Posted on 06/03/2021 10:26:01 AM PDT by ChicagoConservative27
Surely, they should be next!
Rd later.
Corporations don’t pay taxes. They collect taxes.
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Corporations are artificial legal creations that are easy political targets. That’s why income earned by incorporated business is taxed twice: once at the corporate level; and again at the shareholder level.
For corporations that can't or don't play these games, there is a way to eliminate taxes: pay out the profits to the employees and shareholders. Remember "profit-sharing"? That shifts the tax burden from the corporation to said employees and shareholders. This would be in addition to contributions to 501(c)3 charities.
Most corporations like to keep a portion of the profits as a cash cushion or investment stash -- so they have to pay taxes on that.
Nobody talks about any of this.
It will probably be a corporate form of alternative minimum tax. A separate calculation of alternative minimum taxable income would be done where a bunch of deductions cannot be used and new rate applied to that income. That tax would be compared to the normally calculated income tax and the larger of the two is owed to the government. That's how the government counters the scenario you suggested.
nothing. their customers paid all the taxes.
another way of putting it is that the taxes that these companies would direct to the government at any level were obtained from raising their prices to their customers.
What about a 15% minimum tax on citizens that use the tax code to pay less than the 15%. I mean if it is “fair” for a company, wouldn’t it also be “fair” for individual tax payers?
As long as we are doing that, why not one single tax rate for everyone? Lets get rid of this progressive tax structure. Flat tax baby!
wrong
these companies pay essentially nothing
we aint gonna have a country soon
So you owe 15% tax if your company is loosing money?
Atlas Shrugged
Can’t be said enough.
I thought I had successfully explained this to my father once. He seemed to understand that businesses simply raise their prices in response to tax increases, effectively making them a stealth tax on the consumer. He just shrugged it off as corporate greed that they wouldn't just eat the added cost of doing business themselves. That's the sort of cognitive dissonance what we're dealing with from democrat voters.
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