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Liberals: "cORpoRaTionS sHouLD pAy tHeiR fAir sHaRe oF tAxEs!!!"
Liberals: "cORpoRaTionS sHouLD pAy tHeiR fAir sHaRe oF tAxEs!!!"
04-21-2022, 02:09 PM
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#31
- litljay
- Time to Work
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- litljay
- Time to Work
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Originally Posted By mulletwarrior⏩
Top bracket in the US is 37% (federal). How much oftheirincome above $628k do you think the government is entitled to?Yeah not a clear definition. But considering that marginal tax rates, but considering that marginal tax rates stop after 628k joint income, something higher than that obvs, since it is ridiculous to tax dollar 628,001 at the same rate as dollar 1,000,000,001. (Before someone nit picks like French potato above, I’m purposefully keeping this simple).
We are looking at the wrong end of the ledger, IMO. We have a spending problem, especially since we continually spend more than we take in.
You don't have to be great to start, but you have to start to be great.
04-21-2022, 02:25 PM
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#32
- tvr123
- Dungeon gym brah
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- tvr123
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Originally Posted By mulletwarrior⏩
Yeah, not in the US.Lol strong assumptions in your post!
I’m using “corporations” in the colloquial sense to refer to entities taxes as c corps, since most publicly traded companies are taxed as c corps.
I’m not a tax advisor, but seems weird that your lil company wouldn’t be taxed as an s corp or partnership so you can escape the corp level of tax. But there are reasons for this (to “shelter” the owners from tax on phantom income, for example) - your situation def not the standard though. Or maybe your are not in the USA?
In any case, you nit picked at one little thing I wrote to keep the discussion simple — talk about losing the forest for the trees.
I’m using “corporations” in the colloquial sense to refer to entities taxes as c corps, since most publicly traded companies are taxed as c corps.
I’m not a tax advisor, but seems weird that your lil company wouldn’t be taxed as an s corp or partnership so you can escape the corp level of tax. But there are reasons for this (to “shelter” the owners from tax on phantom income, for example) - your situation def not the standard though. Or maybe your are not in the USA?
In any case, you nit picked at one little thing I wrote to keep the discussion simple — talk about losing the forest for the trees.
Didn't realise your tax code is so damn complicated over there.
Over here, at least in the UK, a corp is a corp and subject to corporation tax rates. Sole traders or partnerships are subject to income tax.
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