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Wed May 8, 2019, 12:26 PM

There's an Alternate Minimum Tax for people. Why isn't there one for corporations....

and business entities?

Why is it that higher income people have to pay an AMT, so that they don't end up paying too low an amount in taxes (even though their deductions & credits added up to that), but corporations and businesses like Exxon and Trump Org. can get away with paying zero in taxes, and say "Hey, it's not MY fault. That's the calculation, after adding up all my deductions and credits and exemptions."

Why IS that?

Exxon paid Zero in federal income taxes in recent years. So did GE a few years ago (before its financial trouble). Apparently so did Trump (Trump Org?).

There's something very wrong here, when someone earning $30,000 a year has to pay taxes, but some entity earning billions pays zero.

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Reply There's an Alternate Minimum Tax for people. Why isn't there one for corporations.... (Original post)
Honeycombe8 May 8 OP
sinkingfeeling May 8 #1
Yonnie3 May 8 #2
BSdetect May 8 #3
onenote May 8 #4
TheBlackAdder May 8 #5

Response to Honeycombe8 (Original post)

Wed May 8, 2019, 12:35 PM

1. Simple: corporations buy the lawmakers and they all like not paying taxes.

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Response to Honeycombe8 (Original post)

Wed May 8, 2019, 12:37 PM

2. but corporations aren't people ...

except when they want to be.

It's crazy isn't it?

No taxes and virtually unlimited money for politics.

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Response to Honeycombe8 (Original post)

Wed May 8, 2019, 01:07 PM

3. Then must we all become "corporations"?

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Response to Honeycombe8 (Original post)

Wed May 8, 2019, 01:16 PM

4. Until last year there was a corporate AMT

It was repealed as part of the tax reform legislation. But even when it was in effect it did not necessarily guarantee that a corporation would have to pay taxes. It might simply reduce the amount of a loss carryover.

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Response to Honeycombe8 (Original post)

Wed May 8, 2019, 01:22 PM

5. There is, it's called offshoring profits. Hundreds of US businesses, including Koch Industries do it

.


Using Earnst & Young, they do a 5 nation hop that effectively washes the money from US taxes.

This is a structure put in place by the GOPers.


https://www.nytimes.com/2014/12/11/business/disney-and-koch-industries-had-luxembourg-tax-deals-journalists-group-says.html

.

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