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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
311154 posts

re: Earned Income Tax Credit or Facebook's fair share

quote:

WHY has this not been fixed?

how do you fix it?


Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
20376 posts

re: Earned Income Tax Credit or Facebook's fair share
The link is when you get more than you pay, in essence it isn't really any different than EITC, people use deductions when they file and receive EITC not much different.


arseinclarse
USA Fan
Sponsored by Jim Beam
Member since Apr 2007
20824 posts

re: Earned Income Tax Credit or Facebook's fair share
Flat tax. Keep it simple. Our tax code is insane.


But, then again, who will stop companies from going to other countries?
This post was edited on 2/16 at 11:08 am


lsu13lsu
LSU Fan
Member since Jan 2008
3152 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

how do you fix it?


Flat tax. No deductions.


Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
20376 posts

re: Earned Income Tax Credit or Facebook's fair share
Isn't that what the smartest MFer in the world was yapping about in the SOTU?


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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
8547 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

So it is okay because it has always been that way? I am not following you.

It's being addressed in a democrat sponsored bill this year but look for the Tea Party to squeal like pigs over it.

What I objected to was the knee-jerk blame Obama snark in the original post.


Gmorgan4982
Member since May 2005
101746 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

so i don't see the connection
Me neither.


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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
20376 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

What I objected to was the knee-jerk blame Obama snark in the original post.


I am shocked that you object to my snarkiness! Do you object to all snark or are you selective in your poutrage? The man and his peeps have had control for fricking years and has done nothing of substance with the exclusion of a healthcare debacle.


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lsu13lsu
LSU Fan
Member since Jan 2008
3152 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

What I objected to was the knee-jerk blame Obama snark in the original post.


why even address snark? let's fix the damn country. there is enough snark on both sides already ruining this country.


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lsu13lsu
LSU Fan
Member since Jan 2008
3152 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

Flat tax. Keep it simple. Our tax code is insane.


It is only insane to taxpayers. To politicians it is the perfect way to pay voters.
This post was edited on 2/16 at 11:35 am


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constant cough
LSU Fan
Lafayette
Member since Jun 2007
44014 posts

re: Earned Income Tax Credit or Facebook's fair share
Yay! More Crony Capitalism! Obama loves him some big business really it's just small businesses that he hates. You know, they didn't build that.


Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
20376 posts

re: Earned Income Tax Credit or Facebook's fair share
Yeah and idiots think he is for the little guy!


Reubaltaich
USA Fan
A nation under duress
Member since Jun 2006
3009 posts

re: Earned Income Tax Credit or Facebook's fair share
Layabout

So why doesn't barry make a huge push to end these tax 'loopholes' much like he is trying to ram through gun control laws?

You are a hack and a hypochrite, plain & simple.


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
311154 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

Flat tax. No deductions.

what are you taxing though?


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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
311154 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

The link is when you get more than you pay, in essence it isn't really any different than EITC,

the question becomes, i believe, what were tehy liable for, what credits did they accumulate, and what did they pay and when

quote:

You won’t find any $429 million tax refund in Facebook’s financial statements. Indeed, the company says it had a $559 million federal tax liability in 2012. But that liability isn’t an actual payment. In a footnote, the company also said that it had a $1.03 billion “excess tax benefit” last year related to “stock option exercises and other equity awards.” That benefit is what flips the federal tax liability into a refund. (A small portion is applied against state taxes.)

that "excess tax benefit" sounds like they overpaid (at least on paper) last year and are receiving those amounts back this year. this is nothing like the EITC, which is basically a credit for just existing (with a certain income/dependent requirement level)

quote:

Facebook says that it anticipates reducing its tax liability in the future by an additional $2.17 billion by using further net operating loss carry-forwards that it has banked.

this is going to make some people rage


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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
121836 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:



So tell me then, barry has been prez for 4 years now, the dems had the House & Senate for two years, barry & the dems has had the WH & the Senate since 2008.

WHY has this not been fixed?

I see you backed off of calling him a hack and have resorted to this



Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
8547 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

You are a hack and a hypochrite, plain & simple.


Bite me.

And learn how to spell it if you're going to call people names.
This post was edited on 2/16 at 3:32 pm


BBONDS25
LSU Fan
Member since Mar 2008
18243 posts

re: Earned Income Tax Credit or Facebook's fair share
Link to this bill the dems are proposing?


Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
8547 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

Link to this bill the dems are proposing?


The reference to it was buried in the previous link to the Center for Tax Justice:

quote:

Some members of Congress have recently taken aim at this remaining tax break. In July of 2011, Senator Carl Levin (D-MI) introduced the “Ending Excess Executive Corporate Deductions for Stock Options Act,” to require companies to treat stock options the same for both book and tax purposes. Levin has signaled his intention to introduce similar legislation in early 2013. According to calculations made by Levin’s staff using IRS data, in the past five years U.S. companies have consistently deducted far more stock options for tax purposes than they recorded as a book expense. This “excess” deduction, according to Levin’s calculations, has ranged between $12 billion and $61 billion a year.


Levin introduced a similar bill in 2009.
This post was edited on 2/16 at 4:10 pm


Reubaltaich
USA Fan
A nation under duress
Member since Jun 2006
3009 posts

re: Earned Income Tax Credit or Facebook's fair share
quote:

I see you backed off of calling him a hack and have resorted to this


Others have stated what I think it should be, a flat tax.


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