151–160 of 467 posts
Meanwhile my (single-person) company is paying around 20% corporation tax, and then I'm getting taxed a further 20-40% on top of that when I pay myself.
220bn profit? Really? Surely they mean "revenue"
Hard to say they mean either, financials are public, https://ie.globaldatabase.com/company/microsoft-round-island... It lists 9bn in profit. The quoted document > https://assets.documentcloud.org/documents/20794038/microsof... Disagrees with the public finances above: the issue is that the document says "$ 000". It's a typo, the numbers are just dollar amounts. And the text of the report proves it, it explicitly says…
I have to pay 40% of my income as income tax. I have HAD ENOUGH. This is infuriating. What can we do?
Earlier quoted context omitted.
I have known many Dutch people over the years who have gotten a lot of benefits from the state from unemployment to housing. Some of it clearly fraudulently too. Seems to be unsustainable.
While I do not condone benefits fraud, it’s just a drop in the pond. Government projects are quite corrupt, and often go way over budget. Of course, this is a global problem as well. The main problem is corporate tax evasion. Pretty much every multinational funnels money via NL, while paying almost nothing. For example - IKEA, Walt Disney, FAANG, Uber, and innumerable more are all Dutch BVs for most global activities…
I have to pay 40% of my income as income tax. I have HAD ENOUGH. This is infuriating. What can we do?
Are you sure you pay 40%? Googling around a bit to find the US income tax rates (assuming you are in the US) I found this: https://www.bankrate.com/finance/taxes/tax-brackets.aspx This is really just the first thing I looked at, but it seems to provide the desired information. The highest bracket, for income above roughly 550k, is 37%. So considering only federal income tax it is impossible to pay 40% of your income…
Meanwhile my (single-person) company is paying around 20% corporation tax, and then I'm getting taxed a further 20-40% on top of that when I pay myself.
We're also in the UK, make sure you're taking advantage of any tax benefits you may be entitled to such as R&D tax credits. They are back datable.
Why can't governments learn that taxing corporations is pointless? The same revenue is can be raised more simply through sales tax and personal income tax on salaries and distributions.
Taxing mega corporations is essential. I would add that you need to tax them to oblivion after shareholder’s expectations are reasonably satisfied. If you don’t, you essentially create rogue institutions with deep pockets that will attempt to take political control of the nation for their selfish interests. Adam Smith had interesting things to say about that.
It's not in this case because the corporation didn't pay any tax.
Earlier quoted context omitted.
Oh, it's great that it's great society. Sucks pretty hard for him though.
"Pay your fair share". I cringe every time I hear this from people. Rich people pay WAY more than what they get back from the gov.
I have to pay 40% of my income as income tax. I have HAD ENOUGH. This is infuriating. What can we do?
Are you sure you pay 40%? Googling around a bit to find the US income tax rates (assuming you are in the US) I found this: https://www.bankrate.com/finance/taxes/tax-brackets.aspx This is really just the first thing I looked at, but it seems to provide the desired information. The highest bracket, for income above roughly 550k, is 37%. So considering only federal income tax it is impossible to pay 40% of your income…
We should stop all taxation and use inflation to pay for everything instead. Much simpler and no one can get out of it.