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Trump and Clinton share Delaware tax 'loophole' address with 285,000 firms

It's all about limited liability.

And it's hard to attract capital when risk is open ended.

Think if you had a 401K or company retirement fund that included Solyndra, and the government decided to claw back 75% your retirement fund to pay losses since you were in effect a partner and liable for all damages, prior, existing, and future, not to exclude undiscovered. You argue you only owned $500 in stock. They argue that you "own" because you bought all liability without regard to fractionality.

Oh, well. You still have 25% left. Do'h! Sears is circling the drain. There goes the rest.

Good luck getting a loan for a lemonade stand.
 
Chomsky said:
Then perhaps it would be more accurate to say: "Take advantage of an abusive law"!
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That law is available to all why do you say it is an abusive law?
 
Connery said:
That law is available to all why do you say it is an abusive law?
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It's used to avoid taxes, which is bad for everyone, but obviously is also designed for only those in the upper income strata.
 
Chomsky said:
It's used to avoid taxes, which is bad for everyone, but obviously is also designed for only those in the upper income strata.
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Tax avoidance us a built in feature in the graduated tax system and no it is not only for the "rich" it is for corporations which anyone can own.
 
Connery said:
Tax avoidance us a built in feature in the graduated tax system and no it is not only for the "rich" it is for corporations which anyone can own.
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Yeah, I realize that - but it places so (too) much of the tax burden on working-class stiffs.
 
Connery said:
Absolutely not it is codified and a legal exactitude
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Really? Semantics argument?

"use (something) to bad effect or for a bad purpose; misuse."

I view these tax loopholes opening up the door for a bad purpose, AKA hundreds of thousands of companies park their money there to get out of just taxes they should be paying.
 
Chomsky said:
Yeah, I realize that - but it places so (too) much of the tax burden on working-class stiffs.
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You mean the working class stiffs who own corporations and enjoy the same if not better tax benefits through a subchapter S corp?
 
TheDemSocialist said:
Read more @: Trump and Clinton share Delaware tax 'loophole' address with 285,000 firms

Clinton and Trump, both openly hypocrites, both abuse tax loopholes. Sometimes they share a building that lets them abuse a loophole. [/FONT][/COLOR]
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I'm not quite sure what is wrong with this. This is perfectly legal. I'm more concerned with the illegal things that Hillary does.

And what do you think that they should do instead? Do you take all the tax deductions that you are allowed on your return? Or do you decide to pay more taxes than you owe? Who is the hypocrite?
 
TheDemSocialist said:
Really? Semantics argument?

"use (something) to bad effect or for a bad purpose; misuse."

I view these tax loopholes opening up the door for a bad purpose, AKA hundreds of thousands of companies park their money there to get out of just taxes they should be paying.
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Sorry to disappoint but acting within the law and using a regulation as is was designed to be used is not abuse.
 
Connery said:
You mean the working class stiffs who own corporations and enjoy the same if not better tax benefits through a subchapter S corp?
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No, by working stiffs I'm referring to wage slaves.

Not that incorporated small business owners aren't hard-working Joes, but my comment was to the tax burden of the payrolled working class.

BTW - Most sub-chapter S corps were owned by professionals when I had mine in the early 90's; no idea if that has changed since.
 
Anthony60 said:
I'm not quite sure what is wrong with this. This is perfectly legal. I'm more concerned with the illegal things that Hillary does.

And what do you think that they should do instead? Do you take all the tax deductions that you are allowed on your return? Or do you decide to pay more taxes than you owe? Who is the hypocrite?
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I think this type of tax avoidance should be illegal and I think someone uphold such belief should not use the option.
 
Connery said:
Sorry to disappoint but acting within the law and using a regulation as is was designed to be used is not abuse.
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I think using this option for tax avoidance, simply setting up what is essentially a PO box along with 280,000 corporations/firms/etc who can afford the tax is using the law for a bad effect.
 
TheDemSocialist said:
I think using this option for tax avoidance, simply setting up what is essentially a PO box along with 280,000 corporations/firms/etc who can afford the tax is using the law for a bad effect.
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Following the law the way it was meant to be used is exactly the intent of the drafters. Perhaps you may wish to contact your representative and voice your concerns. You may get the law changed.
 
Connery said:
Following the law the way it was meant to be used is exactly the intent of the drafters. Perhaps you may wish to contact your representative and voice your concerns. You may get the law changed.
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Just because something is legal does not mean it cannot be abused....
 
Chomsky said:
No, by working stiffs I'm referring to wage slaves.

Not that incorporated small business owners aren't hard-working Joes, but my comment was to the tax burden of the payrolled working class.

BTW - Most sub-chapter S corps were owned by professionals when I had mine in the early 90's; no idea if that has changed since.
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Nothing has changed Sub S is still the same as it always had been. The payrolled can work their butts off with crazy hours, unsure wages and personnel problems as well those are the joys of running your own show.
 
Connery said:
Umm no


However, your beef is that Trump and others are using the law the way it was meant to be used and you feel that is an abuse.

No again.
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For example... KS passed a law stating that all LLCs will not have to pay income tax. Claimed that because of this tax revenue will increase, businesses will create a **** load of jobs, it was "going to be a shot of adrenaline into the hear of the KS economy".. What happened? Turned out revenue drastically decreased, businesses did not create more jobs because of the tax break, and KS job growth moved below the national and even regional average.....
 
TheDemSocialist said:
Read more @: Trump and Clinton share Delaware tax 'loophole' address with 285,000 firms

Clinton and Trump, both openly hypocrites, both abuse tax loopholes. Sometimes they share a building that lets them abuse a loophole. [/FONT][/COLOR]
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Uh...

...There aren’t many things upon which Hillary Clinton and Donald Trump agree,...
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Dumb intro. Yes there are.


Both of them are rich people who claim to be willing to raise taxes on rich people, but who, like Bernie Sanders, have no interest themselves in paying more taxes than necessary.
 
TheDemSocialist said:
For example... KS passed a law stating that all LLCs will not have to pay income tax. Claimed that because of this tax revenue will increase, businesses will create a **** load of jobs, it was "going to be a shot of adrenaline into the hear of the KS economy".. What happened? Turned out revenue drastically decreased, businesses did not create more jobs because of the tax break, and KS job growth moved below the national and even regional average.....
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Maybe a product of poor planning but not abuse.
 
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