- Jun 21, 2009
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Boeing is a corporate person.
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Desire to be a vessel of honor unto the Lord Jesus Christ?
Join Hidden in Him and For His Glory for discussions on how
https://christianforums.net/threads/become-a-vessel-of-honor-part-2.112306/
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I Have the Solution!
- Thread starter Knotical
- Start date
- Jun 21, 2009
- 10,783
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Not willing to go much further with you on this. Need to study for my final in Macro Economics this weekend. I've made my point, no need to belabor it.
I think that the 10% Knotical Tax would need to be applied across the board and include "corporate persons" for it to be feasible. Your point about EIC benefits (to which you've not replied) is like comparing less than 9 thimblefuls of benefit to a whole truckload of benefit.
Regarding my ability (which you seem to question) I actually can provide tax code (or links to it) but then again, you could look for yourself too. I have worked as a certified tax adviser (volunteer) at my campus (under the direction of my Accounting Professor, a qualified CPA professional, licensed tax consultant, and lawyer) as part of my fall quarter 2012 curriculum. That's not really saying much, just helped people fill out their forms, but it was enough to give me an idea about how truly complex your question is (as if you didn't know).
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Corporations exist to serve their shareholders so when they generate profits, they can either put those profits to work making my actual stock worth more or they can pay it out in distributions meaning it goes into my hands and I work myself.
The more you tax a corporation the less money/wealth the individual ends up with.
It's just a game to say tax the corporation when in reality it's shareholders (people) who own are going to end up without the money. (or the consumers/both)
In the end all taxes are paid by people.
The more you tax a corporation the less money/wealth the individual ends up with.
It's just a game to say tax the corporation when in reality it's shareholders (people) who own are going to end up without the money. (or the consumers/both)
In the end all taxes are paid by people.
- Jun 21, 2009
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Quoting a previously linked article, "Haves and have nots"
Edgar is your friend:
It is through my personal EDGAR searches that I found that one fine Summer day, about a decade ago, one of my previous employers, Craig Jelinek, now CEO of Costco Wholesale sold part of his holdings to the tune of $30+ million dollars. When I worked with him, Craig was the Warehouse Manager for the SouthCenter Costco. His salary then was approximately 102,000 per year with bonus available to double that amount, and not including stock options where he was allowed to use his full bonus to buy shares at $10 each, without regard to the cost to the general public. Now tell me again how corporations are "owned" by teachers and plumbers. I also "own" shares in Costco, but they didn't cost me $10 each. And I didn't buy them with "bonus" monies provided by the corporation.
Notice that Craig has only recently been promoted to CEO and he was merely a "Regional Officer" on that fine summer's day.
By the way, I like him! He's the best boss I've ever had, bar none. Is he richer than me? Not in the long run, no. I'm like Moses in that manner because the wealth of all of Egypt is like nothing (less than 9 thimblefuls) in comparison to the vast riches found in Christ. Period.
Edgar is your friend:
It is through my personal EDGAR searches that I found that one fine Summer day, about a decade ago, one of my previous employers, Craig Jelinek, now CEO of Costco Wholesale sold part of his holdings to the tune of $30+ million dollars. When I worked with him, Craig was the Warehouse Manager for the SouthCenter Costco. His salary then was approximately 102,000 per year with bonus available to double that amount, and not including stock options where he was allowed to use his full bonus to buy shares at $10 each, without regard to the cost to the general public. Now tell me again how corporations are "owned" by teachers and plumbers. I also "own" shares in Costco, but they didn't cost me $10 each. And I didn't buy them with "bonus" monies provided by the corporation.
Notice that Craig has only recently been promoted to CEO and he was merely a "Regional Officer" on that fine summer's day.
By the way, I like him! He's the best boss I've ever had, bar none. Is he richer than me? Not in the long run, no. I'm like Moses in that manner because the wealth of all of Egypt is like nothing (less than 9 thimblefuls) in comparison to the vast riches found in Christ. Period.
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The big companies, such as Boeing just got a BIG surprise. With the addition of Obamacare, companies - Boeing - must pay $68 per employee, and they have over 400,000 employees which equates to about 25 million ADDITIONAL monies going to the Federal Government in the form of taxes, specifically for Ocare.
Meaning thanks to Obamacare we pay more for airline tickets and for any item that had to be transported by plane. Those taxes ARE passed down to people.
wonder what his shoe size is ?
Great for him! Isn't this country wonderful!
My cousin went to work for Lowes Corp. right out of high school as a gunt worker. (loaded up the merchandise for customers) He was given a simular type stock option deal. He quit working when his Lowes stock was worth a few million. He sold out and now works on the mission field as a self supported missionary.
This will be one issue the customers will have to deal with, we not only have increased payroll taxes due to our government not being able to reduce spending and negligence on their part, but we will need to deal with greater and higher unemployment rates as the smaller companies will not hire and/or they will decrease the number of hours an employee works. Right now Obama is trying to changing full time status to 30 hours, this is not a federal gov't issue, it is a company issue and they should be able to make that decision.
The second issue America will need to deal with is the big companies leaving our country. Microsoft has already hired mostly India workers and is increasing their employees over seas. Google just built a brand new corporate office in Canada. The companies are being taxed right out of our country because our government does not see the value in them. Government decisions are and will destroy America in the future, for generations and generations to come. I doubt if America will ever be the same with all the damage done over the past 4 years.
- Jun 21, 2009
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So none of them have trusts? Really? Know this do you?
Last quarter I attended a lecture given by a tax attorney specializing in “income-tax planning,” showing how to set up an irrevocable trust to protect his clients' assets from Uncle Sam. He serves the wealthy and looked to be pretty well off himself. This quarter I gave a presentation about how retirees need to look at the several rules of thumb and concentrate on the FED's statement regarding Bonds; how they plan on keeping the near-zero rates until unemployment drops.
The nut of it can be summarized by thinking about the rule of thumb where you subtract your age from 100 and are told to invest that percentage into Stocks with the remainder going toward Bonds. Retirees who reach 67+ and have followed that advice will have more than 65% of their investment portfolio distributed into the bond market.
The idea is to start saving and investing while young and shift toward less risk as one ages. The problem that will be seen is when it comes time to start withdrawals, and retirees have been told to expect to be able to take 4% of their nest egg out as income. So 4% withdrawal from $100,000 is $4,000 per year. Retirees are told that they have a 90% chance of still having money when they die if they begin their withdrawals at 4% and increase to pace with inflation. But with lower returns on bonds (which they are heavy in) the real percentage that will still have money left over is reduced to 50%. That's a coin-flips chance of not going broke. To bring that percentage back to the healthy 90% range, the withdrawal amount would need to be reduced to 2.8%.
Most retirees who hear that figure would look at me like I had two heads. Even with "frugal" spending and investment plans, how would you expect one to live on that? And what will happen during the next generation? Or two?
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IF the Government tell employers 30 hour week in now full time . the employer can cut hours to 20 hours and hire a second person then the jobless rate will go down....
My guess would be most all of them have trust. Most of my peers do as well. That does not mean we don't pay taxes.
BTW, most tax attorney's I know are wealthy. Then hold both law degrees and are CPA's. They went to school for a long time and are sharp!
There you have it! Perfect solution. ;)IF the Government tell employers 30 hour week in now full time . the employer can cut hours to 20 hours and hire a second person then the jobless rate will go down....
Now we can tell all those unemployed there's a job waiting for them around the corner, surely it's enough to raise a family on.
I think the trend is already headed that way.
- Jun 21, 2009
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I'm reminded of a proverb that I may have read or may have made up (I dunno). But it goes like this: "They have tyrants above them, double minded on their right..." Our lawmakers have law degrees (or staff advisers with degrees for the few that don't have degrees themselves), and that only makes sense, right? People who earn these degrees are taught how to argue for either side of the position according to their client need. So we have those who have been trained in duplicity above us, and who do we have as our trusted advisers on the right? Who whispers into the ear? Look no further than mass media and television and your favorite movies and magazines for the source of the "whisper" for most.
Who makes the laws? Where do we get the brain washed? What about communities that would look among themselves and choose those who have lived good lives, who eschew evil and hold fast to the truth? Could we have some of them over us or as our trusted counselors? Would they oppress the poor and give benefit to themselves? Would they take bribes? I guess the first thing to do would be to find them; that could be difficult. Good thing that the Lord who is perfect is involved moreso than I.
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Yep we live in a wonderful country where a poor immigrant can become a billionaire!
- Jun 21, 2009
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You are not agreeing with me when you try to put words into my mouth. What poor immigrant in the last couple decades has done this? Is the "American Dream" still real for today? And how does that relate back to the failure to tax the rich?