When, as a nation we're $40 TRILLION in debt, individual taxation is actually inconsequential.
Most people don't realize the magnitude of the hole.
FC/OT: Wonder how much of a hit Hershey/College of Medicine will take….
- Thread starter Midnighter
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Most people don't realize the magnitude of the hole.
I agree but saying that is one thing and understanding how and why it happens is another thing.
I don't know anybody who doesn't want scientific breakthroughs or good healthcare.
Corporations don't pay zero tax because the tax rate is 21%. They pay zero tax because of credits and deductions. You might agree with some of them and disagree with others which is fine. My point is the devil is in the details.
Here's an example:
A company might lose a $million year 1 and another $million year 2 before turning a $500k profit year 3. They probably won't pay tax on the $500k because of loss carryforwards. Perhaps you don't agree with that but the fact is they had a cumulative 3 year loss of $1.5 million.
There are many other examples like clean energy credits, R&D credits, immediate expensing, and shifting profits overseas.
I saw Tesla’s CFO made $300,000 a year when they were ‘not making a profit’. Walked away with $590mm in stock and other compensation when he eventually left (that is 10x more than PSU’s overhead for government contracts). It’s shocking that so many are quick to defend loopholes and nonsense to make billionaires richer but god forbid a research university ask for money to pay operating costs and other bills while trying to cure cancer.
They aren't "challenging" anything. And the credentials and motives of the people doing the challenging should also be highly questioned.
This is the same Tesla that has taken millions in government subsidies?
I wonder where DOGE could make more cuts to government spending?"Whataboutism" is not a powerful form of argumentation. Putin does it all the time and it induces eye rolls.
You've shifted the subject to executive compensation. I was responding to your complaint about corporate taxes.
So back to the tax issue... I didn't defend loopholes (which I assume is your term for credits and deductions you don't like). I'm just pointing out reasons why a company might pay zero or low taxes and it's not as simple as the tax rate. I'm not taking a political side on this board.
To be fair most of the Tesla subsidies have been given by those promoting the green agenda and I think the current administration intends to reduce them. It might take a year or two because they're part of the inflation reduction act. But once they expire they're done.This is the same Tesla that has taken millions in government subsidies?
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and in reality they never do............(pay for themselves)............
Is Trump Takng the EV Tax Credit Away? What You Need to Know
There's a lot of chatter about President Trump's plans to eliminate the electric vehicle tax credit. Here's what's happening.
www.kiplinger.com
Let's be clear no Pharma group is working to cure cancer. They are working to improve treatments to extend life. You don't make money on cures.
He’s not screwing over his lapdog.Is Trump Takng the EV Tax Credit Away? What You Need to Know
There's a lot of chatter about President Trump's plans to eliminate the electric vehicle tax credit. Here's what's happening.
I know people actually believe that and laugh because it sounds right, but it shows an absolute imbecile understanding of what research is. For starters, you don't "cure" cancer. It's not the flu. The researchers and pharma work to understand cellular processes down to the atom, in hopes of discovering what factors (internal/external) play a roll in what we call cancer. Your microbiology is so complex that no one person can truly "solve" anything about it with one "cure-all" pill. So much of science, research, and discovery is small, incremental steps forward using collaboration of people over decades and decades and building off of other's successes (but mostly failures). Most of our biggest health breakthroughs came from teams of people that you've never even heard of, working for most of their life on a small, subset of problems that just so happened to lead to a bigger breakthrough; and that was only possible because society invested in the process to get it to that point by investing in education and funding for same.