‘I was the director of the Michigan Republican Party. I will vote for Kamala Harris.’

[+Razman]

1 minute ago, acidhead said:

Which corporate tax breaks and loopholes need to go? 

All of them.

[acidhead]

1 minute ago, Razman said:

All of them.

All tax write offs for business should go? 

Really? 

[+Razman]

1 minute ago, acidhead said:

All tax write offs for business should go? 

Really? 

Well , corporations mainly , not all businesses. I mean realistically there's gonna be some write offs to a point , that covers them in proportion to what it costs them , but anything over the top or allowing them to skirt around taxes doesn't need to be.

[acidhead]

5 minutes ago, Razman said:

Well , corporations mainly , not all businesses. I mean realistically there's gonna be some write offs to a point , that covers them in proportion to what it costs them , but anything over the top or allowing them to skirt around taxes doesn't need to be.

Okay, but which tax breaks are you referring to? Can you name one? 

(Play the Jeopardy theme music) 

😅

Edited October 30, 2024 by acidhead

[Tatetopa]

12 hours ago, Hawken said:

Then you have former democrats like RFK Jr, Tulsi Gabbard, Elon Musk and others that boarded the Trump train. 

Yes indeed.  All for personal gain.  There is principle involved ya think?

[+Razman]

4 minutes ago, acidhead said:

Okay, but which tax breaks are you referring to? Can you name one?

Well the so called 2017 Trillion dollar corporate tax cut down from 35 percent could be one. The one where Trump said it would "trickle down" , so to speak.

Edited October 30, 2024 by Razman

[acidhead]

Just now, Razman said:

Well the so called 2017 Trillion dollar corporate tax cut down from 35 percent could be one.

Really? Trump cut the corporate tax rate from 35% to 21%. Biden hasn't touched it. 

In Canada the corporate tax rate is 15%. 

The US could go lower. 

[+Razman]

Just now, acidhead said:

Really? Trump cut the corporate tax rate from 35% to 21%. Biden hasn't touched it. 

In Canada the corporate tax rate is 15%. 

The US could go lower. 

Time for them to step up and help balance it all out. I think Biden only wanted to bring it up to 28%. I've read some cases where the billionaires have said they are ok with doing more. 

Edited October 30, 2024 by Razman

[+Razman]

6 minutes ago, acidhead said:

Really? Trump cut the corporate tax rate from 35% to 21%. Biden hasn't touched it. 

In Canada the corporate tax rate is 15%. 

The US could go lower. 

I haven't read about Canada's rates in a long while , but i thought there was a bit more to it than just 15% rate. Mostly corporations benefit from the people , consumers. Can't hurt to give back.

Edited October 30, 2024 by Razman

[+Razman]

Yea , part of it is an abatement , where income from outside of Canada is not eligible.

[acidhead]

2 minutes ago, Razman said:

Time for them to step up and help balance it all out. I think Biden only wanted to bring it up to 28%. I've read some cases where the billionaires have said they are ok with doing more. 

That 28% is not happening under Biden. 

As an aside, are you aware many small business are also incorporated? 

I incorporated my small business. Why would I logically pay a higher tax rate as a sole proprietor registered business at anywhere from 20-35% when I can incorporate, declare myself as an expense and pay 15% corporate tax rate here in Canada? I know many people who own small businesses who do this. Call it a loophole. It's protection from unforeseen circumstances. 

[acidhead]

1 minute ago, Razman said:

Yea , part of it is an abatement , where income from outside of Canada is not eligible.

I have no idea what you're saying here. I am Canadian.

[+Razman]

1 minute ago, acidhead said:

I have no idea what you're saying here. I am Canadian.

Line 608 – Federal tax abatement

The federal tax abatement is equal to 10% of taxable income earned in the year in a Canadian province or territory.

The federal tax abatement reduces Part I tax payable. Income earned outside Canada is not eligible for the federal tax abatement.

[+Razman]

Canada's rate starts at 38% , then with abatement and some other provisions , makes it way down to 15%. I think anyway , i'm not an expert on Canada's tax rates. I guess what i'm saying , is it's more complicated than just saying 15%.

Edited October 30, 2024 by Razman

[acidhead]

1 minute ago, Razman said:

Canada's rate starts at 38% , then with abatement and some other provisions , makes it way down to 15%.

No, you're confusing personal income taxes with the federal corporate tax rate in Canada. 

Also, the highest personal income tax bracket for Canada is 33% for those declaring over $210, 371 after exemptions. 

The corporate "investment" tax rate federally is 38.7%.

[acidhead]

38 minutes ago, Razman said:

(snip) but anything over the top or allowing them to skirt around taxes doesn't need to be.

Name one. Something silly even, I'll probably agree with it! Hahaha 

Edited October 30, 2024 by acidhead

[+Razman]

1 minute ago, acidhead said:

No, you're confusing personal income taxes with the federal corporate tax rate in Canada. 

Also, the highest personal income tax bracket for Canada is 33% for those declaring over $210, 371 after exemptions. 

The corporate "investment" tax rate federally is 38.7%.

Yea , it may be , i'm not a pro on your rates , i looked at this Corporation tax guide. 

T2 Corporation – Income Tax Guide – Chapter 7: Page 8 of the T2 return - Canada.ca

[+Razman]

1 minute ago, acidhead said:

Name one. 

When i get some time , i just got home and a lot to do , it's hard to get into a corporate tax at the moment. But i already named one, so.

[acidhead]

3 minutes ago, Razman said:

When i get some time , i just got home and a lot to do , it's hard to get into a corporate tax at the moment. But i already named one, so.

Here, I'll help you out with an expense that certainly falls under suspect company expenses. 

-a Yacht 

Edited October 30, 2024 by acidhead

[+Razman]

17 minutes ago, acidhead said:

That 28% is not happening under Biden. 

As an aside, are you aware many small business are also incorporated? 

I incorporated my small business. Why would I logically pay a higher tax rate as a sole proprietor registered business at anywhere from 20-35% when I can incorporate, declare myself as an expense and pay 15% corporate tax rate here in Canada? I know many people who own small businesses who do this. Call it a loophole. It's protection from unforeseen circumstances. 

In any case , not all corporations are the same , some are smaller some are larger , mainly the larger ones is what i'm referring to. There could be an adjustment accordingly , or the smaller ones could just be left alone.

[+Razman]

7 minutes ago, acidhead said:

Here, I'll help you out with an expense that certainly falls under suspect company expenses. 

-a Yacht 

Yea , i suppose , unless it's being used to transport company goods and not a floating party house . but heck , gotta have vacation for stress relief. I mean even some ways that corporate cards are used could be suspect.

Edited October 30, 2024 by Razman

[+Razman]

Anything considered personal use could be.

[acidhead]

4 minutes ago, Razman said:

In any case , not all corporations are the same , some are smaller some are larger , mainly the larger ones is what i'm referring to. There could be an adjustment accordingly , or the smaller ones could just be left alone.

Wow, we reached common ground! This is my whole point behind the corporate tax rate. Not all incorporated business are equal. This is why some big corporations (billionaires) will openly say they'll gladly accept a higher rate because it will stomp out any competition/the small guy cutting into his business so to speak. 

 

[acidhead]

3 minutes ago, Razman said:

Yea , i suppose , unless it's being used to transport company goods and not a floating party house . but heck , gotta have vacation for stress relief.

Yeah, this is the tricky part. Most of these big ticket items are declared as business expenses yet they're primarily used for personal. 

[+Razman]

2 minutes ago, acidhead said:

Wow, we reached common ground! This is my whole point behind the corporate tax rate. Not all incorporated business are equal. This is why some big corporations (billionaires) will openly say they'll gladly accept a higher rate because it will stomp out any competition/the small guy cutting into his business so to speak. 

 

Yea , in that way , there should be adjustments of some type , not just lumping it all into one .