IRS delays $600 reporting requirement

[RamAirBirds]

Just to clarify "Tax Fraud" and "Falsifying business records" is just that. FRAUD.
This is not a problem with the corporate tax code. It is Fraud. It is not "Corporate Welfare" it is FRAUD. Can't use this as a legit example.
Of course there are many problems in our tax code. As I mentioned the Dave Chapelle Skit on SNL several weeks back he made fun of the 2016 presidential debate when Hillary tried these Tax Dodging lines on Trump and he turned and said "You use the same tax loopholes I do" "They are all legal". The idea of a corporation paying zero tax is another media Lie that gets eaten up. It's like Warren Buffet claiming his Secretary pays more taxes than he does when what is TRUTH is She was taxed at a higher RATE than he was. Remember that talking point scam? What a play on words. His secretary pays INCOME tax because she physically works for her pay. i.e. income. Warren pays tax on Dividends and long term gains i.e. profit from money he invested...no physical labor. If he was taking INCOME from Berkshire he would be taxed at the same rate she is if he paid himself the same amount. The reason Dividend and Long Tern Gain rate is lower is we want to encourage people to invest there money and not just sit on it.
Such a confusing topic it is easy to fool people with these talking points and easy to mislead. Shame on Warren for even making such a blanket statement without clarifying. All on purpose but of course we know which side of the fence he sits on.
All good stuff and nothing is political here, thats the irony. Just hard to watch the same misleading information continue to makes its way around the block over and over again.
Lots to fix in our Country. Lets start with OBJECTIVE TRUTH NOT SUBJECTIVE TRUTH.
Cheers Everyone!
Love the site!

[TMagda]

Another challenge with the code is that GLOBAL income is subject to US tax requiring the inclusion of a complex foreign tax credit mechanism to eliminate double taxation. Oversimplification, but, it is possible for an entity to pay a level of foreign tax on their income, at higher than US rates, that federal income tax is effectively wiped out. Calling that scenario "a corporation paying no tax" is an intentional mischaracterization used to create a talking point.

[dustinm]

You over tax large corporations and they will simply take their factory and corporate office somewhere else... I for one would rather have everything back on US soil.

[roadster]

Originally Posted by dustinm

You over tax large corporations and they will simply take their factory and corporate office somewhere else... I for one would rather have everything back on US soil.

Before they move they will have to pass added costs onto consumer , till they are able to move or are forced out of business .

[black69]

I did not notice this thread until today. I love that the majority of the posts match what I am telling many of my friends that sell and trade bikes and bike parts, or car parts.

First, this tax play is focused on paying for the incentives handed out for the green new deal. How to do that is go after what most that sold things on ebay that could have added up to 20K are now tracked down to $600. Pretty big change. It will hit the middle and little guy. Totally sucks. And that 87000 agents are clearly labeled as NEW, not replacements or backfill. All expansion.

On the fact of corporations not doing their fair share of paying taxes, you have to think it through a bit more. First give them a break as they employ people that pay taxes. Second, if they chose to invest profits into growth, that means more people hired (paying more taxes) and also they use the money to buy land, building, equipment. If they do nothing with that choice, they pay taxes. Most take the path of expansion (my neighbor with a $25M bearing buisness explained this to me, they always reinvest their profits or lose it to taxes). Only a fool opps out of the growth path. In my neighbors case, they took profits recently to buy a bearing buisness in New York that was in need of being managed by a better company. And its all made in America!

My other friend owned part of a buisness and with ALL the regulations (and then add in lock downs) and high taxes recently sold off his tie-wrap buisness to mexico. Yep, keep demonizing American buisnesses with bad mentality (they dont pay enough taxes!) and this is what you can also get.

Great thread. Its going to be an ugly tax year for many, start finding those purchase receipts. And most that get audited will cave if they dont have records that are solid. Easy task for IRS vs companies with lawyers.

[RamAirBirds]

Great Comments black69. Once upon a time a very wise man called this "Trickle Down Economics". This theory works, always has, easy to understand yet it was demonized for years. Hard to believe that somebody cannot understand this basic concept.
Enter our corrupt Media and the Lies get eaten up because people are made to be ANGRY....This is all part of the plan. Anger is the key here.
Another Mark Twain Quote. "If you don't read the Newspapers you are un-informed, If you DO read the Newspapers you are MIS-INFORMED.
Again, hard to believe this goes back over 100 years.
People need to start paying attention and educating themselves.

[69 Post Sedan]

Lots of information here BUT, most can be refuted……but I digress.

I’ll just leave it as, I’ll agree to disagree.

Kurt

[RamAirBirds]

Classic. The MSM only gives people just enough to make you believe but not enough to allow anyone to actually debate. Works for most people as most don't really want to get too deep. This is why we are where we are.
All this is written with respect, love and above all concern for our fellow citizens.

[black69]

Bitter sweet ending to this thread. It’s not political. I brought this up in a Schwinn stingray bike forum and they all got it. I posted part of the infrastructure bill that sited the mentioned changes.

I find it hard to debunk how businesses reduce their reported tax liability with real people I know. Oh well.

Can u point me where the delay of tracking less than $600 info is published?

Bob