Did you know that if you are self employed, there are deductions you may benefit from to help offset some expenses associated with your business? Find out more about these at Win an iPad3 with The Tax Plan Group Video
Why would I not want to see overpaid corporate executives and their near associates pay to support by way of taxation and redistribution the very majority of people they would exploit to the point of enslavement were it possible and allow them to take on the role that King George and his near associates played in the 1700s? Because that redistribution would see the money go directly back to the corporate executives? Maybe.
After a couple week of pondering on this. We should end capital gains, corporate and dividend taxes, and all stock income should should be reported as a Schedule C - Business Income. If you have no taxpayer identification number, all your capital gains should be considered a dividend and taxed at 30% or as tax treaties stipulate.
@harj2009 The tax rate for goog has never been less than 20% for the last 10 years (google goog ten year summary). GOOG is part of the NASDAQ, in 2000 the NASDAQ was near 5000, today it is about 2700. So if you held a NASDAQ index with google in it, not only would you have lost money, you would pay tax on those losses. The sad part is those earnings taxes were wasted on public sector unions and defense. We need to end corporation tax imho, thus Gates will have to pay cap tax on his income
Another option might be to end corporate tax, and allow capital gains and dividend to be taxed as income. Foreigners must pay 50% tax on dividends and capital gains.
There is another benefit of ending IRAs and 401(k)s. Is all that money won't be locked up. Most of it is psychological. If the money is regular bank or brokerage account you will be more likely to invest or spend that money. Which should put the economy on steroids. Also not having these accounts will help income tax receipts. As some of these dodges are huge like 50% of your business income.
The money you save forcing foreigners to pay higher corporate taxes, the elimination of paperwork and ira/retirement accounts, and the elimination of tax dodges will easily make it revenue neutral. And for the congressperson bookworm, I think you should also allow corps to get a 10% deduction for dividends paid from income to promote real earnings and allow the average investor to see the true colors of corporate income to make sure earnings are real.
Ending the capital gains tax, also means ending IRAs and tax dodges. When Cramer comes on t.v. and says he is doing for a charitable trust it could be a tax dodge to eliminate taxes. You can give your heirs a life insurance policy for the entire amount of the trust. you can also open a overseas brokerage accoun and avoid CGs. It is so obvious ending the capital gain tax is the best thing you can do for business and Obama today asked for recommendations to help business and this is #1.
I think it would be better to end capital gains taxes and increase either the corporate rate from 35% to 36%, or possibly use inflation taxes to make up the rest. However, I would much prefer to cut government. Jeremy Seigel has stated he thinks companies should be allowed to deduct dividends from income like they do with their debt interest. However, I believe ending the capital gains tax is the best options. Stock options would be still taxed 100% as they are given and redeemed as income.
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Did you know that if you are self employed, there are deductions you may benefit from to help offset some expenses associated with your business? Find out more about these at Win an iPad3 with The Tax Plan Group Video
TaxPlanGroup 1 week ago
Why would I not want to see overpaid corporate executives and their near associates pay to support by way of taxation and redistribution the very majority of people they would exploit to the point of enslavement were it possible and allow them to take on the role that King George and his near associates played in the 1700s? Because that redistribution would see the money go directly back to the corporate executives? Maybe.
Lieu3C4 1 month ago
After a couple week of pondering on this. We should end capital gains, corporate and dividend taxes, and all stock income should should be reported as a Schedule C - Business Income. If you have no taxpayer identification number, all your capital gains should be considered a dividend and taxed at 30% or as tax treaties stipulate.
pirucreek 11 months ago
No corporation pays 39 percent tax google pays 2
harj2009 11 months ago
@harj2009 The tax rate for goog has never been less than 20% for the last 10 years (google goog ten year summary). GOOG is part of the NASDAQ, in 2000 the NASDAQ was near 5000, today it is about 2700. So if you held a NASDAQ index with google in it, not only would you have lost money, you would pay tax on those losses. The sad part is those earnings taxes were wasted on public sector unions and defense. We need to end corporation tax imho, thus Gates will have to pay cap tax on his income
pirucreek 11 months ago
Another option might be to end corporate tax, and allow capital gains and dividend to be taxed as income. Foreigners must pay 50% tax on dividends and capital gains.
pirucreek 1 year ago
@pirucreek Say goodbye to all the capital in the US then.
nilbud 11 months ago
Ending capital gains taxes is also the same as competing currencies Ron Paul always talks about.
pirucreek 1 year ago
There is another benefit of ending IRAs and 401(k)s. Is all that money won't be locked up. Most of it is psychological. If the money is regular bank or brokerage account you will be more likely to invest or spend that money. Which should put the economy on steroids. Also not having these accounts will help income tax receipts. As some of these dodges are huge like 50% of your business income.
pirucreek 1 year ago
The money you save forcing foreigners to pay higher corporate taxes, the elimination of paperwork and ira/retirement accounts, and the elimination of tax dodges will easily make it revenue neutral. And for the congressperson bookworm, I think you should also allow corps to get a 10% deduction for dividends paid from income to promote real earnings and allow the average investor to see the true colors of corporate income to make sure earnings are real.
pirucreek 1 year ago
Ending the capital gains tax, also means ending IRAs and tax dodges. When Cramer comes on t.v. and says he is doing for a charitable trust it could be a tax dodge to eliminate taxes. You can give your heirs a life insurance policy for the entire amount of the trust. you can also open a overseas brokerage accoun and avoid CGs. It is so obvious ending the capital gain tax is the best thing you can do for business and Obama today asked for recommendations to help business and this is #1.
pirucreek 1 year ago
I think it would be better to end capital gains taxes and increase either the corporate rate from 35% to 36%, or possibly use inflation taxes to make up the rest. However, I would much prefer to cut government. Jeremy Seigel has stated he thinks companies should be allowed to deduct dividends from income like they do with their debt interest. However, I believe ending the capital gains tax is the best options. Stock options would be still taxed 100% as they are given and redeemed as income.
pirucreek 1 year ago