America’s wealthiest families smash income ceiling, middle-class left far behind

[Dad2three]

I wonder why you ask such stupid fucking questions? Is it the best you can do? You got nothing better to offer?
What's up Todd?

Tell you what, zeke, explain to the whiney dipshit dad how those nasty rich people made over $200 million and paid no taxes, then we can all decide how outraged we should be.
Unless you're too stupid to figure it out?

Loopholes mainly Bubba


4. Many of the very richest pay no current income taxes at all.

John Paulson, the most successful hedge-fund manager of all, bet against the mortgage market one year and then bet with Glenn Beck in the gold market the next. Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero.

Congress lets hedge-fund managers earn all they can now and pay their taxes years from now.

In 2007, Congress debated whether hedge-fund managers should pay the top tax rate that applies to wages, bonuses and other compensation for their labors, which is 35 percent. That tax rate starts at about $300,000 of taxable income—not even pocket change to Paulson, but almost 12 years of gross pay to the median-wage worker.

The Republicans and a key Democrat, Sen. Charles Schumer of New York, fought to keep the tax rate on hedge-fund managers at 15 percent, arguing that the profits from hedge funds should be considered capital gains, not ordinary income, which got a lot of attention in the news.

What the news media missed is that hedge-fund managers don’t even pay 15 percent. At least, not currently. So long as they leave their money, known as “carried interest,” in the hedge fund, their taxes are deferred. They only pay taxes when they cash out, which could be decades from now for younger managers. How do these hedge-fund managers get money in the meantime? By borrowing against the carried interest, often at absurdly low rates—currently about 2 percent.

Lots of other people live tax-free, too.

I have Donald Trump’s tax records for four years early in his career. He paid no taxes for two of those years. Big real-estate investors enjoy tax-free living under a 1993 law President Clinton signed. It lets “professional” real-estate investors use paper losses like depreciation on their buildings against any cash income, even if they end up with negative incomes like Trump.

Frank and Jamie McCourt, who own the Los Angeles Dodgers, have not paid any income taxes since at least 2004, their divorce case revealed. Yet they spent $45 million one year alone. How? They just borrowed against Dodger ticket revenue and other assets. To the IRS, they look like paupers.

In Wisconsin, Terrence Wall, who unsuccessfully sought the Republican nomination for U.S. Senate in 2010, paid no income taxes on as much as $14 million of recent income, his disclosure forms showed. Asked about his living tax-free while working people pay taxes, he had a simple response: Everyone should pay less.

9 Things The Rich Don t Want You To Know About Taxes

Hmmm... how come?

\

AGAIN:

Loopholes mainly Bubba

GOP blocks Sanders' proposal to close tax loophole


The Senate voted Tuesday to reject a proposal by Sen. Bernie Sanders of Vermont that would have created millions of infrastructure jobs and closed an "absurd" tax loophole to pay for the plan.

Fifty-two lawmakers opposed the proposal during votes on amendments to a GOP fiscal 2016 budget proposal. Forty-five supported it in the party-line vote.

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs and profits overseas, often to offshore tax havens like the Cayman Islands. Nearly $100 billion is lost annually to offshore tax dodging, according to the U.S. Treasury.

GOP blocks Sanders proposal to close tax loophole

It's a shame he bundled them with a spending free for all.

WEIRD, you mean PAYING FOR the things you want is wrong???? lol, YOU KNOW GETTING RID OF LOOPHOLES WHERE WE LOSE OVER $100+ BILLION A YEAR? It not only helps fix infrastructure, it reduces the deficit! lol




The measure proposed investing $478 billion over six years in improvements to deteriorating infrastructure, including roads, bridges, transit, airports and waterways. It also aimed to address broadband infrastructure, the electric grid and more.


Sanders cited a 2013 report by the American Society of Civil Engineers that showed the U.S. needs to spend $1.6 trillion above current spending levels by 2020 to return the country’s infrastructure to a state of good repair.

“Every year that we delay, the problem only becomes worse,” said Sanders, a member of the Environment and Public Works Committee. “We are spending billions of dollars just to maintain the status quo, patching up a deteriorating system, whether it’s transit, rail, roads, bridges. We have to rebuild our crumbling infrastructure.”


GOP ukes Blocks Bernie Sanders Proposal To Close Tax Loopholes. The Militant Negro

 

[Dad2three]

I wonder why you ask such stupid fucking questions? Is it the best you can do? You got nothing better to offer?
What's up Todd?

Tell you what, zeke, explain to the whiney dipshit dad how those nasty rich people made over $200 million and paid no taxes, then we can all decide how outraged we should be.
Unless you're too stupid to figure it out?

Loopholes mainly Bubba


4. Many of the very richest pay no current income taxes at all.

John Paulson, the most successful hedge-fund manager of all, bet against the mortgage market one year and then bet with Glenn Beck in the gold market the next. Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero.

Congress lets hedge-fund managers earn all they can now and pay their taxes years from now.

In 2007, Congress debated whether hedge-fund managers should pay the top tax rate that applies to wages, bonuses and other compensation for their labors, which is 35 percent. That tax rate starts at about $300,000 of taxable income—not even pocket change to Paulson, but almost 12 years of gross pay to the median-wage worker.

The Republicans and a key Democrat, Sen. Charles Schumer of New York, fought to keep the tax rate on hedge-fund managers at 15 percent, arguing that the profits from hedge funds should be considered capital gains, not ordinary income, which got a lot of attention in the news.

What the news media missed is that hedge-fund managers don’t even pay 15 percent. At least, not currently. So long as they leave their money, known as “carried interest,” in the hedge fund, their taxes are deferred. They only pay taxes when they cash out, which could be decades from now for younger managers. How do these hedge-fund managers get money in the meantime? By borrowing against the carried interest, often at absurdly low rates—currently about 2 percent.

Lots of other people live tax-free, too.

I have Donald Trump’s tax records for four years early in his career. He paid no taxes for two of those years. Big real-estate investors enjoy tax-free living under a 1993 law President Clinton signed. It lets “professional” real-estate investors use paper losses like depreciation on their buildings against any cash income, even if they end up with negative incomes like Trump.

Frank and Jamie McCourt, who own the Los Angeles Dodgers, have not paid any income taxes since at least 2004, their divorce case revealed. Yet they spent $45 million one year alone. How? They just borrowed against Dodger ticket revenue and other assets. To the IRS, they look like paupers.

In Wisconsin, Terrence Wall, who unsuccessfully sought the Republican nomination for U.S. Senate in 2010, paid no income taxes on as much as $14 million of recent income, his disclosure forms showed. Asked about his living tax-free while working people pay taxes, he had a simple response: Everyone should pay less.

9 Things The Rich Don t Want You To Know About Taxes

Hmmm... how come?

\

AGAIN:

Loopholes mainly Bubba

GOP blocks Sanders' proposal to close tax loophole


The Senate voted Tuesday to reject a proposal by Sen. Bernie Sanders of Vermont that would have created millions of infrastructure jobs and closed an "absurd" tax loophole to pay for the plan.

Fifty-two lawmakers opposed the proposal during votes on amendments to a GOP fiscal 2016 budget proposal. Forty-five supported it in the party-line vote.

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs and profits overseas, often to offshore tax havens like the Cayman Islands. Nearly $100 billion is lost annually to offshore tax dodging, according to the U.S. Treasury.

GOP blocks Sanders proposal to close tax loophole

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs

A loophole is needed to "shift jobs"?
What loophole is that?
Any specifics?

"The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

That was the assertion of Sen. Sheldon Whitehouse earlier this fall when he went on the floor of the Senate to argue for a bill, designated S-3816 and known as the "Creating American Jobs and Ending Offshoring Act."

The proposal, he said, "would close some really perverse loopholes in the tax code that, right now, reward American companies for moving American jobs overseas. The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

There's nothing controversial about allowing companies to deduct their expenses for doing business, but does the tax system actually help companies cover the cost of moving local jobs to another country?

"You can take a business deduction for the costs associated with moving the job. So if you close down your factory in Providence, pack everything up and have to train the workers and ship the machinery overseas, all the costs associated with that are tax deductions," she said.

As a result, companies get back roughly a third of their expense at the expense of U.S. taxpayers, she said.


"There have been a lot of attempts over the years to get rid of this," but corporation lobbyists have argued that the loophole is needed because it creates more jobs, said Lee. "You can believe that or not. I don't give it a lot of credence."

Whitehouse says companies get a tax break for moving jobs overseas PolitiFact Rhode Island


GUESS WHICH PARTY BLOCKS IT EVERY SINGLE TIME??? LOL

 

[dblack]

GOP blocks Sanders proposal to close tax loophole

It's a shame he bundled them with a spending free for all.

WEIRD, you mean PAYING FOR the things you want is wrong?

No. I mean what I said. It's a shame he bundled his proposals for getting rid of the loopholes with a bunch of spending junk. This is a game legislators love to play. They package up popular initiatives (that they, themselves, don't really support) with poison pills to ensure they won't become law. Then they can crow about their noble efforts and blame the other side for rejecting them. Cheap Trick. Live at Budokan.

 

[EdwardBaiamonte]

Tell you what, zeke, explain to the whiney dipshit dad how those nasty rich people made over $200 million and paid no taxes, then we can all decide how outraged we should be.
Unless you're too stupid to figure it out?

Loopholes mainly Bubba


4. Many of the very richest pay no current income taxes at all.

John Paulson, the most successful hedge-fund manager of all, bet against the mortgage market one year and then bet with Glenn Beck in the gold market the next. Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero.

Congress lets hedge-fund managers earn all they can now and pay their taxes years from now.

In 2007, Congress debated whether hedge-fund managers should pay the top tax rate that applies to wages, bonuses and other compensation for their labors, which is 35 percent. That tax rate starts at about $300,000 of taxable income—not even pocket change to Paulson, but almost 12 years of gross pay to the median-wage worker.

The Republicans and a key Democrat, Sen. Charles Schumer of New York, fought to keep the tax rate on hedge-fund managers at 15 percent, arguing that the profits from hedge funds should be considered capital gains, not ordinary income, which got a lot of attention in the news.

What the news media missed is that hedge-fund managers don’t even pay 15 percent. At least, not currently. So long as they leave their money, known as “carried interest,” in the hedge fund, their taxes are deferred. They only pay taxes when they cash out, which could be decades from now for younger managers. How do these hedge-fund managers get money in the meantime? By borrowing against the carried interest, often at absurdly low rates—currently about 2 percent.

Lots of other people live tax-free, too.

I have Donald Trump’s tax records for four years early in his career. He paid no taxes for two of those years. Big real-estate investors enjoy tax-free living under a 1993 law President Clinton signed. It lets “professional” real-estate investors use paper losses like depreciation on their buildings against any cash income, even if they end up with negative incomes like Trump.

Frank and Jamie McCourt, who own the Los Angeles Dodgers, have not paid any income taxes since at least 2004, their divorce case revealed. Yet they spent $45 million one year alone. How? They just borrowed against Dodger ticket revenue and other assets. To the IRS, they look like paupers.

In Wisconsin, Terrence Wall, who unsuccessfully sought the Republican nomination for U.S. Senate in 2010, paid no income taxes on as much as $14 million of recent income, his disclosure forms showed. Asked about his living tax-free while working people pay taxes, he had a simple response: Everyone should pay less.

9 Things The Rich Don t Want You To Know About Taxes

Hmmm... how come?

\

AGAIN:

Loopholes mainly Bubba

GOP blocks Sanders' proposal to close tax loophole


The Senate voted Tuesday to reject a proposal by Sen. Bernie Sanders of Vermont that would have created millions of infrastructure jobs and closed an "absurd" tax loophole to pay for the plan.

Fifty-two lawmakers opposed the proposal during votes on amendments to a GOP fiscal 2016 budget proposal. Forty-five supported it in the party-line vote.

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs and profits overseas, often to offshore tax havens like the Cayman Islands. Nearly $100 billion is lost annually to offshore tax dodging, according to the U.S. Treasury.

GOP blocks Sanders proposal to close tax loophole

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs

A loophole is needed to "shift jobs"?
What loophole is that?
Any specifics?

"The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

That was the assertion of Sen. Sheldon Whitehouse earlier this fall when he went on the floor of the Senate to argue for a bill, designated S-3816 and known as the "Creating American Jobs and Ending Offshoring Act."

The proposal, he said, "would close some really perverse loopholes in the tax code that, right now, reward American companies for moving American jobs overseas. The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

There's nothing controversial about allowing companies to deduct their expenses for doing business, but does the tax system actually help companies cover the cost of moving local jobs to another country?

"You can take a business deduction for the costs associated with moving the job. So if you close down your factory in Providence, pack everything up and have to train the workers and ship the machinery overseas, all the costs associated with that are tax deductions," she said.

As a result, companies get back roughly a third of their expense at the expense of U.S. taxpayers, she said.


"There have been a lot of attempts over the years to get rid of this," but corporation lobbyists have argued that the loophole is needed because it creates more jobs, said Lee. "You can believe that or not. I don't give it a lot of credence."

Whitehouse says companies get a tax break for moving jobs overseas PolitiFact Rhode Island


GUESS WHICH PARTY BLOCKS IT EVERY SINGLE TIME??? LOL

its best to eliminate corporate taxes so the world's companies have a great reason to come here and do what they do best: raise our standard of living at the fastest rate possible. That idiot liberals interfere with this is testimony to their pure ignorance!

the govt never invented a thing and yet goof liberals want to get it more and more money. Its 100% backwards and liberal.

 

[Toddsterpatriot]

Tell you what, zeke, explain to the whiney dipshit dad how those nasty rich people made over $200 million and paid no taxes, then we can all decide how outraged we should be.
Unless you're too stupid to figure it out?

Loopholes mainly Bubba


4. Many of the very richest pay no current income taxes at all.

John Paulson, the most successful hedge-fund manager of all, bet against the mortgage market one year and then bet with Glenn Beck in the gold market the next. Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero.

Congress lets hedge-fund managers earn all they can now and pay their taxes years from now.

In 2007, Congress debated whether hedge-fund managers should pay the top tax rate that applies to wages, bonuses and other compensation for their labors, which is 35 percent. That tax rate starts at about $300,000 of taxable income—not even pocket change to Paulson, but almost 12 years of gross pay to the median-wage worker.

The Republicans and a key Democrat, Sen. Charles Schumer of New York, fought to keep the tax rate on hedge-fund managers at 15 percent, arguing that the profits from hedge funds should be considered capital gains, not ordinary income, which got a lot of attention in the news.

What the news media missed is that hedge-fund managers don’t even pay 15 percent. At least, not currently. So long as they leave their money, known as “carried interest,” in the hedge fund, their taxes are deferred. They only pay taxes when they cash out, which could be decades from now for younger managers. How do these hedge-fund managers get money in the meantime? By borrowing against the carried interest, often at absurdly low rates—currently about 2 percent.

Lots of other people live tax-free, too.

I have Donald Trump’s tax records for four years early in his career. He paid no taxes for two of those years. Big real-estate investors enjoy tax-free living under a 1993 law President Clinton signed. It lets “professional” real-estate investors use paper losses like depreciation on their buildings against any cash income, even if they end up with negative incomes like Trump.

Frank and Jamie McCourt, who own the Los Angeles Dodgers, have not paid any income taxes since at least 2004, their divorce case revealed. Yet they spent $45 million one year alone. How? They just borrowed against Dodger ticket revenue and other assets. To the IRS, they look like paupers.

In Wisconsin, Terrence Wall, who unsuccessfully sought the Republican nomination for U.S. Senate in 2010, paid no income taxes on as much as $14 million of recent income, his disclosure forms showed. Asked about his living tax-free while working people pay taxes, he had a simple response: Everyone should pay less.

9 Things The Rich Don t Want You To Know About Taxes

Hmmm... how come?

\

AGAIN:

Loopholes mainly Bubba

GOP blocks Sanders' proposal to close tax loophole


The Senate voted Tuesday to reject a proposal by Sen. Bernie Sanders of Vermont that would have created millions of infrastructure jobs and closed an "absurd" tax loophole to pay for the plan.

Fifty-two lawmakers opposed the proposal during votes on amendments to a GOP fiscal 2016 budget proposal. Forty-five supported it in the party-line vote.

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs and profits overseas, often to offshore tax havens like the Cayman Islands. Nearly $100 billion is lost annually to offshore tax dodging, according to the U.S. Treasury.

GOP blocks Sanders proposal to close tax loophole

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs

A loophole is needed to "shift jobs"?
What loophole is that?
Any specifics?

"The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

That was the assertion of Sen. Sheldon Whitehouse earlier this fall when he went on the floor of the Senate to argue for a bill, designated S-3816 and known as the "Creating American Jobs and Ending Offshoring Act."

The proposal, he said, "would close some really perverse loopholes in the tax code that, right now, reward American companies for moving American jobs overseas. The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

There's nothing controversial about allowing companies to deduct their expenses for doing business, but does the tax system actually help companies cover the cost of moving local jobs to another country?

"You can take a business deduction for the costs associated with moving the job. So if you close down your factory in Providence, pack everything up and have to train the workers and ship the machinery overseas, all the costs associated with that are tax deductions," she said.

As a result, companies get back roughly a third of their expense at the expense of U.S. taxpayers, she said.


"There have been a lot of attempts over the years to get rid of this," but corporation lobbyists have argued that the loophole is needed because it creates more jobs, said Lee. "You can believe that or not. I don't give it a lot of credence."

Whitehouse says companies get a tax break for moving jobs overseas PolitiFact Rhode Island


GUESS WHICH PARTY BLOCKS IT EVERY SINGLE TIME??? LOL

"The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

If a company moves equipment and incurs an expense, it can write off that business expense.
There is no expense to "ship a job", so no write off.

It would be fun to cut our corporate tax rate to a sane level, so foreign countries would "ship jobs" here. I guess Dems aren't interested in that.

 

[Dad2three]

GOP blocks Sanders proposal to close tax loophole

It's a shame he bundled them with a spending free for all.

WEIRD, you mean PAYING FOR the things you want is wrong?

No. I mean what I said. It's a shame he bundled his proposals for getting rid of the loopholes with a bunch of spending junk. This is a game legislators love to play. They package up popular initiatives (that they, themselves, don't really support) with poison pills to ensure they won't become law. Then they can crow about their noble efforts and blame the other side for rejecting them. Cheap Trick. Live at Budokan.

Sure, since the Dems have wanted to get the jobs bills passed, and infrastructure is one of the big ones, since Obama proposed dropping the Corp taxes from 35% to 28% and getting rid of loopholes since 2010, THE DEMS MUST NOT BE SERIOUS ABOUT IT *shaking head*
\

 

[Daryl Hunt]

Yes, but the new thing for the rich is investing in 777 accounts that even the interests draws zero interest.

Show me.

Have at least 10 K handy. Go see your investment broker and confront him hard. He will hee haw around at first. The Banks know about it but don't pass it on. Big investors know about it but won't comment on it. Good luck. It's a Rich Man's Secret.

$10k makes someone rich?? wth is a 777 account?

He made it up.

That's what I thought!

Do a simple search for a 777 account or investment. You will notice that most of the investment firms will come up but NONE will actually admit to a 777 investment account. It goes to the select few, not you.

 

[Dad2three]

Loopholes mainly Bubba


4. Many of the very richest pay no current income taxes at all.

John Paulson, the most successful hedge-fund manager of all, bet against the mortgage market one year and then bet with Glenn Beck in the gold market the next. Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero.

Congress lets hedge-fund managers earn all they can now and pay their taxes years from now.

In 2007, Congress debated whether hedge-fund managers should pay the top tax rate that applies to wages, bonuses and other compensation for their labors, which is 35 percent. That tax rate starts at about $300,000 of taxable income—not even pocket change to Paulson, but almost 12 years of gross pay to the median-wage worker.

The Republicans and a key Democrat, Sen. Charles Schumer of New York, fought to keep the tax rate on hedge-fund managers at 15 percent, arguing that the profits from hedge funds should be considered capital gains, not ordinary income, which got a lot of attention in the news.

What the news media missed is that hedge-fund managers don’t even pay 15 percent. At least, not currently. So long as they leave their money, known as “carried interest,” in the hedge fund, their taxes are deferred. They only pay taxes when they cash out, which could be decades from now for younger managers. How do these hedge-fund managers get money in the meantime? By borrowing against the carried interest, often at absurdly low rates—currently about 2 percent.

Lots of other people live tax-free, too.

I have Donald Trump’s tax records for four years early in his career. He paid no taxes for two of those years. Big real-estate investors enjoy tax-free living under a 1993 law President Clinton signed. It lets “professional” real-estate investors use paper losses like depreciation on their buildings against any cash income, even if they end up with negative incomes like Trump.

Frank and Jamie McCourt, who own the Los Angeles Dodgers, have not paid any income taxes since at least 2004, their divorce case revealed. Yet they spent $45 million one year alone. How? They just borrowed against Dodger ticket revenue and other assets. To the IRS, they look like paupers.

In Wisconsin, Terrence Wall, who unsuccessfully sought the Republican nomination for U.S. Senate in 2010, paid no income taxes on as much as $14 million of recent income, his disclosure forms showed. Asked about his living tax-free while working people pay taxes, he had a simple response: Everyone should pay less.

9 Things The Rich Don t Want You To Know About Taxes

Hmmm... how come?

\

AGAIN:

Loopholes mainly Bubba

GOP blocks Sanders' proposal to close tax loophole


The Senate voted Tuesday to reject a proposal by Sen. Bernie Sanders of Vermont that would have created millions of infrastructure jobs and closed an "absurd" tax loophole to pay for the plan.

Fifty-two lawmakers opposed the proposal during votes on amendments to a GOP fiscal 2016 budget proposal. Forty-five supported it in the party-line vote.

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs and profits overseas, often to offshore tax havens like the Cayman Islands. Nearly $100 billion is lost annually to offshore tax dodging, according to the U.S. Treasury.

GOP blocks Sanders proposal to close tax loophole

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs

A loophole is needed to "shift jobs"?
What loophole is that?
Any specifics?

"The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

That was the assertion of Sen. Sheldon Whitehouse earlier this fall when he went on the floor of the Senate to argue for a bill, designated S-3816 and known as the "Creating American Jobs and Ending Offshoring Act."

The proposal, he said, "would close some really perverse loopholes in the tax code that, right now, reward American companies for moving American jobs overseas. The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

There's nothing controversial about allowing companies to deduct their expenses for doing business, but does the tax system actually help companies cover the cost of moving local jobs to another country?

"You can take a business deduction for the costs associated with moving the job. So if you close down your factory in Providence, pack everything up and have to train the workers and ship the machinery overseas, all the costs associated with that are tax deductions," she said.

As a result, companies get back roughly a third of their expense at the expense of U.S. taxpayers, she said.


"There have been a lot of attempts over the years to get rid of this," but corporation lobbyists have argued that the loophole is needed because it creates more jobs, said Lee. "You can believe that or not. I don't give it a lot of credence."

Whitehouse says companies get a tax break for moving jobs overseas PolitiFact Rhode Island


GUESS WHICH PARTY BLOCKS IT EVERY SINGLE TIME??? LOL

"The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

If a company moves equipment and incurs an expense, it can write off that business expense.
There is no expense to "ship a job", so no write off.

It would be fun to cut our corporate tax rate to a sane level, so foreign countries would "ship jobs" here. I guess Dems aren't interested in that.

Right Gov't couldn't get rid of that expense write off right? Can you guess who has fought Obama's proposals since 2010 to lower Corp taxes from 35% to 28% and getting rid of loopholes to use for infrastructure?



Yeah, jobs aren't being created in the US because the tax rates *shaking head*

HINT RECORD CORP PROFITS, LOWEST LABOR EXPENSE EVER RECORDED AND A 11% AVG CORP RATE!

 

[Dad2three]

Loopholes mainly Bubba


4. Many of the very richest pay no current income taxes at all.

John Paulson, the most successful hedge-fund manager of all, bet against the mortgage market one year and then bet with Glenn Beck in the gold market the next. Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero.

Congress lets hedge-fund managers earn all they can now and pay their taxes years from now.

In 2007, Congress debated whether hedge-fund managers should pay the top tax rate that applies to wages, bonuses and other compensation for their labors, which is 35 percent. That tax rate starts at about $300,000 of taxable income—not even pocket change to Paulson, but almost 12 years of gross pay to the median-wage worker.

The Republicans and a key Democrat, Sen. Charles Schumer of New York, fought to keep the tax rate on hedge-fund managers at 15 percent, arguing that the profits from hedge funds should be considered capital gains, not ordinary income, which got a lot of attention in the news.

What the news media missed is that hedge-fund managers don’t even pay 15 percent. At least, not currently. So long as they leave their money, known as “carried interest,” in the hedge fund, their taxes are deferred. They only pay taxes when they cash out, which could be decades from now for younger managers. How do these hedge-fund managers get money in the meantime? By borrowing against the carried interest, often at absurdly low rates—currently about 2 percent.

Lots of other people live tax-free, too.

I have Donald Trump’s tax records for four years early in his career. He paid no taxes for two of those years. Big real-estate investors enjoy tax-free living under a 1993 law President Clinton signed. It lets “professional” real-estate investors use paper losses like depreciation on their buildings against any cash income, even if they end up with negative incomes like Trump.

Frank and Jamie McCourt, who own the Los Angeles Dodgers, have not paid any income taxes since at least 2004, their divorce case revealed. Yet they spent $45 million one year alone. How? They just borrowed against Dodger ticket revenue and other assets. To the IRS, they look like paupers.

In Wisconsin, Terrence Wall, who unsuccessfully sought the Republican nomination for U.S. Senate in 2010, paid no income taxes on as much as $14 million of recent income, his disclosure forms showed. Asked about his living tax-free while working people pay taxes, he had a simple response: Everyone should pay less.

9 Things The Rich Don t Want You To Know About Taxes

Hmmm... how come?

\

AGAIN:

Loopholes mainly Bubba

GOP blocks Sanders' proposal to close tax loophole


The Senate voted Tuesday to reject a proposal by Sen. Bernie Sanders of Vermont that would have created millions of infrastructure jobs and closed an "absurd" tax loophole to pay for the plan.

Fifty-two lawmakers opposed the proposal during votes on amendments to a GOP fiscal 2016 budget proposal. Forty-five supported it in the party-line vote.

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs and profits overseas, often to offshore tax havens like the Cayman Islands. Nearly $100 billion is lost annually to offshore tax dodging, according to the U.S. Treasury.

GOP blocks Sanders proposal to close tax loophole

The tax loopholes targeted by Sanders' amendment let corporations and wealthy Americans shift jobs

A loophole is needed to "shift jobs"?
What loophole is that?
Any specifics?

"The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

That was the assertion of Sen. Sheldon Whitehouse earlier this fall when he went on the floor of the Senate to argue for a bill, designated S-3816 and known as the "Creating American Jobs and Ending Offshoring Act."

The proposal, he said, "would close some really perverse loopholes in the tax code that, right now, reward American companies for moving American jobs overseas. The law, right now, permits companies that close down American factories and offices and move those jobs overseas to take a tax deduction for the costs associated with moving the jobs to China or India or wherever."

There's nothing controversial about allowing companies to deduct their expenses for doing business, but does the tax system actually help companies cover the cost of moving local jobs to another country?

"You can take a business deduction for the costs associated with moving the job. So if you close down your factory in Providence, pack everything up and have to train the workers and ship the machinery overseas, all the costs associated with that are tax deductions," she said.

As a result, companies get back roughly a third of their expense at the expense of U.S. taxpayers, she said.


"There have been a lot of attempts over the years to get rid of this," but corporation lobbyists have argued that the loophole is needed because it creates more jobs, said Lee. "You can believe that or not. I don't give it a lot of credence."

Whitehouse says companies get a tax break for moving jobs overseas PolitiFact Rhode Island


GUESS WHICH PARTY BLOCKS IT EVERY SINGLE TIME??? LOL

its best to eliminate corporate taxes so the world's companies have a great reason to come here and do what they do best: raise our standard of living at the fastest rate possible. That idiot liberals interfere with this is testimony to their pure ignorance!

the govt never invented a thing and yet goof liberals want to get it more and more money. Its 100% backwards and liberal.

No matter how many times this nonsense is beaten back, you low info types keep it up. Shocking


Some Key Findings:

• As a group, the 288 corporations examined paid an effective federal income tax rate of just 19.4 percent over the five-year period — far less than the statutory 35 percent tax rate.

• Twenty-six of the corporations, including Boeing, General Electric, Priceline.com and Verizon, paid no federal income tax at all over the five year period. A third of the corporations (93) paid an effective tax rate of less than ten percent over that period.

• Of those corporations in our sample with significant offshore profits, two thirds paid higher corporate tax rates to foreign governments where they operate than they paid in the U.S. on their U.S. profits.

These findings refute the prevailing view inside the Washington, D.C. Beltway that America’s corporate income tax is more burdensome than the corporate income taxes levied by other countries, and that this purported (but false) excess burden somehow makes the U.S. “uncompetitive.”

Other Findings:

• One hundred and eleven of the 288 companies (39 percent of them) paid zero or less in federal income taxes in at least one year from 2008 to 2012.


The Sorry State of Corporate Taxes Citizens for Tax Justice



Warren Buffett: ‘It Is A Myth’ That U.S. Corporate Taxes Are High

During an interview on CNBC, billionaire investor Warren Buffett, in response to Santorum’s piece, noted that is is actually “a myth” that America’s corporate taxes are high. “Corporate taxes are not strangling American competitiveness,” Buffett explained, even bringing a chart to prove his point:

The interesting thing about the corporate rate is that corporate profits, as a percentage of GDP last year were the highest or just about the highest in the last 50 years. They were ten and a fraction percent of GDP. That’s higher than we’ve seen in 50 years. The corporate taxes as a percentage of GDP were 1.2 percent, $180 billion. That’s just about the lowest we’ve seen. So our corporate tax rate last year, effectively, in terms of taxes paid for the United States, was around 12 percent, which is well below those existing in most of the industrialized countries around the world. So it is a myth that American corporations are paying 35 percent or anything like it…Corporate taxes are not strangling American competitiveness.

 

[IlarMeilyr]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

Zzz. Oh good. More mindless and basically dishonest class warfare divide and conquer rhetoric from the left.

Shout out a healthy "1%!"

Tell us something about "workers of the World, UNITE!"

Then consume an enormous mug of stfu already. Your stale shit is stale. And shit.

 

[dblack]

GOP blocks Sanders proposal to close tax loophole

It's a shame he bundled them with a spending free for all.

WEIRD, you mean PAYING FOR the things you want is wrong?

No. I mean what I said. It's a shame he bundled his proposals for getting rid of the loopholes with a bunch of spending junk. This is a game legislators love to play. They package up popular initiatives (that they, themselves, don't really support) with poison pills to ensure they won't become law. Then they can crow about their noble efforts and blame the other side for rejecting them. Cheap Trick. Live at Budokan.

Sure, since the Dems have wanted to get the jobs bills passed, and infrastructure is one of the big ones, since Obama proposed dropping the Corp taxes from 35% to 28% and getting rid of loopholes since 2010, THE DEMS MUST NOT BE SERIOUS ABOUT IT *shaking head*

No, dimwit. Pay attention. They - Sanders - weren't serious about closing tax loopholes. They love that shit. Gives them leverage.

 

[Dad2three]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

Zzz. Oh good. More mindless and basically dishonest class warfare divide and conquer rhetoric from the left.

Shout out a healthy "1%!"

Tell us something about "workers of the World, UNITE!"

Then consume an enormous mug of stfu already. Your stale shit is stale. And shit.

 

[Dad2three]

GOP blocks Sanders proposal to close tax loophole

It's a shame he bundled them with a spending free for all.

WEIRD, you mean PAYING FOR the things you want is wrong?

No. I mean what I said. It's a shame he bundled his proposals for getting rid of the loopholes with a bunch of spending junk. This is a game legislators love to play. They package up popular initiatives (that they, themselves, don't really support) with poison pills to ensure they won't become law. Then they can crow about their noble efforts and blame the other side for rejecting them. Cheap Trick. Live at Budokan.

Sure, since the Dems have wanted to get the jobs bills passed, and infrastructure is one of the big ones, since Obama proposed dropping the Corp taxes from 35% to 28% and getting rid of loopholes since 2010, THE DEMS MUST NOT BE SERIOUS ABOUT IT *shaking head*

No, dimwit. Pay attention. They - Sanders - weren't serious about closing tax loopholes. They love that shit. Gives them leverage.

Oh right, let me guess Rush told you so??? lol

IF the conservatives EVER grew a brain, I'd be shocked

FLASHBACK: In 1993, GOP Warned That Clinton’s Tax Plan Would ‘Kill Jobs,’ ‘Kill The Current Recovery’

The Bush tax cuts of 2001 and 2003 are scheduled to expire at the end of the year, and President Obama, just as he did on the campaign trail, has proposed renewing the cuts for all but those in the highest two income tax brackets, allowing tax rates for the wealthiest two percent of Americans to reset to the rate at which they were under President Clinton.

Republicans, however, want to renew all of the cuts, and have been apoplectic about Obama’s plan, claiming that it will kill jobs and cripple small businesses. “This is about stopping a job-killing tax hike on small businesses during tough economic times,” said Sen. Orrin Hatch (R-UT). “You can’t raise taxes in the middle of a weak economy without risking a double dip in the recession,” said House Minority Leader John Boehner (R-OH).

If these warnings about double-dip recessions and job-killing tax increases sound vaguely familiar, that’s because they are. TaxVox yesterday pointed to a couple of quotes from Republicans in 1993 employing very similar rhetoric as today’s Republicans, with then Senate Minority leader Bob Dole (R-KS), claiming that “half the tax increase because of the rate increases is going to be paid by small business and they’re not rich,” which is the same false argument employed by today’s Senate Minority Leader, Mitch McConnell (R-KY).


Here is just some of the rhetoric employed by Republicans in 1993 to fearmonger about Clinton’s tax increases (there’s more below the fold):

Rep. Newt Gingrich (R-GA), February 2, 1993: We have all too many people in the Democratic administration who are talking about bigger Government, bigger bureaucracy, more programs, and higher taxes. I believe that that will in fact kill the current recovery and put us back in a recession. It might take 1 1/2 or 2 years, but it will happen. (Congressional Record, 1993, Thomas)

Rep. Bill Archer (R-TX), May 24, 1993: I would much rather be here today supporting the President and I would do so if his proposals could expect to increase jobs and the standard of living for Americans, but I believe his massive tax increases will do just the opposite. (Congressional Record, 1993, Thomas)

Rep. Bob Goodlatte (R-GA), July 13, 1993: Small businesses generate the bulk of this Nation’s new jobs. And they will be the hardest hit by the Clinton tax-and-spend budget. Because, when you raise taxes, you kill jobs. (Congressional Record, 1993, Thomas)

Rep. Christopher Cox (R-CA), May, 27, 1993: This is really the Dr. Kevorkian plan for our economy. It will kill jobs, kill businesses, and yes, kill even the higher tax revenues that these suicidal tax increasers hope to gain. (Congressional Record, 1993, Page: H2949)

Of course, far from bringing the Doomsday of which Republicans were warning, Clinton’s policies ushered in the longest sustained period of economic growth in the nation’s history, with 23 million jobs created. Compared to the administration of George W. Bush, the Clinton-era saw more job growth, more GDP growth, more wage growth, and more business investment. Incomes grew under Clinton but fell under Bush, while poverty did the opposite, falling under Clinton but increasing under Bush.

Oh, and Clinton balanced the budget for the first time since 1969. On May 27, 1993, Rep. Robert Michel (R-IL) said “[Americans] will remember who set loose this dreadful virus into the economic bloodstream of our nation.” If only we could have a “dreadful virus” of that sort today. More quotes below the jump.:

 

[Dad2three]

GOP blocks Sanders proposal to close tax loophole

It's a shame he bundled them with a spending free for all.

WEIRD, you mean PAYING FOR the things you want is wrong?

No. I mean what I said. It's a shame he bundled his proposals for getting rid of the loopholes with a bunch of spending junk. This is a game legislators love to play. They package up popular initiatives (that they, themselves, don't really support) with poison pills to ensure they won't become law. Then they can crow about their noble efforts and blame the other side for rejecting them. Cheap Trick. Live at Budokan.

Sure, since the Dems have wanted to get the jobs bills passed, and infrastructure is one of the big ones, since Obama proposed dropping the Corp taxes from 35% to 28% and getting rid of loopholes since 2010, THE DEMS MUST NOT BE SERIOUS ABOUT IT *shaking head*

No, dimwit. Pay attention. They - Sanders - weren't serious about closing tax loopholes. They love that shit. Gives them leverage.

July 10, 2013

WASHINGTON, July 10 – Skeptical of a bid to overhaul the tax code by corporate-friendly congressional tax writers, Sen. Bernie Sanders (I-Vt.) today laid out specific proposals to raise revenue by closing loopholes that let multi-national corporations and oil companies avoid hundreds of billions of dollars in taxes.

Sen. Max Baucus, D-Mont., and Rep. Dave Camp, R-Mich., chairmen of the Senate Finance Committee and the House Ways and Means Committee, this summer launched a nationwide tour to hear what corporations want in a revamped tax code. Instead, Sanders said, the tax code should be reformed to address the needs of the middle class and working families, reduce deficits and make profitable corporations and the wealthiest Americans pay their fair share.

“I agree that our current tax code is too complex and must be simplified,” Sanders said. “But at a time when the American population is aging and investments in our crumbling infrastructure are desperately needed, we must not provide more tax breaks to profitable corporations and wealthiest Americans who already are doing phenomenally well and in some cases pay nothing in federal income taxes,” added Sanders, a member of the Senate Budget Committee and Joint Economic Committee.


Sanders’ specific proposals would:

• Stop large corporations from stashing their profits in the Cayman Islands and other offshore tax havens to avoid paying U.S. taxes. Legislation already introduced by Sanders would raise more than $590 billion over the next decade.

Establish a Wall Street speculation fee to ensure that large financial institutions pay their fair share in taxes.

End tax breaks and subsidies for big oil, gas and coal companies to reduce the deficit by more than $113 billion over the next 10 years.

Tax capital gains and dividends the same as work.

Sanders Details Tax Plan - Senator Bernie Sanders of Vermont

 

[dblack]

It's a shame he bundled them with a spending free for all.

WEIRD, you mean PAYING FOR the things you want is wrong?

No. I mean what I said. It's a shame he bundled his proposals for getting rid of the loopholes with a bunch of spending junk. This is a game legislators love to play. They package up popular initiatives (that they, themselves, don't really support) with poison pills to ensure they won't become law. Then they can crow about their noble efforts and blame the other side for rejecting them. Cheap Trick. Live at Budokan.

Sure, since the Dems have wanted to get the jobs bills passed, and infrastructure is one of the big ones, since Obama proposed dropping the Corp taxes from 35% to 28% and getting rid of loopholes since 2010, THE DEMS MUST NOT BE SERIOUS ABOUT IT *shaking head*

No, dimwit. Pay attention. They - Sanders - weren't serious about closing tax loopholes. They love that shit. Gives them leverage.

Oh right, let me guess Rush told you so??? lol
(irrelevant fluffing redacted)

Never liked them much myself. Some nice guitar work, but i found Geddy Lee's voice too shrill.

 

[Dad2three]

WEIRD, you mean PAYING FOR the things you want is wrong?

No. I mean what I said. It's a shame he bundled his proposals for getting rid of the loopholes with a bunch of spending junk. This is a game legislators love to play. They package up popular initiatives (that they, themselves, don't really support) with poison pills to ensure they won't become law. Then they can crow about their noble efforts and blame the other side for rejecting them. Cheap Trick. Live at Budokan.

Sure, since the Dems have wanted to get the jobs bills passed, and infrastructure is one of the big ones, since Obama proposed dropping the Corp taxes from 35% to 28% and getting rid of loopholes since 2010, THE DEMS MUST NOT BE SERIOUS ABOUT IT *shaking head*

No, dimwit. Pay attention. They - Sanders - weren't serious about closing tax loopholes. They love that shit. Gives them leverage.

Oh right, let me guess Rush told you so??? lol
(irrelevant fluffing redacted)

Never liked them much myself. Some nice guitar work, but i found Geddy Lee's voice too shrill.

 

[IlarMeilyr]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

Zzz. Oh good. More mindless and basically dishonest class warfare divide and conquer rhetoric from the left.

Shout out a healthy "1%!"

Tell us something about "workers of the World, UNITE!"

Then consume an enormous mug of stfu already. Your stale shit is stale. And shit.

Sooooo. In response to the attack on his credibility, he resorts to more dishonest propaganda style bombastic hyperbole and baseless rhetoric. Dud2.3 is a pretty much known quantity: An ass-clown with no substance.

 

[OohPooPahDoo]

If they would get off the Democratic party plantation they wouldn't be so poor. My income has nearly doubled since 2007.

Looks like you've done well under Obama.

 

[dblack]

No. I mean what I said. It's a shame he bundled his proposals for getting rid of the loopholes with a bunch of spending junk. This is a game legislators love to play. They package up popular initiatives (that they, themselves, don't really support) with poison pills to ensure they won't become law. Then they can crow about their noble efforts and blame the other side for rejecting them. Cheap Trick. Live at Budokan.

Sure, since the Dems have wanted to get the jobs bills passed, and infrastructure is one of the big ones, since Obama proposed dropping the Corp taxes from 35% to 28% and getting rid of loopholes since 2010, THE DEMS MUST NOT BE SERIOUS ABOUT IT *shaking head*

No, dimwit. Pay attention. They - Sanders - weren't serious about closing tax loopholes. They love that shit. Gives them leverage.

Oh right, let me guess Rush told you so??? lol
(irrelevant fluffing redacted)

Never liked them much myself. Some nice guitar work, but i found Geddy Lee's voice too shrill.

Wow. You really have a hard on for Fox News.

 

[IlarMeilyr]

If they would get off the Democratic party plantation they wouldn't be so poor. My income has nearly doubled since 2007.

Looks like you've done well under Obama.

^ the extent of PooPoohDufus' ability to use what he imagines is "logic."

A guy says (accurately): "I went on vacation to Florida and was outdoors a LOT more than I usually am, and I got even more pale than I was before I went on vacation."

PooPoohDufus "concludes" as follows: "Therefore, being further south and out doors is bad for tanning."