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Corporate tax loopholes

May 29, 2013

I watched the testimony given by the Chairman of Apple Corporation with great interest, and it got me to thinking ......

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(18)

JohnZook

May-29-13 3:53 AM

Wow, where to start, Stan. Corporations get "generous" tax loopholes so they can hide their money overseas. I'd say they "hide" it overseas because we have the highest corp. tax in the world. And, of course, they should be paying "their fair share". Sound familiar? Maybe that's what he means by "closing loopholes and taxing all profit", and then raising the corp. tax to a "respectable level". That level will be what "we the people" decide it will be. Then every job the corps. create, with good pay and benefits, will generate a tax write-off. Guess he's never heard of a business expense. How about we get government out of the free market, reduce and/or discontinue gov't. benefits, lower taxes and get rid of unnecessary regulations. And set a flat tax on any and all income from welfare to corporate at a rate of 18%. No loopholes and no exceptions.

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Ritty77

May-29-13 3:58 AM

Yeah, I'm all for closing loopholes, but then rates need lowered, not raised. Do the same for the entire tax code, not just corporate.

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Premier

May-29-13 5:13 AM

To do what Stan espouses leads right back to where we are.

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gavinf56

May-29-13 5:40 AM

While I disagree with some of Stan's assertions in the letter and am I am only luke warm on his proposal, it's a starting point.

One thing to note about Apple is that they have no manufacturing (that is outsourced), so their only workers are corporate (marketing, software design engineers) and sales staff.

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VinceKnauff

May-29-13 5:52 AM

"It's too crazy to work ... but what if it did?" - Stanley Gould

This, my friends, represents the complete thought process behind most every Liberal proposal.

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WKnapp

May-29-13 5:53 AM

The first thing to remember is that corporations do not pay any taxes. We, the people do. Any taxes levied against any business is taken as a cost of doing business and passed on to us, the consumers, in the form of higher prices for their goods and/or services. If the cost of doing business is too high, and the corporations can afford it, they base their businesses where the cost is lower, so that the profit is higher. Those corporations that can't afford to relocate either outsource their operations to another corporation, so that only the name exists, or go out of business.

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eriklatranyi

May-29-13 6:27 AM

Liberals beat up Apple because they see billions in profits and want their cut.

Like a mobster who tells the store owner to pay for protection, so were the Democrats telling Apple to pay for protection or they something bad might happen to their company.

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CMReeder

May-29-13 7:43 AM

Interesting letter from Stan but I see we still have the naysayers from the right.

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enigma

May-29-13 7:56 AM

"It's too crazy to work ... but what if it did?"

No Stanley, it's not too crazy to work, it's too stupid to work, unless by work you mean to eliminate all business in the United States, then it would work just fine. Labor costs are not taxed because only profit is taxed. The questionable parts of the tax code have to do with income earned in other countries. I'm all for eliminating all tax credits and some more frivolous deductions from the corporate tax code, but you can't tax money that has never been in the U.S. If you want to tax money earned overseas, you need to get the company to bring it here and you won't do that with the current tax rate, let alone your suggested 50%. If you want to suggest changes to the tax code, you should at least understand what we have now. A little understanding of economics wouldn't hurt either.

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nobud74

May-29-13 8:41 AM

More of the "gimmee what you earned" nonsense. What about corps that are based overseas and have a presence here? I don't know how it works, do they pay there and here? I would bet they pay only there. If that is the case, every corp will become based overseas where the rates are better. And what all the gimmee crowd needs to remember is that Mr. Knapp is correct when he says corps don't pay taxes consumers do. They will get their margins, even if it means making that box of cereal smaller or raising prices or both. Ultimately, this call to tax more is going to hurt the very people you want to help. Why is that so hard to understand?

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SteelerFan

May-29-13 8:56 AM

The entire tax code needs to be simplified and rewritten in a bi-partisan manner. In the current political environment, this is not likely to happen anytime soon.

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philunderwood

May-29-13 10:21 AM

Stanley fails to recognize that those loopholes are legal ways people and corporations can keep more of what they’ve earned. The loopholes were included in the tax laws by our lawmakers.

Economics 101 tells us that the more you tax something the less of it you’ll get. If we want more business here we should be making it more desirable for businesses to locate here. Central planning has never resulted in a healthy economy anywhere.

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enigma

May-29-13 12:04 PM

JohnZook,"And set a flat tax on any and all income from welfare to corporate at a rate of 18%. No loopholes and no exceptions."

This is what happens when you don't understand taxes. I'm all for a flat tax, but eliminating all deductions (they're not loopholes) can only be done for personal income. Business income is not all profit so business expenses have to be deducted. Unfortunately, our government has decided that taxes are just as useful for controlling things as they are for raising money, which is why the code has gotten so out of hand. If we could get back to where taxes were for revenue and not fascistic control, the code would be much simpler, the IRS could be much smaller and life would be good. But don't count on the tyrants in Washington going in that direction until we replace them.

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USABorn

May-29-13 12:11 PM

GE is not known for paying taxes. Heard on the news yesterday where they are going to invest $15 BILLION (NOT MILLION) in a new center to come up with safe and reliable fracking.

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mikekerstetter

May-29-13 4:45 PM

Ritty77-"Yeah, I'm all for closing loopholes, but then rates need lowered, not raised. Do the same for the entire tax code, not just corporate."

Amen Ritty.

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Ritty77

May-29-13 7:04 PM

Amen back at you, Mike.

We and many others from all sides have been complaining about the complexity of the income tax system for decades and it just keeps getting bigger.

Why don't they fix it? Because it offers unlimited opportunities for favors to donors and other partisan interests. And it facilitates more blatant corruption and ever growing government (as we're currently seeing).

PS: Liked the Reagan umbrella pic. :)

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nobud74

May-29-13 10:03 PM

Ritty, Bingo! We have winner!

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rick424

May-30-13 12:39 AM

Interesting story USA. I guess the old way is too risky. Sorry, I couldn't resist. But that is still interesting. Thanks.

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