Lake Erie Conservative

thoughtful discussion(s) about issue(s)

Posts Tagged ‘Tax law’

… Why a Tax Dodge ? [ Bill Clinton ‘ s ” Shell ” Company] …

Posted by paulfromwloh on Saturday,October 22nd,2016

.. simple ..

.. it is used to hide earned income that should be taxed at the rate of ordinary income . It is then passed down from the shell to the ” owner ” [Mr. Bill] as profits and dividends , which are taxed at much different and usually much lower rates of taxation …

.. [h/t —]..
.. [link] to the news piece ..

.. it can also route the income from the ” shell ” to the foundation , thus gaining charitable contributions . You gain tax deductions from those deductions , instead of paying income taxes on earned income ..

.. it is that simple ..

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… Don’t Those Knuckleheads Ever Learn [#US Treasury][#tax inversion]…

Posted by paulfromwloh on Wednesday,April 6th,2016

.. it seems that Our country ‘ s Treasury Department is a glutton for punishment . Also , they want to be stuck in court with multiple court cases ..

.. So , what the fart is the big brawl all about with these ” tax inversions ?? ” …

.. simple , and for 2 reasons . One is our country ‘ s tax rate . Currently our’ s top tax rate for corporations is about 35.0% , which is the highest in the Western World . Having a rate that high is going to inspire many attempts to go to tax havens , and the use of tax dodges ..

.. [h/t —]..
.. [link] to the blog post news ..

.. the other is the way our country taxes corporations . Worldwide , companies are taxed generally one way . They only pay tax on the earnings on the income earned in that specific country . Our does it radically different . Our country taxes income on companies on a worldwide business basis . It just does not mean our nation alone , but in every other country on the planet ..

.. Treasury is trying to legislate by ” executive order ” or by regulation . Oops . Regulations may interpret and implement existing law . They may not act to write new law . That is Congress ‘ job ,folks ..

.. So , what happens ? The stuff get challenged in court , and by a company willing to take on the battle .most companies do not want the to spend the fuss or the tIme .But some do . Those are the ones that will benefit from the battle [and the expense]…

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… Matt Drudge is Right [#LibertyTax] …

Posted by paulfromwloh on Monday,March 24th,2014

.. and more …

.. anyone who pays estimated taxes will be in the same situation .

.. [h/t —]..
.. [link] to the blog post ..

.. the wealthy , for example , have most of their income from capital gains and from interest and dividends . Those items are required to be estimated and paid for on a quarterly basis . They are in a similar boat , and in a more familiar situation than small businesses ..

.. small businesses have to deal with this for themselves , as well as their employees , if they have any . If they do not , then they still have to deal with this item themselves on an estimated basis …

.. those dummies on the ultra – left show their ignorance of business , especially small business , once again . Those dummies do not know what it means to deal with government rules and regs , as well as make a payroll , and maintain professional qualifications . So wise up , doofuses !!…

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… An I.R.S. Agent does not take a “Dump” without Guidance and Orders from On High …

Posted by paulfromwloh on Monday,June 3rd,2013

.. An I.R.S. agent that is properly doing their job is enforcing our tax laws . They are doing so in an impartial and non – partisan matter . They execute plans that are set from much higher up , to carry out examinations and audits . They do not even , when needed , take a “Dump” without Guidance from higher ups . If you are not sure , a dump means check your “Six” when you go to the can .

.. I have represented people before the service . These people are thoroughly professional . They do not like to mess around . They generally do not like to waste time . If they are “messing around,” it usually means they have orders from much higher to do it . Generally , they do not do so .

.. I did not represent groups seeking 501c status . Remember , with this stuff , with so – called “social welfare” groups , political activities are permitted . It is blatant out – and – out electioneering (campaign activities) that are out-of-bounds. When a judgement is made , the judgement is supposed to made in favour of the 1st Amendment , and what they can do , instead of what they cannot .

.. When you seek this non – profit status , you should expect to answer questions . Also , expect to have to spend some money on accounting fees and legal fees , so that you do the job right . There are folks out there who specialize in this stuff . I did not . They can and will help you . No , they will not seek to run up their bills . Their job is to help you , not abuse you .

.. Sometimes , those questions are intrusive . I know , I saw them . What the Infernal Service has been doing with this stuff is far below the belt . It is beyond the pale of what should be asked . Ask the experts . The Government should bring its checkbook to settlement negotiations . And with it , a very generous balance .

.. These folks have had their civil rights violated . God willing , these people will be able to get and received justice . The Sekulows (father and Son) at the American Center for Law and Justice (the A.C.L.J.) are some of the very best in the business . The Landmark Legal Foundation is also another one . Keep it up , and keep going .

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… No , Matt , You are Waaay Off !! …

Posted by paulfromwloh on Tuesday,May 21st,2013

.. and worse , your statement about the Infernal Service is disgusting .

.. U.S. law allows businesses to do business overseas , and to hold assets , liabilities , and capital overseas . You want the parent to repatriate the profits , not all of the rest . They do business , there . They have built the business , there .  The entity is there .

.. They are allowed to make appropriate arrangements , such as intellectual property exports , to export its licenses (software) to its overseas subsidiaries . Ergo , they  can then do business . Transfer pricing makes sure that both sides (in an arms – length relationship) can accurately and appropriately account for the transaction accurately on their books . Even if the one is a wholly – owned subsidiary of the other .

.. The U.S. tax laws are stupid . They need to be reformed , drastically . Individual income tax rates need to be cut , and , if possible , simplified into a single rate taxsystem . Think of how much money could be saved .

.. Also , the capital gains , inheritance , and corporate tax rules also in need of  drastic overhaul . Cap gains need to be simple , and scaled , to encourage long – term holdings of capital assets . The Inheritance system could be so much simpler , so that all of the waste on tax planning could be re – directed elsewhere , to more productive uses . Those tax rules are so complex , it requires both a tax accountant (CPA) specialist , as well as a tax lawyer , to understand it .

.. Most of all , the immense amount of overseas profits that US companies hold can and should be repatriated , so that they can be put to better use . Instead of just sitting there , earning interest , the corporate Parent can bring in home , create investment here in the U.S. , and jobs here in the U.S. , and do so on a regular basis .

… hereuss government reform ops cmte EXHIBIT 1a – Subcommittee Memo on Offshore Profit Shifting Apple is , for what it is worth , the slime job that the Senate did on Apple …

… here opening statement is Tim Cook ‘ s prepared opening statement before the Senate Committee

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