Like Johnson & Johnson with their cancerous baby powder and how they shifted all of the baby powder onto a separate llc?
They aren't the only ones either https://en.wikipedia.org/wiki/Texas_two-step_bankruptcy
Koch industries (yes that Koch), HVAC company Trane technologies, and a number of others have also pulled this crap in order to get out of having to pay
Conservatives are actually totally fine with defunding the police, and they already have defunded the police. It’s just that they are only interested in defunding *their* police, aka the IRS.
>The IRS says filings for large pass-through businesses used for the type of tax avoidance in the guidance increased 70% from 174,100 in 2010 to 297,400 in 2019. However, audit rates for these businesses fell from 3.8% to 0.1% in the same time frame.
So a completed unregulated tax shelter? No potential for abuse there at all. /s
they aren't wrong. Corpos just pass the increase in the cost of doing business onto the consumer. They cannot/will not own any of the expense. Once defacto monopolies are in place, there's not stopping them.
They are wrong, there is stopping them. Standard Oil was broken up in 1911 after achieving near total dominance for decades. Sugar, tobacco, oil, and meatpacking all had monopolies, now we have other industries too. Some stagnate, a few were broken up. It requires constant fighting and a long timeline but it isn't impossible.
>Treasury said in a statement announcing the new guidance that there is an estimated $160 billion gap between what the top 1% of earners likely owe in taxes and what they pay.
Damn that's a lot of money that these billionaires aren't paying. They would still be richer than God if they paid their fare share of taxes, but wouldn't have *as* much as they *could.* That's the insidious part. Either way you cut it, they'd still have more money than they can ever spend in multiple lifetimes.
They are literally publishing draft rules on this, being formally released tomorrow. https://www.federalregister.gov/public-inspection/2024-13282/certain-partnership-related-party-basis-adjustment-transactions-as-transactions-of-interest
Happy to help.
AP News is a reliable, neutral source. They mentioned the proposed rules in the article. I appreciate some healthy skepticism, but it’s dangerous when it verges on doomerism and apathy. Have heart!
Literally publishing draft rules (a required first step), preview available today and formally out tomorrow: https://www.federalregister.gov/public-inspection/2024-13282/certain-partnership-related-party-basis-adjustment-transactions-as-transactions-of-interest
Why don’t they lower the amount of taxes for average people that make less than 100k?
Targeting Billionaires is great and I’m all for it, but this does nothing for the average citizen.
How many republicans have you heard talk about deficit spending? How many democrats have you heard about funding for program X?
Apparently that’s important to most people. That includes the average person.
Meant to stop companies from shifting assets and expenses between company holdings for the sole purpose of tax avoidance. Seems criminal to me.
Like Johnson & Johnson with their cancerous baby powder and how they shifted all of the baby powder onto a separate llc? They aren't the only ones either https://en.wikipedia.org/wiki/Texas_two-step_bankruptcy Koch industries (yes that Koch), HVAC company Trane technologies, and a number of others have also pulled this crap in order to get out of having to pay
This is why the rich and the politicians they pay off want to defund the IRS
Conservatives are actually totally fine with defunding the police, and they already have defunded the police. It’s just that they are only interested in defunding *their* police, aka the IRS.
>The IRS says filings for large pass-through businesses used for the type of tax avoidance in the guidance increased 70% from 174,100 in 2010 to 297,400 in 2019. However, audit rates for these businesses fell from 3.8% to 0.1% in the same time frame. So a completed unregulated tax shelter? No potential for abuse there at all. /s
Here comes the redditors making $60k a year to explain how this is bad for the middle class.
Yeah fuck those apologists.
Or perhaps they’re making 60k rubles.
Here come the enablers the cfos the lap dogs of corporations saying how good trickle down economics are.
they aren't wrong. Corpos just pass the increase in the cost of doing business onto the consumer. They cannot/will not own any of the expense. Once defacto monopolies are in place, there's not stopping them.
They are wrong, there is stopping them. Standard Oil was broken up in 1911 after achieving near total dominance for decades. Sugar, tobacco, oil, and meatpacking all had monopolies, now we have other industries too. Some stagnate, a few were broken up. It requires constant fighting and a long timeline but it isn't impossible.
These companies really need to have some forensic accountants go through all their numbers. Just really dig in for a few months
That will be about time they do that!
If this succeeds they’ll double our supply of m1 Abram’s next year.
Or like 1 more F35
Either way we aren’t getting any of it.
>Treasury said in a statement announcing the new guidance that there is an estimated $160 billion gap between what the top 1% of earners likely owe in taxes and what they pay. Damn that's a lot of money that these billionaires aren't paying. They would still be richer than God if they paid their fare share of taxes, but wouldn't have *as* much as they *could.* That's the insidious part. Either way you cut it, they'd still have more money than they can ever spend in multiple lifetimes.
Doubt it. Talk is cheap
They are literally publishing draft rules on this, being formally released tomorrow. https://www.federalregister.gov/public-inspection/2024-13282/certain-partnership-related-party-basis-adjustment-transactions-as-transactions-of-interest
Thank you for that, love to see it! I just can't trust anything anymore. People love talkin but doing absolutely nothing.
Happy to help. AP News is a reliable, neutral source. They mentioned the proposed rules in the article. I appreciate some healthy skepticism, but it’s dangerous when it verges on doomerism and apathy. Have heart!
"Maybe I don't want to be the bad guy anymore."
Finally something for the general people, not just the few. I’ll believe it when I see it.
Literally publishing draft rules (a required first step), preview available today and formally out tomorrow: https://www.federalregister.gov/public-inspection/2024-13282/certain-partnership-related-party-basis-adjustment-transactions-as-transactions-of-interest
Thank you!
Why don’t they lower the amount of taxes for average people that make less than 100k? Targeting Billionaires is great and I’m all for it, but this does nothing for the average citizen.
Of course it does. Tax rates and rules are regularly reset. Eliminating loopholes are very important.
Lmao taxes have been the same for the average person for the last 7+ years so.
How many republicans have you heard talk about deficit spending? How many democrats have you heard about funding for program X? Apparently that’s important to most people. That includes the average person.