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Thread: GOP Tax Plan

  1. #601
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    Is it true that GE will be cutting 12K jobs? Dang good thing they got tax cuts...could have been 120k lost jobs.

  2. #602
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    Quote Originally Posted by dbroncos78087 View Post
    Is it true that GE will be cutting 12K jobs? Dang good thing they got tax cuts...could have been 120k lost jobs.
    That's just the number of attorneys and accountants they are letting go since they no longer need to find off shore tax havens...

  3. #603
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    Quote Originally Posted by Vinylman View Post
    That's just the number of attorneys and accountants they are letting go since they no longer need to find off shore tax havens...
    Even if that were the case (and I can only presume you had your tongue planted firmly in your cheek as you wrote), still, for some reason, I really doubt that those jobs would get cut.

    Rather, they'd still get paid -- whether they need to show up for work would be up for debate.

    I mean, have you ever seen some of the compensation packages these guys get?

  4. #604
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    Quote Originally Posted by Vinylman View Post
    That's just the number of attorneys and accountants they are letting go since they no longer need to find off shore tax havens...
    Haha.

  5. #605
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    Quote Originally Posted by Crovash View Post
    Even if that were the case (and I can only presume you had your tongue planted firmly in your cheek as you wrote), still, for some reason, I really doubt that those jobs would get cut.

    Rather, they'd still get paid -- whether they need to show up for work would be up for debate.

    I mean, have you ever seen some of the compensation packages these guys get?
    yeah... I worked in the Corporate world early in my career running an M&A group before I left. I used my bonus and golden parachute from when we sold the company to fund my first deal.

    But yeah... I was joking and you are right... those guys wouldn't be let go because there jobs now are to unwind the BS entities they put together to avoid taxes so they can repatriate the money the most efficient way now that the tax code is changing...

    Lawyers and Accountants will never run out of work.

  6. #606
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    At least 366 of the Fortune 500 companies have established subsidiaries in tax-haven countries. The companies pay an average tax rate of 6.1% on their “foreign” earnings, evading a cumulative $750 billion in federal taxes, according to a study by the Institute on Taxation and Economic Policy.

    Some of these foreign subsidiaries are legitimate businesses, with actual operations that produce actual goods and services. But many are an accounting fiction, created for the sole purpose of evading taxes. For instance, U.S. companies claim to earn profits in Bermuda that are 18 times larger than the island’s gross domestic product.

    These U.S. companies claim to earn 43% of their foreign profits in just five tax-haven countries: Bermuda, Ireland, Luxembourg, the Netherlands and Switzerland yet these five countries employ just 4% of these companies’ foreign workers and have only 7% of their foreign investments.

    The Trump administration claims its plan would reduce the incentives to create these fictional subsidiaries because it would reduce the U.S. statutory rate to 20%. With a lower U.S. rate, companies wouldn’t save as much money as before by setting up a post-office box in a tax haven.

    Nothing in the GOP plan would prevent this kind of monumental tax dodging. In fact, it would tell corporations to go right ahead.

    Instead of closing this loophole, the Republican tax plan would attempt to force companies to pay a one-time “repatriation tax,” a tiny fraction of what they now owe. Going forward, the Republican plan would establish a territorial tax system, and invite corporations to shift their profits to low-tax foreign jurisdictions. Even with a minimum 10% tax on the profits of “high-profit” foreign subsidiaries, the Republican plan would give U.S. corporations the green light to shift profits.

    Moving to a territorial tax system is the wrong move. The original House Republican tax plan had a better idea: Taxing corporate income based on the location of sales, not location of ownership. That’s the system most U.S. states use to tax corporate income within their borders. But powerful corporate interests killed that idea because it would have hurt some companies, especially retailers.

  7. #607
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    Quote Originally Posted by dbroncos78087 View Post
    Is it true that GE will be cutting 12K jobs? Dang good thing they got tax cuts...could have been 120k lost jobs.
    I believe GE pays 0% in taxes each year. So.....yeah

  8. #608
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    Quote Originally Posted by kevin13697 View Post
    At least 366 of the Fortune 500 companies have established subsidiaries in tax-haven countries. The companies pay an average tax rate of 6.1% on their “foreign” earnings, evading a cumulative $750 billion in federal taxes, according to a study by the Institute on Taxation and Economic Policy.

    Some of these foreign subsidiaries are legitimate businesses, with actual operations that produce actual goods and services. But many are an accounting fiction, created for the sole purpose of evading taxes. For instance, U.S. companies claim to earn profits in Bermuda that are 18 times larger than the island’s gross domestic product.

    These U.S. companies claim to earn 43% of their foreign profits in just five tax-haven countries: Bermuda, Ireland, Luxembourg, the Netherlands and Switzerland yet these five countries employ just 4% of these companies’ foreign workers and have only 7% of their foreign investments.

    The Trump administration claims its plan would reduce the incentives to create these fictional subsidiaries because it would reduce the U.S. statutory rate to 20%. With a lower U.S. rate, companies wouldn’t save as much money as before by setting up a post-office box in a tax haven.

    Nothing in the GOP plan would prevent this kind of monumental tax dodging. In fact, it would tell corporations to go right ahead.

    Instead of closing this loophole, the Republican tax plan would attempt to force companies to pay a one-time “repatriation tax,” a tiny fraction of what they now owe. Going forward, the Republican plan would establish a territorial tax system, and invite corporations to shift their profits to low-tax foreign jurisdictions. Even with a minimum 10% tax on the profits of “high-profit” foreign subsidiaries, the Republican plan would give U.S. corporations the green light to shift profits.

    Moving to a territorial tax system is the wrong move. The original House Republican tax plan had a better idea: Taxing corporate income based on the location of sales, not location of ownership. That’s the system most U.S. states use to tax corporate income within their borders. But powerful corporate interests killed that idea because it would have hurt some companies, especially retailers.
    It's done on a localized basis too. Any company with significant income establishes an office in Delaware to avoid state corporate taxes. And their owners likely have a residence established in Florida.



    It's sad that taxes have become such a bad thing. In a truly unified and patriotic America, we'd celebrate taxes as a coming together of all citizens to pay for things we all need.

  9. #609
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    I don't know that I would go so far as to say celebrate. But definitely realize that we can't survive as a nation without them. We need to pay for things that everyone needs somehow.

  10. #610
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    Quote Originally Posted by Vinylman View Post
    yeah... I worked in the Corporate world early in my career running an M&A group before I left. I used my bonus and golden parachute from when we sold the company to fund my first deal.

    But yeah... I was joking and you are right... those guys wouldn't be let go because there jobs now are to unwind the BS entities they put together to avoid taxes so they can repatriate the money the most efficient way now that the tax code is changing...

    Lawyers and Accountants will never run out of work.
    Was going to say, I knew you were joking because any Lawyer worth his salt would be able to talk his way out of his position being cut.

  11. #611
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    If President Trump and congressional Republicans end up paying for their proposed $1.4 trillion tax cut by reducing spending or raising taxes later on, most Americans making less than $86,000 would be worse off, according to a new report by the Tax Policy Center, a nonpartisan think tank.

    The TPC ran several models, and the result was virtually the same in all three of the most likely models: those making under $86K a year will be providing the necessary cover for those making over $86K a year.

    http://www.taxpolicycenter.org/taxvo...s-and-jobs-act
    Last edited by Crovash; 12-09-2017 at 07:03 AM.

  12. #612
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    Quote Originally Posted by Crovash View Post
    If President Trump and congressional Republicans end up paying for their proposed $1.4 trillion tax cut by reducing spending or raising taxes later on, most Americans making less than $86,000 would be worse off, according to a new report by the Tax Policy Center, a nonpartisan think tank.

    The TPC ran several models, and the result was virtually the same in all three of the most likely models: those making under $86K a year will be providing the necessary cover for those making over $86K a year.

    http://www.taxpolicycenter.org/taxvo...s-and-jobs-act
    Yep. Well we all knew that someone would have to pay for the tax cuts and we knew it wouldn't be the rich people since the whole point of this tax cut was to let them keep their own money...at the expense of future (as soon as 2019) poor people.
    Think long and hard about why you respond to nonsense. Please!

  13. #613
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    I was talking with a business partner yesterday who is a multimillionaire CEO and he’s been a hardcore republican his whole life, born and raised in Texas, uber Christian....he called this Tax Plan “the anti-Robin Hood plan”, bashed his GOP reps, then said he was donating every dime he saved in taxes to Dem candidates in 2018 and will vote Democrat for just the second time in his life. He called the plan “very unChrist like”.

    We’re in such a weird place politically right now.




    Sent from my iPhone using Tapatalk

  14. #614
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    If there were any people in California still thinking about voting GOP, remember that their tax bill removes deductions for wildfire damage.

  15. #615
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    Quote Originally Posted by GGGGG-Men View Post
    I was talking with a business partner yesterday who is a multimillionaire CEO and he’s been a hardcore republican his whole life, born and raised in Texas, uber Christian....he called this Tax Plan “the anti-Robin Hood plan”, bashed his GOP reps, then said he was donating every dime he saved in taxes to Dem candidates in 2018 and will vote Democrat for just the second time in his life. He called the plan “very unChrist like”.

    We’re in such a weird place politically right now.




    Sent from my iPhone using Tapatalk
    You've seen that "alt-Jesus" meme?

    Last edited by Ezekial; 12-09-2017 at 05:40 PM.

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