End Tax Breaks for Profitable Corporations

[The Rabbi]

I want to know what "subsidies" the US gives oil companies.
This is a canard. We can look forward to a "windfall profits tax" as Obama channels Jimmy Carter.

 

[sinister59]

and you got the Rams in their place....big fucking deal.....
and don't forget the Post Master who spent 40,000 Dollars to redecorate his office...ONE MONTH before they moved into a new Building..........

all I'm saying why the hell do we have to jump through hopes for corporations ? why the tax breaks why build me this or build me that ?
its their companies build it themselves .

the post office was in the in st. louis , waisting the money ? 9million on a building no one wanted , and if they waited 24 hours the could have gotten it for 4 million , so cry all you like the PO waist money hand over fist and just raises the rates . you people bitch about welfare and waist but yet defend corporation making us pay more for the equipment , our electric company want to tax us on a nuclear power plant they want to build , plus taxbreaks .

Bidwell ? any st. louisan would take a shot at him anytime we can squeeze one in .

can somebody translate this?......my translator doesnt seem to be working.....

hows this dick head oil companies are making hug profits and like pusher and junkie relationship your afrade your pusher will get mad . how that twat you get yet ?

 

[bripat9643]

hows this dick head oil companies are making hug profits and like pusher and junkie relationship your afrade your pusher will get mad . how that twat you get yet ?

When are you going to take your mouth off the crack pipe? There's nothing worse than a junky preaching against the evils of junk.

 

[The Rabbi]

hows this dick head oil companies are making hug profits and like pusher and junkie relationship your afrade your pusher will get mad . how that twat you get yet ?

When are you going to take your mouth off the crack pipe? There's nothing worse than a junky preaching against the evils of junk.

Can you actually figure out what that fucktard is yammering about? He/she is a typical narco-libertarian shithead.

 

[Mr. H.]

I operate a profitable corporation. What do I do with my profits?

Make a mortgage payment.
Pay my health insurance premiums.
Buy groceries.
Pay the household utilities.
Pay car insurance.
Buy gas for said cars.
Put away a bit for the kid's college expenses.
Cable TV and internet.
Cell phone bill.
Water bill.
Real estate taxes.
Local, state, and federal taxes.

Y'know what's left?

Nuttin', honey.

And so, as the operator of a corporation what might my profits be next year?

Nuttin', honey.

Do I give a flying fuck? Nope. Because as the operator of a corporation I've had more bad years than good and I made it living in poverty more years than not. I'll survive thank you.

 

[Mr. H.]

Corporations come in all sizes.

 

[sinister59]

hows this dick head oil companies are making hug profits and like pusher and junkie relationship your afrade your pusher will get mad . how that twat you get yet ?

When are you going to take your mouth off the crack pipe? There's nothing worse than a junky preaching against the evils of junk.

when are you going to stop giving bull shit short crap like that and address the subject , its easy to be a prick like the kid but say something , you sound like a small ass wipe .

 

[waltky]

Politicians in cahoots with rich folks, give `em a new tax loophole...

A new way to save tax-free
May 13, 2011 -- Amid all the rancor in Washington over how to rein in the federal deficit, one thing seems inevitable: If you're a six-figure earner, your tax bill has nowhere to go but up. The good news? A quirk in the tax code gives you a new backdoor opportunity to build your savings and shelter more of your income from the threat of higher taxes.

The opportunity lies with the Roth IRA, a tax-sheltered savings plan previously off-limits to high-income investors. Affluent savers have been confined to traditional IRAs, where contributions are sometimes deductible, and investment gains compound tax-deferred. But future withdrawals are taxed as ordinary income -- not an attractive prospect if tax rates rise. With a Roth IRA, on the other hand, contributions are made with after-tax dollars, but all future gains and withdrawals are 100% tax-free in retirement. You can contribute up to $5,000 a year (or $6,000 if age 50 or older) to a Roth, but only if your income falls below a certain threshold.

Last year Congress handed a break to high-income earners when it changed the tax code to allow anyone, regardless of income, to convert money already sitting in a traditional IRA to the Roth version. Prior to 2010, Roth conversions were allowed only for single or married taxpayers with modified adjusted gross incomes below $100,000. There's no dollar limit on the amount of traditional IRAs you can convert. But you'll have to pay taxes on any contributions or investment gains that had been tax-deferred to that point.

Kept in place were the income limits designed to stop affluent taxpayers from funneling new money into Roths. For 2011, single tax filers can make only the maximum Roth IRA contribution if their modified adjusted gross income is less than $107,000; once their income hits $122,000, they can't contribute at all. For married couples filing jointly, allowable contributions begin to phase out when their combined income reaches $169,000.

Inexplicably, Congress left a major loophole in the new tax code. No matter what your income, you're eligible to open a traditional, nondeductible IRA, which you can then convert to a Roth now that the income limits on conversions have been lifted. And you can repeat the process each year as long as the loophole is in place. "It's almost certainly an unintended consequence of the new rules," says Ed Slott, a CPA and IRA specialist in Rockville Centre, N.Y. "But it's a perfectly legal maneuver and a great strategy for high-income investors."

MORE

See also:

US Oil Executives Attack Proposed Subsidy Cuts
May 12, 2011 - Executives of five large oil companies are attacking proposals to cut $4 billion in annual U.S. government subsidies, even as their profits have soared and American motorists are facing near-record prices at gasoline pumps.

The chief executive of Exxon Mobil, Rex Tillerson, told a congressional panel on Thursday that the proposed tax change is "misinformed and discriminatory" and would be "counterproductive." He said if the subsidies are ended, it would discourage future investment in U.S. energy projects and undermine the creation of more jobs and economic growth. Tillerson and chief executives from BP, Shell, Chevron and Conoco Phillips appeared before a Senate committee to voice their opposition to a plan supported by President Barack Obama and numerous Democratic lawmakers to end the subsidies. The president and lawmakers say the money should be used to cut the government's burgeoning deficit, but many Republican lawmakers and some oil-state Democrats have sided with the oil companies.

The Democratic lawmakers say the major oil companies no longer need the government subsidies at a time when they reported huge increases in profits in the first three months of the year. Exxon, the world's biggest oil company, said its earnings increased 69 percent in the first quarter compared to a year ago, jumping to $10.7 billion. The increase in oil profits has coincided with three-year highs in pump prices for consumers, now at an average of more than $1 a liter (nearly $4 a gallon). The irony of the debate is that economists say that if the subsidies are ended, gas prices would not be cut. But the profits of the oil companies would be. Tillerson said that neither his company nor oil majors set oil prices, which he said rise and fall based on world demand.

The recent substantial run-up in the price of crude oil has largely been fueled by countries with emerging economies buying more oil to foster their economic growth and because of political turmoil across the oil-producing countries in the Middle East and North Africa. Libya's production is not expected to resume this year. The International Energy Agency said Thursday that the large increases in oil prices may continue. But the Paris-based agency of 28 mostly Western nations said the higher prices are trimming demand somewhat, down nearly 200,000 barrels a day from earlier projections. Nonetheless, the agency said the demand for oil will still grow this year by 1.5 percent, to more than 89 million barrels a day.

Source

 

[uscitizen]

End ALL tax breaks.

 

[Toro]

I agree. End all tax breaks for all corporations. End all intra-company transfers to offshore jurisdictions.

And lower the corporate tax rate to 15% or 20%.

 

[driveby]

all I'm saying why the hell do we have to jump through hopes for corporations ? why the tax breaks why build me this or build me that ?
its their companies build it themselves .

the post office was in the in st. louis , waisting the money ? 9million on a building no one wanted , and if they waited 24 hours the could have gotten it for 4 million , so cry all you like the PO waist money hand over fist and just raises the rates . you people bitch about welfare and waist but yet defend corporation making us pay more for the equipment , our electric company want to tax us on a nuclear power plant they want to build , plus taxbreaks .

Bidwell ? any st. louisan would take a shot at him anytime we can squeeze one in .

can somebody translate this?......my translator doesnt seem to be working.....

hows this dick head oil companies are making hug profits and like pusher and junkie relationship your afrade your pusher will get mad . how that twat you get yet ?

Rosetta Stone for English is your friend.....

 

[bripat9643]

I want to know what "subsidies" the US gives oil companies.
This is a canard. We can look forward to a "windfall profits tax" as Obama channels Jimmy Carter.

The Democrats are intent on raising taxes, no matter what. They need a whipping boy to justify it. Their current whipping boy is the oil companies. However, when they raise taxes, we all get it up the ass.

Only the terminally gullible are fooled.

Just remember, whenever they wail about "excessive profits" they're planing on sticking you with the bill for their profligate spending.

 

[The Rabbi]

I want to know what "subsidies" the US gives oil companies.
This is a canard. We can look forward to a "windfall profits tax" as Obama channels Jimmy Carter.

The Democrats are intent on raising taxes, no matter what. They need a whipping boy to justify it. Their current whipping boy is the oil companies. However, when they raise taxes, we all get it up the ass.

Only the terminally gullible are fooled.

Just remember, whenever they wail about "excessive profits" they're planing on sticking you with the bill for their profligate spending.

The biggest party to profit from gas and oil sales is the U.S. government. Far in excess of what oil companies make.