Canadian Border

[ktmossman]

Actually, the share of the tax burden carried by corporations in the US has dropped precipitously in the past few decades, leaving you and I to pick up the slack. Meanwhile the amount of compensation that the top few people in corporations receive has skyrocketed.

In 1952 corporate taxes accounted for 32% of federal revenue, but in 2013 it had dropped down to only 10%. I assume that in recent years it's dropped even further. Add to that the number of corporations receiving handouts from cities and states to entice them to relocate and the numbers get even worse for all of us having to carry the burden.

Here's some more information if anyone is interested in reading about how things have shifted over the years:  https://americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-corporate-tax-rates/

Don't get me wrong - I'm all in favor of corporations making a decent profit and flourishing. I just don't want them to do so at the expense of those of us left to pay the bills after they've worked their magic.

No..  Corporations do not pay taxes AT ALL.  They simply collect those taxes from individuals and pass them on to the government.  If those taxes go up, the price of the product/service goes up.  The alternative is that their profit decreases, which takes the money from the pockets of the owners (if privately owned) or from the shareholders (if publicly owned.)  In any scenario, that money comes from individuals, in the final analysis.

[sledhead]

my job in business was to collect taxes from people and pay it to the feds weather or not I made a dime and if I was late by one day they would hit me with a penalty ( $500 ) or more and that was not tax deductible . I think a lot of the times they put a lot of hard working people out of a job and by doing this all the other employees would be unemployed as well .

got to love politicians ( liars ) and taxes

dave

[richard5933]

No..  Corporations do not pay taxes AT ALL.  They simply collect those taxes from individuals and pass them on to the government.  If those taxes go up, the price of the product/service goes up.  The alternative is that their profit decreases, which takes the money from the pockets of the owners (if privately owned) or from the shareholders (if publicly owned.)  In any scenario, that money comes from individuals, in the final analysis.

Corporations are not natural beings. They exist only because we have passed laws which enable them to exist.

When a corporation pays taxes, you're correct that it has to come from somewhere. Historically, it came from the bottom line of the company which resulted in lower earnings for its shareholders. Your are also correct in saying that in recent years many of the corporations have chosen instead to pass those taxes on to the individual customers of the corporation rather than do it at the expense of the corporation or shareholders.

The corporations and shareholders pay taxes at lower rates than most wage earners and salaried workers. The average corporate tax rate recently is 21%, but we all know that many large companies actually pay $0 in income taxes. The capital gains tax paid by shareholders is only 15% for most, 20% for a few at the top. Contrast this to the average income tax rate for salaried workers and wage earners of 24%.

On top of all this, corporations have become accustomed to having states and cities carry large portions of their expenses for them - this is done through cash incentives for locating in a particular city/state, tax incentives, free infrastructure, etc. Don't think I've ever seen a city or state build a road to someone's property for free so they can build a new house, but I've sure seen lots of that going on for companies to build new HQ buildings recently. Same for sports stadiums and arenas - these are for-profit organizations but they seem to constantly hit up tax payers for help even though they want to return less and less to the communities. If these businesses can't compete on their own merits, I'm not sure that tax payers should have to foot the bill for them. Let them raise capital the way they used to through shareholders and bond sales.

Again, I have no problem with corporations being profitable. Where I find fault is when they take more than they give back, and when they stop helping to pay for their share of the infrastructure which enables them to exist.

Just my opinion, and I understand that not all will agree.

[Jim Blackwood]

A corporation is a legal construct, the purpose of which is to redistribute wealth to the owners of the corp from the public at large, usually by providing a service and convincing that public that they need it. Structured carefully it can make those at the top hideously rich.

Jim

[luvrbus]

Corporations pays taxes most pay at 3 levels of government or more ,all the hype about Amazon if you read they paid around 170 million and deferred  900 million so they are on the hook for a billion dollars.Walmart paid almost 5 billion and Exxon paid over 5 billion I saw that on a stockholder statement. States, Counties and cities will exempt and some even pay a business to relocate in a area, Bullhead City pays DOT a very large grocery supplier every year for 10 years but the economic value for the area is supposed to be 10 times greater than the payout       

[niles500]

You guys are hilarious, the only people who pay taxes are consumers / users , if you don't want to pay taxes stop doing both. But if everyone did that they'll tax your breathing, remember the the regiment tax it, regulate it, outlaw it, that's the structure- lol

[Fred Mc]

"A corporation is a legal construct, the purpose of which is to redistribute wealth to the owners of the corp from the public at large"
And here I thought that its duty was to pay its shareholders.

[robertglines1]

We have all been blessed with bus ownership. The ability to more or less go and come as we see fit. This year has been challenging ! The tax and regulations we can complain about. WE all worked hard and earned our buses! I do believe WE are better off than most people in the world. You know I am happy where I am.  Bob

[richard5933]

We have all been blessed with bus ownership. The ability to more or less go and come as we see fit. This year has been challenging ! The tax and regulations we can complain about. WE all worked hard and earned our buses! I do believe WE are better off than most people in the world. You know I am happy where I am.  Bob

Well said.

[dtcerrato]

What Bob & Richard said...

[buswarrior]

Incorporation protects liability of psychotic and godless directors...

This conversation so far is amongst virgins...

Canadian  border? My @$#...

Happy coaching!
Buswarrior

[Jim Eh.]

WOW, this thread sure took a left turn. Back to topic ... why would you even want to cross the border in the first place?

Forecast
Winnipeg, MB (Issued: Sunday February 07, 2021 at 16:00 CST)
Tonight
Clear. Wind up to 15 km/h. Low minus 37. Wind chill minus 34 this evening and minus 50 overnight. Frostbite in minutes.
Monday
Sunny. Wind becoming west 30 km/h near noon. High minus 26. Wind chill minus 50 in the morning and minus 40 in the afternoon. Frostbite in minutes. UV index 1 or low.
Monday night
Clear. Wind west 30 km/h. Low minus 30. Wind chill near minus 44. Frostbite in minutes.
Tuesday

Minus 50 in Canuck = -58F

I believe hell hath frozen over.

[bobofthenorth]

I believe hell hath frozen over.

Lot of stuff gonna get done in the next couple days. All that stuff where a guy has said "Yeah, that'll happen when ......"  Its all happening now.

[Van]

 

Lot of stuff gonna get done in the next couple days. All that stuff where a guy has said "Yeah, that'll happen when ......"  Its all happening now.

[richard5933]

You don't have to cross the border into Canada to get weather like that. We're not quite as bad, but wind chill temps were about -20F to -30F this weekend with actual temps of -15F. Almost makes you okay with having no where to go.