The reason we're only hearing about spending cuts

[j-mac]

It was not about the trailer park. It was about freedom.

He’ll never respond, because he’s too weak to engage anyone that doesn’t agree with him…

He’s tried several personas in here, financial expert, psychiatrist, and now we can add wealth redistributionist to his faux persona…

I don’t fathom why anyone would give his thoughts the time of day.

 

[Mac1958]

Musk leverages existing tax code for his benefit, like most people do.

Musk is avoiding giving the tax code any exposure for that reason, and is concentrating instead on an imbalanced agenda that hurts many innocent Americans needlessly. He has been given this authority, he was not elected to it. As long as that is his focus, he will be able to keep the tax code out of the sunlight. A person who is driven by an ideology, particularly an ideology that directly benefits them, cannot be trusted with authority of this magnitude. Left wing or Right wing, it doesn't matter.

Therefore, tax code needs to be fixed, and it's up to our "leaders" to do that. One easy way to do start is what I mentioned in the OP: Install a Minimum Effective Tax Rate. Perhaps a graduated minimum, perhaps on both corporations and individuals. I'd rather keep corporate taxes lower and increase individual taxes by adding four new brackets on the top end. All of this assumes that write-offs, exclusions, etc., remain the same. There's plenty of tweaking that can be done there, too.

There. I made this as simple as I could for the back-benchers. Sometimes I forget to dumb it down enough. My bad.

 

[Toddsterpatriot]

Therefore, tax code needs to be fixed, and it's up to our "leaders" to do that. One easy way to do start is what I mentioned in the OP: Install a Minimum Effective Tax Rate.

GAAP accounting is different than tax accounting. Always has been.

If a corporation awards employees stock options valued at $3 million (Black-Scholes)
that vest over 3 years, GAAP accounting requires them to expense $1 million a year, for 3 years. Tax accounting doesn't allow any write-off until they're exercised.

For 3 years, it looks like "book earnings" are $1 million lower each year than taxable earnings.

During the 4th year, they exercise all the options.
Now the corporation gets to write-off the $3 million, suddenly, taxable earnings look
$3 million lower in the 4th year than "book earnings". Even worse, let's say the difference between the exercise price and the market price is $10 million.

The corporation gets to write-off another $7 million from their taxable earnings.

And don't get me started on differences in depreciation schedules.

 

[BrokeLoser]

I’ve asked purple haired nose ringers a million times…”how do wealthy people negatively impact your life” and NONE can ever offer a rational answer…Weird huh?

Finally someone gets it. Draconian measures aren't needed here, and our government "leaders" have completely failed to fix this. Wealth disparity has effects, they grow quickly, and they'll only get worse.

The rubes are trained to vigorously defend the very people who are literally benefitting the most from their life's frustrations. A perfect example of the Stockholm Syndrome. Absolutely perfect.

I’ve asked purple haired nose ringers a million times…”how do rich people negatively impact your life” and NONE can ever articulate a rational answer…Weird huh?

 

[jc456]

Except I've never included tax payments on my return for the
earnings of any corporation.

you don't have to, the company reports all the tax ID numbers they put the employees taxes against. It is reported.

 

[Toddsterpatriot]

you don't have to, the company reports all the tax ID numbers they put the employees taxes against. It is reported.

He was talking about shareholders, not employees.

 

[jc456]

I’ve asked purple haired nose ringers a million times…”how do rich people negatively impact your life” and NONE can ever articulate a rational answer…Weird huh?

I just want them to explain how they know what the rich pay? Someone tells them and the compliant bitches run with it. Hilarious sheeple group.

 

[bendog]

Yes, I should have expected games to be played to defend it.

Now you know.

mr independent, you betcha. lol

 

[jc456]

Yes, I should have expected games to be played to defend it.

Now you know.

so you don't follow tax laws?

 

[Dont Taz Me Bro]

Finally someone gets it. Draconian measures aren't needed here, and our government "leaders" have completely failed to fix this. Wealth disparity has effects, they grow quickly, and they'll only get worse.

The rubes are trained to vigorously defend the very people who are literally benefitting the most from their life's frustrations. A perfect example of the Stockholm Syndrome. Absolutely perfect.

Yep. You saw some of the replies I received.

 

[jc456]

Finally someone gets it. Draconian measures aren't needed here, and our government "leaders" have completely failed to fix this. Wealth disparity has effects, they grow quickly, and they'll only get worse.

The rubes are trained to vigorously defend the very people who are literally benefitting the most from their life's frustrations. A perfect example of the Stockholm Syndrome. Absolutely perfect.

you can't offer anything of value on what you'd expect. why is that? same old same old was voted down on November 5th. here you are bitching about what the electorate won on.

 

[jc456]

Yep. You saw some of the replies I received.

you have no answers obviously.

 

[bendog]

Do you think Elon is the only beneficiary?
You are right, the tax code is the problem, not Musk.
Politicians write the tax code, and they aren't stupid.
Having said that, I find your thread title a bit accusatory.
But, it is pithy.

ANd why do you suppose the oligarchs come out on top in taxes every time, including in Biden's first two years? .... (well, if you were honest that could be a fair question, but ....

 

[jc456]

ANd why do you suppose the oligarchs come out on top in taxes every time, including in Biden's first two years? .... (well, if you were honest that could be a fair question, but ....

Bill gates isn't helping him or is George Soros. which ones are you referring to?

 

[M14 Shooter]

Tesla Reported Zero Federal Income Tax on $2 Billion of U.S. Income in 2024

No surprise, of course.

Just like you, Tesla used every credit and deduction it could to reduce its tax burden.
Why is that not OK?

 

[jc456]

Just like you, Tesla used every credit and deduction it could to reduce its tax burden.
Why is that not OK?

I can only assume he doesn't follow tax laws.

 

[bendog]

Bill gates isn't helping him or is George Soros. which ones are you referring to?

not u asshole

 

[jc456]

not u asshole

nor those two oligarchs

 

[Mac1958]

Just like you, Tesla used every credit and deduction it could to reduce its tax burden.
Why is that not OK?

Please see post 162. You're welcome.

 

[M14 Shooter]

I can only assume he doesn't follow tax laws.

Suffice it to say that none of us know the nuts and bolts particulars of Tesla's tax strategy-- but if they found a legal way to avoid paying taxes, more power to them.
Its your duty to reduce your tax burden as much as possible.