Art

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Braineack

iTrader: (62)

Why does everyone care who pays taxes or not?

Joe Perez

iTrader: (8)

I've always assumed that jealously / envy plays a role.

Braineack

iTrader: (62)

that's like the platform of the democratic party...

Monk

iTrader: (3)

When you do your taxes, do you take the standard deduction, or do you itemize?
I would be willing to bet you do whatever is most favorable for your contribution.
Do you think the Clintons or any other rich people willingly screw themselves at tax time?
If he broke any tax laws, please share.

Braineack

iTrader: (62)

https://youtu.be/3i6J2fcrKi8

Wait for the end.

Joe Perez

iTrader: (8)

bahurd

iTrader: (8)

I do whatever I need to do to pay the least amount of tax I’m obligated to do. Did I say he broke any tax laws??? Don’t assume.

Monk

iTrader: (3)

Exactly my point.
I don't understand why people attack him for paying as little in taxes as possible, unless there is some implication of criminality.

Joe Perez

iTrader: (8)

I made a post in reply to this last night, then deleted it...

I'm not "rich" by any reasonable metric, but I do earn a comfortable six-figure salary. Of course, I'm also single with no dependents, no mortgage, and only a very tiny portion of my income is capital gains. So I don't get a lot of bennies when I'm filing form 1040.

To partially appropriate a popular protest meme from a few years ago, I am the 4%. But as to the aforementioned, I'm also like the 99% of the 4%. (I'm staring to really torture logic here.)

I obviously itemize and take advantage of whatever I can at tax time. It's not much. To be perfectly honest, I find myself slightly annoyed that low-wage earners pay half or less of what I do as a percentage, and get to take advantage of all sorts of refundable credits that are out of reach to me.

Annoyed, but not enough to go making a political stink out of it. My time is more productively spent working than carrying protest signs.

z31maniac

When people think corporations pay taxes, I laugh. They are baked into the price of goods, so we just pay more tax as the consumer.

If the US Corporate income tax (already the 2nd highest in the world), was suddenly increased 10%..........................yeah, you're right. The price of goods wouldn't go up. *rollseyes and DOESN'T wonder why I drink*

shuiend

iTrader: (24)

Yep taxes are 100% paid for by the citizens of any nation. It does not matter who you claim you are taxing, if it is business or what, at the end of the day, you and me the consumer is who are paying it. This fly's over so many peoples head that it is crazy.

thirdgen

iTrader: (26)

THE NFL CAN SUCK MY DICK.
Just sayin...

Enginerd

iTrader: (1)

That's not how pricing works. Corporations don't "bake tax into the price of goods." They bake the cost of producing those goods into the price of the goods, and after all expenses are paid, they pay taxes on their earnings. The underlying cash flow analysis that justifies producing the product does not change when the tax rate changes. A profitable product will remain profitable, but simply less so. Many (most?) companies first make efforts to reduce the cost of producing the goods (i.e. cutting $15/hr burger flippers) rather than immediately imposing a price increase to restore the net income to prior levels. THIS is why raising taxes often hurts more than helps. Customers won't tolerate price increases, and companies blame the govt for forcing them to cut workers so they can maintain their cash flow for investors.

[btw...and this is a rhetorical statement not directed at you...most people don't understand that if they have a 401k or mutual fund, chances are they may be one of those investors, so be careful what you wish for when dissing corporate America...your retirement may depend on the success (profitability) of those companies]

cordycord

iTrader: (2)

Taxes in all their forms are a major percentage of expenses that a corporation pays per year. Taxes certainly ARE baked into the cost of goods, in the same way that car companies will "bake" the potential cost of a recall, the cost of plant upgrades, health insurance, and everything else that falls into the 'Cost Of Goods" column.

Art

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Enginerd

iTrader: (1)

Just so that we're crystal clear...your stance is that a manufacturer determines the cost of building a product, adds in a desired profit margin, then adds in an expected tax rate, and the resulting price is the price of the product?

If you agree to the above, you are most certainly wrong. Taxes ARE a major expense, but they're used to analyze cash flows, not price products.

Joe Perez

iTrader: (8)

To be clear: When you speak of "an expected tax rate," are you referring to the sales & use tax paid by the purchaser of the product which the corporation makes and/or sells, or to the various taxes imposed directly upon the corporation, its assets, and the internal transactions which it performs?

sixshooter

iTrader: (12)

Corp taxes including income, payroll, property, (and now healthcare) etc. are all calculated into the COST prior to markup of the product to the consumer. Anybody who's ever analyzed their P&L would know that.

After those costs are raised due to increased taxes the subsequent price to the consumer is increased.

z31maniac

www.fairtax.org