Loophole? Thees ain no steenkin' loophole.
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Lawmakers from paper-producing states vowed Thursday to save a tax credit loophole that has provided an unintended multibillion-dollar windfall to paper companies. ... The tax credits were never intended for paper companies, but now they could be worth more than $3 billion a year, according to a congressional estimate. Sen. Max Baucus, chairman of the Senate Finance Committee, said he wants to make sure they are not renewed for paper companies. ... Sen. Olympia Snowe, R-Maine, called the credit a 'lifeline' for a struggling industry. 'We should be doing everything we can to salvage this industry,' Snowe said. NY Times (free reg req'd)[^]
One states 'loophole' is another states 'lifeline'.
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Lawmakers from paper-producing states vowed Thursday to save a tax credit loophole that has provided an unintended multibillion-dollar windfall to paper companies. ... The tax credits were never intended for paper companies, but now they could be worth more than $3 billion a year, according to a congressional estimate. Sen. Max Baucus, chairman of the Senate Finance Committee, said he wants to make sure they are not renewed for paper companies. ... Sen. Olympia Snowe, R-Maine, called the credit a 'lifeline' for a struggling industry. 'We should be doing everything we can to salvage this industry,' Snowe said. NY Times (free reg req'd)[^]
One states 'loophole' is another states 'lifeline'.
Wouldn't it be cool if all tax credits, exemptions, exclusions, etc. were eliminated for businesses and people? We wouldn't need a flat tax but we could probably institute one at the same time, not collect taxes from anyone who made less than $20,000 and eliminate 80% of the IRS workers at the same time. You made $40,000 - send $4,000 by April 15 You made $100,000 - send $10,000 by April 15 You made $5,000,000 - send $500,000 by April 15 You are Bill Gates - send $8,390,0490,027 by April 15 and we don't give a crap how much you gave to your foundation.
Jon Smith & Wesson: The original point and click interface Both democrats and republicans are playing for the same team and it's not us. - Chris Austin
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Wouldn't it be cool if all tax credits, exemptions, exclusions, etc. were eliminated for businesses and people? We wouldn't need a flat tax but we could probably institute one at the same time, not collect taxes from anyone who made less than $20,000 and eliminate 80% of the IRS workers at the same time. You made $40,000 - send $4,000 by April 15 You made $100,000 - send $10,000 by April 15 You made $5,000,000 - send $500,000 by April 15 You are Bill Gates - send $8,390,0490,027 by April 15 and we don't give a crap how much you gave to your foundation.
Jon Smith & Wesson: The original point and click interface Both democrats and republicans are playing for the same team and it's not us. - Chris Austin
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Wouldn't it be cool if all tax credits, exemptions, exclusions, etc. were eliminated for businesses and people? We wouldn't need a flat tax but we could probably institute one at the same time, not collect taxes from anyone who made less than $20,000 and eliminate 80% of the IRS workers at the same time. You made $40,000 - send $4,000 by April 15 You made $100,000 - send $10,000 by April 15 You made $5,000,000 - send $500,000 by April 15 You are Bill Gates - send $8,390,0490,027 by April 15 and we don't give a crap how much you gave to your foundation.
Jon Smith & Wesson: The original point and click interface Both democrats and republicans are playing for the same team and it's not us. - Chris Austin
That sounds nice, but I am all for tax deductions for charity. It's a way for the government to say 'if you as a person value a charity enough to give it money, then we recognise that your decision is an indication that this charity is worthy of support, so we'll support it too'. It seems a far more likely to work system than the government not supporting charity at all ( which I would oppose ), or supporting it through some sort of special fund and a committee that decides who gets what.
Christian Graus Driven to the arms of OSX by Vista. "I am new to programming world. I have been learning c# for about past four weeks. I am quite acquainted with the fundamentals of c#. Now I have to work on a project which converts given flat files to XML using the XML serialization method" - SK64 ( but the forums have stuff like this posted every day )
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But how then would our rulers control our behavior and mold us into the people we ought to be?
The media? Religion, war, you name it.
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Wouldn't it be cool if all tax credits, exemptions, exclusions, etc. were eliminated for businesses and people? We wouldn't need a flat tax but we could probably institute one at the same time, not collect taxes from anyone who made less than $20,000 and eliminate 80% of the IRS workers at the same time. You made $40,000 - send $4,000 by April 15 You made $100,000 - send $10,000 by April 15 You made $5,000,000 - send $500,000 by April 15 You are Bill Gates - send $8,390,0490,027 by April 15 and we don't give a crap how much you gave to your foundation.
Jon Smith & Wesson: The original point and click interface Both democrats and republicans are playing for the same team and it's not us. - Chris Austin
Oakman wrote:
Wouldn't it be cool if all tax credits, exemptions, exclusions, etc. were eliminated for businesses
This wouldn't work for businesses. If I couldn't deduct the salary I paid my employees, why would I ever hire anyone? What needs to be eliminated is credits, exemptions, exclusions, etc. that were a) politically granted or b) unncessary for regular and customary business operations. Aside from that, I'd be all for a flat income tax of 10% on all income from all sources. Social Security and Medicare taxes don't fall under a discussion of income tax but there are changes to them that should be looked in to.
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Oakman wrote:
Wouldn't it be cool if all tax credits, exemptions, exclusions, etc. were eliminated for businesses
This wouldn't work for businesses. If I couldn't deduct the salary I paid my employees, why would I ever hire anyone? What needs to be eliminated is credits, exemptions, exclusions, etc. that were a) politically granted or b) unncessary for regular and customary business operations. Aside from that, I'd be all for a flat income tax of 10% on all income from all sources. Social Security and Medicare taxes don't fall under a discussion of income tax but there are changes to them that should be looked in to.
Ed Gadziemski wrote:
I'd be all for a flat income tax of 10% on all income from all sources.
something Putin found works quite well, however, we prefer social engineering via the 60,000 pages of the tax code.
Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.
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That sounds nice, but I am all for tax deductions for charity. It's a way for the government to say 'if you as a person value a charity enough to give it money, then we recognise that your decision is an indication that this charity is worthy of support, so we'll support it too'. It seems a far more likely to work system than the government not supporting charity at all ( which I would oppose ), or supporting it through some sort of special fund and a committee that decides who gets what.
Christian Graus Driven to the arms of OSX by Vista. "I am new to programming world. I have been learning c# for about past four weeks. I am quite acquainted with the fundamentals of c#. Now I have to work on a project which converts given flat files to XML using the XML serialization method" - SK64 ( but the forums have stuff like this posted every day )
Christian Graus wrote:
tax deductions for charity
Trouble is, you have just given the government the power to decide which charities are worthy of being given to.
Christian Graus wrote:
supporting it through some sort of special fund and a committee that decides who gets what.
I ran a not-for-profit for awhile (back in the '80's so my experience is probably out of date) and the foofarah we went through to get 501c3 status was a pain in the ass but very worth it, because then we could pay people with money that would have otherwise gone to pay our taxes, to write grant proposals to the government for money which they gave us from taxes they collected which we could combine with money given to us from people who then wouldn't have to pay taxes on it, and then use the aggregate to pay my salary. Is that what you had in mind?
Jon Smith & Wesson: The original point and click interface Both democrats and republicans are playing for the same team and it's not us. - Chris Austin
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Oakman wrote:
Wouldn't it be cool if all tax credits, exemptions, exclusions, etc. were eliminated for businesses
This wouldn't work for businesses. If I couldn't deduct the salary I paid my employees, why would I ever hire anyone? What needs to be eliminated is credits, exemptions, exclusions, etc. that were a) politically granted or b) unncessary for regular and customary business operations. Aside from that, I'd be all for a flat income tax of 10% on all income from all sources. Social Security and Medicare taxes don't fall under a discussion of income tax but there are changes to them that should be looked in to.
Ed Gadziemski wrote:
If I couldn't deduct the salary I paid my employees, why would I ever hire anyone?
I was thinking net income, sorry.
Jon Smith & Wesson: The original point and click interface Both democrats and republicans are playing for the same team and it's not us. - Chris Austin
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Oakman wrote:
Wouldn't it be cool if all tax credits, exemptions, exclusions, etc. were eliminated for businesses
This wouldn't work for businesses. If I couldn't deduct the salary I paid my employees, why would I ever hire anyone? What needs to be eliminated is credits, exemptions, exclusions, etc. that were a) politically granted or b) unncessary for regular and customary business operations. Aside from that, I'd be all for a flat income tax of 10% on all income from all sources. Social Security and Medicare taxes don't fall under a discussion of income tax but there are changes to them that should be looked in to.
Ed Gadziemski wrote:
Social Security and Medicare taxes don't fall under a discussion of income tax but there are changes to them that should be looked in to.
Yep, no upper bounds. Allow the flat tax apply to it as well. So those making 1,000,000 are paying into it on a percentage basis as the rest of us who make less than 100,000. Excellent idea! And it is an income tax.
This statement is false
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Ed Gadziemski wrote:
Social Security and Medicare taxes don't fall under a discussion of income tax but there are changes to them that should be looked in to.
Yep, no upper bounds. Allow the flat tax apply to it as well. So those making 1,000,000 are paying into it on a percentage basis as the rest of us who make less than 100,000. Excellent idea! And it is an income tax.
This statement is false
Synaptrik wrote:
So those making 1,000,000 are paying into it on a percentage basis as the rest of us who make less than 100,000.
Roll 'em into a single tax calculated to cover the cost of the government. Although S.S. and unemployment started out as if they were going to be independent of taxes, it's been years since the government regarded them as anything but income to be spent immediately.
Jon Smith & Wesson: The original point and click interface Both democrats and republicans are playing for the same team and it's not us. - Chris Austin
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Christian Graus wrote:
tax deductions for charity
Trouble is, you have just given the government the power to decide which charities are worthy of being given to.
Christian Graus wrote:
supporting it through some sort of special fund and a committee that decides who gets what.
I ran a not-for-profit for awhile (back in the '80's so my experience is probably out of date) and the foofarah we went through to get 501c3 status was a pain in the ass but very worth it, because then we could pay people with money that would have otherwise gone to pay our taxes, to write grant proposals to the government for money which they gave us from taxes they collected which we could combine with money given to us from people who then wouldn't have to pay taxes on it, and then use the aggregate to pay my salary. Is that what you had in mind?
Jon Smith & Wesson: The original point and click interface Both democrats and republicans are playing for the same team and it's not us. - Chris Austin
Oakman wrote:
we could pay people with money that would have otherwise gone to pay our taxes, to write grant proposals to the government for money which they gave us from taxes they collected which we could combine with money given to us from people who then wouldn't have to pay taxes on it, and then use the aggregate to pay my salary.
Behind every charity is someone making a very nice living. :laugh:
"Republicans are the party that says government doesn't work and then they get elected and prove it." -- P.J. O'Rourke
I'm a proud denizen of the Real Soapbox[^]
ACCEPT NO SUBSTITUTES!!! -
Oakman wrote:
Wouldn't it be cool if all tax credits, exemptions, exclusions, etc. were eliminated for businesses
This wouldn't work for businesses. If I couldn't deduct the salary I paid my employees, why would I ever hire anyone? What needs to be eliminated is credits, exemptions, exclusions, etc. that were a) politically granted or b) unncessary for regular and customary business operations. Aside from that, I'd be all for a flat income tax of 10% on all income from all sources. Social Security and Medicare taxes don't fall under a discussion of income tax but there are changes to them that should be looked in to.
Ed Gadziemski wrote:
If I couldn't deduct the salary I paid my employees, why would I ever hire anyone?
Don't you only pay tax on profit? :confused:
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Ed Gadziemski wrote:
If I couldn't deduct the salary I paid my employees, why would I ever hire anyone?
Don't you only pay tax on profit? :confused:
Brady Kelly wrote:
Don't you only pay tax on profit?
I'm organized as an LLC. I deduct expenses such as employee wages, cost of goods, advertising, etc. from gross income to reach distributable income. I also pay the employer's portion of social security and medicare for each employee as well as unemployment tax for each employee. The LLC itself pays no tax. Instead, tax is assessed on my personal income. Corporations are taxed differently (C type, that is). They pay tax on net income (profit).