Happy Tax Day (almost)

HiTempguy wrote: Corporate income tax is only 7% lolololololololololol.

Link please, because some reason the IRS doesn't agree with you.

http://www.irs.gov/pub/irs-pdf/i1120.pdf

See page 17 for the corporate tax rate schedule.

Toyman01 wrote:

HiTempguy wrote: Corporate income tax is only 7% lolololololololololol.

Link please, because some reason the IRS doesn't agree with you. http://www.irs.gov/pub/irs-pdf/i1120.pdf See page 17 for the corporate tax rate schedule.

He lives in America's hat, hence his lolololololololololol

I think you guys may be misinterpreting the numbers. The corporate tax rate in this country is something like 28%. The amount of taxes that corporations pay only makes up about 7% of the total tax revenue, if I'm interpretting that right. The fact that personal income taxes make up 32% of all tax revenue indicates there is much more money in personal incomes than there is in business income, which kinda makes sense- there are orders of magnitude more people in this country than there are businesses.

Personal tax rates vary...I think 15% is pretty common, depends on income bracket.

Percentages can be tricky. Make sure you know what you're reading. ;-)

^You are correct sir. sheepish

Toyman01 wrote: Link please, because some reason the IRS doesn't agree with you.

I was referring to the 7% of the overall income the gov generated. Not corporate tax rate.

mtn wrote:

Beer Baron wrote: I paid nothing to the U.S. Federal government for this past year, because it turned out that I paid a lot more than my fair share to the Canadian government. So... I guess that makes me a good citizen of the world or something.

Huh?

Long story short, certain foreign taxes are deductable. The amount of those I paid from the distribution of my grandfather's estate was well over $12k and much greater than my income tax would have been.

HiTempguy wrote:

Toyman01 wrote: Link please, because some reason the IRS doesn't agree with you.

I was referring to the 7% of the overall income the gov generated. Not corporate tax rate.

I also saw the context correctly. Since the SCOTUS has decided that corporations are people, they should have been lumped in with Personal Income Tax revenue.

But the fact that their ACTUAL % is nowhere near what the tax laws are because they have professionals play with numbers until their payed tax rate is way less.(cough...EXXON...GE...cough)

Reduce corporate tax rate, eliminate deductions, everybody wins except the lawyers and accountants!

HiTempguy wrote: Corporate income tax is only 7% lolololololololololol.

No... corporate tax income represents 7% of the Govt Income.

This is basis of the double-sided argument regarding this issue. On one side they say, "It's only 7% of the income. Reducing the tax rate won't affect us much." And on the other side, "Corporations only contribute 7% of govt income - they should contribute more."

Either argument could be right, but are so fundamentally opposite, reaching a consensus is.... difficult.

Ian F wrote: No... corporate tax income represents 7% of the Govt Income.

I don't even... there are posts after that. I'm not sayin', I'm just sayin', to quote samuel L. jackson "read the mutha f*&kin thread!"

I can't be the only one who filed, got his money back, and spent it months ago, can I?

In reply to SnowMongoose:

You're not, I partially converted our tax refund into a pair of Recaro SPGs in February.

I filed late this year- we had a lot on our plate and I kept putting it off. I signed and sent the forms back to our accountant in early April. Unlike all the self-righteous self-delusional people they interview on the internet, I am going to come right out now and say we're not saving one dime of our refund. I have a truck that needs fixing, and we have a master plan for some landscaping to be done around our house that'll eat up most of it.

I feel better knowing I'm supporting the local economy. ;-)

HiTempguy wrote:

Ian F wrote: No... corporate tax income represents 7% of the Govt Income.

I don't even... there are posts after that. I'm not sayin', I'm just sayin', to quote samuel L. jackson "read the mutha f*&kin thread!"

Make an poorly written post and you'll get a bunch of responses to it. I did read the berking thread... and I don't give a sh1t.

I filed late despite getting money back. I don't really need the money right now and I sort of have plans for it. Had I gotten earlier I might have spent it. It's not like having it sit in my savings account would earn much.

$1500 to the feds, $350 or so to the state.