that interest is profit for the bank, the bank pays the taxes on it, yes? that interest is profit for the bank, the bank pays the taxes on it, yes?Standard plain wrap communist drivel : )
that interest is profit for the bank, the bank pays the taxes on it, yes?
The y only pay on the difference between revenue and cost (i.e. profit).
Some lenders are non-profit, like Credit Unions, and set rates to it washes out at the end of the year. Other lenders make mistakes or get unlucky and end up with losses, and pay no taxes.
that interest is profit for the bank, the bank pays the taxes on it, yes?
~~~~~~~~~~~~~~~
good point. however, I am in ayn rand mode and thinking “starve the beast”. currently, our beast is not just uncle sam, but also insurance companies and mortgage selling banks and wall street and labor unions.
We need to get back to a manufacturing/mining/ag economy. Ive been compiling data and it turns out the nations with the largest ag/mining output per capita have the highest standard of living, highest income per GDP, and greatest ag/mining output per ag/mining worker. The US population is getting too heavy in finance, government, education, retirees, and deadbeat dependents.
I’m not saying education is unimportant. But there is at least 50% of all courses offered at colleges/universities that are absolutely worthless and pointless and these are the classes mostly taken by students on government assistance. it’s got to stop. we are only lining the pockets of universities with gold and for no reason. It is one of the reasons we are going bankrupt and losing our AAA rating. There is a similar distortion via government intervention going on in the medical/health fields.