Then tell me how you invest into R&D without knowing how much money you are going to make.
Or open a new factory.
Or buy new equipment... etc.
Explain how taxing someone at 90% will help them open a new factory.
Why should I play ? I'm an accountant. I do GAAP/tax, GAAP/STAT, and STAT/tax work. I know that's not how it works.
he thinks rich people take a profit pay taxes on it then reinvest it in the company. His broken brain thinks this is true and you cant tell him otherwise.
Person who bid the job missed a large segment, and we lost $100k.
~~ EDIT ~~
A company I worked for under bid a job by $250k.
And you are responsible for how much PNL at your company? Are you or have you ever been a decision maker there?
I take that as a no?We have a bidding department who takes care of the bids. The guy who placed the bid will be fired.
Company I worked for under bid a job by around $250k, They ended up going out of business a few months later.
Another company had an employee get killed on the job. I was there when it happened. The death ended up costing them a lot of money.
Trucking company had a part fall off the truck. Part cost around $75k. After insurance paid, the company still owed around $25k. They went out of business.
Its ok though, tax companies until they can barely keep their nose above water.
We have a bidding department who takes care of the bids. The guy who placed the bid will be fired.
Company I worked for under bid a job by around $250k, They ended up going out of business a few months later.
Another company had an employee get killed on the job. I was there when it happened. The death ended up costing them a lot of money.
Trucking company had a part fall off the truck. Part cost around $75k. After insurance paid, the company still owed around $25k. They went out of business.
Its ok though, tax companies until they can barely keep their nose above water.
None of those are tax issues. The first is a bad bid. Either the bid model is wrong or managerial oversight of the bid process is lacking. Or some other organizational issue. Not taxes. The other issues are risk management problems. Not tax issues.We have a bidding department who takes care of the bids. The guy who placed the bid will be fired.
Company I worked for under bid a job by around $250k, They ended up going out of business a few months later.
Another company had an employee get killed on the job. I was there when it happened. The death ended up costing them a lot of money.
Trucking company had a part fall off the truck. Part cost around $75k. After insurance paid, the company still owed around $25k. They went out of business.
Its ok though, tax companies until they can barely keep their nose above water.
Person who bid the job missed a large segment, and we lost $100k.
~~ EDIT ~~
A company I worked for under bid a job by $250k.
Do you realize how stupid that sounds? "We are going to reinvest before we know how much money we have to reinvest."
Do yall work for companies that have zero money in the bank? As in they have nothing? Where do you think that money came from? Profits.
Let's say a company wants to experiment with a shell and tube heat exchanger - I have lots of experience with those. Let's invest two million, but gee, we only made $100K profit. Where are we supposed to come up with the other 1.9 million?
So what your saying is we need to change the tax code and eliminate tax holes?
Why in the actual hell did you do that?
It is sad to see people hell bent on fleecing companies and job creators.
Run companies and job creators through the tax mill, watch innovation, job creation... plummet.
He's making up shit as he goes along. Sound familiar?
Stop confusing him with corporate vs personal income taxes. Guy is about to get fired from his shady shipping company for his part in the mising goods debacle. Cut him some slack.Let me try to dumb this down for you, the company I work for has over 1 billion in the bank, the proposed tax laws would not change that or would not tax that 1 billion any different and would not tax us any different that if we added 1 billion more to the bank. The company will never pay increased taxes with this proposed legislation. If the company decides to pay the CEO a yearly salary of 15 million dollars then then 10 million of that will be taxes at the exact same rate as it is now but the other 5 million (of the 15 million yearly salary) would be taxed at 70%.
Let me try to dumb this down for you, the company I work for has over 1 billion in the bank, the proposed tax laws would not change that or would not tax that 1 billion any different and would not tax us any different that if we added 1 billion more to the bank. The company will never pay increased taxes with this proposed legislation. If the company decides to pay the CEO a yearly salary of 15 million dollars then then 10 million of that will be taxes at the exact same rate as it is now but the other 5 million (of the 15 million yearly salary) would be taxed at 70%.
None of those are tax issues. The first is a bad bid. Either the bid model is wrong or managerial oversight of the bid process is lacking. Or some other organizational issue. Not taxes. The other issues are risk management problems. Not tax issues.
Why in the actual hell did you do that?
The corporate tax rate is flat 21%.
Or are you saying higher taxes would drive companies to reinvest to avoid taxes?
Taxing the rich would prevent job creation, and here is the reason why:
One example: An Asian Indian I know, he came to the United States legally, got a bachelors degree in engineering - this was in the early 1980s.
Now he owns two factories and employees several hundred people. If he had been taxed at 70% - 90% he would not have had the money to reinvest. Those new jobs would not have been created as the money would have been in the hands of the government. The employees get full benefits such as health insurance, vacation, 401k, paid holidays.... and this is not a union job.
There are part of the one 1% who create jobs. When was the last time you had a payroll of $100,000 a week? That is how much one company I worked for paid out in wages along every week.
The question is, how would you tax the 1% at 70% - 90%, but still allow those people to create jobs?
Or maybe not tax the job creators and jus tax people who build wealth through stocks and bonds? Then again, that would prevent people from investing. If someone is going to be taxed at 70%, why would they risk investing in a start up comapny?
One of the benefits of investing in a start up is big risk, big reward. What would happen when the government takes 70% of that reward?
Even Forbes says lower taxes helps create jobs:
Trump's Tax Cut Leads To Doubling Of Job Growth In Low-Tax States Vs. High-Tax
https://www.forbes.com/sites/chuckd...-of-job-growth-in-low-tax-states-vs-high-tax/
This is YOUR thread. The whole premise of it was "taxes hurt jerbs!" People have spent four pages attempting to explain basic corporate accounting and how a Form 1120 works. The whole point is that higher taxes don't hurt jobs because higher taxes incentivize spending in all forms.Or are you saying higher taxes would drive companies to reinvest to avoid taxes?
Democrats say they are going to be raising that rate.
Or are you saying higher taxes would drive companies to reinvest to avoid taxes?
~~ EDIT ~~
Guys and gals, it has been fun but I am signing off for the night.
Let's continue this fun tomorrow. Until then, sweet dreams.
WutDo you realize how stupid that sounds? "We are going to reinvest before we know how much money we have to reinvest."
Do yall work for companies that have zero money in the bank? As in they have nothing? Where do you think that money came from? Profits.
Let's say a company wants to experiment with a shell and tube heat exchanger - I have lots of experience with those. Let's invest two million, but gee, we only made $100K profit. Where are we supposed to come up with the other 1.9 million?
So what your saying is we need to change the tax code and eliminate tax holes?