361–370 of 467 posts
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> Better yet, dump corporate tax altogether and simply enforce a global flat tax on all forms of personal income, both capital gains and salary. Fraudsters skirted that by keeping their corporation's assets on the books and expensing everything, never actually receiving/spending anything themselves.
Small sibgle owner companies do that a lot. Big multinationals? No
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> Better yet, dump corporate tax altogether and simply enforce a global flat tax on all forms of personal income, both capital gains and salary. Fraudsters skirted that by keeping their corporation's assets on the books and expensing everything, never actually receiving/spending anything themselves.
Small sibgle owner companies do that a lot. Big multinationals? No
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You miss the part where small companies have to compete against each other so organizing together would be impossible whereas entities like Microsoft, Facebook, Apple, Google, etc. are basically unregulated monopolies in their respective fields so they get to steer the ship as they please.
It wouldn't be impossible at all, you can of course cooperate with competitors to lower your taxes while competing for customers. Not that you necessarily need to band together with your competitors for this, there are plenty of companies out there.
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That punishes working people just for working! How are you meant to afford a house and stuff with taxes like that? We need wealth tax - go after the shareholders and landowners, who don't directly create value and dodge a lot of tax.
You buy $10K of DOGE at $0.0001 in 12-1-2020 and it goes to $0.10 on 12-31. You now have $10MM in wealth, and will, owe $500K to the government. DOGE goes back down to $0.0001 on 1-1. Now you owe $500K of taxes and have $10K of assets. "But you should just sell 5% on 12-31 and you will have enough to pay taxes" you say. Yeah, you and everyone else who needs to pay wealth tax. Know what it looks like when everybody se…
Mainly land value tax, inheritance tax and property tax would be a good start. And we already have capital gains tax to cover the sale of appreciating assets as you describe (note it is only at sale).
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And seen in another thread: Microsoft is lobbying the US govt to spend 250 million to make more software engineers by introducing computer courses in schools so that there are more SE on the market in the future so that they can hire for cheaper. Meanwhile, individuals are paying 20–50% income tax. What a wonderful world.
This argument comes up a lot but nobody is paying 50% income tax in the US. Even if you make a million dollars a year in W2 income, in California, which has the highest marginal tax rate, you'll pay roughly 40% effective, almost entirely to the federal government. Realistically you're going to make a lot less than that W2, which drives the effective rate down considerably, and as remote work becomes more of an expect…
SWEs are some of the largest cost for any tech company, why do you feel it is disingenuous? It's a company, makes profits, if they drive down labour costs their profits increase, as any company naturally will tend to (even more larger public ones). Driving down cost of labour is basically all the motivation towards automation since time immemorial, SWEs can't be automated yet, the best course of action is to pump more SWEs to drive the labour cost down.
Not sure what else you think that would compel Microsoft to do that, interested to hear.
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Why would they do that ? The light tax they require from those entity still benefits them immensily, because those entity choose to pay them there instead of elsewhere. If Ireland introduced more taxes those big corps would move away, so they would actually receive less...
The definition of a parasitic economy. Other countries are well in their rights to pressure Ireland as hard as they can to end this theft.
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And seen in another thread: Microsoft is lobbying the US govt to spend 250 million to make more software engineers by introducing computer courses in schools so that there are more SE on the market in the future so that they can hire for cheaper. Meanwhile, individuals are paying 20–50% income tax. What a wonderful world.
> is lobbying the US govt to spend 250 million to make more software engineers It cost money to "train" engineers , better use taxpayer money to train those damn "human ressource" rather than those 300Billions of Profit.
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One company’s single year profit is three quarters of GDP of a nation of 5 million people!!! With that much economic power, it is no wonder these multinationals write the rules as they please
Makes you wonder when we'll get back to the point they have their own militaries
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It mostly depends if you intend to make significant pension contributions. Let's say your company has £100K to play with and you want it all. - You can pay yourself a £100K salary, of which take home pay will be about ~£67K - You can pay yourself a £8,840 salary tax free in order to qualify for the state pension but minimize national insurance, and pay 19% corporation tax on the remaining £91,160, which leaves £73,83…
I am surprised such loopholes still exist in UK. In Australia if you setup a company and 80% of the company's income is only from your own personal services from a single client then your company has to pay tax on personal income tax rates. These sort of loopholes were closed many moons back.
Pensions are currently very generous but there's been an expectation for years that the government will crack down on them.
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They use your currency because they get paid in it. Government spending doesn't disappear into a black hole never to be seen again. [FALSE]>>> Also it's illegal to use other currencies as tender in (probably?) all countries in the world (Zimbabwe uses/used(?) the US dollar but I'm not aware of any other instances).
> Also it's illegal to use other currencies as tender That's generally not true - it's not the case in the US ( https://mises.org/wire/use-us-dollars-mandatory-united-state... ) or the EU ( https://ec.europa.eu/info/business-economy-euro/euro-area/eu... ). It is impractical in most places of course, but only because there isn't much demand for it, so it's hard to get bank accounts, contracts or purchases denominated…
OT side note: if anyone from HN team is reading this it would be great if the upvote from the parent poster to a comment would be signified visually in some way (like green usernames for 2 week old accounts).