What’s wrong with America

[sealybobo]

Cutting the rate from 35% to 21% doesn't help a company pay zero.

It must be something else he did.

So, what did he do?

You tell me smarty pants. I get the feeling you know the answer better than I do how this is accomplished. Tell us

 

[sealybobo]

Cutting the rate from 35% to 21% doesn't help a company pay zero.

It must be something else he did.

So, what did he do?

Did you read the article? I'm no accountant but this was interesting

John Deere owed no U.S. taxes in 2018 and reported that it was owed $268 million from the government, after taking into consideration various deductions and credits, according to its annual filing.

At least 60 companies reported that their 2018 federal tax rates amounted to effectively zero, or even less than zero, on income earned on U.S. operations, according to an analysis released today by the Washington, D.C.-based think tank, the Institute on Taxation and Economic Policy. The number is more than twice as many as ITEP found roughly, per year, on average in an earlier, multi-year analysis before the new tax law went into effect.

Among them are household names like technology giant Amazon.com Inc. and entertainment streaming service Netflix Inc., in addition to global oil giant Chevron Corp., pharmaceutical manufacturer Eli Lilly and Co., and farming and commercial equipment manufacturer Deere & Co.

The identified companies were "able to zero out their federal income taxes on $79 billion in U.S. pretax income," according to the ITEP report, which was released today. "Instead of paying $16.4 billion in taxes, as the new 21 percent corporate tax rate requires, these companies enjoyed a net corporate tax rebate of $4.3 billion, blowing a $20.7 billion hole in the federal budget last year."

 

[Toddsterpatriot]

You tell me smarty pants. I get the feeling you know the answer better than I do how this is accomplished. Tell us

Of course, I do. You're a typical leftist moron.

 

[sealybobo]

Cutting the rate from 35% to 21% doesn't help a company pay zero.

It must be something else he did.

So, what did he do?

Let me break it down for you

The identified companies were "able to zero out their federal income taxes on $79 billion in U.S. pretax income. "Instead of paying $16.4 billion in taxes, as the new 21 percent corporate tax rate requires, these companies enjoyed a net corporate tax rebate of $4.3 billion, blowing a $20.7 billion hole in the federal budget last year."

So before they would have paid us $16 bill. After Trump's tax bill we paid them $4 billion.

If Trump ran the country like a business it was a non profit. LOL

 

[Toddsterpatriot]

Did you read the article? I'm no accountant but this was interesting

John Deere owed no U.S. taxes in 2018 and reported that it was owed $268 million from the government, after taking into consideration various deductions and credits, according to its annual filing.

At least 60 companies reported that their 2018 federal tax rates amounted to effectively zero, or even less than zero, on income earned on U.S. operations, according to an analysis released today by the Washington, D.C.-based think tank, the Institute on Taxation and Economic Policy. The number is more than twice as many as ITEP found roughly, per year, on average in an earlier, multi-year analysis before the new tax law went into effect.

Among them are household names like technology giant Amazon.com Inc. and entertainment streaming service Netflix Inc., in addition to global oil giant Chevron Corp., pharmaceutical manufacturer Eli Lilly and Co., and farming and commercial equipment manufacturer Deere & Co.

The identified companies were "able to zero out their federal income taxes on $79 billion in U.S. pretax income," according to the ITEP report, which was released today. "Instead of paying $16.4 billion in taxes, as the new 21 percent corporate tax rate requires, these companies enjoyed a net corporate tax rebate of $4.3 billion, blowing a $20.7 billion hole in the federal budget last year."

after taking into consideration various deductions and credits

Yes!

So, what are the specifics?

I'm no accountant

No fucking kidding.

 

[sealybobo]

Of course, I do. You're a typical leftist moron.

Then you aren't telling us the dirty secrets of how corporations avoid paying taxes. And it's all legal cause trump made it so.

You like it too. You don't think corporations should pay taxes. Right?

 

[initforme]

If a company sends jobs overseas why not have them rescind their american ties? Labor has always been cheap in america.

 

[Toddsterpatriot]

Then you aren't telling us the dirty secrets of how corporations avoid paying taxes. And it's all legal cause trump made it so.

You like it too. You don't think corporations should pay taxes. Right?

It's a secret? Or you're too dumb to figure it out?

 

[sealybobo]

after taking into consideration various deductions and credits

Yes!

So, what are the specifics?

I'm no accountant

No fucking kidding.

What you are is an excuse maker. You provide cover for the rich. Either you're rich or a house slave. Or a racist idiot who loves his guns so he goes along even though it doesn't benefit you.

 

[sealybobo]

It's a secret? Or you're too dumb to figure it out?

It also shows the media isn't liberal because if it were, we'd all know this was going on.

 

[Toddsterpatriot]

What you are is an excuse maker. You provide cover for the rich. Either you're rich or a house slave. Or a racist idiot who loves his guns so he goes along even though it doesn't benefit you.

And you're a whiney, liberal moron. But I repeat myself.

 

[Toddsterpatriot]

It also shows the media isn't liberal because if it were, we'd all know this was going on.

Go to one of your whiney liberal sources and get the real answer.

 

[marvin martian]

Yea yea. Right wing spin. It's like saying Republicans are the party for civil rights. It's laughable.

You guys cry about 1Soros. What about the 1000 Harlan Crows? Huh?

Yup. You're still supporting these guys:

 

[Mac-7]

Okay find but then that would account for why their pay went up 600% and ours 36%. But their pay went up 1200% and ours only 18%. Since 1978.

I would call it a case of supply and demand

There are hundreds of thousands of common schmo’s like us for every one of them who mske it to the top

That does not mean they are all superior or even worth a damn

The CEO’s of Ford and GM for instance are born fools who are driving their companies into bankruptcy

But they were nevertheless willing to do prerequisite bullshit that put them in a position to be the boss whether they deserve it on merit or not

 

[Grumblenuts]

Cutting the rate from 35% to 21% doesn't help a company pay zero.

Of course it does.

 

[Toddsterpatriot]

Of course it does.

Ok.

A company makes $1 billion.

How did the cut from 35% to 21% help them pay $0?

Walk thru the steps.

 

[Harpy Eagle]

Ok.

A company makes $1 billion.

How did the cut from 35% to 21% help them pay $0?

Walk thru the steps.

If you are paying 35% it takes a lot more "write offs" to get to zero than if you paying only 21%

 

[Toddsterpatriot]

If you are paying 35% it takes a lot more "write offs" to get to zero than if you paying only 21%

Show your evidence.

 

[psikeyhackr]

We’ve been bitching about the 1%. Even their wealth hasn’t gone up this much.

Strong case for why unions are important.

Net Worth and Income are two different things.
Why haven't advocated for mandatory accounting in the schools ?

 

[Grumblenuts]

Show your evidence.

Obvious facts require no evidence. They are obvious. You need to demonstrate why anyone should ever take you seriously.

Depreciation is calculated by subtracting the asset's salvage value or resale value from its original cost. The difference between the cost of the asset and salvage value is divided by the useful life of the asset. If a truck has a useful life of 10 years, costs $100,000, and has a salvage value of $10,000, the depreciation expense is calculated as $100,000 minus $10,000 divided by 10, or $9,000 per year. In other words, instead of writing off the entire amount of the asset, capitalized business assets are only expensed by a fraction of the full cost each year.

Joe Blow's Roofing & Siding, LLC nets a million dollars taxable income. They own a building with a big parking lot, three trucks, some leftover inventory, some machinery, and various tools. The building has been in the family for decades so can no longer be depreciated for tax purposes. The three trucks are new, three years old and six years old. Say they all cost $100,000 as in the example above. Joe Blow reports a salvage value of $10,000 and writes off $9,000 per year for each. $27,000 total.

Before deductions:
At 35% Joe owes 1 $million x 0.35 = $350,000
At 21% Joe owes 1 $million x 0.21 = $210,000
"How did the cut from 35% to 21% help them pay $0?"
Duh! Joe did nothing and is already $140,000 closer to paying no tax.
Joe deducts his $27,000 in depreciation. Now only owes $183,000.
Joe buys another new truck and easily deducts the rest as employee and insurance expenses, paying zero federal tax.