Tax loophole has Goldman paying 1% taxes.

[Acanthus]

http://jessescrossroadscafe.bl...s-its-profits-and.html

This is really sad if true. They are basically comitting a legal form of tax evasion.

Reward the government that is bailing you out (to save tax revenue and future jobs) by sending said taxes to more favorable nations.

US 14m in taxes is an abomination.

 

[SagaLore]

This is why our tax system needs to be simplified.

The more complex it gets to try and tax very specific things, or give breaks in the same manner, just opens up holes.

 

[frostedflakes]

This isn't that uncommon for Fortune 500s. Supposedly some corporations even have a *negative* tax rate, i.e., they receive more in deductions than they pay in.

 

[Linux23]

Yep, not surprised one bit.

 

[dmcowen674]

Originally posted by: Acanthus
Topic Title: Tax loophole has Goldman paying 1% taxes.

This is really sad if true. They are basically comitting a legal form of tax evasion.

Can't be

P&Ners swear the rich and busineses pay the most taxes.

 

[blackangst1]

Originally posted by: dmcowen674

Originally posted by: Acanthus
Topic Title: Tax loophole has Goldman paying 1% taxes.

This is really sad if true. They are basically comitting a legal form of tax evasion.

Can't be

P&Ners swear the rich and busineses pay the most taxes.

IRS says so too. Disagree? Prove it wrong I'll paypal you $1000

 

[LegendKiller]

Originally posted by: frostedflakes
This isn't that uncommon for Fortune 500s. Supposedly some corporations even have a *negative* tax rate, i.e., they receive more in deductions than they pay in.

They don't get rebates like people. They get tax-loss carryforwards.

This isn't an amazing idea here, they lost a lot of money which offsets revenue. The money they did make was in low-taxed areas. Big fucking deal.

 

[frostedflakes]

Originally posted by: LegendKiller

Originally posted by: frostedflakes
This isn't that uncommon for Fortune 500s. Supposedly some corporations even have a *negative* tax rate, i.e., they receive more in deductions than they pay in.

They don't get rebates like people. They get tax-loss carryforwards.

This isn't an amazing idea here, they lost a lot of money which offsets revenue. The money they did make was in low-taxed areas. Big fucking deal.

Thanks for the clarification, I was unsure exactly how the negative tax rate worked.

 

[LegendKiller]

Originally posted by: frostedflakes

Originally posted by: LegendKiller

Originally posted by: frostedflakes
This isn't that uncommon for Fortune 500s. Supposedly some corporations even have a *negative* tax rate, i.e., they receive more in deductions than they pay in.

They don't get rebates like people. They get tax-loss carryforwards.

This isn't an amazing idea here, they lost a lot of money which offsets revenue. The money they did make was in low-taxed areas. Big fucking deal.

Thanks for the clarification, I was unsure exactly how the negative tax rate worked.

The real hurt is that they can keep carrying them forward provided they think they will turn a profit and can use them (that's how it worked when I learned, I don't think they changed it, but I'm not a CPA). They are going to hurt NYS and NYC for years in some cases.

 

[Acanthus]

Originally posted by: LegendKiller

Originally posted by: frostedflakes
This isn't that uncommon for Fortune 500s. Supposedly some corporations even have a *negative* tax rate, i.e., they receive more in deductions than they pay in.

They don't get rebates like people. They get tax-loss carryforwards.

This isn't an amazing idea here, they lost a lot of money which offsets revenue. The money they did make was in low-taxed areas. Big fucking deal.

I think it's a huge deal. They are moving the revenue around specifically to dodge taxes.

It would be like walmart simply saying that all of their money was made in the caymans, then declaring huge deductions for their operational costs in the US and using the carryover to pay future taxes.

Theres a lot wrong with that.

 

[brandonbull]

Originally posted by: Acanthus

Originally posted by: LegendKiller

Originally posted by: frostedflakes
This isn't that uncommon for Fortune 500s. Supposedly some corporations even have a *negative* tax rate, i.e., they receive more in deductions than they pay in.

They don't get rebates like people. They get tax-loss carryforwards.

This isn't an amazing idea here, they lost a lot of money which offsets revenue. The money they did make was in low-taxed areas. Big fucking deal.

I think it's a huge deal. They are moving the revenue around specifically to dodge taxes.

It would be like walmart simply saying that all of their money was made in the caymans, then declaring huge deductions for their operational costs in the US and using the carryover to pay future taxes.

Theres a lot wrong with that.

It has to be done so they can pay themselves huge retention bonuses. I would hate for one of them to get mad at themselves and leave.

 

[Double Trouble]

Originally posted by: LegendKiller

Originally posted by: frostedflakes
This isn't that uncommon for Fortune 500s. Supposedly some corporations even have a *negative* tax rate, i.e., they receive more in deductions than they pay in.

They don't get rebates like people. They get tax-loss carryforwards.

This isn't an amazing idea here, they lost a lot of money which offsets revenue. The money they did make was in low-taxed areas. Big fucking deal.

Please immediately cease bringing logic into this discussion, you know that's against p&n rules. Next time, ban 😉

 

[Double Trouble]

Originally posted by: Acanthus

Originally posted by: LegendKiller

Originally posted by: frostedflakes
This isn't that uncommon for Fortune 500s. Supposedly some corporations even have a *negative* tax rate, i.e., they receive more in deductions than they pay in.

They don't get rebates like people. They get tax-loss carryforwards.

This isn't an amazing idea here, they lost a lot of money which offsets revenue. The money they did make was in low-taxed areas. Big fucking deal.

I think it's a huge deal. They are moving the revenue around specifically to dodge taxes.

Oh, you mean sort of like I might sell off some loser shares at the end of the year to offset other gainers so I can reduce my tax bill? As long as they haven't done anything illegal, they are just playing by the rules like all the rest of us, trying to minimize the amount they owe. Now if you don't like the rules, you should take that up with your local crooked politician .....errr... congressional representative.

It would be like walmart simply saying that all of their money was made in the caymans, then declaring huge deductions for their operational costs in the US and using the carryover to pay future taxes.

No, that would be tax fraud, since their money was not made in the caymans. Nobody (to my knowledge) has alleged tax fraud, they are just whining that the corporation used available loopholes to lower their tax bill.

Oh, and what a bunch of left wing drivel on that blog..... I love this part

Free trade is not a natural good in and of itself.

Sheesh.

 

[dmcowen674]

Originally posted by: blackangst1

Originally posted by: dmcowen674

Originally posted by: Acanthus
Topic Title: Tax loophole has Goldman paying 1% taxes.

This is really sad if true. They are basically comitting a legal form of tax evasion.

Can't be

P&Ners swear the rich and busineses pay the most taxes.

IRS says so too. Disagree? Prove it wrong I'll paypal you $1000

How come you never learn to not believe your lying Government?

How's that WMD in Iraq doing?

 

[StageLeft]

Originally posted by: dmcowen674

Originally posted by: blackangst1

Originally posted by: dmcowen674

Originally posted by: Acanthus
Topic Title: Tax loophole has Goldman paying 1% taxes.

This is really sad if true. They are basically comitting a legal form of tax evasion.

Can't be

P&Ners swear the rich and busineses pay the most taxes.

IRS says so too. Disagree? Prove it wrong I'll paypal you $1000

How come you never learn to not believe your lying Government?

How's that WMD in Iraq doing?

Great proof, you really got him with that one, Dave.

 

[DisgruntledVirus]

Originally posted by: dmcowen674

Originally posted by: blackangst1

Originally posted by: dmcowen674

Originally posted by: Acanthus
Topic Title: Tax loophole has Goldman paying 1% taxes.

This is really sad if true. They are basically comitting a legal form of tax evasion.

Can't be

P&Ners swear the rich and busineses pay the most taxes.

IRS says so too. Disagree? Prove it wrong I'll paypal you $1000

How come you never learn to not believe your lying Government?

How's that WMD in Iraq doing?

How's the $10 gas by the end of the year doing?

 

[Xavier434]

Originally posted by: Double Trouble
Oh, you mean sort of like I might sell off some loser shares at the end of the year to offset other gainers so I can reduce my tax bill? As long as they haven't done anything illegal, they are just playing by the rules like all the rest of us, trying to minimize the amount they owe. Now if you don't like the rules, you should take that up with your local crooked politician .....errr... congressional representative.

I agree with you 100%. Legal is legal. I want to see a lot of these rules changed so these methods of reducing one's tax bill is not nearly as easy.

 

[dmcowen674]

Originally posted by: DisgruntledVirus

Originally posted by: dmcowen674

Originally posted by: blackangst1

Originally posted by: dmcowen674

Originally posted by: Acanthus
Topic Title: Tax loophole has Goldman paying 1% taxes.

This is really sad if true. They are basically comitting a legal form of tax evasion.

Can't be

P&Ners swear the rich and busineses pay the most taxes.

IRS says so too. Disagree? Prove it wrong I'll paypal you $1000

How come you never learn to not believe your lying Government?

How's that WMD in Iraq doing?

How's the $10 gas by the end of the year doing?

Never said by the end of the year but hang in there, it will get here with the yearly excuses especially come summer blend time again,

 

[halik]

Originally posted by: dmcowen674

Originally posted by: blackangst1

Originally posted by: dmcowen674

Originally posted by: Acanthus
Topic Title: Tax loophole has Goldman paying 1% taxes.

This is really sad if true. They are basically comitting a legal form of tax evasion.

Can't be

P&Ners swear the rich and busineses pay the most taxes.

IRS says so too. Disagree? Prove it wrong I'll paypal you $1000

How come you never learn to not believe your lying Government?

How's that WMD in Iraq doing?

Worst argument in 2008. Let me rephrase what you just said: "I'm talking out of my ass and since you just called me out on that, I will use the tinfoilhattery defense."

I seriously think you singlehandedly bring down the collective IQ of this forum by a standard deviation.

 

[dmcowen674]

Originally posted by: halik

Originally posted by: dmcowen674

Originally posted by: blackangst1

Originally posted by: dmcowen674

Originally posted by: Acanthus
Topic Title: Tax loophole has Goldman paying 1% taxes.

This is really sad if true. They are basically comitting a legal form of tax evasion.

Can't be

P&Ners swear the rich and busineses pay the most taxes.

IRS says so too. Disagree? Prove it wrong I'll paypal you $1000

How come you never learn to not believe your lying Government?

How's that WMD in Iraq doing?

Worst argument in 2008. Let me rephrase what you just said: "I'm talking out of my ass and since you just called me out on that, I will use the tinfoilhattery defense."

I seriously think you singlehandedly bring down the collective IQ of this forum by a standard deviation.

Biggest lie in modern history I would hardly worst argument of 2008.

 

[TallBill]

Originally posted by: dmcowen674

Biggest lie in modern history I would hardly worst argument of 2008.

Wat?

 

[Acanthus]

Originally posted by: Xavier434

Originally posted by: Double Trouble
Oh, you mean sort of like I might sell off some loser shares at the end of the year to offset other gainers so I can reduce my tax bill? As long as they haven't done anything illegal, they are just playing by the rules like all the rest of us, trying to minimize the amount they owe. Now if you don't like the rules, you should take that up with your local crooked politician .....errr... congressional representative.

I agree with you 100%. Legal is legal. I want to see a lot of these rules changed so these methods of reducing one's tax bill is not nearly as easy.

Im not saying its illegal, im saying its unethical and should not be legal. I shouldve made myself more clear.

 

[Acanthus]

Originally posted by: Double Trouble

Originally posted by: Acanthus

Originally posted by: LegendKiller

Originally posted by: frostedflakes
This isn't that uncommon for Fortune 500s. Supposedly some corporations even have a *negative* tax rate, i.e., they receive more in deductions than they pay in.

They don't get rebates like people. They get tax-loss carryforwards.

This isn't an amazing idea here, they lost a lot of money which offsets revenue. The money they did make was in low-taxed areas. Big fucking deal.

I think it's a huge deal. They are moving the revenue around specifically to dodge taxes.

Oh, you mean sort of like I might sell off some loser shares at the end of the year to offset other gainers so I can reduce my tax bill? As long as they haven't done anything illegal, they are just playing by the rules like all the rest of us, trying to minimize the amount they owe. Now if you don't like the rules, you should take that up with your local crooked politician .....errr... congressional representative.

It would be like walmart simply saying that all of their money was made in the caymans, then declaring huge deductions for their operational costs in the US and using the carryover to pay future taxes.

No, that would be tax fraud, since their money was not made in the caymans. Nobody (to my knowledge) has alleged tax fraud, they are just whining that the corporation used available loopholes to lower their tax bill.

Oh, and what a bunch of left wing drivel on that blog..... I love this part

Free trade is not a natural good in and of itself.

Sheesh.

I think we can agree that it was a relatively laissez faire market that got us where we are now... Management 101... When you fail to regulate yourself, the government will do it for you, more often than not with a lot of red tape.

 

[JS80]

I fully support legal tax evasion. I support the govt getting less money period. It's the govt's own fucking fault for such a complicated ass tax code. They reap what they sow.

 

[Xavier434]

Originally posted by: Acanthus

Originally posted by: Xavier434

Originally posted by: Double Trouble
Oh, you mean sort of like I might sell off some loser shares at the end of the year to offset other gainers so I can reduce my tax bill? As long as they haven't done anything illegal, they are just playing by the rules like all the rest of us, trying to minimize the amount they owe. Now if you don't like the rules, you should take that up with your local crooked politician .....errr... congressional representative.

I agree with you 100%. Legal is legal. I want to see a lot of these rules changed so these methods of reducing one's tax bill is not nearly as easy.

Im not saying its illegal, im saying its unethical and should not be legal. I shouldve made myself more clear.

Ya, that is pretty much how I feel. It would be nice if we could just rely on people not to legally evade taxes like that, but they continuously prove time and time again that they cannot be trusted. That is one of the big reasons the government tax codes are such a massive clusterfuck right now. There are many reasons for that of course, but not all of them are the government's fault. It needs to be simplified a lot and the loopholes need to be shut.