Comments on: More Than Half of US Companies Pay No Income Tax http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/ Paying taxes is painful... but reading about them shouldn't be. Sat, 21 Nov 2009 12:33:00 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Jonathan http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/comment-page-1/#comment-12366 Jonathan Mon, 05 Oct 2009 12:48:46 +0000 http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/#comment-12366 What is misleading is the idea that businesses pay taxes at all. They are merely tax collectors and taxes are a fixed cost to business they pass on to consumers. If they get too high, they move to other countries. Businesses should not be in the tax collecting busy and government should do its dirty work itself through a sales tax alone, which will also do the least harm to an economy. I recommend the work of Kevin Price at www.BizPlusBlog.com. What is misleading is the idea that businesses pay taxes at all. They are merely tax collectors and taxes are a fixed cost to business they pass on to consumers. If they get too high, they move to other countries. Businesses should not be in the tax collecting busy and government should do its dirty work itself through a sales tax alone, which will also do the least harm to an economy. I recommend the work of Kevin Price at http://www.BizPlusBlog.com.

]]> By: JANE http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/comment-page-1/#comment-7567 JANE Mon, 24 Nov 2008 05:45:53 +0000 http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/#comment-7567 YOu do get to take the mileage as a 1099 if you are subcontracting as a business expense. Also, if you are subcontract thru acompany and they have control of where you go to your job each day - and not you - you get to take the mileage as a 1099. Its all in the language of the contract...never write your own contract or negotiate it until you understand the Federal and State Tax laws - an accountant should be able to advise you on what you can deduct -before you sign up to do the contracting job... YOu do get to take the mileage as a 1099 if you are subcontracting as a business expense. Also, if you are subcontract thru acompany and they have control of where you go to your job each day – and not you – you get to take the mileage as a 1099. Its all in the language of the contract…never write your own contract or negotiate it until you understand the Federal and State Tax laws – an accountant should be able to advise you on what you can deduct -before you sign up to do the contracting job…

]]> By: the tax guy » A compromise. . . http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/comment-page-1/#comment-4348 the tax guy » A compromise. . . Fri, 22 Aug 2008 12:11:49 +0000 http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/#comment-4348 [...] federal income tax, for the years of the study, 1998 to 2005. This reported by TAXGIRL in her post More Than Half of US Companies Pay No Income Tax. This is very [...] [...] federal income tax, for the years of the study, 1998 to 2005. This reported by TAXGIRL in her post More Than Half of US Companies Pay No Income Tax. This is very [...]

]]> By: Bill http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/comment-page-1/#comment-4318 Bill Mon, 18 Aug 2008 23:55:39 +0000 http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/#comment-4318 There's just something about making the cooks eat what they are serving up....... There’s just something about making the cooks eat what they are serving up…….

]]> By: Peter http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/comment-page-1/#comment-4347 Peter Mon, 18 Aug 2008 19:48:14 +0000 http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/#comment-4347 Thanks for the post. According to IRS stats, in 2004 66% of corporate filings were S corporation filings that are not required to pay any tax at all. That alone makes the Dorgan/Levin interpretation of the GAO study specious. And recently the OECD reported that the US had the second highest tax rate (39.25%) if its 30 member nations. The US rate, by the way, was 13 points higher than the average rate of the OECD nations. Lefties are again using corporations (the job creators) as scapegoats. Thanks for the post. According to IRS stats, in 2004 66% of corporate filings were S corporation filings that are not required to pay any tax at all. That alone makes the Dorgan/Levin interpretation of the GAO study specious.

And recently the OECD reported that the US had the second highest tax rate (39.25%) if its 30 member nations. The US rate, by the way, was 13 points higher than the average rate of the OECD nations.

Lefties are again using corporations (the job creators) as scapegoats.

]]> By: Over Half of U.S. Corporations Pay No Income Tax | Middle Class Impact http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/comment-page-1/#comment-4319 Over Half of U.S. Corporations Pay No Income Tax | Middle Class Impact Fri, 15 Aug 2008 23:50:09 +0000 http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/#comment-4319 [...] advocate, George W. Bush, is out of office? Don’t bet on it. As taxgirl.com, the site that broke the story, concludes: Amid rising profits for companies and rising costs to taxpayers, both presidential [...] [...] advocate, George W. Bush, is out of office? Don’t bet on it. As taxgirl.com, the site that broke the story, concludes: Amid rising profits for companies and rising costs to taxpayers, both presidential [...]

]]> By: Urbie http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/comment-page-1/#comment-4317 Urbie Fri, 15 Aug 2008 20:33:22 +0000 http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/#comment-4317 No withholding, either -- they have to file quarterly and pay cash! Urb No withholding, either — they have to file quarterly and pay cash!

Urb

]]> By: Kelly http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/comment-page-1/#comment-4346 Kelly Fri, 15 Aug 2008 19:48:22 +0000 http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/#comment-4346 Oxnate, THAT is fabulous! :) Oxnate, THAT is fabulous! :)

]]> By: Oxnate http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/comment-page-1/#comment-4344 Oxnate Fri, 15 Aug 2008 18:57:43 +0000 http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/#comment-4344 Ooo!!! I like that idea! All Congresspersons and Senators MUST complete their own tax return without any outside help. I'll add my own idea. All those returns MUST be audited by the IRS. All penalties and interest are doubled. Ooo!!! I like that idea!

All Congresspersons and Senators MUST complete their own tax return without any outside help.

I’ll add my own idea. All those returns MUST be audited by the IRS. All penalties and interest are doubled.

]]> By: Bill http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/comment-page-1/#comment-4345 Bill Fri, 15 Aug 2008 13:47:50 +0000 http://www.taxgirl.com/more-than-half-of-us-companies-pay-no-income-tax/#comment-4345 That's a great question, Urb. I'm surprised that it isn't asked more often. My business and individual clients generally ignore the "gimmick" tax junk that Congress concocts to manipulate taxpayers and focus on making money. By the time it becomes law, it has so many hoops to jump through and the benefit is so insignificant that they just leave it to us to figure out. Some of that stuff costs more in fees to implement than the taxes saved. Occasionally, they may time their decisions to meet a qualification, but it would pertain to something their business needs anyway. On the other hand, the clients will seriously consider the tax consequences of material issues, such as new facilities, relocation, acquisitions, choice of entity, method of accounting, and so-on. Congress has created a tax system that nobody can work with. It is uncertain and does not allow for any solid planning. A good example of that was the 1986 tax act which changed the tax breaks on real estate so sharply that it triggered a collapse in real estate. I think things would change overnight if the members had to fill out their own tax returns without any help! That’s a great question, Urb. I’m surprised that it isn’t asked more often. My business and individual clients generally ignore the “gimmick” tax junk that Congress concocts to manipulate taxpayers and focus on making money. By the time it becomes law, it has so many hoops to jump through and the benefit is so insignificant that they just leave it to us to figure out. Some of that stuff costs more in fees to implement than the taxes saved. Occasionally, they may time their decisions to meet a qualification, but it would pertain to something their business needs anyway.

On the other hand, the clients will seriously consider the tax consequences of material issues, such as new facilities, relocation, acquisitions, choice of entity, method of accounting, and so-on.

Congress has created a tax system that nobody can work with. It is uncertain and does not allow for any solid planning. A good example of that was the 1986 tax act which changed the tax breaks on real estate so sharply that it triggered a collapse in real estate. I think things would change overnight if the members had to fill out their own tax returns without any help!

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