What are some positives?

Berning Trumpeters vs The Establishment

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VinnyD
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Re: What are some positives?

Post by VinnyD » Thu Dec 22, 2016 1:27 am

I would like to see no corporate taxes if I could figure out a way around this:

Moviestar (or Lawyer or Doctor or Chiropractor etc) forms Moviestar, Inc., and has all income directed to the corporation instead of to himself. He takes out what he wants as dividends (and pays income tax on that) and has the corporation invest the rest. Income tax on everything other than what he takes out is deferred until he needs it or he dies (at which point the first five million is inherited tax free).

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VinnyD
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Re: What are some positives?

Post by VinnyD » Thu Dec 22, 2016 1:28 am

When Ben Cardin was a congressman, he proposed abolishing the corporate income tax and replacing it with a 5% VAT. I don't know what he would have done about my oroblem above.

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Citizen Baba
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Re: What are some positives?

Post by Citizen Baba » Thu Dec 22, 2016 1:41 am

Why not just eliminate corporate tax and bump up the capital gains tax to 35%?

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nycfellow
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Re: What are some positives?

Post by nycfellow » Thu Dec 22, 2016 2:21 am

Doesn't solve the dividend issue Vinny just described, Baba.

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Re: What are some positives?

Post by Godjira » Thu Dec 22, 2016 2:50 am

Aren't dividends taxed the same as capital gains?
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Re: What are some positives?

Post by dragon » Thu Dec 22, 2016 2:52 am

Oh my god. Dividends.
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Re: What are some positives?

Post by nycfellow » Thu Dec 22, 2016 2:57 am

Godjira - nope. Or not exactly. Dividends have to meet certain standards ("qualified dividends") to get taxed at cap gains rates. Though to be fair, it wouldn't be too hard to clean up the tax code to deal with this.

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Re: What are some positives?

Post by DaBaba » Thu Dec 22, 2016 3:23 am

Thwarting the dynastic ambitions of the Clinton and Bush families was all I hoped for. Everything else is lagniappe.
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Godjira
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Re: What are some positives?

Post by Godjira » Thu Dec 22, 2016 3:41 am

nycfellow wrote:Godjira - nope. Or not exactly. Dividends have to meet certain standards ("qualified dividends") to get taxed at cap gains rates. Though to be fair, it wouldn't be too hard to clean up the tax code to deal with this.


I gotcha. Thanks. What's the difference between qualified and unqualified?
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Re: What are some positives?

Post by nycfellow » Thu Dec 22, 2016 3:42 am

Has to be a US company, and there's a minimum holding period for the asset - don't remember what it is, as I personally do very infrequent trading, so it doesn't affect me. Might be something else there, but I think those are the big ones.

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What are some positives?

Post by Godjira » Thu Dec 22, 2016 3:46 am

I see. I filled out a tax return some years ago, and I accidentally treated my qualified dividends as regular income. The kindly folks at the IRS noticed and refunded me the difference.
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Re: What are some positives?

Post by coffeeguy » Thu Dec 22, 2016 1:01 pm

Only positive is the schadenfreude we get to feel when rightie fucks things up mightily

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Re: What are some positives?

Post by northern_goddess » Thu Dec 22, 2016 2:14 pm

DaBaba wrote:Thwarting the dynastic ambitions of the Clinton and Bush families was all I hoped for. Everything else is lagniappe.


Sometimes when you pick a particular solution to solve a problem it results in other problems.
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Re: What are some positives?

Post by ASQ » Fri Dec 23, 2016 6:31 pm

I'm looking forward to him stopping all of the cheap imported stuff from China. I don't care if no one will be able to afford quality products because I think it might be a blessing when all of the chain stores selling disposable crap go out of business. Environmentalists will even praise him for stopping this mass consumerism and waste.

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Re: What are some positives?

Post by rider5 » Fri Dec 23, 2016 6:46 pm

ASQ wrote:I'm looking forward to him stopping all of the cheap imported stuff from China. I don't care if no one will be able to afford quality products because I think it might be a blessing when all of the chain stores selling disposable crap go out of business. Environmentalists will even praise him for stopping this mass consumerism and waste.


I'm ok with this idea.

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Re: What are some positives?

Post by Scrubb » Sat Dec 24, 2016 5:42 am

Oh yeah, he's going to stop Chinese imports. Except all the ones he needs to stock his hotels, and supply his clothing line, and supply his daughter's clothing line, and...
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Re: What are some positives?

Post by Flobster! » Sat Dec 24, 2016 6:00 am

Yeah, a genuinely isolationist US would at least be interesting. But it ain't gonna happen.
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