The Trump Presidency

[vox_mundi]

60 Fortune 500 Companies Avoided All Federal Income Tax in 2018 Under New Tax Law
https://itep.org/60-fortune-500-companies-avoided-all-federal-income-tax-in-2018-under-new-tax-law/

An in-depth analysis of Fortune 500 companies’ financial filings finds that at least 60 of the nation’s biggest corporations didn’t pay a dime in federal income taxes in 2018 on a collective $79 billion in profits, the Institute on Taxation and Economic Policy said today.

If these companies paid the statutory 21 percent federal tax rate, they would owe $16.4 billion in federal income taxes. Instead, they collectively received $4.3 billion in rebates.

http://www.itep.org/notadime

https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

---------------------------------------

[interstitial]

it is the republican welfare for the rich program. The more you make the more you get.

[vox_mundi]

[LeftyLarry]

60 Fortune 500 Companies Avoided All Federal Income Tax in 2018 Under New Tax Law
https://itep.org/60-fortune-500-companies-avoided-all-federal-income-tax-in-2018-under-new-tax-law/

An in-depth analysis of Fortune 500 companies’ financial filings finds that at least 60 of the nation’s biggest corporations didn’t pay a dime in federal income taxes in 2018 on a collective $79 billion in profits, the Institute on Taxation and Economic Policy said today.

If these companies paid the statutory 21 percent federal tax rate, they would owe $16.4 billion in federal income taxes. Instead, they collectively received $4.3 billion in rebates.

http://www.itep.org/notadime

https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

---------------------------------------

How silly!

Accelerated depreciation, is exactly that.

In order to run a business you need to buy machinery & equipment, Real Estate etc. etc.
It’s only fair to allow those Investments in your business which create jobs and wealth for all to be depreciated as they get older, worn out and used up.

The tax code allowed for accelerated depreciation , under certain conditions and you get huge tax savings upfront, Instead of over the normal depreciation term.

So, you save the taxes upfront but you don’t have any depreciation left for the following years , so , you pay more in the future than you would had you not gone for the accelerated depreciation.
Additionally, if you sell the property and or machinery and equipment, there is a recapture of a portion of the depreciation and the company pays the tax savings back.

The idea is to return as much of the cost of that declining asset as possible to the company as soon as possible, so they can continue to grow, buy equipment ,  add jobs and wealth.

Again, the content is true but there’s no context.

Additionally, though corporate taxes were lower, overall the U.S. treasury collected more taxes which is the whole point.
Cut taxes and regulations and the economy picks up , more are employed more are making money and more pay taxes.It worked!

[Rodius]

60 Fortune 500 Companies Avoided All Federal Income Tax in 2018 Under New Tax Law
https://itep.org/60-fortune-500-companies-avoided-all-federal-income-tax-in-2018-under-new-tax-law/

An in-depth analysis of Fortune 500 companies’ financial filings finds that at least 60 of the nation’s biggest corporations didn’t pay a dime in federal income taxes in 2018 on a collective $79 billion in profits, the Institute on Taxation and Economic Policy said today.

If these companies paid the statutory 21 percent federal tax rate, they would owe $16.4 billion in federal income taxes. Instead, they collectively received $4.3 billion in rebates.

http://www.itep.org/notadime

https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

---------------------------------------

How silly!

Accelerated depreciation, is exactly that.

In order to run a business you need to buy machinery & equipment, Real Estate etc. etc.
It’s only fair to allow those Investments in your business which create jobs and wealth for all to be depreciated as they get older, worn out and used up.

The tax code allowed for accelerated depreciation , under certain conditions and you get huge tax savings upfront, Instead of over the normal depreciation term.

So, you save the taxes upfront but you don’t have any depreciation left for the following years , so , you pay more in the future than you would had you not gone for the accelerated depreciation.
Additionally, if you sell the property and or machinery and equipment, there is a recapture of a portion of the depreciation and the company pays the tax savings back.

The idea is to return as much of the cost of that declining asset as possible to the company as soon as possible, so they can continue to grow, buy equipment ,  add jobs and wealth.

Again, the content is true but there’s no context.

Additionally, though corporate taxes were lower, overall the U.S. treasury collected more taxes which is the whole point.
Cut taxes and regulations and the economy picks up , more are employed more are making money and more pay taxes.It worked!

So, it is corporate welfare but only if you are super big.

[interstitial]

60 Fortune 500 Companies Avoided All Federal Income Tax in 2018 Under New Tax Law
https://itep.org/60-fortune-500-companies-avoided-all-federal-income-tax-in-2018-under-new-tax-law/

An in-depth analysis of Fortune 500 companies’ financial filings finds that at least 60 of the nation’s biggest corporations didn’t pay a dime in federal income taxes in 2018 on a collective $79 billion in profits, the Institute on Taxation and Economic Policy said today.

If these companies paid the statutory 21 percent federal tax rate, they would owe $16.4 billion in federal income taxes. Instead, they collectively received $4.3 billion in rebates.

http://www.itep.org/notadime

https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

---------------------------------------

How silly!

Accelerated depreciation, is exactly that.

In order to run a business you need to buy machinery & equipment, Real Estate etc. etc.
It’s only fair to allow those Investments in your business which create jobs and wealth for all to be depreciated as they get older, worn out and used up.

The tax code allowed for accelerated depreciation , under certain conditions and you get huge tax savings upfront, Instead of over the normal depreciation term.

So, you save the taxes upfront but you don’t have any depreciation left for the following years , so , you pay more in the future than you would had you not gone for the accelerated depreciation.
Additionally, if you sell the property and or machinery and equipment, there is a recapture of a portion of the depreciation and the company pays the tax savings back.

The idea is to return as much of the cost of that declining asset as possible to the company as soon as possible, so they can continue to grow, buy equipment ,  add jobs and wealth.

Again, the content is true but there’s no context.

Additionally, though corporate taxes were lower, overall the U.S. treasury collected more taxes which is the whole point.
Cut taxes and regulations and the economy picks up , more are employed more are making money and more pay taxes.It worked!

Multi billionaires and corporations often pay less taxes than a homeless person. How does that make sense?

[interstitial]

Economic numbers only portray how much is produced by the entire economy.  Everyone including companies and rich people benefit from services that governments provide. If a company or rich person pays less taxes they shift the burden to everyone else who does pay taxes. I pay higher taxes or receive less services. If I have to work three full time jobs to feed myself instead of one my economic output has tripled. The economy gets credit for all the work I do even if I do not.


When the rich get a tax break the economy improves. What that really means is you have redistributed wealth from those who have less to those who have more.

[kassy]

Anyway, we desperately need wealth redistribution. And before anyone starts yelling something about Joseph Stalin, here’s the part that’s going to blow your mind — in the United States we’ve already had wealth redistribution for decades.

Fifty trillion dollars has been redistributed from the poorest Americans to the top one percent over the past several decades. That’s right, a new study shows the richest people in the world have stolen trillions from average Americans. To put this in easier to access terms — you know how mad you get when someone takes the last donut? Well, imagine that multiplied by 50 trillion. (Quick reminder: If you make $40,000 a year, it would take you 1.25 Billion years to make $50 trillion.)

The new study reveals, “…that the cumulative tab for our four-decade-long experiment in radical inequality has grown to over $47 trillion from 1975 through 2018. At a recent pace of about $2.5 trillion a year, that number we estimate crossed the $50 trillion mark by early 2020.”

And to be clear, this money has been stolen from nearly every American. Had income distribution and buying power remained the same as it was from the end of World War II to 1975, ” . . . the aggregate annual income of Americans earning below the 90th percentile would have been $2.5 trillion higher in the year 2018 alone. That is … enough to pay every single working American in the bottom nine deciles an additional $1,144 a month. Every month. Every single year.”

https://www.counterpunch.org/2021/02/26/its-time-for-major-wealth-redistribution-yes-i-mean-it/

[Rodius]

Anyway, we desperately need wealth redistribution. And before anyone starts yelling something about Joseph Stalin, here’s the part that’s going to blow your mind — in the United States we’ve already had wealth redistribution for decades.

Fifty trillion dollars has been redistributed from the poorest Americans to the top one percent over the past several decades. That’s right, a new study shows the richest people in the world have stolen trillions from average Americans. To put this in easier to access terms — you know how mad you get when someone takes the last donut? Well, imagine that multiplied by 50 trillion. (Quick reminder: If you make $40,000 a year, it would take you 1.25 Billion years to make $50 trillion.)

The new study reveals, “…that the cumulative tab for our four-decade-long experiment in radical inequality has grown to over $47 trillion from 1975 through 2018. At a recent pace of about $2.5 trillion a year, that number we estimate crossed the $50 trillion mark by early 2020.”

And to be clear, this money has been stolen from nearly every American. Had income distribution and buying power remained the same as it was from the end of World War II to 1975, ” . . . the aggregate annual income of Americans earning below the 90th percentile would have been $2.5 trillion higher in the year 2018 alone. That is … enough to pay every single working American in the bottom nine deciles an additional $1,144 a month. Every month. Every single year.”

https://www.counterpunch.org/2021/02/26/its-time-for-major-wealth-redistribution-yes-i-mean-it/

Just enough to pay a monthly universal basic income.

[LeftyLarry]

Anyway, we desperately need wealth redistribution. And before anyone starts yelling something about Joseph Stalin, here’s the part that’s going to blow your mind — in the United States we’ve already had wealth redistribution for decades.

Fifty trillion dollars has been redistributed from the poorest Americans to the top one percent over the past several decades. That’s right, a new study shows the richest people in the world have stolen trillions from average Americans. To put this in easier to access terms — you know how mad you get when someone takes the last donut? Well, imagine that multiplied by 50 trillion. (Quick reminder: If you make $40,000 a year, it would take you 1.25 Billion years to make $50 trillion.)

The new study reveals, “…that the cumulative tab for our four-decade-long experiment in radical inequality has grown to over $47 trillion from 1975 through 2018. At a recent pace of about $2.5 trillion a year, that number we estimate crossed the $50 trillion mark by early 2020.”

And to be clear, this money has been stolen from nearly every American. Had income distribution and buying power remained the same as it was from the end of World War II to 1975, ” . . . the aggregate annual income of Americans earning below the 90th percentile would have been $2.5 trillion higher in the year 2018 alone. That is … enough to pay every single working American in the bottom nine deciles an additional $1,144 a month. Every month. Every single year.”

https://www.counterpunch.org/2021/02/26/its-time-for-major-wealth-redistribution-yes-i-mean-it/

Just enough to pay a monthly universal basic income.

And allow millions of illegals to come over the borders and apply for it. 

[LeftyLarry]

60 Fortune 500 Companies Avoided All Federal Income Tax in 2018 Under New Tax Law
https://itep.org/60-fortune-500-companies-avoided-all-federal-income-tax-in-2018-under-new-tax-law/

An in-depth analysis of Fortune 500 companies’ financial filings finds that at least 60 of the nation’s biggest corporations didn’t pay a dime in federal income taxes in 2018 on a collective $79 billion in profits, the Institute on Taxation and Economic Policy said today.

If these companies paid the statutory 21 percent federal tax rate, they would owe $16.4 billion in federal income taxes. Instead, they collectively received $4.3 billion in rebates.

http://www.itep.org/notadime

https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

---------------------------------------

How silly!

Accelerated depreciation, is exactly that.

In order to run a business you need to buy machinery & equipment, Real Estate etc. etc.
It’s only fair to allow those Investments in your business which create jobs and wealth for all to be depreciated as they get older, worn out and used up.

The tax code allowed for accelerated depreciation , under certain conditions and you get huge tax savings upfront, Instead of over the normal depreciation term.

So, you save the taxes upfront but you don’t have any depreciation left for the following years , so , you pay more in the future than you would had you not gone for the accelerated depreciation.
Additionally, if you sell the property and or machinery and equipment, there is a recapture of a portion of the depreciation and the company pays the tax savings back.

The idea is to return as much of the cost of that declining asset as possible to the company as soon as possible, so they can continue to grow, buy equipment ,  add jobs and wealth.

Again, the content is true but there’s no context.

Additionally, though corporate taxes were lower, overall the U.S. treasury collected more taxes which is the whole point.
Cut taxes and regulations and the economy picks up , more are employed more are making money and more pay taxes.It worked!

Multi billionaires and corporations often pay less taxes than a homeless person. How does that make sense?

Actually that is impossible, the bottom 25% pays zero taxes and often gets check from the federal government , tax time.
additionally, you are talking about companies defraying taxes , not never paying them, again, I ask, if this were truly a problem how is it the Treasury collected more taxes that year than before the corporations  had their taxes lowered?
they collected more because more people were working, getting raises and bonuses and paying taxes , which was the whole point.
The pie grew in size.
by the way, who are the corporations?
me, you, the average person who owns them, IRA’s, Keogh plans, retirement funds, etc.etc.
About 55% of Americans own stock in Corporations, many, many share in that wealth too through their pension funds and jobs they have that wouldn’t be there if you make our companies less competitive.

Europe, your socialist heaven( soon to be a  nightmare in reality) taxes their corporations at 19.5% less than America AFTER the trump tax changes to make American corporations competitive.
In fact, the worse a countries economy the higher their tax rate on corporations, it’s directly related to being and remaining  poor.

https://taxfoundation.org/publications/corporate-tax-rates-around-the-world/

Just more of your content without context.

[Rodius]

60 Fortune 500 Companies Avoided All Federal Income Tax in 2018 Under New Tax Law
https://itep.org/60-fortune-500-companies-avoided-all-federal-income-tax-in-2018-under-new-tax-law/

An in-depth analysis of Fortune 500 companies’ financial filings finds that at least 60 of the nation’s biggest corporations didn’t pay a dime in federal income taxes in 2018 on a collective $79 billion in profits, the Institute on Taxation and Economic Policy said today.

If these companies paid the statutory 21 percent federal tax rate, they would owe $16.4 billion in federal income taxes. Instead, they collectively received $4.3 billion in rebates.

http://www.itep.org/notadime

https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

---------------------------------------

How silly!

Accelerated depreciation, is exactly that.

In order to run a business you need to buy machinery & equipment, Real Estate etc. etc.
It’s only fair to allow those Investments in your business which create jobs and wealth for all to be depreciated as they get older, worn out and used up.

The tax code allowed for accelerated depreciation , under certain conditions and you get huge tax savings upfront, Instead of over the normal depreciation term.

So, you save the taxes upfront but you don’t have any depreciation left for the following years , so , you pay more in the future than you would had you not gone for the accelerated depreciation.
Additionally, if you sell the property and or machinery and equipment, there is a recapture of a portion of the depreciation and the company pays the tax savings back.

The idea is to return as much of the cost of that declining asset as possible to the company as soon as possible, so they can continue to grow, buy equipment ,  add jobs and wealth.

Again, the content is true but there’s no context.

Additionally, though corporate taxes were lower, overall the U.S. treasury collected more taxes which is the whole point.
Cut taxes and regulations and the economy picks up , more are employed more are making money and more pay taxes.It worked!

Multi billionaires and corporations often pay less taxes than a homeless person. How does that make sense?

Actually that is impossible, the bottom 25% pays zero taxes and often gets check from the federal government , tax time.
additionally, you are talking about companies defraying taxes , not never paying them, again, I ask, if this were truly a problem how is it the Treasury collected more taxes that year than before the corporations  had their taxes lowered?
they collected more because more people were working, getting raises and bonuses and paying taxes , which was the whole point.
The pie grew in size.
by the way, who are the corporations?
me, you, the average person who owns them, IRA’s, Keogh plans, retirement funds, etc.etc.
About 55% of Americans own stock in Corporations, many, many share in that wealth too through their pension funds and jobs they have that wouldn’t be there if you make our companies less competitive.

Europe, your socialist heaven( soon to be a  nightmare in reality) taxes their corporations at 19.5% less than America AFTER the trump tax changes to make American corporations competitive.
In fact, the worse a countries economy the higher their tax rate on corporations, it’s directly related to being and remaining  poor.

https://taxfoundation.org/publications/corporate-tax-rates-around-the-world/

Just more of your content without context.

You seem to think income tax is the only tax..... news flash.... it isnt.

[interstitial]

thanks rodius.
regresive taxes charge higher effective rates to poor and progressive taxes charge higher effective rates to rich.
while sales tax charges the same rate to everyones purchases  a much higher fraction of a poor persons income is subject to this tax so a sales tax ends up being regressive. income taxes  claim to be progressive because a far higher percentage is charged to high income earners. high income earners have much higher tax deductions available too them. Effective income tax is progresive from low to upper middle class incomes. Effective income taxes from middle class to upper class is regressive. Thier are many other taxes and fees. over all taxes end up being slighty regressive for most and exceptionaly low for elites.

[Tom_Mazanec]

Report Hints at Big Change if Trump Runs in 2024
https://www.newser.com/story/303290/if-trump-runs-in-2024-expect-one-big-change.html?utm_source=part&utm_medium=uol&utm_campaign=rss_top

Bloomberg reports former president is talking about ditching Mike Pence

[vox_mundi]

[vox_mundi]

[nadir]

Biden: best not mention the over fifty million affected due to our failure on pressing harder and passing the $15 minimum wage while we were obsessed over Neera Tanden
Kamala: hear hear

[Tor Bejnar]

A person's comment on Electoral-Vote.com:

I wonder if the conservatives complaining about Dr. Seuss being "canceled" will approve of this Seuss cartoon equating "America First" with Nazism:

The image is from 1941-07-08, according to U. of Calif.'s Calisphere.

[vox_mundi]

[gerontocrat]

4 days since the last post on this thread.

Wonderful.

[Tom_Mazanec]

4 days since the last post on this thread.

Wonderful.

Well he has been out of office for a couple months.

[gerontocrat]

4 days since the last post on this thread.

Wonderful.

Well he has been out of office for a couple months.

He has not been out of office - he is the President-in-Exile. merely waiting for the American people to come to their senses (or back out of their senses).

To make sure y'all realise how he, and his Presidency, were the bestest thing that ever happened to the USA, and indeed, the Whole World, the Universe and simply everything, he has written in deathless prose, the official history of his Presidency, which can be found at... https://www.45office.com/about

Unbelievers and Ye of Little faith can, if they wish, read a scurrilous commentary from The Guardian @ https://www.theguardian.com/us-news/2021/mar/30/donald-trump-uses-new-website-rewrite-history-presidency.

I wait for The Onion to comment.

[interstitial]

I still hold out hope he gets thrown in jail. A large number of investigations are pending but some are more likely to result in fines than jail. Georgia officially set up a unit to investigate his election tampering this week.

[vox_mundi]