General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe myth of the 35% corporate tax rate.
First, they lie over and over again. We know that.
The Republicans want to lower it to 20%?
From: https://www.washingtonpost.com/graphics/2017/business/tax-bill-q-and-a/?utm_term=.90847b50d99b
What most defies logic is the idea that we can lower our rates - but no other countries can?
This tax cut is nothing more than a giveaway to the rich and wealthy donor class - the Republicans are merely funding their own campaign donations - as their donors clearly stated!
THIS is political corruption in its most obvious form!
Kilgore
(1,733 posts)At the end of the day it comes down to the deductions.
D_Master81
(1,822 posts)i would have to see some tax return to see what they're taking advantage of and whether or not those loopholes were changed, but it very well could be below 10%.
Kilgore
(1,733 posts)You get it.
Its not so much the rate, but what deductions apply.
Bengus81
(6,928 posts)And the claim is the ND will take 10 years to increase by $1.4T?!?! My ass,it won't take anywhere near that long.
unblock
(52,116 posts)ours can't, or at least it's not practical to do so.
you have to be in certain industries, do certain things, and/or be big enough to take advantage of various deductions and loopholes.
if you're just counting the number of corporations, there are an awful lot of small corporations for whom it's not cost-effective to pay lawyers and accountants and set up foreign subsidiaries and all that nonsense.
of course, the bigger companies obviously can afford lobbyists and armies of lawyers and accountants, so certainly beyond a point, they're easily dodging the 35% rate.
so it's clear that by far most corporate *revenue* is escaping the 35% rate, but perhaps not most *corporations*.
Kilgore
(1,733 posts)How sharp your CPA is, and what deductions you can take advantage of.
For example. I work for what is essentially a mom and pop small business with ten employees and structured as an Scorp. They have a meeting each December with their CPA to adjust their upcoming business plan to capture as many credits and deductions as possible.
unblock
(52,116 posts)we really don't.
financial services industry, but not a hedge fund, and not enough scale to justify the whole overseas thing.
yallerdawg
(16,104 posts)The tax reform we were promised was supposed to eliminate deductions and level the playing field.
We were told the corporate tax rate would be 20%.
Now we know that is a lie!
unblock
(52,116 posts)he's totally opposed to it because he thinks it's terrible public policy.
but he's happy that our company will pay lower taxes and be more profitable and worth more as a result.
it's good to have a boss that's capable of opposing things he'll personally benefit from....