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Berkshire Hathaway Now Pays 5% of All Corporate Income Taxes in America

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Re: Berkshire Hathaway Now Pays 5% of All Corporate Income Taxes in America

#51

Post by tonyhart7 »

energywut wrote: post #44
gruez wrote: post #32

Earlier quoted context omitted.

>could count housing expenses, food expenses, education costs, healthcare, entertainment, vacations, vehicle purchases That's what the standard/itemized deduction is supposed to represent. The problem is that we obviously can't let you deduct everything, because if you can deduct everything there would be nothing to tax, aside from savings. And you really don't want to tax savings because savings (also known as "inve…

I most certainly cannot deduct housing, food, entertainment, vacations, or large purchases. > The problem is that we obviously can't let you deduct everything, because if you can deduct everything there would be nothing to tax, aside from savings. This is the point the parent poster is making. We say that it's ok for corporations to deduct everything, but not the people? Why are we ok with that?

because they force you to open bussiness

Re: Berkshire Hathaway Now Pays 5% of All Corporate Income Taxes in America

#54

Post by crazygringo »

atbpaca wrote: post #18

This number is actually a shame in the sense that it shows how little taxes are paid by other big companies.

No it's not. It shows how much more profitable Berkshire Hathaway has been than other big companies. Which is what it's known for.

You'd never want other companies paying as much tax if they didn't have the profit to back it up. It would bankrupt them.

Re: Berkshire Hathaway Now Pays 5% of All Corporate Income Taxes in America

#55

Post by sieabahlpark »

cynicalkane wrote: post #46
learn-forever wrote: post #37

Earlier quoted context omitted.

are you agitating to tax companies that lose money?

Unironically yes. The reason people want taxes on profits is they think large, powerful companies are a threat... but if you think that, why tax money that large, powerful companies don't waste? The other reason is to tax the rich, but you can do that by simply taxing the rich directly. If we fear powerful companies, we can put some sort of scaling size tax on the largest ones.

[dead]

Re: Berkshire Hathaway Now Pays 5% of All Corporate Income Taxes in America

#56

Post by vel0city »

mulmen wrote: post #33
vel0city wrote: post #19

Earlier quoted context omitted.

Imagine if a household was only taxed on the money they managed to put away in savings and could count housing expenses, food expenses, education costs, healthcare, entertainment, vacations, vehicle purchases, etc. 100% against their income.

Is this a joke? That’s mostly how it works already.

Most of my health expenses, sure. Not necessarily all of them, unless I play games and live within allowed limits of tax advantaged savings accounts which might just eat my money at the end of the year.

My vacations, car payments, food expenses, and housing expenses are absolutely not able to be written off. One part of my housing expenses may be able to be written off, but not anywhere near all of them. Some education expenses, but not nearly all. I get $5k of untaxed income for childcare for the year. How many weeks do you think $5k covers for two kids?

Re: Berkshire Hathaway Now Pays 5% of All Corporate Income Taxes in America

#58

Post by paxys »

crazygringo wrote: post #54
atbpaca wrote: post #18

This number is actually a shame in the sense that it shows how little taxes are paid by other big companies.

No it's not. It shows how much more profitable Berkshire Hathaway has been than other big companies. Which is what it's known for. You'd never want other companies paying as much tax if they didn't have the profit to back it up. It would bankrupt them.

Now apply that same logic to people.

Re: Berkshire Hathaway Now Pays 5% of All Corporate Income Taxes in America

#59

Post by crazygringo »

cynicalkane wrote: post #46
learn-forever wrote: post #37

Earlier quoted context omitted.

are you agitating to tax companies that lose money?

Unironically yes. The reason people want taxes on profits is they think large, powerful companies are a threat... but if you think that, why tax money that large, powerful companies don't waste? The other reason is to tax the rich, but you can do that by simply taxing the rich directly. If we fear powerful companies, we can put some sort of scaling size tax on the largest ones.

> Unironically yes.

Do you realize that won't produce more revenue, it will just bankrupt companies and produce less revenue?

Companies are already incentivized not to waste by competition. That's the whole point of capitalism. You don't need taxes for that.

Re: Berkshire Hathaway Now Pays 5% of All Corporate Income Taxes in America

#60

Post by merth »

peterbecich wrote: post #52

Why is a corporate tax necessary? It would be simpler to increase the income tax. EU has low corporate taxes and higher income taxes i.i.r.c.

I think because they don't get any dividend to trigger income tax, instead they get a loan against their shares and spend that and roll over the debt to infinity.
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