Should we make the corporate tax rate 0%?

[Bombur]

Oh really?
Tell ya what...Open yourself a business and come back in a year. Let us know how your tax accountant tells you how you have to bend over and grab your ankles.

If you own your own business it would likely be a pass through entity or "flow through entity"

Flow-through entity - Wikipedia, the free encyclopedia

That's only the beginning of the taxes that businesses pay.

We are not just talking small businesses either.

There was a specific reference to someone opening up their own business and taxes on income.

Yes there are other taxes.

 

[Uncensored2008]

You do realize without some kind of proof, your post is bupkis.

OnePercenter is an OWS moron, living in moms basement, smoking dope and playing XBox.

But Walmart does play games, as most large corporations do.

They pay a tax rate of 31% - but defer the taxes. Now morons like OnePercenter, who have never held a job, much less looked a balance sheet, think this means they don't PAY the taxes. He's too stupid to grasp what "defer" means.

But Walmart still plays games. They defer the taxes for several years, then pay them all at once to create hit on cash to reduce after-tax income, which spawns a reduction in future taxes. It's all legal, and every large corporation does it. This is one of the ways they get from 35% to 31%

The problem I have is that this still amounts to double taxation. How can we tax the corporation AND the dividends paid? The corporation already paid the taxes on that money, so what basis is there to tax dividends?

 

[thereisnospoon]

You really don't have a clue what you are talking about.

By no stretch of accounting do you pay taxes on any money twice. You may have a business, but you either don't do your own accounting and taxes or you simply are clueless as to what you are doing.

Oh really?
Tell ya what...Open yourself a business and come back in a year. Let us know how your tax accountant tells you how you have to bend over and grab your ankles.

If you own your own business it would likely be a pass through entity or "flow through entity"

Flow-through entity - Wikipedia, the free encyclopedia

I know what they are.
Immaterial.
The fact is running a business has a mountain of regulatory burdens and taxes.
Running a business virtually requires a tax accountant or tax attorney.
Don't try to convince people on here it's easy. To do so would be an insult to our intelligence.

 

[thereisnospoon]

You do realize without some kind of proof, your post is bupkis.

OnePercenter is an OWS moron, living in moms basement, smoking dope and playing XBox.

But Walmart does play games, as most large corporations do.

They pay a tax rate of 31% - but defer the taxes. Now morons like OnePercenter, who have never held a job, much less looked a balance sheet, think this means they don't PAY the taxes. He's too stupid to grasp what "defer" means.

But Walmart still plays games. They defer the taxes for several years, then pay them all at once to create hit on cash to reduce after-tax income, which spawns a reduction in future taxes. It's all legal, and every large corporation does it. This is one of the ways they get from 35% to 31%

The problem I have is that this still amounts to double taxation. How can we tax the corporation AND the dividends paid? The corporation already paid the taxes on that money, so what basis is there to tax dividends?

Of course they do. as do most individuals as well.
As taxpayers, what's the fist thing we do when we look at a form 1040? Deductions.
Even the limousine liberals in Hollywood and among the so called leftist elite have armies of tax accountants pouring through their clients' records looking for every single deduction and loophole they can find. Many people stretch and even violate tax law to avoid paying taxes which they legitimately owe.
I am sick and tired of people like one percenter and other USMB leftists screeching like banshees about jacking up taxes when they themselves invariably will take deductions to which they are not entitled. That applies especially to their heroes on the left like democrat members of Congress and the Hollywood leftist elite.

 

[Bombur]

Oh really?
Tell ya what...Open yourself a business and come back in a year. Let us know how your tax accountant tells you how you have to bend over and grab your ankles.

If you own your own business it would likely be a pass through entity or "flow through entity"

Flow-through entity - Wikipedia, the free encyclopedia

I know what they are.
Immaterial.
The fact is running a business has a mountain of regulatory burdens and taxes.
Running a business virtually requires a tax accountant or tax attorney.
Don't try to convince people on here it's easy. To do so would be an insult to our intelligence.

Then hire one.

 

[thereisnospoon]

If you own your own business it would likely be a pass through entity or "flow through entity"

Flow-through entity - Wikipedia, the free encyclopedia

I know what they are.
Immaterial.
The fact is running a business has a mountain of regulatory burdens and taxes.
Running a business virtually requires a tax accountant or tax attorney.
Don't try to convince people on here it's easy. To do so would be an insult to our intelligence.

Then hire one.

Non sequitur.

 

[Bombur]

I know what they are.
Immaterial.
The fact is running a business has a mountain of regulatory burdens and taxes.
Running a business virtually requires a tax accountant or tax attorney.
Don't try to convince people on here it's easy. To do so would be an insult to our intelligence.

Then hire one.

Non sequitur.

Seriously, if you are running your own business and intend to make your living off of it or employee other people hire an accountant. You will also want a lawyer.

 

[OnePercenter]

Walmart reported pre-tax income of $25.7B for its fiscal year ended 1/31/2013; it recognized $8B of income tax expense. That's 31% of its profit going to income taxes, in addition to all of the payroll, property, and sales taxes it pays. Of course, that's not enough for moonbats such as yourself. And its far higher than 2%.

Walmarts effective tax for 2013 is actually 1.7%.

You need a new calculator. 8/25.7 isn't 1.7%.

So out of curiousity, exactly how much do you think the poor people who shop at Walmart should pay for Walmart's corporate taxes exactly? You realize it's built into the price of the product, just like every other cost Walmart has. Your being a "onepercenter" and all you must know basic business principles...

Walmarts effective tax for 2013 is actually 1.7%.

You need a new calculator. 8/25.7 isn't 1.7%.

So out of curiousity, exactly how much do you think the poor people who shop at Walmart should pay for Walmart's corporate taxes exactly? You realize it's built into the price of the product, just like every other cost Walmart has. Your being a "onepercenter" and all you must know basic business principles...

You realize this "onepercenter" guy is the one who thinks he got away with an effective tax of less than 2% on over a million in revenue right? He's the one that thinks he should have been forced to pay corporate taxes on revenue not profit. But now it's starting to look like the lie was based on some dumb ass libtard article about Walmart. Apparently "onepercenter" thinks he wall-mart.

Here ya go!

Effective Tax Rate Definition | Investopedia

 

[OnePercenter]

Which is why I proposed a minimum.

Didn't you see that?

A minimum with tax incentives?

No, a net minimum, just as I'd like to see with personal income taxes. For example, a personal effective tax rate for the 39.6% margin might have a 20% or 25% minimum.
.

The effective rate of the average middle class person is 16% - 18%. Why would you want to raise their tax?

 

[OnePercenter]

Walmart reported pre-tax income of $25.7B for its fiscal year ended 1/31/2013; it recognized $8B of income tax expense. That's 31% of its profit going to income taxes, in addition to all of the payroll, property, and sales taxes it pays. Of course, that's not enough for moonbats such as yourself. And its far higher than 2%.

Walmarts effective tax for 2013 is actually 1.7%.

Where did you get that from?

The numbers that are being quoted by others here - the $8 billion - aren't actually the taxes paid. That is for taxes expensed, which isn't the same thing as taxes actually paid. Taxes expensed includes deferred taxes.

However, on the 10-K filing Walmart made to the SEC, it says they paid $7.3 billion, which isn't 1.7% of profits.

You can see the 10-K here. Under "Groupings Filter" hit "Annual Filings." It is at the bottom of the Cash Flow Statement on page 70 of the pdf.

Walmart Corporate - Information for Walmart Investors: SEC Filings

7.98B ÷ 469.16B = 0.017

Effective Tax Rate Definition | Investopedia

 

[kaz]

Walmarts effective tax for 2013 is actually 1.7%.

You need a new calculator. 8/25.7 isn't 1.7%.

So out of curiousity, exactly how much do you think the poor people who shop at Walmart should pay for Walmart's corporate taxes exactly? You realize it's built into the price of the product, just like every other cost Walmart has. Your being a "onepercenter" and all you must know basic business principles...

You need a new calculator. 8/25.7 isn't 1.7%.

So out of curiousity, exactly how much do you think the poor people who shop at Walmart should pay for Walmart's corporate taxes exactly? You realize it's built into the price of the product, just like every other cost Walmart has. Your being a "onepercenter" and all you must know basic business principles...

You realize this "onepercenter" guy is the one who thinks he got away with an effective tax of less than 2% on over a million in revenue right? He's the one that thinks he should have been forced to pay corporate taxes on revenue not profit. But now it's starting to look like the lie was based on some dumb ass libtard article about Walmart. Apparently "onepercenter" thinks he wall-mart.

Here ya go!

Effective Tax Rate Definition | Investopedia

You didn't read that, did you? It said you are wrong...

"For corporations, the effective tax rate is computed by dividing total tax expenses by the firm's earnings before taxes. "

Apparently you think "earnings" refer to revenue, it actually refers to profit. You just proved the calculation showing that you're wrong to be correct.

Liberalism, stupidity you can't even make up.

You're obviously not a "onepercenter" unless you inherited the money.

 

[RKMBrown]

You need a new calculator. 8/25.7 isn't 1.7%.

So out of curiousity, exactly how much do you think the poor people who shop at Walmart should pay for Walmart's corporate taxes exactly? You realize it's built into the price of the product, just like every other cost Walmart has. Your being a "onepercenter" and all you must know basic business principles...

You realize this "onepercenter" guy is the one who thinks he got away with an effective tax of less than 2% on over a million in revenue right? He's the one that thinks he should have been forced to pay corporate taxes on revenue not profit. But now it's starting to look like the lie was based on some dumb ass libtard article about Walmart. Apparently "onepercenter" thinks he wall-mart.

Here ya go!

Effective Tax Rate Definition | Investopedia

You didn't read that, did you? It said you are wrong...

"For corporations, the effective tax rate is computed by dividing total tax expenses by the firm's earnings before taxes. "

Apparently you think "earnings" refer to revenue, it actually refers to profit. You just proved the calculation showing that you're wrong to be correct.

Liberalism, stupidity you can't even make up.

You're obviously not a "onepercenter" unless you inherited the money.

Ayup. The guy's completely clueless. Thinks he's supposed to pay income taxes on his basis and deductible expenses. Guy wants to pay corporate income tax on his gasoline... ROFL talk about burning cash.

 

[KevinWestern]

Walmarts effective tax for 2013 is actually 1.7%.

Can you link to the source that's telling you the effective rate was 1.7%?

I've researched Walmart's 2011 & 2012 effective rates and they ranged between approx 27%-33%:
Walmart Blames Sluggish Sales On Taxes, Enjoys Lower Effective Tax Rate - Forbes

I'm very sure your figure is incorrect..

 

[Toro]

Walmarts effective tax for 2013 is actually 1.7%.

Where did you get that from?

The numbers that are being quoted by others here - the $8 billion - aren't actually the taxes paid. That is for taxes expensed, which isn't the same thing as taxes actually paid. Taxes expensed includes deferred taxes.

However, on the 10-K filing Walmart made to the SEC, it says they paid $7.3 billion, which isn't 1.7% of profits.

You can see the 10-K here. Under "Groupings Filter" hit "Annual Filings." It is at the bottom of the Cash Flow Statement on page 70 of the pdf.

Walmart Corporate - Information for Walmart Investors: SEC Filings

7.98B ÷ 469.16B = 0.017

Effective Tax Rate Definition | Investopedia

469.16 billion is what?

 

[KevinWestern]

Where did you get that from?

The numbers that are being quoted by others here - the $8 billion - aren't actually the taxes paid. That is for taxes expensed, which isn't the same thing as taxes actually paid. Taxes expensed includes deferred taxes.

However, on the 10-K filing Walmart made to the SEC, it says they paid $7.3 billion, which isn't 1.7% of profits.

You can see the 10-K here. Under "Groupings Filter" hit "Annual Filings." It is at the bottom of the Cash Flow Statement on page 70 of the pdf.

Walmart Corporate - Information for Walmart Investors: SEC Filings

7.98B ÷ 469.16B = 0.017

Effective Tax Rate Definition | Investopedia

469.16 billion is what?

Wait a second, did he come up with that number by his own division?

I was doing some research and Walmart is often cited as a corporation that generally pays a lot in taxes, and they never get down to a 2% rate. This info wasn't hard to find on google.

 

[Mac1958]

A minimum with tax incentives?

No, a net minimum, just as I'd like to see with personal income taxes. For example, a personal effective tax rate for the 39.6% margin might have a 20% or 25% minimum.
.

The effective rate of the average middle class person is 16% - 18%. Why would you want to raise their tax?

Where did I say I wanted to do that?

Precisely?

.

 

[Uncensored2008]

Of course they do. as do most individuals as well.
As taxpayers, what's the fist thing we do when we look at a form 1040? Deductions.
Even the limousine liberals in Hollywood and among the so called leftist elite have armies of tax accountants pouring through their clients' records looking for every single deduction and loophole they can find. Many people stretch and even violate tax law to avoid paying taxes which they legitimately owe.
I am sick and tired of people like one percenter and other USMB leftists screeching like banshees about jacking up taxes when they themselves invariably will take deductions to which they are not entitled. That applies especially to their heroes on the left like democrat members of Congress and the Hollywood leftist elite.

In all fairness, Onepercenter doesn't take deductions. He does a 1040EZ and checks the EIC box to get his free money.

 

[Uncensored2008]

Seriously, if you are running your own business and intend to make your living off of it or employee other people hire an accountant. You will also want a lawyer.

Most business that is beyond a simple sole proprietorship seeks to limit personal liability through an LLC or LLP. Running business funds through personal finances is simple, but you risk incurring liability for torts caused by the business.

 

[Uncensored2008]

7.98B ÷ 469.16B = 0.017

Effective Tax Rate Definition | Investopedia

You are truly an ignorant buffoon.

Look up what EBITDA is in investopedia. See if the definition helps explain why your posts reveal that you have not a hint of a clue how business nor finance works....

 

[Toro]

On the 10-K, Walmart's pre-tax income was $25 billion. Thus, their effective tax rate is ($7.3 / $25) 29.2%.