Toddsterpatriot
Diamond Member
Incorporating your income should not give you a tax break. You are already sheltering your other wealth & income from risk, that is reward enough. No loopholes 19% minimum tax on carried interest, dividend, corps & any income over $250k with with a max combined total tax of anywhere between 19% to 29%. Make 17% the max combined payroll & income tax rate for everything below $250k.
No loopholes 19% minimum tax on corps & income over $250k
First $50,000 15.00%
$50,000-$75,000 25.00%
$75,000-$100,000 34.00%
$100,000-$335,000 39.00%
$335,000-$10,000,000 34.00%
$10,000,000-$15,000,000 35.00%
$15,000,000-$18,333,333 38.00%
Over $18,333,333 35.00%
http://www.irs.gov/pub/irs-soi/02corate.pdf
That would be a huge tax break for almost every corporation.
That would be a huge tax break for almost every corporation.
EXCEPT almost NO Corp pays margin rates EXCEPT Corps that can't off shore their profits, Walmarts, Mc'D's, etc
EFFECTIVE tax rates are at 40+ year lows of around 12%
https://finance.yahoo.com/q/is?s=WMT+Income+Statement&annual
Last year, WalMart had:
Income Before Tax of $24,656,000,000
And had Income Tax Expense of $8,105,000,000
Please explain what their EFFECTIVE tax rate was.