Can any con/repub give me good reason why the rich should not be taxed MORE?

[JamesInFlorida]

The high U.S. corporate income tax rate is driving jobs overseas as businesses work to remain as competitive as possible in the global marketplace. It doesn’t help that the United States is the only country in the world that taxes its businesses on the income they earn in foreign countries. Every other country only taxes businesses on the income earned within their borders. A reduction of the corporate income tax rate down to at least the average 25 percent rate in the OECD is long overdue.

High Corporate Income Tax Rate Driving Jobs Overseas

So your source on the issue is The Founddry, which is a secondary source, that's obviously biased if you read the article. Mine is the IRS-a primary source. Take a guess at which one is more accurate when it comes to discussing taxes?

According to the IRS companies making profits in other countries only pay the difference between US taxes and that other country's taxes (if there is one).

I've known this for years (decades?), that was just the first thing I found after looking for a minute or two.

According to the IRS companies making profits in other countries only pay the difference between US taxes and that other country's taxes

Yes! If a US company makes $1 billion in Brazil, after they pay taxes there, they still owe US taxes.
If a Brazilian company makes $1 billion in the US, after they pay US taxes, they don't owe any additional taxes to Brazil for those US based profits.

I'm glad you agree with my claim. Now what were you saying about bias?

That depends if Brazil's corporate tax is under 35% or not (off the top of my head-I don't know if it is).

A company in Ontario, Canada pays 0-that's ZERO corporate taxes. And American in Ontario pays US Federal taxes, whatever their rate would be. That's a fact.

US citizens living other countries pay US federal taxes, with no deductions for the taxes they pay that other country-corporations do. My main point is that that is not balanced. It's not flat, nor fair. If somebody is for a flat tax (which I am btw), it has to go both ways. No loopholes for the corporations.

 

[Toddsterpatriot]

So your source on the issue is The Founddry, which is a secondary source, that's obviously biased if you read the article. Mine is the IRS-a primary source. Take a guess at which one is more accurate when it comes to discussing taxes?

According to the IRS companies making profits in other countries only pay the difference between US taxes and that other country's taxes (if there is one).

I've known this for years (decades?), that was just the first thing I found after looking for a minute or two.

According to the IRS companies making profits in other countries only pay the difference between US taxes and that other country's taxes

Yes! If a US company makes $1 billion in Brazil, after they pay taxes there, they still owe US taxes.
If a Brazilian company makes $1 billion in the US, after they pay US taxes, they don't owe any additional taxes to Brazil for those US based profits.

I'm glad you agree with my claim. Now what were you saying about bias?

That depends if Brazil's corporate tax is under 35% or not (off the top of my head-I don't know if it is).

A company in Ontario, Canada pays 0-that's ZERO corporate taxes. And American in Ontario pays US Federal taxes, whatever their rate would be. That's a fact.

US citizens living other countries pay US federal taxes, with no deductions for the taxes they pay that other country-corporations do. My main point is that that is not balanced. It's not flat, nor fair. If somebody is for a flat tax (which I am btw), it has to go both ways. No loopholes for the corporations.

The US has the highest corporate tax rate in the world.

US citizens do get a tax credit for taxes paid in other countries.

 

[JamesInFlorida]

I've known this for years (decades?), that was just the first thing I found after looking for a minute or two.

According to the IRS companies making profits in other countries only pay the difference between US taxes and that other country's taxes

Yes! If a US company makes $1 billion in Brazil, after they pay taxes there, they still owe US taxes.
If a Brazilian company makes $1 billion in the US, after they pay US taxes, they don't owe any additional taxes to Brazil for those US based profits.

I'm glad you agree with my claim. Now what were you saying about bias?

That depends if Brazil's corporate tax is under 35% or not (off the top of my head-I don't know if it is).

A company in Ontario, Canada pays 0-that's ZERO corporate taxes. And American in Ontario pays US Federal taxes, whatever their rate would be. That's a fact.

US citizens living other countries pay US federal taxes, with no deductions for the taxes they pay that other country-corporations do. My main point is that that is not balanced. It's not flat, nor fair. If somebody is for a flat tax (which I am btw), it has to go both ways. No loopholes for the corporations.

The US has the highest corporate tax rate in the world.

US citizens do get a tax credit for taxes paid in other countries.

According to the IRS Publication 593 (cat 46595Q):

"Amount excludable. If your tax home is in a foreign country and you qualify under either the bona fide resi- dence test or the physical presence test for all of 2010, you can exclude up to $91,500 of your foreign earned income. The maximum amount you can exclude is ad- justed annually for inflation."

There's a maximum on what you can exclude on your earned income-the rest you pay US Federal Taxes on. There is no such maximum placed upon corporations.

Seriously, I bet you've never lived in a different country, and had to pay taxes before. I have.

 

[Toddsterpatriot]

That depends if Brazil's corporate tax is under 35% or not (off the top of my head-I don't know if it is).

A company in Ontario, Canada pays 0-that's ZERO corporate taxes. And American in Ontario pays US Federal taxes, whatever their rate would be. That's a fact.

US citizens living other countries pay US federal taxes, with no deductions for the taxes they pay that other country-corporations do. My main point is that that is not balanced. It's not flat, nor fair. If somebody is for a flat tax (which I am btw), it has to go both ways. No loopholes for the corporations.

The US has the highest corporate tax rate in the world.

US citizens do get a tax credit for taxes paid in other countries.

According to the IRS Publication 593 (cat 46595Q):

"Amount excludable. If your tax home is in a foreign country and you qualify under either the bona fide resi- dence test or the physical presence test for all of 2010, you can exclude up to $91,500 of your foreign earned income. The maximum amount you can exclude is ad- justed annually for inflation."

There's a maximum on what you can exclude on your earned income-the rest you pay US Federal Taxes on. There is no such maximum placed upon corporations.

Seriously, I bet you've never lived in a different country, and had to pay taxes before. I have.

Who was talking about amount excludable? I said US citizens get a tax credit for foreign taxes paid, you said, "US citizens living other countries pay US federal taxes, with no deductions for the taxes they pay that other country"

From your link, "In some cases, you can claim a credit or take a deduction for foreign income tax you pay"

Seriously, I hope you don't do your own taxes.

 

[marcell]

The reason is quite simple: If you overtax the rich or the big companies, they just go to another country, where they won't pay so much taxes. That's why.

 

[Cecilie1200]

The reason is quite simple: If you overtax the rich or the big companies, they just go to another country, where they won't pay so much taxes. That's why.

My reason is even simpler: because no one can give me a good reason why they SHOULD be taxed more.

 

[marcell]

The reason is quite simple: If you overtax the rich or the big companies, they just go to another country, where they won't pay so much taxes. That's why.

My reason is even simpler: because no one can give me a good reason why they SHOULD be taxed more.

It's very capitalist, don't you think? If rich people gives more, there will be more money to invest on schools, hospitals, roads, structure in general and even fun. Everyone wins!

 

[JamesInFlorida]

The US has the highest corporate tax rate in the world.

US citizens do get a tax credit for taxes paid in other countries.

According to the IRS Publication 593 (cat 46595Q):

"Amount excludable. If your tax home is in a foreign country and you qualify under either the bona fide resi- dence test or the physical presence test for all of 2010, you can exclude up to $91,500 of your foreign earned income. The maximum amount you can exclude is ad- justed annually for inflation."

There's a maximum on what you can exclude on your earned income-the rest you pay US Federal Taxes on. There is no such maximum placed upon corporations.

Seriously, I bet you've never lived in a different country, and had to pay taxes before. I have.

Who was talking about amount excludable? I said US citizens get a tax credit for foreign taxes paid, you said, "US citizens living other countries pay US federal taxes, with no deductions for the taxes they pay that other country"

From your link, "In some cases, you can claim a credit or take a deduction for foreign income tax you pay"

Seriously, I hope you don't do your own taxes.

I have a MBA (Accounting), I'm well aware about business and finances. I'm not a couch-business man, who blindly says things I'm not familiar with, without any actually experience (not saying you are-but the fact is I'm sure most people on here are).

My main point early on was that individuals don't pay taxes in other countries-the same way corporations do. Any individual that earns as much as just about any corporation elsewhere pays more in taxes. That's a fact. Corporations get to deduct without a limit-individuals do.

And an individual who makes over that $91K and change doesn't deduct anything off of their remaining salary. Therefore there is NO deductions their salaries past that point. Hence me saying that individuals don't get deductions off of their income tax-because they don't (if they make more than that). Corporations that do-get to deduct that. You can argue all you want, twist my words, and change your points-and that's fine.

As for the claims about the US paying the highest corporate tax rate-that is correct...but it's kind of a distortion. For example the US has the highest corporate tax rate-fact. But our percentage of GDP from corporate taxes is NOT the highest in the world. And that's more important to look at it, because it's what the US actually receives (in comparison). How is that possible? The GEs of the country-who theoretically have to pay the corporate income tax rate, but in reality pay none.

 

[marcell]

According to the IRS Publication 593 (cat 46595Q):

"Amount excludable. If your tax home is in a foreign country and you qualify under either the bona fide resi- dence test or the physical presence test for all of 2010, you can exclude up to $91,500 of your foreign earned income. The maximum amount you can exclude is ad- justed annually for inflation."

There's a maximum on what you can exclude on your earned income-the rest you pay US Federal Taxes on. There is no such maximum placed upon corporations.

Seriously, I bet you've never lived in a different country, and had to pay taxes before. I have.

Who was talking about amount excludable? I said US citizens get a tax credit for foreign taxes paid, you said, "US citizens living other countries pay US federal taxes, with no deductions for the taxes they pay that other country"

From your link, "In some cases, you can claim a credit or take a deduction for foreign income tax you pay"

Seriously, I hope you don't do your own taxes.

I have a MBA (Accounting), I'm well aware about business and finances. I'm not a couch-business man, who blindly says things I'm not familiar with, without any actually experience (not saying you are-but the fact is I'm sure most people on here are).

My main point early on was that individuals don't pay taxes in other countries-the same way corporations do. Any individual that earns as much as just about any corporation elsewhere pays more in taxes. That's a fact. Corporations get to deduct without a limit-individuals do.

And an individual who makes over that $91K and change doesn't deduct anything off of their remaining salary. Therefore there is NO deductions their salaries past that point. Hence me saying that individuals don't get deductions off of their income tax-because they don't (if they make more than that). Corporations that do-get to deduct that. You can argue all you want, twist my words, and change your points-and that's fine.

As for the claims about the US paying the highest corporate tax rate-that is correct...but it's kind of a distortion. For example the US has the highest corporate tax rate-fact. But our percentage of GDP from corporate taxes is NOT the highest in the world. And that's more important to look at it, because it's what the US actually receives (in comparison). How is that possible? The GEs of the country-who theoretically have to pay the corporate income tax rate, but in reality pay none.

About other countries, it's right, and it's not. Part of the taxes are paid by the companies. But, at least here, the social contribution takes at least 9% of your salary. It's a BIG cut. And WE pay. The companies take the money and give it to the gov. This is the only contribution they make, about us. Ah, there's an advantage to us. They are compelled to make a monthly deposit, of 8% of the wage. If you're fired, you can get that money, Whiile it's in the federal bank, it gives something like 0,5% interests for us. Ok, this is good.

Then, another taxes, like 27,5 of what you got every month, then, if you have a car, 4% of its valeu / year + yearly license + compulsory security (if you're involved in an accidente, it won't fix your car, they deny). And if you have a house, you'll pay the Land (land + house) taxes. This one depends of the place where u live. So a mid house in São Paulo may be charged in about US$ 2.000,00 yearly.

So, to someone that has a wage of US$ 3000,00, the taxes may be more than 60% of the early total income. If you put more things, like health, education (yeah, public schools and hospitals here are precarious), it can reach almost 90%. Now, let's think about the companies. Even if they pay their taxes, their are profits are so high that it won't be even close to 50%. So, the idea is to make this 90% lower and this less than 50%, higher. I think it'd fair. And I think it happens in many countries.

 

[Listening]

Did we ever come up with a reason to tax the rich more.

 

[Toddsterpatriot]

According to the IRS Publication 593 (cat 46595Q):

"Amount excludable. If your tax home is in a foreign country and you qualify under either the bona fide resi- dence test or the physical presence test for all of 2010, you can exclude up to $91,500 of your foreign earned income. The maximum amount you can exclude is ad- justed annually for inflation."

There's a maximum on what you can exclude on your earned income-the rest you pay US Federal Taxes on. There is no such maximum placed upon corporations.

Seriously, I bet you've never lived in a different country, and had to pay taxes before. I have.

Who was talking about amount excludable? I said US citizens get a tax credit for foreign taxes paid, you said, "US citizens living other countries pay US federal taxes, with no deductions for the taxes they pay that other country"

From your link, "In some cases, you can claim a credit or take a deduction for foreign income tax you pay"

Seriously, I hope you don't do your own taxes.

I have a MBA (Accounting), I'm well aware about business and finances. I'm not a couch-business man, who blindly says things I'm not familiar with, without any actually experience (not saying you are-but the fact is I'm sure most people on here are).

My main point early on was that individuals don't pay taxes in other countries-the same way corporations do. Any individual that earns as much as just about any corporation elsewhere pays more in taxes. That's a fact. Corporations get to deduct without a limit-individuals do.

And an individual who makes over that $91K and change doesn't deduct anything off of their remaining salary. Therefore there is NO deductions their salaries past that point. Hence me saying that individuals don't get deductions off of their income tax-because they don't (if they make more than that). Corporations that do-get to deduct that. You can argue all you want, twist my words, and change your points-and that's fine.

As for the claims about the US paying the highest corporate tax rate-that is correct...but it's kind of a distortion. For example the US has the highest corporate tax rate-fact. But our percentage of GDP from corporate taxes is NOT the highest in the world. And that's more important to look at it, because it's what the US actually receives (in comparison). How is that possible? The GEs of the country-who theoretically have to pay the corporate income tax rate, but in reality pay none.

My main point early on was that individuals don't pay taxes in other countries-the same way corporations do.

Obviously.

And an individual who makes over that $91K and change doesn't deduct anything off of their remaining salary.

I never said anything about deductions from salary, just tax credits for foreign taxes paid.

 

[Listening]

The only reason for me is because with Obama and his ilk it will not be enough.
As soon as that stream of revenue comes in they will spend it.
When it's gone the Libs will be screaming for more.

To them and the Libs here it will never be enough.More revenue,more revenue....more,more,more...

How else do they buy their votes ?

I mean.....you have to get your support from somewhere. Purchasing it with Federal Handouts is a great way to get it done.

Especially, when you don't have a very appealing platform from which to run.

Vote for me....at least you'll have SOME cash in your pocket when we default.

 

[Cecilie1200]

The reason is quite simple: If you overtax the rich or the big companies, they just go to another country, where they won't pay so much taxes. That's why.

My reason is even simpler: because no one can give me a good reason why they SHOULD be taxed more.

It's very capitalist, don't you think? If rich people gives more, there will be more money to invest on schools, hospitals, roads, structure in general and even fun. Everyone wins!

You clearly have no clue what the definition of "capitalism" is.

 

[Cecilie1200]

Did we ever come up with a reason to tax the rich more.

Apparently, the big reason is . . . because liberals are morons. Ta dahhh!

 

[Listening]

Did we ever come up with a reason to tax the rich more.

Apparently, the big reason is . . . because liberals are morons. Ta dahhh!

That or their food stamps are not leaving them enough cash to buy all the weed they need to understand their fearless leader.

 

[Wiseacre]

A good reason why the rich should not be taxed more? Cuz it's their money and the gov't wouldn't need more if they didn't waste so much of it. Or spend it on program they've got no business getting involved in.

 

[Listening]

A good reason why the rich should not be taxed more? Cuz it's their money and the gov't wouldn't need more if they didn't waste so much of it. Or spend it on program they've got no business getting involved in.

But, wise and experienced President Obama says otherwise. How is it that you question his incredible intelligence and all that he graces us with. After all, he is the messiah of hope and change.



I'm betting he will be in the bottom five (the five worst presidents) within fifteen years.

This guy really does suck.