Tax Reform?

http://www.msn.com/en-us/news/politics/the-4-gop-factions-plus-rand-paul-fighting-out-the-tax-bill/ar-BBEMpGb?ocid=ientp

Yawn. After the whole life insurance debacle, you really have zero credibility. You’ve proven you can’t understand what you read. Explaining anything to you is pointless. You’ll not understand it then post irrelevant info as a rebuttal. Notice how you didn’t even address the response to the $30K single mom? You just launch into rants about something else. I could easily debunk everything you post, but you’ll just irrationally post more BS.

The hilarious thing is you’re the only person I know that seems to be waiting and cheering for the next recession. You must view it as some soft of great equalizer that’ll destroy the wealth of others and help you catch up. Instead, the next recession will destroy you since you’re borrowing against your life insurance policy. You don’t even see it coming. You’re cheering for the recession to knock others down thinking you’re safe, but you aren’t.

This bill will not pass in the Senate. There are too many factions that want different things out of it. If you look at the post buyinghouse posted:

https://www.msn.com/en-us/news/politics/the-4-gop-factions-plus-rand-paul-fighting-out-the-tax-bill/ar-BBEMpGb?ocid=ientp

Senator Collins from Maine pointed out that the corporate cuts are permanent but the individual cuts expire in a few years. We were discussing that earlier.

Plus I can’t afford the cuts to medicare.

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We know that sheriff, we know that.

Some dumb people are here demonizing this bill their own way, so others can’t. Their data, though boring, denotes they are still defending this.

They need to get their crap together. The real bill should be exempt income below poverty line from income tax then tax all other income at a flat 15-20%. Then tax corporations at 2% of revenue earned in the US. That’d gut all special interests from the equation and make it revenue neutral. Special interests are way too strong to let the right thing happen though.

The real issue which no one wants to tackle is spending. If we don’t want to tackle spending, then we need to make the economy grow faster. Tax revenue has averaged 17.5% of GDP since after WW2. That means we need more GDP growth to get more revenue. Growing GDP also makes the deficit and debt smaller as a percent of GDP.

This is an interesting thought - when US residents (even non-citizens) are mandated to pay US income tax on their WW income then why not Corporates doing business in US? What would be the implications of mandating that any corporation selling goods/services in US will be taxed on their WW income (obviously offset for any taxes paid to other countries similar to what’s available to individuals on personal income tax) irrespective of where the said income was earned? Will this move kill tax havens?

Undocumented people can do their taxes. That’s what intangible is referring to.

There are 2 types of individuals in this country. Citizens and foreigners aka non-immigrants.

Within non-immigrants, we can count green card holders and undocumented people. Both, one as a legal obligation and the second as a moral obligation are supposed to do their taxes in the US. Unless working abroad under the sponsorship of an American boss though here we can debate if American or not. Paroles and the rule of not living abroad more than 6 months apply.

The question is: Why this hasn’t changed in a long time but we are debating why that money exist “over there”?

I didn’t get what was ‘wrong’. Aren’t both of us saying the same thing - US residents (both citizens and non-citizens) are required by IRS to report WW income and pay taxes on WW income.

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My question is:

If individuals are required to pay US income tax on WW income and not doing so is a crime, then why don’t same rules apply to Corporates?

I haven’t researched on this so asking this as an open question based on the explanations @Jil shared on how lowering corporate tax will entice corporates to bring money back to US. Will stipulating that corporates pay US taxes on WW income have similar effect?

Maybe we should revisit rules for both? No other developed country taxes profits earned in other countries. Those foreign profits create a ton of US jobs. We should encourage our companies to sell products/services outside the US. Instead, we tax them with a tax their competitors in that country don’t have to pay.

Ireland taxes at 12.5%. Any other foreign company would only have to pay the 12.5% Ireland tax on profits there. A US based company has to pay the 12.5% Ireland tax plus 22.5% (they get credit for the 12.5% against the 35% US rate) US tax if they decide to bring the money back to the US. Why would we want to make it more difficult to US companies to sell in foreign countries?

Well, the question is for the dumb people like me why we are mentioning $ trillions stashed in tax heavens?

Basically, there’s a loophole there that needs to be dealt with. Which brings me to the same point: There’s a person here that lied to the American people by not delivering on his promises of cutting tax loopholes and not getting any benefits from whatever the tax reform would bring to the American people.

That money overseas, ain’t parked there, I bet they are making mo’ money out of it.

watch this video, take your time, Cohen is lying to his teeth about tax loopholes. Go to the 48th second. Pure BS.

I am not questioning how US taxes when bringing money back create an additional burden on US companies. I am questioning why is it OK to tax individuals on WW income even when they don’t bring back the money. If you are a US based international RE investor, you would be required to pay US income tax on WW profits regardless of whether you bring back the money to US or not. Why is it OK to do this to individuals but not to Companies? Shouldn’t the rules be same for both?

I don’t disagree with you. That’s why I said maybe we should revisit the rules for both. I think it makes sense both are treated the same, so if we change the rules for one we should change them for both. I wonder if changing that would encourage more ultra wealthy to live in the US? Right now, there’d be no reason for them to do it and subject their WW income to US taxation.

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Exactly!
I listen a lot to the KGO radio, 8.10 AM. Lots of investment programs there and there’s this attorney that advertises there. He says that if you earn any money overseas you need to report it or the IRS, if they have time to check you out, will come for you.

There’s no this and that, there’s a tax loophole.

Corporations are treated as persons as far as campaign contributions… But are treated differently for taxes and criminal activity… Corporations can not be convicted…

Who would go to jail?

In Japan and South Korea, CEO :laughing:

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That can happen now with Sarbanes-Oxley legislation. CEO and CFO must sign the financials. They can be held criminally liable for fraud. Trust me, if auditors flag an area as a risk of SOx compliance the CFO will make any resource available to have proper controls in place. It can be as simple as a manual process that is too many dollars on the P&L. You’ll get more help than you want to drive automation and proper controls on it.

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Sorry, I am wrong, we both say same thing !

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Correct, CEO and CFO are held in accountable in USA. Enron, MCI …and many examples.