End of corporate tax breaks for jets?

[BoilerUP]

The corporate tax rate doesn't matter when loop holes and massive breaks negate said rate.

Loopholes...Massive tax brakes...

I'm not sure those mean what you think they mean.

That having been said, I'm all for a major overhaul of the tax code. Simplifying the way personal and corporate taxes are calculated and paid would be a major benefit for government, industry, and individuals of all incomes. We could slash the size of the IRS, reducing the size and cost of government, and its entirely possible more revenues would be collected.

I'm personally for abolishing the progressive income tax and implementing a national consumption (sales) tax in its place, with exemptions on groceries and possible rebates for the lowest of earners.

 

[gunfyter]

The way to get rid of the loop holes ... is make the Corporate tax rate ZERO!

 

[BushTheIdiot]

The way to get rid of the loop holes ... is make the Corporate tax rate ZERO!

Laissez faire capitalism, nice!

 

[gunfyter]

Laissez faire capitalism, nice!

Absolutely. Austrian Economics. Like Visine, gets the Red out.

 

[tomgoodman]

Who really pays?

Question: How do you prevent corporations from simply adding the income tax they do pay to the price of their product or service? That just passes the cost on to consumers, in the form of a regressive sales tax.

 

[gunfyter]

Businesses always recover costs. Another reason for the Fair Tax....

 

[stupidpilot]

You realize the US has the second highest corporate tax rate in the world behind Japan...right?

Not for long. Japan is about to reduce theirs.

 

[Sparse]

This is a good thing and is not "anti-rich", it is only anti-corruption. It is time to stop corporate abuse of the tax code through endless loopholes. Corporations need to pay their share.

I have a question. Where do corperations get the money to pay taxes?

 

[brokeflyer]

I have a question. Where do corperations get the money to pay taxes?

by screwing their employees outta pay and benefits.

 

[Jack Campbell]

.....

 

[G4dude]

Loopholes...Massive tax brakes...

I'm not sure those mean what you think they mean.

That having been said, I'm all for a major overhaul of the tax code. Simplifying the way personal and corporate taxes are calculated and paid would be a major benefit for government, industry, and individuals of all incomes. We could slash the size of the IRS, reducing the size and cost of government, and its entirely possible more revenues would be collected.

I'm personally for abolishing the progressive income tax and implementing a national consumption (sales) tax in its place, with exemptions on groceries and possible rebates for the lowest of earners.

Flat 10 percent tax, no loopholes, and ZERO corporate tax, ZERO capital gains tax. The economy would grow tremendously, would bring back hundreds of billions of dollars that have been languishing overseas, dramatically reducing the need for government poverty programs. Boiler and Guns are absolutely brilliant! And probably superior pilots as well.

 

[G4dude]

I have a question. Where do corperations get the money to pay taxes?

From higher prices to consumers! Which reduces demand, which undervalues the stock, which slows the company's growth, which raises unemployment, which necessitates more government poverty programs, which raise taxes and further slow the economy, which necessitate more government poverty programs, which drive up the deficit, which increase the debt, which raise bond rates, which increase debt payments more, which pressure the loan markets, which further constrict the economy, etc. Ain't this fun?

 

[gunfyter]

• Buffett: Debt ceiling debate is playing with fire - CNBC

 

[SCT]

Here is Buffett's take on the corporate jet/ class warfare debate:
http://www.youtube.com/watch?v=CGjWwYacy-U

 

[G4dude]

You realize the US has the second highest corporate tax rate in the world behind Japan...right?

With regards to this issue and business aircraft, there are no "tax loopholes" despite what President Obama would have you believe from his presser...its simply a discussion of depreciation schedules (current 5 year schedule vs. Obama's desire for a 7 year schedule).

Obama himself championed accelerated depreciation of capital assets (to include aircraft) in the Small Business Jobs Act of 2010...because accelerated depreciation has proven over time that it helps businesses make investments in equipment, which helps maintain & create jobs. Now, because its politically convenient with regards to debt ceiling/spending discussions and he thinks he can stoke populist outrage against the wealthy, he starts talking about something that simply doesn't exist (six times, by the way).

By the way, I believe Japan is in the process of reducing its corporate rate to one which is lower than ours. Bad news for the US.