If Biden's economy is so great...why can't folks pay off their student loans???

[sealybobo]

The Tax Cuts and Jobs Act lowered the corporate tax rate from 35 percent to 21 percent.

That lower rate doesn't allow corporations to just pay no Federal tax.

The identified companies were "able to zero out their federal income taxes on $79 billion in U.S. pretax income," according to the ITEP report, which was released today.

How were they "able to zero out their federal income taxes on $79 billion in U.S. pretax income,"?

That's partly to blame for giving corporations an easier way out of paying taxes, said Matthew Gardner,

Matthew sounds like an idiot.

big corporations avoiding all income taxes on billions in profits

Right. But how do they actually do it? Be specific.

No you sound like an idiot. You're asking ME how corporate accountants do what they do to allow their companies to pay zero taxes?

Stop it. You are latching on to a response some right winger made a long time ago in defense of this tax scheme where corporations pay no taxes. I remember when Obama was president you guys used to love pointing to GE and saying see, under Obama they pay no taxes. Now, you don't believe they pay no taxes, even though Trump doubled the number of companies who now pay zero taxes.

Now you want to say they pay "plenty" of taxes. Well we say since Reagan, they've paid less and less and less every time a Republicans in office. Bush 2 did it and Trump did it. How low do you want to go?

The truth is, you don't think corporations should pay taxes because they employ people and will just pass the costs on to consumers. And it hurts investors. Shareholders. Well why don't you just say it?

But instead you'd rather fuck with me and try to suggest they do pay their fair share in federal taxes when you know very well they don't.

 

[Care4all]

When you make it law, that under no reasonable circumstance can student debt be cancelled in bankruptcy,

Then stupid stupid decisions are made by banks to students who never should have gotten the loan....

As example....Student loans given when the college they attend only has a 20% graduation rate....

Those drop outs won't ever make enough to pay them back... the loan for those students should not be made in the first place...

But, because the govt made student debt can't ever be cancelled, even while other debt can be in bankruptcy....gave banks an incentive to make loans, that wisely, should not have been made....And would not have been made if the customer could default on their debt.

That's just one example....

 

[Toddsterpatriot]

No you sound like an idiot. You're asking ME how corporate accountants do what they do to allow their companies to pay zero taxes?

Stop it. You are latching on to a response some right winger made a long time ago in defense of this tax scheme where corporations pay no taxes. I remember when Obama was president you guys used to love pointing to GE and saying see, under Obama they pay no taxes. Now, you don't believe they pay no taxes, even though Trump doubled the number of companies who now pay zero taxes.

Now you want to say they pay "plenty" of taxes. Well we say since Reagan, they've paid less and less and less every time a Republicans in office. Bush 2 did it and Trump did it. How low do you want to go?

The truth is, you don't think corporations should pay taxes because they employ people and will just pass the costs on to consumers. And it hurts investors. Shareholders. Well why don't you just say it?

But instead you'd rather fuck with me and try to suggest they do pay their fair share in federal taxes when you know very well they don't.

You're asking ME how corporate accountants do what they do to allow their companies to pay zero taxes?

I'm asking you how a company can owe zero federal taxes due to the Trump tax cut.
Admit it, you have no clue. Typical whiney liberal.

 

[Toddsterpatriot]

When you make it law, that under no reasonable circumstance can student debt be cancelled in bankruptcy,

Then stupid stupid decisions are made by banks to students who never should have gotten the loan....

As example....Student loans given when the college they attend only has a 20% graduation rate....

Those drop outs won't ever make enough to pay them back... the loan for those students should not be made in the first place...

But, because the govt made student debt can't ever be cancelled, even while other debt can be in bankruptcy....gave banks an incentive to make loans, that wisely, should not have been made....And would not have been made if the customer could default on their debt.

That's just one example....

Then stupid stupid decisions are made by banks to students who never should have gotten the loan....

Currently it's the US government making the stupid, stupid decisions.
Obama took over most student loans. Banks are no longer involved.

 

[Toddsterpatriot]

Corporate Tax Avoidance Under the Tax Cuts and Jobs Act

Thirty-nine profitable corporations in the S&P 500 or Fortune 500 paid no federal income tax from 2018 through 2020, the first three years that the Tax Cuts and Jobs Act (TCJA) was in effect. Besides the 39 companies that paid nothing over three years, an additional 73 profitable corporations...

itep.org

Right. But how do they actually do it? Be specific.

 

[Care4all]

Is this just a current problem?

Then stupid stupid decisions are made by banks to students who never should have gotten the loan....

Currently it's the US government making the stupid, stupid decisions.
Obama took over most student loans. Banks are no longer involved.

 

[Care4all]

Right. But how do they actually do it? Be specific.

How would I know? I'm not a tax lawyer or a corporate tax accountant.... Credits, legal loopholes, ?? would be my guess.... they know what they lobbied congress critters to be put in tax code for themselves, I dont.

 

[Care4all]

Then stupid stupid decisions are made by banks to students who never should have gotten the loan....

Currently it's the US government making the stupid, stupid decisions.
Obama took over most student loans. Banks are no longer involved.

Banks are still involved....

Who Actually Owns Student Loan Debt?

The federal government owns a significant amount of student loans but private companies also own these loans. Learn how to determine who owns your student loan debt.

www.investopedia.com

 

[Toddsterpatriot]

Is this just a current problem?

No, Obama took over student loans in 2010.

 

[Toddsterpatriot]

How would I know? I'm not a tax lawyer or a corporate tax accountant.... Credits, legal loopholes, ?? would be my guess.... they know what they lobbied congress critters to be put in tax code for themselves, I dont.

The only way to pay zero federal taxes on corporate profit is to have zero profit.
Excluding stupid, mostly green, tax credits.

 

[Toddsterpatriot]

Banks are still involved....

Who Actually Owns Student Loan Debt?

The federal government owns a significant amount of student loans but private companies also own these loans. Learn how to determine who owns your student loan debt.

www.investopedia.com

Thanks for the link.
It looks like banks only account for about 7%, and falling, of student loans.
Basically, all the new ones, since 2010, are held by the federal government.

 

[sealybobo]

You're asking ME how corporate accountants do what they do to allow their companies to pay zero taxes?

I'm asking you how a company can owe zero federal taxes due to the Trump tax cut.
Admit it, you have no clue. Typical whiney liberal.

I don't need to know how. All I know is they don't pay federal taxes.

I used to sell the tax books. I worked for Thomson Reuters. Stop trying to pretend you know something. If are not an accountant you don't know what you are talking about. If you are in accounting you're just being obtuse and not explaining to us all tricks big corporations use to effectively pay zero tax dollars.

But hey, if you choose to play stupid and believe they pay taxes when we show you they don't, then whatever dude. And for 8 years you cock suckers never denied they were paying zero taxes. Between 2008 and 16 all you ever said was GE pays no federal taxes on Obama's watch.

Flip flop, flip flop. Just depends on who's in office on what dumb position you take. I get it. Deny, lie, etc.

 

[Toddsterpatriot]

I don't need to know how. All I know is they don't pay federal taxes.

I used to sell the tax books. I worked for Thomson Reuters. Stop trying to pretend you know something. If are not an accountant you don't know what you are talking about. If you are in accounting you're just being obtuse and not explaining to us all tricks big corporations use to effectively pay zero tax dollars.

But hey, if you choose to play stupid and believe they pay taxes when we show you they don't, then whatever dude. And for 8 years you cock suckers never denied they were paying zero taxes. Between 2008 and 16 all you ever said was GE pays no federal taxes on Obama's watch.

Flip flop, flip flop. Just depends on who's in office on what dumb position you take. I get it. Deny, lie, etc.

What's your position on stock buybacks?

 

[sealybobo]

What's your position on stock buybacks?

IDK I'd have to hear all the details, pros and cons. All I know is my brother is a VP and he gets a lot of his pay in stocks. He can't just run out and sell them.

 

[Toddsterpatriot]

I don't need to know how. All I know is they don't pay federal taxes.

I used to sell the tax books. I worked for Thomson Reuters. Stop trying to pretend you know something. If are not an accountant you don't know what you are talking about. If you are in accounting you're just being obtuse and not explaining to us all tricks big corporations use to effectively pay zero tax dollars.

But hey, if you choose to play stupid and believe they pay taxes when we show you they don't, then whatever dude. And for 8 years you cock suckers never denied they were paying zero taxes. Between 2008 and 16 all you ever said was GE pays no federal taxes on Obama's watch.

Flip flop, flip flop. Just depends on who's in office on what dumb position you take. I get it. Deny, lie, etc.

I used to sell the tax books. I worked for Thomson Reuters.

Did you ever read them?

If you are in accounting you're just being obtuse and not explaining to us all tricks big corporations use to effectively pay zero tax dollars.

The "trick" is full expensing. If a company has $1,000,000 in pre-tax profit
and buys $1,000,000 in new equipment that can be immediately expensed,
their new pre-tax profit is $0.
Zero profit, zero federal tax liability.

 

[AMart]

In Rhode Island there is a plan to payoff student loans for new teachers.........................................but only if they are not white. Of course that's illegal as fuck.

 

[Toddsterpatriot]

Doctors make more than the $150,000 so they don't qualify. Even if they did, so what?

Under $250,000 household income to qualify.
Hardly seems like a strictly middle-class benefit.

 

[sealybobo]

Under $250,000 household income to qualify.
Hardly seems like a strictly middle-class benefit.

I think it's $150,000. Why you say $250?

A couple making $150,000, however they combined make it, is not that much if they have kids.

And the average person taking advantage makes under $75K. Middle class policies you hate the middle class. Republican right?

 

[Toddsterpatriot]

I think it's $150,000. Why you say $250?

A couple making $150,000, however they combined make it, is not that much if they have kids.

And the average person taking advantage makes under $75K. Middle class policies you hate the middle class. Republican right?

I think it's $150,000. Why you say $250?

That's what the government says.

https://studentaid.gov/debt-relief-announcement

And the average person taking advantage makes under $75K.

You said that before.....with no evidence.

 

[sealybobo]

I think it's $150,000. Why you say $250?

That's what the government says.

View attachment 761214

https://studentaid.gov/debt-relief-announcement

And the average person taking advantage makes under $75K.

You said that before.....with no evidence.

It shows that 87% of the money would go to those earning less than $75,000 a year. None would flow to individuals earning more than $125,000

Who benefits most from student loan forgiveness? Economists, investment banks and education experts weigh in

It's difficult to pinpoint just how much poor, middle-class and wealthier households will benefit from President Joe Biden's student loan forgiveness plan.

www.cnbc.com

Okay fine. Still this is ONLY going to families who make under $250,000

Individuals who make less than $150,000

And most of the people who are taking advantage of this make under $75K