BIDEN: "I'm not out to punish anyone. I'm a capitalist."

[DefiantMassRINO]

Comrade Joe wants your savings!

[Bigun]

Because corporations don't pay taxes, Joe. The taxes are paid by their customers (higher prices), shareholders (lower dividends), and employees (lower wages).

Ding! Ding! Ding! Winner here folks!

 And it's not just the taxes that get paid by those folks but ALL of the compliance costs as well! Often these costs FAR exceed any taxes due.

[Kamaji]

Because corporations don't pay taxes, Joe. The taxes are paid by their customers (higher prices), shareholders (lower dividends), and employees (lower wages). 

It is true that the stakeholders in a corporation bear the economic burden of taxes that are nominally/legally imposed on the corporation, but I think the point of the (fatuous) remark was that these corporations are allegedly showing a $0 tax due liability on their Forms 1120 (or 1120-F).

The simple response for that is that the corporation has no net U.S.-source income, and had positive net foreign-source income that was already subjected to tax in the foreign countries where it was earned, and therefore there was no additional net U.S. income tax imposed on that income due to the effects of either an income tax treaty or the foreign tax crediting mechanisms in the Internal Revenue Code.

[Bigun]

It is true that the stakeholders in a corporation bear the economic burden of taxes that are nominally/legally imposed on the corporation, but I think the point of the (fatuous) remark was that these corporations are allegedly showing a $0 tax due liability on their Forms 1120 (or 1120-F).

The simple response for that is that the corporation has no net U.S.-source income, and had positive net foreign-source income that was already subjected to tax in the foreign countries where it was earned, and therefore there was no additional net U.S. income tax imposed on that income due to the effects of either an income tax treaty or the foreign tax crediting mechanisms in the Internal Revenue Code.

It would be interesting to know how many of those super rich individuals Joe says he is after  managed to arrange their affairs so as to have little to no "income".

[Kamaji]

It would be interesting to know how many of those super rich people Joe says he is after have managed to arrange their affairs so as to have little to no "income".

Watch the quarterly list the Treasury Department publishes showing individuals who have expatriated for tax purposes.  There's an online version here:  https://www.federalregister.gov/quarterly-publication-of-individuals-who-have-chosen-to-expatriate

My guess is that expatriations are going to start going through the roof now.

[EdinVA]

It would be interesting to know how many of those super rich individuals Joe says he is after  managed to arrange their affairs so as to have little to no "income".

There is a difference between being wealthy (having real estate, etc) and making a lot of money..

[Kamaji]

There is a difference between being wealthy (having real estate, etc) and making a lot of money..

Big difference, although the two frequently go hand in hand.

[Bigun]

Watch the quarterly list the Treasury Department publishes showing individuals who have expatriated for tax purposes.  There's an online version here:  https://www.federalregister.gov/quarterly-publication-of-individuals-who-have-chosen-to-expatriate

My guess is that expatriations are going to start going through the roof now.

It's been going on for years now!

Tick - Tick - Tick
The Economy Bomb

Written years ago by a friend and updated annually.

[Bigun]

Big difference, although the two frequently go hand in hand.

  Of course there is and when you have enough wealth you can buy enough legislators to allow you tho live like a king and pay very little in taxes under the Marxist income tax code!

[Smokin Joe]

Is there anything Big Government can't do?

The $3.5 trillion is only the first of many shakedowns and wealth redistributions.  They will never stop asking for more.  There will always be a new crisis or epidemic to justify more Government spending.

Government will feed me, house me, and educate me.  Big Government will snuff American rugged individualism.

The government will track deposits and withdrawals from your bank accounts so they can tax your savings.

I must point out that long ago there was a system in this country where people worked, and in return were fed, housed, clothed, and got rudimentary (at least) medical care. Like today, they had little say in the decisions for their lives, someone else relieved them of that mantle.

It was called "slavery", and the same people are at it again.

[Smokin Joe]

I fully expect the federal government someday to seize our IRAs, savings and investment accounts. Hey, we don't need them. Mr. M's Social Security is enough for us to live on - right?

 Then they can force us to house a few dozen Afghan or Central American refugees. Hey, we have plenty of extra room in the house - right?

Then they may as well take all but one of the cars. How many do two people need, anyway, and they're not even electric!

It all reminds me of Dr. Zhivago coming home...

[libertybele]

He's only out to punish White Christians, the middle class and the poor.

[christian]

When Joe refers tohimself as capitalist, he really means fascist, like his Benito Mussolini rule he's trying to establish.

[catfish1957]

//twitter.com/kytxcbs19/status/1438570949130039296

ALERT!!!!

Folks, this is the one most frightening aspect of anything Pedo Joe has announced in his 8 month farce.  The Federal Government has leaped from (1) Being notified and knowing about any and only Greater or equal $10K transactions to having full access of any and all activity on any and all accounts larger than $600.

And this augments perfectly with the democrat left's ultimate plan.  Setting up these systems will make it that much easier to confiscate your IRA's and 401K's into a one size fits all Social Security System.  Far fetched?  Nope.....  Ths has been discussed in private congressional committees since the early days of Obama.

I can not tell you how instrusive and Big Brother-is this is.  I don't think even the USSR had this level of financial monitoring of their populus.

[catfish1957]

There is a difference between being wealthy (having real estate, etc) and making a lot of money..

Heard of instances where the left has used 501 (c) (3) entities to hide,  launder funds, and expend funds right under the nose of the IRS.

But Briefers are smart.  They know the uber-rich already have contingency plans in place to circumvent anythng Pedo Joe does....Which is in essence put the screws and soak  the upper Middle Class.

[christian]

When denial and being violated by Joe goes as far as it can, where will the useful fools turn to?  God?  The same that turned against God when it was time to stand up for God?  As the made and lived in alliance with those that engineered their destruction, what they WILL receive is DUE RECOMPENSE!
    

But, but, but, you don't unnerstan, i got excuses and culpable deniabilities!  REALLY I DO!
 

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BIDEN: "I'm not out to punish anyone. I'm a capitalist."

Tell that to the pipeline workers and the small businesses you crushed and put out of work Joe.  Joe just trying to shiite and con the American people again.  Great con for a demented individual, eh ?  Crushing capitalism ever which way he can.