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But Don’t You Dare Turn on the Air Conditioning or Eat a Cheeseburger, Peasants!
The Accountants/Lawyers Full Employment Act
Manchin Agrees to Climate, Tax Bill – Would Impose 15% Minimum Tax on Corporations & Add Imported Oil Tax
Any accountant will tell you the only thing more complicated than the U.S. individual tax system is the U.S. corporate tax system. To make matters worse, businesses must essentially maintain two sets of books, one intended for investors based on logical Generally Accepted Accounting Principles, and a second based on millions of pages of illogical politician rules written over hundreds of years. The goal of the first is to provide comparable, predictive information on a company’s financial performance, called “book income.” The goal of the second is to minimize the amount of money stolen by the government, called “taxable income.”
Since the two systems use vastly different rules, it distorts the effective rate a company is paying in taxes. For example, say a company loses $1 billion in 2021. No tax is due because there is no income to tax. Now say in 2022 the company earns $1 billion. Existing tax rules allow you to use the 2021 loss as a credit against 2022 income, so no tax is due. This makes sense since if you add the two years together, the company broke even. So in 2022, the “book income” is $1 billion, while the “taxable income” is zero. This is where the economically illiterate leftists scream, “See! Capitalism sucks! A corporation makes $1 billion and pays zero in taxes!!!”
The Manchin-Schumer “Inflation Reduction Act” imposes a 15 percent minimize tax on corporate income. So what the hell is this going to mean in practice? In the above example, a company that broke even would be paying $150 million in taxes, unless of course they put in more exceptions, phaseouts, brackets, credits, and other IRS bullshit. This is also where they bury loopholes in 3000-page bills to make sure their buddies pay nothing more, while the honest, productive companies get screwed and overall business efficiency drops again. But hey, at least they can brag on the campaign trail how they made the rich pay their “fair share.” And of course, this massive spending bill will decrease inflation. 👌🙄
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5 thoughts on “08-05 Politically Incorrect Daily”
“Any accountant will tell you the only thing more complicated than the U.S. individual tax system is the U.S. corporate tax system.”
I sat for the IRS “Enrolled Agent” examination, in the late 1980’s. Four parts, three hours each, two whole days. Part Three deals with corporate taxes. That I failed – no hands-on experience. Two months later, a letter from the IRS, “If you want to try again, you’ll only have the take Part Three. The next examination is in four months.”
I was a preparer in an H&R Block office. Being able to add EA after my name wouldn’t get me any higher pay nor did I intend to set up in private practice, so I didn’t bother.. (The boss did send me on two audits though- of her clients. No problems.)
Yup, corporate tax laws are a ‘female dog’.
Taxation is theft. Just because the government does it does not change the immorality or truth of the act.
It wouldn’t be ‘theft’ if we got something back in return. Such as? Let’s say ‘security’, from personal to national. Do you feel safe out walking at night? Do you believe that the government can keep us out of wars? (I expect China to invade Taiwan two weeks before the US mid-term elections. The immediate result: “We’re at war, the elections are postponed – indefinitely. Martial law is hereby established.” One way to set up a dictatorship)
The real ‘theft’ – inflation of the currency. The only way to change that is to change the government.
As far as Swift’s CO2…
If I had her talent, fame and success, I’d be doing the same, albeit with a P38, T38, F16, F104, and a bush plane or two. Oh yea, need a 15 to 25 seater for when the entourage needs to go or follow.
Her time is too valuable to spend in a car and she can’t go about and not be accosted by her fans.
She is creating more than a few jobs here.
Funny how no CO2 is attributed to the concerts and movie productions.
I recall a story about Travolta having to live a third shift life to have any privacy in public.
A friend met him at Oshkosh once and
did not know him as Travolta.
He asked him if he was the guy with such and such aircraft. John laughed and said this is why I love Oshkosh, no body cares who I am, I am just the guy with the such and such aircraft. He introduced himself and they talked planes.
Any one fussing about this need to realize they are doing the same thing on a smaller scale.
You burn fuel to reduce manual labor.
I’ll be burning 4 or 5 gallons in the yard and garden this weekend my self.
That CO2 will make the trees grow faster.
Griner actually complained that the Russians didn’t read her the miranda rights.
Seriously? Bish, you in Russia…