueless as to why the reaction they often get is Oh STFU child.

Our resident fake intellectual wants to let me know I'm on ignore, despite the fact he's in the thread I started, and that he wouldn't have seen had I been on ignore. Cute.

 

[Alfalfa]

Faster than the cost of living/inflation?

I lose money every year. My budget gets hurt every year. I also get a raise every year.
I could give a **** if my wealth grows if it grows slower than my expenses.

Sent from my ONEPLUS A6013 using JazzFanz mobile app

It hasn't. Executive pay has grown by 600-900% since 70s, while average pay has grown between 0-30% depending on how you measure inflation.

 

[JAZZGASM]

Don't know what you're responding to but why waste your breath? There's a certain segment of the population that will never be satisfied and permanently engaged in class warfare. Hell, Obama just put in massive wealth taxes that were a huge transfer to the poor through Obamacare. They weren't just paper tax rate increases either. It was something like a massive 20-25% effective increase the rich paid in just one year. He hit dividends and cap gains with a 58.7%, which was long overdue. That's a huge, steep, shocking increase. It was such a big change that some of the more astute liberal writers were complaining that Obama's credit was virtually non-existant because celebrating it would have meant weakening the class warfare rhetoric.

Another good example is Bernie's crying about Amazon. As @JAZZGASM explained the code, a huge part of Amazon's tax avoidance was by giving ownership to the working class. Do they care to explain how that is detrimental to society?

Most people see through the plebian outrage full of cherry picked examples, and those outraged are clueless as to why the reaction they often get is Oh STFU child.

Just to clarify, Amazon had paid no federal tax the last couple years for a few reasons, R&D expenses, growth (business, equipment, etc.) and stock compensation for employees (not to be confused with an Employee Stock Ownership Plan or ESOP, which is a completely different animal and most often result in employees owning 100% of the company as an additional benefit that they don't pay for). Still, what Amazon is doing is nothing novel. Amazon provides stock compensation to employees that are valuable/help grow the business, and they get good deductions by doing this. Deductions for stock based compensation, retirement plan contributions, etc., are they type of deductions that are good for employees and society in general.

Now the tax breaks Amazon gets from state and local governments is a different discussion altogether.