IRS Wins $109 Million Court Case, Defeats ‘Project Soy’ Tax Maneuver

[Grumblenuts]

This is about Big Businesses being able to take advantage of tax loopholes only because they're Big. Big enough to keep tax attorneys, not just money managers on retainer for example. Big Businesses bribe government officials to create "loopholes" only they can leverage. Big Businesses grab all the little guys by their necks and squeeze them out of business. Do you really favor small business or are you a shill for the billionaires? The sort of billionaires who gift Clarence & Ginny $millions to look the other way?

 

[Grumblenuts]

Sales taxes are the equalizer. And you knew that very well. As the prices increase, the rich pay much more.

Avoid math. You suck at it.

Joe Sixpack (working slob) earns $52,000/yr.
Bill Gates (welfare queen) steals $20billion/yr.
Each buys five six-packs of beer/week at $12ea.
Both pay 6% sales tax.
Joe pays about $187 of his $52,000 annual earnings in sales tax for beer.
Bill pays about $187 out of his $20billion annual thievery in sales tax for beer.
Equalizer?

 

[Harpy Eagle]

Certainly possible but I doubt it. The current court does not seem inclined to side with other branches making up their own laws. That magic is reserved to the the SCOTUS alone in the Constitution, Bible, ALEC handbook or something.

If you want to tax them, feel free to make that the law, but the idea that something like following the rules has no primary business purpose is opening a can of worms that shouldn't be opened. I mean making a donation to the local volunteer fire department has no primary business purpose. Should that be against the secret unwritten rule too? The oil and gas industry donates a poop ton to VFDs to keep them afloat.

Making a donation to the local volunteer fire department has a business purpose for the local volunteer fire department

 

[Dekster]

Making a donation to the local volunteer fire department has a business purpose for the local volunteer fire department

And making an extra $109M in revenue has a business purpose for the owners.

 

[Harpy Eagle]

And making an extra $109M in revenue has a business purpose for the owners.

Look, if you are cool with the ultra and huge Corps getting away with avoiding their taxes while we the people do not get that chance then that is all on you.

You will never change my mind on this

 

[AMart]

Sounds like what the company did was 100% legal and the activist judge was butthurt.

 

[Dekster]

Look, if you are cool with the ultra and huge Corps getting away with avoiding their taxes while we the people do not get that chance then that is all on you.

You will never change my mind on this

I am cool with US companies repatriating foreign profits so they can be put to use in the US economy instead of foreign economies. Apparently you like foreigners to have the money instead.

 

[Harpy Eagle]

I am cool with US companies repatriating foreign profits so they can be put to use in the US economy instead of foreign economies. Apparently you like foreigners to have the money instead.

 

[Grumblenuts]

making an extra $109M in revenue has a business purpose for the owners.

Collecting taxes on corporate profit serves the public interest by providing revenue for the government to function. Corporations that operate against the public's interests beg for their licenses to be revoked.

 

[Dekster]

Then clearly you never read the article. Operation Soy was what a telcom company called using a gap in the law to repatriate foreign revenue without paying any additional taxes on it.

 

[Dekster]

Collecting taxes on corporate profit serves the public interest by providing revenue for the government to function. Corporations that operate against the public's interests beg for their licenses to be revoked.

The government is the one that created the gap in taxes that allowed this company to try to repatriate foreign funds under a statutory flat tax rather than a percentage basis.

 

[Grumblenuts]

The government is the one that created the gap in taxes that allowed this company to try to repatriate foreign funds under a statutory flat tax rather than a percentage basis.

The court disagrees with you.

 

[Dekster]

The court disagrees with you.

No the court didn't like it that they were able to do this and invented some new standard that will be overturned on appeal.

 

[Grumblenuts]

No the court didn't like it that they were able to do this and invented some new standard that will be overturned on appeal.

Yes, the decision is being appealed because the court agreed with you

 

[Dekster]

Yes, the decision is being appealed because the court agreed with you

The decision is being appealed because the court disregarded the actual tax rules and created one of its own out of thin air.

 

[martybegan]

No I do not. I pay my fair share of taxes, I think everyone else should as well.

According to progressives, "fair share" means as much as possible.

 

[martybegan]

Look, if you are cool with the ultra and huge Corps getting away with avoiding their taxes while we the people do not get that chance then that is all on you.

You will never change my mind on this

here's a solution, simplify the tax code and if someone thinks there is a loophole, close it through the legislative process.

 

[Harpy Eagle]

According to progressives, "fair share" means as much as possible.

True to them it does. To me it means following the laws like I have to do.

 

[martybegan]

True to them it does. To me it means following the laws like I have to do.

The thing is they did follow the letter of the law, and got punished for it.

 

[Harpy Eagle]

here's a solution, simplify the tax code and if someone thinks there is a loophole, close it through the legislative process.

That is a great solution. Get rid of all credits, deductions and the like, aka all tax expenditures.

But for someone reason those in congress do not what to do that....I wonder why...