More class warfare with this "corporate jet" nonsense

[Foxfyre]

I own property under my corporations.
Can anyone please tell me what shield I have to avoid paying taxes on any of that property?

None, and if much of the current tax code is allowed to expire at the end of this year, you'll have much more liability if you need to sell any of that property or want to pass it on to your kids.

Corporations pay:

Property taxes
Income taxes
Capital gains taxes
Licensing, registration, and other compliance fees
Sales taxes on just about everything they buy and every service they use other than raw materials necessary to produce a product. (However those supplying the raw materials do pay taxes on them and pass that cost on to the corporation.)

If the corporation hires any employees it also pays:

Medicare
SUTA
FUTA
FICA
Work Comp (that is effectively a tax)
And often additional costs for required liability insurance, licenses, and bonds that also are effectively a tax.

Because of the uncertainty involved in the expiring taxes unless Congress acts, because of the uncertainty of the costs of Obamacare if that kicks in, because of the uncertainty of costs related to cap & trade if Obama manages to get that to kick in, and because of the uncertainty of a floundering economy within a business unfriendly government that is still seeking to punish the successful for their success, we continue to have trillions of venture capital sidelined both here in the USA and abroad. Those holding that money are not likely to release much of it until such uncertainties are removed.

If there were no uncertainties in business, we'd all be rich.

That is true. But you have to have a stronger probability of success than a likelihood of failure before you risk everything you have acquired in a lifetime of work. For he who has little, there is little risk in gambling all of it. For he who has invested a lifetime in acquiring wealth, there is little incentive to gamble it when the odds are overwhelmingly stacked against you. The current administration has made the odds very unattractive to free enterprise and has established a hostile environment for those who have acquired wealth.

 

[peach174]

I own property under my corporations.
Can anyone please tell me what shield I have to avoid paying taxes on any of that property?

None, and if much of the current tax code is allowed to expire at the end of this year, you'll have much more liability if you need to sell any of that property or want to pass it on to your kids.

Corporations pay:

Property taxes
Income taxes
Capital gains taxes
Licensing, registration, and other compliance fees
Sales taxes on just about everything they buy and every service they use other than raw materials necessary to produce a product. (However those supplying the raw materials do pay taxes on them and pass that cost on to the corporation.)

If the corporation hires any employees it also pays:

Medicare
SUTA
FUTA
FICA
Work Comp (that is effectively a tax)
And often additional costs for required liability insurance, licenses, and bonds that also are effectively a tax.

Because of the uncertainty involved in the expiring taxes unless Congress acts, because of the uncertainty of the costs of Obamacare if that kicks in, because of the uncertainty of costs related to cap & trade if Obama manages to get that to kick in, and because of the uncertainty of a floundering economy within a business unfriendly government that is still seeking to punish the successful for their success, we continue to have trillions of venture capital sidelined both here in the USA and abroad. Those holding that money are not likely to release much of it until such uncertainties are removed.

If there were no uncertainties in business, we'd all be rich.

I don't think you understand short term fixes to long term stability.

 

[Mr. Shaman]

If someone is rich enough to have a private jet, do they really deserve a tax break? I mean, come on!!! Here's what I would do. Let us working stiffs pay only 15% tax on our income and make the uber wealthy pay 35% for a while. I'm sick of the people who need the least help with taxes passing legislation and writing tax code that benefits them obscenely. Aren't you? When do we, the middle class, get a significant break?

Ughh, the same ole drivel.

The rich pay the most so it makes perfect sense that they get the most back.

Sorry, Frig.....

NO PLANE FOR YOU!!!!!!

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[sitarro]

There is a difference between corporate and personal aircraft right? Furthermore, when was the last time you ran into a member of congress on a commercial aircraft? In the day, it was common, today they all use government aircraft and lord knows they have a fleet which you pay for, thats if you do pay taxes?

Actually I saw Speaker Of The House John Boehner on a tiny 50 seat Embraer 145, flown by United Express last month out of Houston. He was with a huge entourage of 2 guys. I believe he was on his way to Cincinnati.

 

[Gadawg73]

Yes, it is, and quit lying.

You have to pay for your protection behind the shield.

You do not get both the shield and the decrease in taxes.

Jet bought, sales tax paid
Taxes paid everytime you fill it with fuel.
Taxes paid on all maintenance.
Taxes paid when you license it.
Taxes paid when you compy with FAA rules and regs.
Taxes paid when you sell it.
What shield are you talking about that allows them to avoid ANY tax?

Don't deflect and tell the truth.

You want to have the shield but only pay your individual taxes, not the corporate income tax as well.

You will never get that.

WTF are you talking about? Specifics please.
The corporate shield is for personal liability ONLY.
Corporations never pay taxes anyway. People pay taxes. All my corporations and every other corporations ever do is COLLECT the taxes from consumers and give it government.
Taxes go up, business goes down.
Econ 101.

 

[GoneBezerk]

Romney should bring up the tax dollars have been wasted on Obamination flying around trying to get re-elected and his family wasting millions in tax dollars for BS trips.

The Obamination family has taken advantage of the office perks as some form of getting whitey back.....

 

[JakeStarkey]

Jet bought, sales tax paid
Taxes paid everytime you fill it with fuel.
Taxes paid on all maintenance.
Taxes paid when you license it.
Taxes paid when you compy with FAA rules and regs.
Taxes paid when you sell it.
What shield are you talking about that allows them to avoid ANY tax?

Don't deflect and tell the truth.

You want to have the shield but only pay your individual taxes, not the corporate income tax as well.

You will never get that.

WTF are you talking about? Specifics please.
The corporate shield is for personal liability ONLY.
Corporations never pay taxes anyway. People pay taxes. All my corporations and every other corporations ever do is COLLECT the taxes from consumers and give it government.
Taxes go up, business goes down.
Econ 101.

Stop the silly obfuscation. The shield is there to protect you. The capital gains is what you pay to use the shield. The capital gains should be at the level of the highest personal income taxes.

Pay your fair share, kiddo.,

 

[jillian]

When will the phony rhetoric stop?

what are you blathering about?

 

[peach174]

What is a capital gains tax;

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.
This is why us the people do not want capital gains tax to be high.
Ten Important Facts About Capital Gains and Losses

It's not just corporations. It is all of us.

Corporations collect from the consumer.
Corporations need to make a profit to survive and if they don't make a profit they will go out of business. We can all understand this point. Profit is basically calculated as revenue less expenses. Corporations view taxes as a cost, or expense, of doing business, just the same as they view other expenses such as office supplies, rent, and payroll. As such, when a corporation determines what it is going to charge for its goods or services it includes all the various taxes in its calculation. This means that corporations pass along to their customers the cost of the taxes they remit . The corporation actually functions as a collection agent for the governmental agencies to which it reports.

 

[Trajan]

When will the phony rhetoric stop?

what are you blathering about?

you apparently live in a cave, Obama was ragging corp. execs for flying private jets...

....well, lets skip ahead and update it, from a source you will appreciate too!

snip-

Buffett's belabored secretary has become such a ubiquitous gambit in the tax debate that she was invited to attend the president's State of the Union address as an honored guest. Buffett's pleading with Congress to hike his tax rate has grown so incessant that Republicans routinely suggest the Omaha billionaire should simply, as New Jersey Gov. Chris Christie put it, "write a check and shut up."

But when a Buffett company had a chance to tackle both problems, it chose to do the opposite. And it spent handsomely on K Street to get it done.

Berkshire Hathaway-owned NetJets Inc. spent more than $2.5 million on a squadron of lobbyists who successfully crafted tax legislation to benefit a handful of private jet companies, according to a HuffPost analysis of lobbying disclosure records.

snip-

The key tax provision at issue was part of legislation aimed at modernizing the infrastructure of the aviation industry. The law carved out fractionally owned private jets from commercial jets, meaning that companies like NetJets will pay lower taxes over the next four years than they do today. According to the lobbying disclosure records, NetJets spent more than $1.5 million lobbying to win that specific provision alone.

The NetJets effort will deprive the government of roughly $25 million in annual revenue over the next three years due to a provision that benefits the fractional aviation industry, which allows individuals and companies to buy a share of a private aircraft, like a time-share. In 2010, according to the company's CEO, NetJets controlled 70 percent of the fractional jet market share. Seventy percent of $25 million is $17.5 million. In March 2011, Buffett noted that NetJets claims a market share five times bigger than its closest competitor...

more at;

Warren Buffett Company: Please Hike Cut Our Taxes

 

[Gadawg73]

Don't deflect and tell the truth.

You want to have the shield but only pay your individual taxes, not the corporate income tax as well.

You will never get that.

WTF are you talking about? Specifics please.
The corporate shield is for personal liability ONLY.
Corporations never pay taxes anyway. People pay taxes. All my corporations and every other corporations ever do is COLLECT the taxes from consumers and give it government.
Taxes go up, business goes down.
Econ 101.

Stop the silly obfuscation. The shield is there to protect you. The capital gains is what you pay to use the shield. The capital gains should be at the level of the highest personal income taxes.

Pay your fair share, kiddo.,

I pay more than my fair share.
You are ignorant as to the business world.
Capital gains are from risk. There is NO guarantee that I make ANY $$.
The higher the capital gains tax THE LESS investment income there is.
Capital gains taxes are from INVESTMENT.
Investment dollars grow the economy.
Please tell me where I am wrong Jake. What else grows the economy OTHER THAN investment?
Tell us oh wise one, where does capital investment come from?
Most of it from the middle class.
And if the taxes on that investment is high here in the United States what does a businessman that IS FORCED BY LAW TO ANSWER TO HIS SHAREHOLDERS DO?
I go overseas and invest in a country where the citizens have a brain and understand economics.
All day long, every day.
"Pay your fair share" is a catch phrase for dummies.
Love ya Jake but on economics you are as dumb as they come.

 

[Gadawg73]

What is a capital gains tax;

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.
This is why us the people do not want capital gains tax to be high.
Ten Important Facts About Capital Gains and Losses

It's not just corporations. It is all of us.

Corporations collect from the consumer.
Corporations need to make a profit to survive and if they don't make a profit they will go out of business. We can all understand this point. Profit is basically calculated as revenue less expenses. Corporations view taxes as a cost, or expense, of doing business, just the same as they view other expenses such as office supplies, rent, and payroll. As such, when a corporation determines what it is going to charge for its goods or services it includes all the various taxes in its calculation. This means that corporations pass along to their customers the cost of the taxes they remit . The corporation actually functions as a collection agent for the governmental agencies to which it reports.

Amazing that citizens do not understand basic economics and how a business survives.
My first business I ate out of cans for 7 years before I made over $200 a week profit. I drove a Toyota with over 200,000 miles on it for 14 years.
These numb skulls want us to risk every penny we have and if we do make a profit on it the stupid fucks want us to pay the highest tax rate on it.
Jake "you need to pay the highest tax rate off of your capital gains."
Jake has no clue as the real world of business. MOST capital gains are less than $5,000 and are for middle class folks and below and he wants them to pay the highest tax rate on their hard earned sweat where ALL of their $$ was at risk.
Amazing and sad. No wonder Americans are suffering. They do not know shit about how $$ works and what grows the economy.

 

[Gremlin-USA]

If someone is rich enough to have a private jet, do they really deserve a tax break? I mean, come on!!! Here's what I would do. Let us working stiffs pay only 15% tax on our income and make the uber wealthy pay 35% for a while. I'm sick of the people who need the least help with taxes passing legislation and writing tax code that benefits them obscenely. Aren't you? When do we, the middle class, get a significant break?

"charitable organization of pilots, volunteers, and friends. We will arrange free air transportation for any legitimate, charitable, medically related need"

AngelFlight.com - People Helping People in Need

"The Air Care Alliance is a nationwide league of humanitarian flying organizations whose volunteer pilot members are dedicated to community service."

http://www.aircareall.org/

There are many more like these that allow the "rich airplane owner" to give back to the community...

What have done for you community?

Not to mention all the jobs these Airplane owners create, people make them, service them, etc.

Anyone paying 35% tax rate is a moron, do you not have a house, kids?, must not give anything to charities either...

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[JakeStarkey]

Gadawag, though we are both successful in the business world (and I suspect I am more successful and more knowledgable than G),, can never pay enough for our fair share to live in this wonderful country bequeathed to us by the labor and sacrifice our predecessors.

Capital gains risk is offsets the fact that the investor does not have to "labor". Risk does not invalidate the corporate shield.

Profits from capital gains do not automatically mean more investment significantly.

I just did above. G: Please tell me where I am wrong Jake.

Take up with Congress a CEO's responsibility to his shareholders.

When it comes to the economy, you are not knowledgeable, just greedy for more than your fair share.

 

[Euroconservativ]

How can people despise these jets as "rich men's toys"? Some of these companies are national high-tech treasures.

Gulfstream delivered 107 airplanes in 2011, 90 of which were large-cabin. Up 8% from 2010 (vs a global decline of 6%), with an order book worth $18 billion.