Re: Student loan forgiveness

142
Ogee wrote: Thu Aug 25, 2022 7:34 pm Student loan forgiveness for $300 billion? New Yorkers say no problem.
chickensword wrote: Thu Aug 25, 2022 7:42 pm :oops:
Why would they do that? I swear these bright ideas just keep getting worse every day.

America is fucked beyond repair man and I still can't believe Joe Biden is their "president" haha :lmao:
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Re: Student loan forgiveness

143
ChuChu Rocket wrote: Thu Aug 25, 2022 8:08 pm Why would they do that? I swear these bright ideas just keep getting worse every day.

America is fucked beyond repair man and I still can't believe Joe Biden is their "president" haha :lmao:
I guess because of Midterm elections. Besides, they spend other people's money. So don't care anyway. They never do. Biden sends Billions to the Ukraine every month and even promised more to feed his pathetic Russophobia.
The 80,000 to be recruited IRS army will make sure that money is flowing back. They'll squeeze the Middle income earners dry.
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Re: Student loan forgiveness

144
RplusT wrote: Thu Aug 25, 2022 8:33 pm I guess because of Midterm elections. Besides, they spend other people's money. So don't care anyway. They never do. Biden sends Billions to the Ukraine every month and even promised more to feed his pathetic Russophobia.
The 80,000 to be recruited IRS army will make sure that money is flowing back. They'll squeeze the Middle income earners dry.
pay tax or die, is this the motto of america now?
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Re: Student loan forgiveness

148
RplusT wrote: Thu Aug 25, 2022 8:33 pm The 80,000 to be recruited IRS army will make sure that money is flowing back. They'll squeeze the Middle-income earners dry.
Owners of small businesses should really only pay tax when they SELL the company (even then they could defer the tax liability by purchasing stock of another company with the sale of their existing company).

You have to realize that you only pay tax on profits accrued.
If the owner of the small business has let's say for talking sake $100'000 in profits then they now owe say 30% ($30'000) to the taxman.
Now, the owner can legally reinvest ALL of the working capital $100'000 back into the company by way of purchasing stock in bulk say from a manufacturer instead of their usual wholesaler, and obtain better discounts along the way. In doing so they now show zero profits and are liable for 30% of those zero profits (which is now $0 dollars).

The small business owner can do this every year that the company is running which should also allow them to expand the company exponentially (could be that they open more stores and obtain better discounts via manufacturers through volume buying).

It does not have to be all stock, they could purchase a brand new works van, obtain a storage facility for excess stock, lease another retail outlet or open more cloud outlets. As long as they reinvest ALL the working capital back into the company then they are NOT breaking the law and are only liable for tax on the profit that is left each year.

Why would you kill your business by giving away 30% growth each year, it does not make any sense.
Don't pay for other people's wreckless budgeting programs - keep ALL of your hard-earned working capital and reinvest it back into your company and when you decide that it is time to retire then sell your company and reinvest ALL the proceeds into Tesla shares and sit on the beach in the Cayman Islands

Xard777
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Re: Student loan forgiveness

149
xard777 wrote: Thu Aug 25, 2022 10:56 pm Owners of small businesses should really only pay tax when they SELL the company (even then they could defer the tax liability by purchasing stock of another company with the sale of their existing company).

You have to realize that you only pay tax on profits accrued.
If the owner of the small business has let's say for talking sake $100'000 in profits then they now owe say 30% ($30'000) to the taxman.
Now, the owner can legally reinvest ALL of the working capital $100'000 back into the company by way of purchasing stock in bulk say from a manufacturer instead of their usual wholesaler, and obtain better discounts along the way. In doing so they now show zero profits and are liable for 30% of those zero profits (which is now $0 dollars).

The small business owner can do this every year that the company is running which should also allow them to expand the company exponentially (could be that they open more stores and obtain better discounts via manufacturers through volume buying).

It does not have to be all stock, they could purchase a brand new works van, obtain a storage facility for excess stock, lease another retail outlet or open more cloud outlets. As long as they reinvest ALL the working capital back into the company then they are NOT breaking the law and are only liable for tax on the profit that is left each year.

Why would you kill your business by giving away 30% growth each year, it does not make any sense.
Don't pay for other people's wreckless budgeting programs - keep ALL of your hard-earned working capital and reinvest it back into your company and when you decide that it is time to retire then sell your company and reinvest ALL the proceeds into Tesla shares and sit on the beach in the Cayman Islands

Xard777
If the owner of the small business has let's say for talking sake $100'000 in profits then they now owe say 30% ($30'000) to the taxman.
Now, the owner can legally reinvest ALL of the working capital $100'000 back into the company by way of purchasing stock in bulk say from a manufacturer instead of their usual wholesaler, and obtain better discounts along the way. In doing so they now show zero profits and are liable for 30% of those zero profits (which is now $0 dollars).


Oh, no,no,no.....It does not work that way.

1) If you talk about profits, it's the year end (tax period) balance sheet that may show some. If that for example shows 100,000 profit, you got to pay tax on that. During the course of the year (tax period) there is no such thing as profits to talk about, just cash flow. You may do with that what you want.

2) Purchasing products to keep on stock does not reduce your profits. How come! That's not how accounting works.
It's expenses that reduce profits. Something that you mention later.....
".....brand new works van, obtain a storage facility for excess stock, lease another retail outlet or open more cloud outlets, a condo for your mistress who happens to be the company's tax consultant, open more stores.....
Ask Trump, he knows about creating a network of expenses to reduce his tax liability..... :D

XARD: If that was the case then Amazon would be paying 30 Billion dollars every year from the massive cache of goods held for same-day delivery service and Warren Buffet would be paying the same for the massive cache of shares held over the past 50 years. Instead, they only pay tax (albeit a reduced amount) when they sell said goods and shares without purchasing any more goods and shares. If they seel their wares and leave it as cash on hand then they will have tp pay tax on said cash
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Re: News Ahead

150
and holding money it in different assets like crypto is also now taxed last i heard by joe smoey

XARD: I do not think that anyone in their right mind would ever purchase crypto as it has no intrinsic value and is similar to fiat currency. In the digital world, the crypto can and in all likelihood will go down to a thousandth of a cent value. It is a different story if the crypto is backed by a hard asset such as gold then it would have intrinsic value and you would find everyone in the world would no doubt exchange the dollars that they have stuffed in their mattresses for such crypto as it would be a safe haven against the dilution of all fiat currencies over time (i.e. 1913 the US Dollar was worth 100 cents, in 2020 the same US Dollar was worth 2 cents).
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