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Started By
Message
Increasing corporate tax minimum for EARNED income
Posted on 8/7/22 at 3:57 pm
Posted on 8/7/22 at 3:57 pm
This sounds a bit like smoke. Corporations get taken to task for using all deductions approved by the IRS to lower their reported income and pay less tax. Raising the tax rate will not change the way they do deductions to reduce income.
This post was edited on 8/7/22 at 4:02 pm
Posted on 8/7/22 at 3:59 pm to Trevaylin
quote:
they do deductions to hide income
You think deductions hide income?
Posted on 8/7/22 at 4:03 pm to BBONDS25
yes, but that is not the issue.
Posted on 8/7/22 at 4:04 pm to Trevaylin
quote:Ummm...better think that one over.
Corporations get taken to task for using all deductions approved by the IRS to lower their reported income
Posted on 8/7/22 at 4:07 pm to Trevaylin
quote:
yes, but that is not the issue.
You’re wrong. And you don’t even know the issue, I don’t think. This is a corporate AMT. they didn’t raise corporate income tax rates. They remain at 21%. They added a minimum of a 15% tax on book income. It absolutely will increase the tax liability for many corporations.
This post was edited on 8/7/22 at 4:10 pm
Posted on 8/7/22 at 4:08 pm to coachcrisp
depletion allowances by the oil companies are an example
Posted on 8/7/22 at 4:16 pm to BBONDS25
quote:Any company with undepreciated capital assets is going to get creamed by this.
They added a minimum of a 15% tax on book income. It absolutely will increase the tax liability for many corporations.
Not only will it increase their current liability, it will GREATLY discourage them from future CAPEX. It's one of the dumbest things Democrats have done in a long time. And that is saying something.
Posted on 8/7/22 at 4:17 pm to Trevaylin
quote:
depletion allowances by the oil companies are an example
Now I see the troll, I thought you were just an idiot to start with.
Posted on 8/7/22 at 4:18 pm to BBONDS25
AMT works with individuals because reported income is by third parties through w-2's , 1099's etc.
AMT will not work with corporations because they generate their own profit/loss statements.
Posted on 8/7/22 at 4:18 pm to Taxing Authority
quote:
Not only will it increase their current liability, it will GREATLY discourage them from future CAPEX.
Yep.
Posted on 8/7/22 at 4:19 pm to Taxing Authority
Republicans better fix this at their first opportunity. We're going to see a huge drop in CAPEX until then. Wonder how many cancellation analysis requests I'm going get on Monday.
"How much would it cost to just shut it all down"?
"How much would it cost to just shut it all down"?
Posted on 8/7/22 at 4:20 pm to Trevaylin
quote:
AMT will not work with corporations because they generate their own profit/loss statements.
yikes dude. There is just a profound misunderstanding here of book income, corporate amt, and taxes in general. I don’t even know where to start. I’m not going to spend the massive amount of time it would take to educate you. I mean you called a deduction a way to “hide” income. That’s such a basic misunderstanding of taxation. It’s ok to admit you don’t know what you’re talking about.
This post was edited on 8/7/22 at 4:23 pm
Posted on 8/7/22 at 4:25 pm to BBONDS25
It's really hard to understand how anyone would want to put long term capital in this country right now.
Watch what democrats start crying about next. Up next: an exit tax. They're going to need it.
Watch what democrats start crying about next. Up next: an exit tax. They're going to need it.
Posted on 8/7/22 at 4:27 pm to BBONDS25
simple question, do corporations generate their own profit/loss statements??
Posted on 8/7/22 at 4:31 pm to Taxing Authority
quote:
Watch what democrats start crying about next. Up next: an exit tax. They're going to need it.
Yep. Estate tax and step up will be mentioned as well. Though eliminating the step up would screw over way too many middle class families. They couldn’t call it a tax on just the rich.
Posted on 8/7/22 at 4:31 pm to Trevaylin
quote:
simple question, do corporations generate their own profit/loss statements??
Yes. Next question.
Posted on 8/7/22 at 4:33 pm to Trevaylin
Corporations never pay taxes, you do.
Posted on 8/7/22 at 4:47 pm to oldskule
"Goodwill" is an annual report item that is pretty fragrantly utilized to balance the income statements. Until the IRS works that issue , there will not be much in the way of earned income to tax. Raising the corp min tax is smoke
Posted on 8/7/22 at 4:52 pm to Trevaylin
You’ve got a lot of experience with calculating book income? You aware of the differences in depreciation tables for taxable income vs amt calculations? You aware of any of the hundreds of other factors that go into financial reporting? Yeah, a firm that does 200k will be able to play with their numbers. Anyone bigger won’t.
This post was edited on 8/7/22 at 4:55 pm
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