Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

IRS budget cuts cost $34.3B in lost revenue from big business

accountingtoday.com

Post reply on HN
Print view View original

151–160 of 319 posts

Re: IRS budget cuts cost $34.3B in lost revenue from big business

#151

Post by Causality1 »

MuffinFlavored wrote: post #83
metamet wrote: post #78

Earlier quoted context omitted.

Elizabeth Warren has set this up as the core paradigm in her campaign. She posits that greed and corruption have overtaken the American government's purpose, especially in the last 25 years. Money, through lobbying and other forms of influence, now dictates who the government works for. It works for large corporations, pharmaceuticals and the oil industry (for example) rather than America's citizens and workers--spec…

I read her plan to tax businesses with $100m in profit is easily sidestepped by spinning off child-subsidiaries of your businesses right around that $100m mark and report back "womp womp, no over $100m profits here".

Always strange to me they tax corporate profit instead of corporate revenue. "We spent all our money so we don't pay any taxes."

Re: IRS budget cuts cost $34.3B in lost revenue from big business

#152

Post by nostromo »

arcticbull wrote: post #97
nostromo wrote: post #20

Earlier quoted context omitted.

“Anyone opposing more police officers and equipment is looking to break the law.” Just as I don’t want a bored cop on every street corner, I also don’t want the IRS to be staffed to maximize revenue. It’s a balance.

The IRS sees maximum revenue at the point where everyone is paying their taxes as specified in the IRC. Anything short of that, people are evading taxes, intentionally or unintentionally. You are in fact arguing that the state shouldn't necessarily collect all it's owed. I doubt that attitude would get you far in the Accounts Receivable department at any business. It's different with police officers because the numbe…

> if you point the police at anyone they'll find crimes.

The same is true for our tax laws. I can almost guarantee every adult over 30 has made an error in their tax return.

There are a million examples. Here's one: do you know someone that has stayed with a friend or family member rent free? The guest should have claimed the fair rent value of this non-monetary "gift" on their tax return. But literally nobody does.

Re: IRS budget cuts cost $34.3B in lost revenue from big business

#153

Post by spamlord »

alanwil2 wrote: post #61

Amazon doesn't pay taxes despite being worth $793 billion. How can I do this?

Amazon pays taxes, not sure how anybody still believes this piece of misinformation. You do realize it is Congress who creates the tax rules to begin with, so if anyone is at fault for the tax 'loop holes' these companies leverage, it's corrupt legislators.

"In 2017, Amazon paid close to $1 billion in income tax. In 2018, the amount jumped to $1.18 billion, accounting for local, state, and international taxes."

https://www.forbes.com/sites/stephaniedenning/2019/02/22/why...

Re: IRS budget cuts cost $34.3B in lost revenue from big business

#154

Post by rockinghigh »

MuffinFlavored wrote: post #83
metamet wrote: post #78

Earlier quoted context omitted.

Elizabeth Warren has set this up as the core paradigm in her campaign. She posits that greed and corruption have overtaken the American government's purpose, especially in the last 25 years. Money, through lobbying and other forms of influence, now dictates who the government works for. It works for large corporations, pharmaceuticals and the oil industry (for example) rather than America's citizens and workers--spec…

I read her plan to tax businesses with $100m in profit is easily sidestepped by spinning off child-subsidiaries of your businesses right around that $100m mark and report back "womp womp, no over $100m profits here".

Public corporations in the US have to provided consolidated financial statements including all majority-owned subsidiaries.

Re: IRS budget cuts cost $34.3B in lost revenue from big business

#155

Post by arcticbull »

nostromo wrote: post #152
arcticbull wrote: post #97

Earlier quoted context omitted.

The IRS sees maximum revenue at the point where everyone is paying their taxes as specified in the IRC. Anything short of that, people are evading taxes, intentionally or unintentionally. You are in fact arguing that the state shouldn't necessarily collect all it's owed. I doubt that attitude would get you far in the Accounts Receivable department at any business. It's different with police officers because the numbe…

> if you point the police at anyone they'll find crimes. The same is true for our tax laws. I can almost guarantee every adult over 30 has made an error in their tax return. There are a million examples. Here's one: do you know someone that has stayed with a friend or family member rent free? The guest should have claimed the fair rent value of this non-monetary "gift" on their tax return. But literally nobody does.

Errors are fine, you don't go to prison for an error. You get audited, the IRS takes a look, they tell you how much you actually owed, plus interest. I actually don't mind the additional scrutiny this will bring to dark corners of the tax code. The reality is we owe it today, and if we realize it, there may be a bigger push to simplify the tax code down (to be clear, this does not mean reduce tax burden, but just reduce complexity).

Let's take this down a level. If your friend owes you $200, and paid you back $150 because of an honest mistake, does that mean your friend no longer owes you $50 because, oops? Of course not. This is no different at the scale of the IRS.

Re: IRS budget cuts cost $34.3B in lost revenue from big business

#156

Post by jacquesm »

Causality1 wrote: post #151
MuffinFlavored wrote: post #83

Earlier quoted context omitted.

I read her plan to tax businesses with $100m in profit is easily sidestepped by spinning off child-subsidiaries of your businesses right around that $100m mark and report back "womp womp, no over $100m profits here".

Always strange to me they tax corporate profit instead of corporate revenue. "We spent all our money so we don't pay any taxes."

VAT is corporate revenue tax, but between businesses you can claim it back in the EU.

Re: IRS budget cuts cost $34.3B in lost revenue from big business

#157

Post by fuzz4lyfe »

munk-a wrote: post #71
conanbatt wrote: post #63

Earlier quoted context omitted.

That is not liking taxes: that is liking taxes on others.

No, it's appreciating society where everyone puts in according to their ability to make something we can all enjoy. I'm fine with people who are unable to contribute putting less in, I'm not fine with people who exploit the system - and before some BS about welfare queens gets injected... I also care about scale, the amount of missed revenue from corporate taxes far outweighs how people below the poverty line are abl…

> everyone puts in according to their ability

Ahh yes punish those who worked to provide something worthwhile and reward those who couldn't be bothered to do the same.

Re: IRS budget cuts cost $34.3B in lost revenue from big business

#158

Post by pmoriarty »

HNcantBtrustd wrote: post #79
pmoriarty wrote: post #25

And yet some people manage to whip themselves in to a righteous frenzy over someone collecting welfare or immigrants getting a microscopic bit of state aid. Such people really need to get a sense of proportion. The destitute, despised, downtrodden guy who slaves away to support their family by mowing your lawn, picking apples for you, driving you somewhere, or serving you your burger is not your enemy.

> not my enemy But we have an adversial relationship. If they are successful, they take our money, and get it for nothing. So if they win, I lose. Compared to a company, who's trying to create new useful products and services. Everyone wins with this interaction. There is multithousand year old history on the effect of subsidies. They hurt at least as much as they help.

"Everyone wins with this interaction."

There is ample evidence about who is winning in the current system: a tiny minority of extremely wealthy people.

Nearly everyone else is turning in to their servants, and nearly everything is coming to be owned and controlled by them.

Is that the world you want you, your children, and their children to live in?

Re: IRS budget cuts cost $34.3B in lost revenue from big business

#159

Post by DanBC »

jacquesm wrote: post #156
Causality1 wrote: post #151

Earlier quoted context omitted.

Always strange to me they tax corporate profit instead of corporate revenue. "We spent all our money so we don't pay any taxes."

VAT is corporate revenue tax, but between businesses you can claim it back in the EU.

No, VAT is a tax paid by consumers.

Re: IRS budget cuts cost $34.3B in lost revenue from big business

#160

Post by smileysteve »

conanbatt wrote: post #63
toomuchtodo wrote: post #50

Earlier quoted context omitted.

Seems less effective than working to ensure everyone pays what they owe.

That is not liking taxes: that is liking taxes on others.

You're clearly missing the parents point; These are not figurative "taxes people owe", but literal, per the 2018 law, lowered corporate taxes, lowered personal taxes, what people owe.
Post reply on HN