yea it gauls some folk no end - where multiple business & corporate entities 'make' 100s of billions (then continue shoveling it back into R&D - buying up other buisisses, - payroll - 401k funding etc) when they COULD just pay tax on it. Would love to see how that works out .
I know, right? Elon Musk wagers $1 billion on Tesla and himself WHY can't they just 'offshre' their profits and use slave labour to build their products like Apple? Not at an ALL TIME HIGH but not that far from it.......
My income is only one item on my net worth which also has fortunately increased most years in tax differed accounts like IRA/401K and I-bonds. I don't have any tax schemes going for me so I pay at a pretty decent rate on current income. But someday someone is going to have to pay a bunch on all that differed income. Not like I have a skip generation trust or one of the own a golf course and depreciate it schemes going for me.
The shadows are lengthening on my life and so my goals are pretty simple. Eat. Sleep indoors. Not be a burden to my family. Have fun! I'll leave the kiddos enough of an inheritance for them to be happy about it (GOD Willing!) but not enough to wreck them. THEY tell me what I still tell my Mom (who still bowls and walks daily in her upper 80s!) Spend to zero! You ain't taking a dime with you when you go!!!
Payroll, 401(k) funding, etc., are not things anyone is 'shoveling' profit back into. Normal expenses of doing business come out before profit is declared. R&D, buying up other buisisses, sure.
What we call "slave labor" is considered the best thing to ever happen to people who were barely surviving in the third world. Fact is, poverty and starvation have nearly disappeared because of globalization. Anti-globalists and protectionists seem to be clueless about how much misery isolationism would cause in the world.
(AI Overview) Reports from journalists, human rights groups, and governmental bodies have consistently linked Apple's supply chain to instances of forced and child labor at its suppliers . While Apple itself does not own the factories where its products are made, it faces sustained criticism for failing to prevent such abuses within its vast and complex network of third-party suppliers. AND THIS IS FROM ALPHABET! NOT some anti-globalist right-wing source. -want to do 'offshoring' now? Slavery and forced child labor are abhorrent......but hey! As long as we enjoy cheap consumer electronics and the company donates to the right charities it's all good...... 'eh? This? From a nation that spends less than 1% of their GDP, while other are paying THEIR fair share? Please make up your mind. Do you prefer America's meddling in World affairs or being more isolationist? You can't have it both ways around. Well...actually CANADA CAN have it both ways around - as long as they can keep playing off of the US. It's a shame, really. Pound for pound, Canada really DOES have a an exceptional military. I've had the pleasure of working with lots of them.
For most people on public assistance, it is only a temporary thing. They'll end up paying more into the system than they took out over their life. Even if the feds did tax those benefits, I doubt they amount to more than the standard deduction. Are you against progressive taxation plans? Ah, the voodoo economics. How did the Kansas experiment go again? Kansas experiment - Wikipedia Where did the money come from that let the rich make those jobs? How much does the rich make if no one fills those jobs? Without the masses buying goods and working the factories, the rich would have nothing. Twenty million people making $50 thousand a year will do more to grow the GDP and federal revenue than one person paid $1 trillion. Taxing the low incomers more may get an increase in tax revenue, but it will reduce the amount of money driving the engines of the economy.
2% transaction tax and do away with all the other taxes ..... it would soon pulling the day traders, make the company pay for shuffling through other shell companies till the money simply vanished or became non taxable, low income earns move small amounts of money, that is all they have that they can move, the rich throw money around to look rich, even if it is all borrowed money, 2% onto the borrowed money goes to tax, not a huge amount, $1 million for a Trump dinner seat, $20,000 in tax thank you, and so it goes on ..... the tax collected would be proportional to income and expenditure, money shuffling would become a great tax revenue, banks would finally have to pay their fair share ....... Think about it, work hard, no income tax but 2% out of every pay packet, spend carefully, reduced tax, when you make a big purchase, it will be something to keep long term, not simply turning it over for a newer model or throwing it away, but rather getting it repaired, you will still pay 2% tax on it, but it does employ someone and improve their financial as well as skill level ..... companies realise they now have to make things that last, not just bright and shiny things that sell quickly, wouldn't that build a better country where every body gets a chance to work and get ahead if they want while those with the big $$ have to start paying at least part of their way to enjoy the benefits of living there ... T1 Terry
My favorite tax plan (which probably wouldn't pass congress) would be a national sales tax (about 15-20%) replacing the income tax. It would put imported products on a level playing field with locally produced products (without tariffs) and since rich people buy more than poor people, would still put the majority tax burden on the wealthy. JeffD
