End of corporate tax breaks for jets?

[BoilerUP]

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.

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).

 

[wildcard]

I would rather see corprate America have a tax break where they MIGHT hire and create new jobs as apposed to taxing them to death and giving tax dollors to a welfare reciptinit who can by more crack with there money! Unemployment is there to help the needed, Not get a payed vacation from uncle sam. Thats one growning problem with young Americans today it acceptable to ASK what the country can do for ME as apposed to What we can do for our country!

 

[rettofly]

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).

Before you waste any more time responding to waka, just consider the source.

 

[waka]

Before you waste any more time responding to waka, just consider the source.

An ad hominem that has zero to do with the topic. How profound! Such a thing validates that you're a worthy "source"

Run along juvenile delinquent, run along.

 

[waka]

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

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

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).

My comment wasn't specifically directed at business aircraft.

 

[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.