The "JC" mind at work

[FCorelli]

@ItsGoingUp

You know Musk has made more millionaires and paid more taxes than any other human ever, right?

So, if that’s the sort of thing he does “by accident” he must be truly awesome when he actually tries to accomplish something.

Or maybe you just have no idea what you’re talking about.

-IGU-

Red herring. Non-sequitur.

[jerryab2]

@ItsGoingUp

You know Musk has made more millionaires and paid more taxes than any other human ever, right?

You do realize he can (and SHALL!!) claim "billions and billions* of US $$$$ tax losses–which will ALL be paid to him by US taxpayers. Or did you NOT realize it?

[Neuromancer]

@jerryab2

You do realize he can (and SHALL!!) claim "billions and billions* of US $$$$ tax losses–which will ALL be paid to him by US taxpayers

Tax losses aren’t payments to him. They just offset taxes on the profitable parts of his businesses.

Like any other corporation. And for that matter, any individual with investment losses (with more restrictions).
Nothing wrong with that in our current system.

[jerryab2]

@Neuromancer

Tax losses aren’t payments to him. They just offset taxes on the profitable parts of his businesses.

Like any other corporation. And for that matter, any individual with investment losses (with more restrictions).
Nothing wrong with that in our current system.

Change the tax system and eliminate everything corporate. ALL income is “earned income”–and there is ONE tax table–for ALL “earned income”. Corporations are “people”, so they get the same tax deductions and exclusions as all other “people”.

Do individuals get to tax deduct their “costs” from earned income? No. Yet business is allowed to do so. Business is allowed to deduct “capital expenditures” on themselves–individuals are not.

And so on. There are far more protections AND protections in place to preserve invested assets–for businesses. NOT for individuals.

[steve203]

@jerryab2

ALL income is “earned income”–and there is ONE tax table–for ALL “earned income”.

You know that won’t happen, even for personal taxes on “JCs”. I have to laff when “JCs” howl about the huge tax bill they pay, compared to average working people. Of course, they make hundreds, if not thousands, of times what average working people make. so, even if they paid the same percentage of their income in tax, it would be a larger amount. But, as Warren Buffet pointed out years ago, he pays a lower marginal tax rate than his secretary. But the “supply siders” work is not done. Seems that even one nickle of tax is too much for a “JC” to be “burdened” with.

Steve

[ItsGoingUp]

@jerryab2

You do realize he can (and SHALL!!) claim "billions and billions* of US $$$$ tax losses–which will ALL be paid to him by US taxpayers. Or did you NOT realize it?

I think you have no idea how taxes actually work. What you say is nonsense. Maybe in some different world that doesn’t exist.

-IGU-

[Goofyhoofy]

@jerryab2

Do individuals get to tax deduct their “costs” from earned income?

You can deduct

• catastrophic losses.
• Medical expenses over a certain amount.
• Mortgage interest payments.
• Childcare costs.
• Student loan interest.
• Charitable deductions.
• Tuition and school fees, up to a point.
• Fees to adopt a child.
• State and local taxes.
• Gambling losses (limited.)
• IRA and 401k contributions.
• Health Savings Accounts.
• Home office deduction.
• Investment losses (limited).

So I’m gonna say, yeah.

[Neuromancer]

@jerryab2

Change the tax system and eliminate everything corporate. ALL income is “earned income”–and there is ONE tax table–for ALL “earned income”. Corporations are “people”, so they get the same tax deductions and exclusions as all other “people”.

Well sure, but a new tax system is not in the cards for any foreseeable future in the US.

[FCorelli]

Sorry. These are hit and miss “if applicable” costs. For an indie to be said to deduct their costs from their tax basis they’d have to be able to deduct everything they spent on living that year. The expenses of living. Because that’s their cost. Yes, I know this creates a dilemma. I don’t need the lecture. Also, to not allow bizz deductions is sort of ludicrous (at least until they reach the point where the deductions themselves become ludicrous. I think that concept is at the center of this cussin’ and discussin’)) I sell hot dogs. I buy 1,000 dogs at $1.00 a piece then sell them in the park for 2 bucks a piece. On what basis should I have to pay tax on the $2,000 I take in? I have to be able to deduct the 1 grand for the inventory. And that’s business income not personal income so the comparison is needy

[jerryab2]

@FCorelli

I sell hot dogs. I buy 1,000 dogs at $1.00 a piece then sell them in the park for 2 bucks a piece. On what basis should I have to pay tax on the $2,000 I take in? I have to be able to deduct the 1 grand for the inventory. And that’s business income not personal income so the comparison is needy

Actually, you just proved my point beyond a shadow of a doubt.

The workers have to buy from their suppliers to maintain their work machine(s) (their bodies)–food, clothing, shelter, heat, whatever. How else will they be able to work if not “supplied”?

Game, set, match. If you don’t get it, then you don’t understand and it becomes pretty much impossible to teach those who refuse to learn.

[FCorelli]

@jerryab2

Actually, you just proved my point beyond a shadow of a doubt.

The workers have to buy from their suppliers to maintain their work machine(s) (their bodies)–food, clothing, shelter, heat, whatever. How else will they be able to work if not “supplied”?

Game, set, match. If you don’t get it, then you don’t understand and it becomes pretty much impossible to teach those who refuse to learn.

Ok I hear ya. If a corporation, and by extension any business, is a person or person-like, then a person can be regarded as one of those businesses. ie it has operating costs which must be deducted from gross receipts.
I’ve always advocated making the standard deduction mandatory. No nickle and dime deductions. Then fixing it at, at least, the poverty level. The minimum it takes to live out there. (I know that over-simplifies.) Everything else, almost by definition, is profit and can be taxed.

Ideally you’d ask the richest guy out there what he thinks the minimum amount is he can get by on. Then make that everybody’s standard deduction.