Hammer's Link
LMAO... Many companies have done this and more and more are considering doing the same corporate inversion.
Our govt is dumb as sh#$!
No need to do that but you would think the US would make a prudent move and lower it so it is the same as most developed nations.
People want to have their corporations and money here and we should make sure we give them a way to keep it here instead of purposely pushing them away.
By the way does anyone remember when Canada's economy and money was a joke? I do. Now their money is worth more than ours and I believe their economy is buzzing along. My how the tables are turning.
When Obama said spread the wealth around I dint think he meant give it to other nations. lol
Obamunism depends on that source as its plantation inhabitants have none.
What is the difference between Canadian and US corporate tax Not much For the merger to go through the Canadian company required the Corporate move
BZZZZTTT!!
WRONG!
Canada’s corporate tax rate is 15%. That's considerably lower than the American corporate tax rate of 35%, thanks in large part to the conservative Canadian government led by Stephen Harper. The Harper government lowered the federal tax rate to 15% in 2012 down originally from 28% since it took office in 2006.
Ontario has an 11.5% corporate rate that will affect BK, but in the US, most states also have a fairly high corporate tax rate. BK will save tens of millions by moving to Canada.
Must have been released from the institution prematurely!
Don't feed the trolls!
It's Mavery, Carl in RI, et. al!
I personally do not think we should have a corporate tax but since we do and it is not going anywhere then it should at least be reasonable and competitive so business quit leaving the USA. Why make billions overseas and then pay a huge tax here? Kinda dumb if you ask me. I would move my headquarters too.
BUCKHUNTER,
1st off they do pay their fair share. In fact they and the rich pay most of the tax revenue. However if a corporation wants to headquarter in another country so the income they generate is taxed at a reasonable rate then who are we to complain when we drove them to it? Should they pay their fair share and not do this with their foreign income too? Keep in mind the money they make here will still be taxed at a fair share rate but the money made in other countries wouldn't be. Instead Canada gets it. You think that's not fair or somehow unpatriotic?
1. Don't feed the trolls!
2. McDonald's product and service is far more consistent from store to store than is Burger King's.
3. Burger King's fries are horrible beyond description, while Mickey D's fries are very good.
I think BK is better regardless of the spot. I do like MC D fries best though.
BS!
If you have better opportunities to improve your bottom line and don't, you ought to be fired by your shareholders!
The problem lies not with companies that flee from high tax rates. The problem lies with politicians who impose high tax rates!
Bingo
Pat wins it.
Our corporate tax is wayyyyyyyy higher than anywhere else. Americans are retarded if they think this wont keep getting worse and worse. Lower the corporate tax to be competitive to the rest of the world and this stops it in its tracks
The theory does not hold water IMO. It is not cheap for a Corp to headquarter elsewhere when they are already here so that tells us a little.
True as this is, what you are asking is that a liberal has to understand the basic laws of economics, which of course they've proved time and time again they are incapable of doing.
I don't want fast food, I want good food.
Except of course "yo quiero Taco Bell" :^)
-While true to a point, that is another fundamental reason taxes should be low. Corporation taxes are really just another hit at the personal level. It is a form of regressive taxation at that.
If you hate freedom, choice and your neighbor, clamor for higher taxes.
Not sure why anyone would take issue with that?
The reason to eliminate corporate tax is quite simple. This would spur the growth of buisness in the US. Who do you think pays corporate tax? Correct, the customers of the buisness. Wouldn't we all be better off if we had so many jobs that companies had to increase pay and benefits to retain the best workers? Pushing higher corporate taxes is not a good economic strategy, it is simply a way to get votes. People have a tough time grasping the concept, but if personal income tax rates were left alone, I would bet that eliminating corporate tax would add money to the bottom line for the federal govt. If you really want to see things go, eliminate the IRS as we know it by doing away with all income tax and go to a straight sales tax.
The government has done a great job of selling corporations as these horrible monsters that pay little in taxes. Have you seriously ever thought about where the dollars to pay those taxes come from though? Corporation taxes are nothing more than another tax on you and I. Another example would be the medical device tax to phelp pay for Obamacare, taxing a medical device will lower health care costs? No, but taxing those dirty medical supply companies gets more votes than telling ignorant people that they are getting taxed, because most of them are not intelligent enough to figure out they are the ones paying these corporate taxes every time they purchase something.
BARACK OBAMA, debate, Oct. 12, 2004
We could say any business owner regardless of whether they are a corp or not are passing along his taxes onto the consumer right?
A California company has announced it is relocating to Reno, thereby removing 400 individual taxpayers and their business from the CA tax roles. Their new employees in NV will pay no state income tax (NV doesn't have an income tax) and the company will pay lower taxes in its' new state.
Frankly, I love rich people and rich companies. A poor man never rang my phone and contracted work. But, on the other hand, I loathe that rich folks pay more than me in taxes. Money equates to access and exclusionary access equates to elitism. Just human nature. People follow money. Policies that permit such a system are ultimately ruinous.
Do they know that A pays an effective tax rate in the single digits? All of their mfg. done off shore?
That GOOG and GE also pay little tax?
It would not surprise me to see gov't reclassify offshore mfg. of US companies as US mfg. to give the illusion of US job growth. That will be a truly justified reason for outrage.
Our tax code is the dumbest in the developed world. Maybe not dumb, but surely criminal by design, IMO.
Between the US tax and regulatory policy, it's foolish not to move.
-Criminal by construct? Certainly. Not remotely dumb. I believe it is designed to crush those it purports to "save" - largely by co-opting and exploiting their political clout.
Leftists will never learn, the more wealth and capitol the more options. Rather than plan how to attract it they declare war on it.... then think they can act like kings with slaves and demand things.... thinking they are the omnipotent last word, the smartest people on the planet. Elitists. With no demonstrable evidence of any real achievement or success.
BK.... I can eat their food but can't stomach the stupidest advertising on the face of the planet. Jack is great advertising, hands down advertising genius. That plastic king is creepy beyond words.
The Rock
Would this not be a tax on individuals? Would the individuals purchasing the product not be paying a "tax"?
So do you think after the corp pays their tax and then pays the individuals and then the individual goes and pays taxes on his income that he is somehow not paying taxes? To me the corp tax is double dipping.
For those who tout "pay your fair share" your fair share is going to be whatever you can devise to pay the least possible. Unless some have volunteered to pay over and above what they owe on their own personal taxes as some kind of donation. Or tip the cashier at walmart, pick the most expensive plumber, etc.
That's the trouble with liberal/leftists. They play by two standards. One for themselves and another for all those evil rich people who "can afford to give (me) more".
Your right!
Funny that most everyone MUST be paying their fair share already or we would have prisons full of violators of the tax code.
What the insane liberal left wants to do even in the face of a poor economy and companies bailing the USA left and right is to change the definition of what "your fair share" really is. The rich paying most of the taxes is still not enough. They want them to pay it all. Talk about unpatriotic. EVERYONE should have to pay.
How stupid the liberals are or anyone else is for that matter when they think that raising taxes to a "your fair share but more than it is now" would do anything other than hurt America at this point.
It is beyond me the logic these crazy and obviously insane people use to come up with this crazy stuff. Reason has went right out the window.
For a corporation or ANY business for that matter a tax is not a end cost. It's simply a cost of doing business...an expense. No different than labor, gasoline, materials, etc. If a government adds or increases a tax the business simply ADDS THAT COST TO IT'S GOODS OR SERVICES PROVIDED!
The individual taxpayer cannot do that. If we can't cover our expenses we have to do without. We CANNOT "pass it on"....there's no one left to pass it on to!
So the real truth is that the more you tax a business the more the end purchaser of their goods or services must pay, so in effect WE are the ones paying business taxes, NOT the business.
If the government added a dollar to what it cost McDonalds to make a Big Mac then the cost of a Big Mac to the consumer would go up by a dollar. That dollar then becomes one LESS dollar that the consumer has to spend because HE just paid the added tax, not McDonalds. Based on this, this IS a "sales tax", because the tax is being paid exclusively by the purchaser.
Spike - Do you pay capital gains when you sell your house or car?
Now...That's easy.... Because your house and property is worth wayyyyy more. Now if your neighbors house is worth 50K on 2 acres and yours is worth 200K on 1/2 I could get your taxes lowered wayyyyyy down because they have your home assessed way out of whack. They tried to pull that on me at 2 of my homes and I got it lowered wayyyy down. Got it cut in half at one home and saved 1000 bucks a year. The other was lowered 1200. You gotta watch out and stay on those crooks and know your options or they will screw you at every turn my brother.
By the way...Sales tax eh? How do you supposed to set up that bureaucracy?
The property tax itself is not what the problem is. The problem is the out of control spending that makes the local Govts need to charge an arm and a leg and your kids in taxes.
There are reasons why some place cost more than other too beyond just being a little nicer area. Many places where it is nutz high spend to much money on pointless stuff. Some places where it is real low don't spend enough. It is all out of whack.
Vehicle registration is another issue that kills me. We have a 20 year old tri-axle dump truck that costs over $700.00 a year to register. A capitalist society allows a person to own the means of his/her production. Well, that can't exist if one, by threat of force, is made to pay just for the use of said means.
Hammer, This is the type of answer that makes no sense. You give these answers amd have no idea what the facts are. That scenario is a true example of a house I built. The house was on a small private lake and the neighbors in frony of the lake haf a rundown shack of a house, trees were planted to block the view of the shack from the houses on the lake. You coyld have argued all day long but the taxes were not going down.
I was quite informed when I built the house, was not a bit surprised about the taxes and made a very nice profit on the house after living in it for 7 years. As a matter of fact the house never even listed on the market and a couple bought it at full appraisal value. So, I hope you understand, these types of responses are what cause me to point out your often cofusing and contradictory responses on a few other threads when you talk about things without knowing the "facts".
OMG Sureshot get a grip! I have made no contradictory or confusing statements in this thread or the border thread. You just choose not to read what is right there before your eyes. Either that or you come to the show late after a thread was deleted and restarted like the last one and pop off without knowing everything that was said prior. Now....I know the facts of all my homes I own and every person that I have advised on how to get their taxes lowered. Don't forget to read the part you just quoted me on either. Your such a dolt if your going to quote me and then rip me while all the while flat out ignoring exactly what I said...That's misrepresenting what I actually said even though you see it right there. Here is what I said so read it very slow....."On top of that anyone who would buy a 200K home when the neighbors homes are only worth 50K is not very wise financially and hasn't done their due diligence on the housing market. """Either that or they don't care, have more money than sense """.....********or they just love the area so they bite the bullet regardless********
Hmmmmm looks like I left open the possibility that I didn't know all the facts of each person or perhaps if it was you now didn't I? The very fact that I ended that the way I did left open the possibility that your extreme example could be somewhat unique if the person just didn't care OR they loved the area so much that they were willing to bite the bullet! You in fact just turned around and confirmed it by saying "I was quite informed when I built the house, was not a bit surprised about the taxes and made a very nice profit on the house after living in it for 7 years".....So that means that you didn't care and went ahead and built the house anyway knowing what was coming. It was still worth it to you. Good for you but don't say I said or implied something I didnt. Gezzz
What year did you build the house?
I have not had a municipality yet that I was unable to get the property taxes lowered. This goes for my personal homes or all the rentals I own but I do my homework and have my guns fully loaded when I do it. If not they will eat you for lunch. The housing market is my business and those tools every year try to raise it back up more than it should be and I have to keep going back and getting them to set it to the proper amount. Sometimes I win and sometimes I loose but I usually win and I have always won on the 1st go around after buying a new home because it is always way to high. When you own 10 homes and they raise it each year and you have 200 on this one and 300 on this one etc it adds up and after enough years your paying wayy to much in taxes because you never challenge them on their BS numbers. Some times they will not lower it and they bank on the fact that you wont take it to the next level because it will cost you anther 1/2 to a full day. Here in MI if they don't lower it you have to take it to Lansing and that cost people time so they say forget it. It is a diminishing return each year to do that much extra because if you loose a day of work to save 200 bucks then it is a wash or a loss. But after 5 years it adds up and if you own a bunch of houses it really adds up
Most homeowners never say a thing though and that's the sad part of it. In essence most are ignorant to the facts. If most did what I do we would have 50,000 people a year challenging their taxes where I own my primary residence alone. I have spoken to several townships I own homes in and if they had everyone challenge them and they in turn had to lower the taxes by just 5-10% on each home they would have a HUGE budget issue fast. They even openly admit it and openly admit that it probably isn't right either. IMO that is BS.
LMAO....They tried to raise my taxes on one house because they said they thought I had finished repair work on the inside of the house based on the roof. I had used the very poor condition of the roof and the inside condition and other tools to get the taxes lowered the year before because they had it at 223K but it was actually worth less than 1/2 that. I had to openly laugh and couldn't help it. How the hell do they know what I did inside a home and what's the roof have to do with that? They lowered it back down and admitted they raised it based on an assumption. They saw the new roof and assumed I was done with the house. I could not believe what I was hearing and was none to happy with that. This kind of stuff goes on all the time too. It is crooked and total BS and many homeowners are none the wiser. They just bitch a little and move on. If the have a montage with tax escrow then it is felt even less so they just sheeple right along like good little tax payers.
" How do they come up with property tax cost?"
Why? What's that have to do with this? Also you 1st...."what year did you build the house?"
This is an analogy but if you wanna insist on playing that kind of a game with me then it will work both ways or I just will stop playing.
A solution to this would be to return sales tax collections to the governing unit of each person's residence. Can you imagine the fraud involved with that?
How in the world did you have a home on a lake in 2003 that was only valued at 200K for taxes? That is unbelievable. I am not saying I don't believe you but I am saying that is unreal. That is insane. A standard 2 story colonial in a subdivision cost 200K or more even now. Back in 2003 home values were still very high (higher than they should have been) and still continued to go going up up up until the crash. You cant buy a home now for that on a lake that's for sure and if you did the taxes would not be set on 200K on any lake in my state. lol. How much were you able to sell it for?
If it cost you 200K to build the home then it was a fairly nice home. I have been around the residential building business my whole life because my dad built homes for 40 years and my bro has been doing so for 20. I took the other approach and bought pre existing and flipped them or kept them for rental so I know the market fairly well. Especially in my state. 200K gets you a pretty nice home and if you are a deal maker and/or thrifty it can be even nicer. If you do a lot of the work yourself you can build a very nice home for 200K.
It sounds to me like if you had it on a lake and they had it at 200K then you had the township fooled somehow. Either that or the other homes in the area were dragging the value of your home down big time. How big was it and how many room? Ranch? 2 story colonial? How much of the work did you and your friends and family do or did you subcontract it all out?
How much did you sell it for? It is amazing you made any profit at all and didn't loose money if you sold it 7 years later because that would put you in the year of 2010 when things were not so nice in the housing market and about as bad as they have ever been in American history. I bought several houses during that time and had to hold them for 3 years just to turn a profit and I made those homes look very nice on a insanely low budget and did all the work myself. I had 2 that I bought for 15K and put 8 to 10K in and could not sell them for 35K. I had one I bought in late 2009 that I paid 13,000 for and put 8 into it and could not sell it for 25K. I rented that one out and now I could likely sell it for 50. I had to wait on some of these homes but I kinda knew that going into it and could not refuse the awesome deals. I only wish I had more capital on hand when things popped because I would love to own about 50 at those prices. lol. You cant loose $ when you only have 20-35K in a home and you rent it for 750-900 bucks a month. In 4-5 years you have all your capital back and a home that is completely paid for.
We are all being tax raped and I'm pissed about it!
AND...No one should have to pay tax on something they own...Property tax is a communist idea...This is America and we fought a war against communism...Now look at us...
If you are flipping hoses I am sure you can get the taxes lowered, you are buying houses in need of repair at a discounted price and have a sale price to use against the tax body. Now, go buy a house on the market ready to move into at market value and tell me how it works for you.
By the way, the property taxes begin with an assessment of fair market value, I would have to assume you didn't know that since you didn't answer the question.
" If you know the housing market so well, you know it all depends on supply and demand, you also would know that not every market is in MI."
LMAO. Of course I know that because I own homes outside of MI. I never implied they were all the same either. Nice try though!
Way to answer those questions too but at least you answered 1 which gave me an answer of sorts and told me a lot. It is why I had follow up questions that you didn't answer.. Also your right that I know the MI market very well but where you make an inaccurate assumption is my knowledge of markets outside of MI. I know many markets (not all) in many other states because I own homes in more than 1 state. The housing market is the housing market regardless of the state. Some places are better than others and some places homes cost more/less than others but ether way a lot of $ can be made in a just about any market if you know what you are doing. I cant be sure but I have probably owned more homes that were "ready to move in" than you have even lived in over your lifetime and I got the taxes lowered on those too. But like I said it is in my wheel house and I know what I am doing when it comes to residential homes and getting taxes lowered. The biggest problem most home owners face is not even trying. They assume they cant do it or it is right and move on. What the general populace doesn't realize is if they all did their due diligence and did so properly many could get their property tax cut that don't even know it and it would bring the govts to their knees and reign them in but like I said most never even try and those that do often find the next year that the taxes have went back up so they just sigh and move on.
The perfect example would be how bad home values dipped from 09-12 but the property taxes did not go down as they should have. The budget short falls would have been insane so the state and local Govts moved them down slowly but not like they should have done. Some areas saw 100K homes drop in values all the way below 50K or lower but the taxes were NOT cut in half. LOL. Mine were because I was smart about it but most just accepted the slight decline in their taxes and didn't push the govt to lower them to what they really should have been.
'I would have to assume you didn't know that since you didn't answer the question.'
You would assume wrong. If you were reading the thread you would know I have already mentioned assessed values. Pay attention!
The simple version is taxes are figured on a % basis with mill levy rates and assessed values. To figure the assessed value they estimate the reasonable value (market value) of the property in question or the price it would sell for. An analysis of your local market is used. They take into consideration any new construction or home improvements as well. The value is multiplied by the residential assessment rate. The assessment 'rate' is usually set by the state. This is a fast and simple explanation. There are other factors but we don't need to get into the cost method or income method do we?
You mean Sen. Mark Kirk (RINO) Il.?
I'm not either!
Kirk's done though. He'd never win another election as a Republican, if he even runs again.
" However, if you are smart enough to know how propert taxes are figured I would almost bet you would be smart enough to figure out why a house worth $50,000 would pay a quarter of the taxes a house worth $200,000 does this may be a stretch for you though. "
LMAO. I may be a "peach" but I am convinced your full of bull and also either purposely refuse to read what is written or you just cant comprehend. I never said a thing about how or why a house worth 50K would pay less in taxes to that of one valued at 200. I never hinted at that either. Of course a home that is worth 75% less will pay less in taxes. DAH! That's obvious regardless of how you go about trying to insult me. Of course why answer any questions I ask though right? Instead throw out a red herring that was never discussed in order to pivot.
What I will say is I think you may be full of bull and I am suspect that you built a house on a lake that was valued at only 200K in 2003. Maybe on a pond but not on any real lake I have ever seen. Hell even a man made lake 'lot' around where I live or anywhere near any home I own still cost a ton w/o a house and values are still very low today but not as low as they were compared to when you supposedly sold yours which was during the most turbulent housing market in history and near its lowest point ever. You still managed to make a nice profit while all the while you had a home valued at only 200K for 7 years on a piece of lake front property. You built near the height and sold at near the bottom. Way to go to pull off any profit. This is the way I make my money and you are better at it than I am that's for sure. You are one of a very few that turned a profit during the window of time you mentioned. You even built the house to boot which makes this even more amazing over that 7 year period. (built in 03' sold in 10') Now of course I am not sure what your definition of a 'nice profit' is so there is that. Unless you built almost the entire home yourself with your own hands or that of friends and family that you didn't have to pay instead of subcontractors then I am not sure how you turned any profit at all given the condition of the housing market at the time you claim you sold it but I am sure I just don't have all the facts and it's why I asked several questions that you wisely avoided.
I guess I will never know how a piece of lake property with a 7 year old home on it was only worth 200K from 03-10'. At the height of home values (03- early 06') the taxed value was set at 200K and near the lowest point in history (10')when you sold the house for a 'nice profit' I might add....it was still set at or near 200K?... Something is very wrong with that picture but again I likely just don't have all the facts and you were probably somehow spared or different than everyone else for taxes and home value during those great highs and super lows. Maybe those 50K homes around you would be why...lol... Who knows but at this point with what I know of housing market and how it really works I don't really care. Have a great holiday weekend man. Carry on.
