Amazon Pays Zero Taxes Again on $11 Billion Profits, This is Socialism in America

[Pauls' Revere]

It's not that simple. Will businesses (whether or not incorporated) be unable to deduct wages paid to employees, rent, supplies, depreciation, and other costs of doing business? If not, which particular deductions will be allowed?

Will all personal deductions go away, such as home mortgage interest, IRA contributions, and state and local taxes?

Yes, to all the above.

[Pauls' Revere]

I'm ok with tariffs.

I understand it, but I gringe.

[Sonny Tufts]

Yes.

The tax code should not be used as a tool to punantively "nudge" people into certain decisions and directions.

So what you really want is a gross receipts tax, not an income tax. Example: I run a business, and my gross receipts are $100,000. But I pay out $110,000 in wages and rent. Economically speaking I have a $10K loss, yet you want me to pay a tax on $100K.

[Sonny Tufts]

Yes, to all the above.

So you want a gross receipts tax, not an income tax.

[kona]

Even if ordinary income and cap gains are both taxed at 15%, they still cannot offset each other. For example, if you make 100k from your job, and lose 100k in the market, you still owe tax on 97k (cap losses only deductible against cap gains, save 3k).

There are endless examples of how any changes, even good ones, can never be good for everyone.

[kcchiefs6465]

James Madison has yet to answer how many people he employs and what value he adds to the economy.

I'm not going to assume that that is because he does not employ anyone and doesn't add any particular value to the economy, as is the case with most deadbeat socialists whining about a fair share.

[Swordsmyth]

I would rather have a zero income tax and zero capital gains but the realistic side of me knows that is a big hill to climb. At least with a simple formula everyone can actually see what the hell they pay and thus provides greater transparency. So, people could at least aim for a zero tax and it could be measured and tracked much easier too. Imagine being able to pull up a simple historical rate over the last 50 years. i.e. it was 10% one year, then 12% the next, then 20% the following year...etc. people could easily see what the hell is going on.

An additional benefit is that we could reduce the number of employees at the IRS and probably put a serious dent in eliminating the need for tax prepare-rs and all that tax software garbage too.

[Swordsmyth]

Right, the downstream end user(s) pay. Agreed, a zero income tax, but what would they tax instead? how about a flat rate V.A.T.?

Tariffs and excise taxes are the best. (but the excise taxes must be on the sale rather than the manufacture of the item specified)

[Swordsmyth]

Hmm,..but tariffs = bad for free trade.

How about an amendment that income tax can not exceed more than 10% of income? Although I want a zero income tax I know its unrealistic to expect it.

Every tax is bad for something, that is why spending needs to be cut but tariffs are the least bad and have the best beneficial side effects.

[Swordsmyth]

Which is what tariffs do.

Any tax does that, that is why you want low spending and low taxes.
But the things that tariffs nudge people to do are better than the things other taxes nudge you to do.

[Swordsmyth]

I understand it, but I gringe.

Take your medicine like a man.

[Theocrat]

For all you AOC and socialism haters get your heads straight. This is the real socialism in America...for corporations. National Debt now $22 trillion and this deadbeat Bezos isn't pitching in a single dime.


https://finance.yahoo.com/news/amazo...180337770.html

That's not socialism; that's good news. The federal nor state governments deserve our tax dollars with the way they waste money today, especially in giving it to people who aren't willing to be productive members of society.

[Pauls' Revere]

Take your medicine like a man.

[sigh]...

[Pauls' Revere]

That's not socialism; that's good news. The federal nor state governments deserve our tax dollars with the way they waste money today, especially in giving it to people who aren't willing to be productive members of society.

work camps for those on welfare! or we just get rid of the welfare state altogether.

[Pauls' Revere]

Tariffs and excise taxes are the best. (but the excise taxes must be on the sale rather than the manufacture of the item specified)

So, it looks like this then: (sales total, or excise tax) x (.15) = taxes owed. Assuming a 15% rate. The tariffs then are set by congress.

[Swordsmyth]

So, it looks like this then: (sales total, or excise tax) x (.15) = taxes owed. Assuming a 15% rate. The tariffs then are set by congress.

Something like that.

I would prefer to eliminate all domestic taxation of citizens by the feds and replace it with a cashflow tax on state budgets, that would move the responsibility for taxing citizens to a lower level where it could be controlled better and encourage low taxes and spending by the states.

[Pauls' Revere]

Something like that.

I would prefer to eliminate all domestic taxation of citizens by the feds and replace it with a cashflow tax on state budgets, that would move the responsibility for taxing citizens to a lower level where it could be controlled better and encourage low taxes and spending by the states.

and eliminate ALL deductions and credits.

[Swordsmyth]

and eliminate ALL deductions and credits.

Yes.

[Zippyjuan]

Cutting spending isn't on your table, I see.

Nobody else is talking about the spending side in this thread either including you until this post. What would you propose cutting? (Ron Paul was reluctant to call for any spending cuts in Social Security and Medicare/ Medicaid and you can't cut interest on the debt)

[kcchiefs6465]

Nobody else is talking about the spending side in this thread either including you until this post. What would you propose cutting? (Ron Paul was reluctant to call for any spending cuts in Social Security and Medicare/ Medicaid and you can't cut interest on the debt)

A little bit of all of it.

[Swordsmyth]

Nobody else is talking about the spending side in this thread either

Any tax does that, that is why you want low spending and low taxes.
But the things that tariffs nudge people to do are better than the things other taxes nudge you to do.

Every tax is bad for something, that is why spending needs to be cut but tariffs are the least bad and have the best beneficial side effects.

...

[Swordsmyth]

What would you propose cutting? (Ron Paul was reluctant to call for any spending cuts in Social Security and Medicare/ Medicaid and you can't cut interest on the debt)

We can start with cuts to the military and the bureaucracy and then eliminate all federal education spending and foreign aid.
Then we can means test Social Security as part of a plan to phase it out entirely.

And that's just a start.

[kcchiefs6465]

...

Zippy is this forum's official free market voice of reason.

Only he keeps this forum honest by pointing out that government spending is a problem and I appreciate him for continually going where no other forum member would go.

I am hopeful that in coming posts Zippy will spare some of his time to lecture us about the failings of communism.. as I'm sure no one on this forum has ever brought that up.

[Zippyjuan]

We can start with cuts to the military and the bureaucracy and then eliminate all federal education spending and foreign aid.
Then we can means test Social Security as part of a plan to phase it out entirely.

And that's just a start.

Thought you wanted them to guard your border. Cutting education would save about $50 billion out of $4 trillion. Foreign aid gets you another $50 billion. Congratulations! You reduced spending by 2%!

Ron talked about letting "young people opt out of Social Security" but would "honor the country's commitments to people who qualified for benefits". Opting out would mean fewer taxes coming in to fund it but keeping the payments going means that money would have to come from someplace else- other taxes or spending cuts in other areas or more government borrowing. Any savings would not be realized for the 40 or so years that the non- contributing people reached retirement age.

If you leave off Social Security and Medicare/ Medicaid and interest on the debt, you can at best cut only about 25% of spending (and that assumes you get rid of everything including 90% of the military budget).

[Swordsmyth]

Thought you wanted them to guard your border.

They can do that and take massive cuts to their budget, we would just have to pack up and leave the rest of the world.

Cutting education would save about $50 billion out of $4 trillion. Foreign aid gets you another $50 billion. Congratulations! You reduced spending by 2%!

You didn't even address everything I said:

Then we can means test Social Security as part of a plan to phase it out entirely.

And I said it was just a start.

[kcchiefs6465]

Thought you wanted them to guard your border. Cutting education would save about $50 billion out of $4 trillion. Foreign aid gets you another $50 billion. Congratulations! You reduced spending by 2%!

The best way to solve this crisis is government bonds.

At least until the extraterrestrial invasion and then we will all be rich. Paul Samuelson taught me everything there is to know about economics.

[Swordsmyth]

Zippy is this forum's official free market voice of reason.

Only he keeps this forum honest by pointing out that government spending is a problem and I appreciate him for continually going where no other forum member would go.

I am hopeful that in coming posts Zippy will spare some of his time to lecture us about the failings of communism.. as I'm sure no one on this forum has ever brought that up.

Maybe we should rename this place "Zippyjuan Forums".

[Zippyjuan]

They can do that and take massive cuts to their budget, we would just have to pack up and leave the rest of the world.


You didn't even address everything I said:



And I said it was just a start.

Updated post to discuss what Ron suggested to do with Social Security.

[Zippyjuan]

Maybe we should rename this place "Zippyjuan Forums".

Nah- it is already "Swordsmyth forums".

[kcchiefs6465]

Maybe we should rename this place "Zippyjuan Forums".

While I definitely agree, Zippy is far too humble for that.

Just thanking him for his service is more than reward enough for his tireless dedication to free market ideas.