[abfunders]

Congress is trying to pass some bipartisan tax deductions that are interesting. Includes ERC demise. Also includes new penalties for tax preparers who aren't doing DD on COVID claims!

https://fortune.com/2024/01/17/busin...ll-irs-season/

Item 1:
"Most notably, the bill would give companies of all sizes the ability to deduct research and development costs immediately rather than over the course of five years. It would also allow businesses to fully deduct the purchase of equipment, machinery and technology. The bill also provides more flexibility in determining how much borrowing can be deducted."

--> This means that if they take loans for the equipment, they can deduct the entire equipment up-front as opposed to waiting on depreciation, so buying equipment (for the lending community that means with loans) is more attractive <--

Item 2:
"Some lawmakers have insisted that any tax extensions be paid for so as not to add to projected deficits. The authors of the agreement attempt to do that by speeding up the demise of the employee retention tax credit. Under current law, businesses had until April 15 of next year to claim the credit. The bill would bar additional claims after Jan. 31 of this year. It also would increase penalties for tax preparers failing to undertake due diligence in submitting those COVID-19-related claims."

[Olderguy]

In addition, I'd like to see them do a minimum corporate tax of 15%. And reverse Trump's tax law giving benefit to the top 1%. Also means ERC is done after the end of the month

[Yankeeman07]

Congress is trying to pass some bipartisan tax deductions that are interesting. Includes ERC demise. Also includes new penalties for tax preparers who aren't doing DD on COVID claims!

https://fortune.com/2024/01/17/busin...ll-irs-season/

Item 1:
"Most notably, the bill would give companies of all sizes the ability to deduct research and development costs immediately rather than over the course of five years. It would also allow businesses to fully deduct the purchase of equipment, machinery and technology. The bill also provides more flexibility in determining how much borrowing can be deducted."

--> This means that if they take loans for the equipment, they can deduct the entire equipment up-front as opposed to waiting on depreciation, so buying equipment (for the lending community that means with loans) is more attractive <--

Item 2:
"Some lawmakers have insisted that any tax extensions be paid for so as not to add to projected deficits. The authors of the agreement attempt to do that by speeding up the demise of the employee retention tax credit. Under current law, businesses had until April 15 of next year to claim the credit. The bill would bar additional claims after Jan. 31 of this year. It also would increase penalties for tax preparers failing to undertake due diligence in submitting those COVID-19-related claims."

Section 179 is active - so what they are proposing is different , how?

https://www.irs.gov/newsroom/depreci...20in%20service.

[Yankeeman07]

In addition, I'd like to see them do a minimum corporate tax of 15%. And reverse Trump's tax law giving benefit to the top 1%. Also means ERC is done after the end of the month

The chances of any Legislation being passed within the next 14 day to eliminate ERC is null and void. Also, we understand you live in the Communist State of California, but, the Tax Cuts initiated under Trump provided more stimulus for economic growth - The Top 1% are the individuals-corporations that create jobs, not the homeless people in California.

[Olderguy]

The chances of any Legislation being passed within the next 14 day to eliminate ERC is null and void. Also, we understand you live in the Communist State of California, but, the Tax Cuts initiated under Trump provided more stimulus for economic growth - The Top 1% are the individuals-corporations that create jobs, not the homeless people in California.

The tax cuts under Trump were for the benefit of the wealthy. The 1% of the corporations are making billions on the backs of the workers. And they aren't paying their share of taxes to support the country. Any corporate executive that is making more than $1M in pay is being compensated excessively. Their workers can't pay for their housing. Under Trump we had the largest natonal debt in history.

[Yankeeman07]

Any corporate executive that is making more than $1M in pay is being compensated excessively. Their workers can't pay for their housing. Under Trump we had the largest natonal debt in history.

You have just proven you have zero concept on how a capitalist society works. "Excessive Compensation" as defined by you ? A politician?

[Olderguy]

Any corporate executive that is making more than $1M in pay is being compensated excessively. Their workers can't pay for their housing. Under Trump we had the largest natonal debt in history.

You have just proven you have zero concept on how a capitalist society works. "Excessive Compensation" as defined by you ? A politician?

The middle class is funding the country. The rich are practicing tax avoidance. Capitalist society is correct - it rewards the rich and taxes the poor. Never a Robin Hood around when you need him.

Big money funds the politicians. Politicans support what gets them re-elected using big money. The little guys always lose.

[abfunders]

The middle class is funding the country. The rich are practicing tax avoidance. Capitalist society is correct - it rewards the rich and taxes the poor. Never a Robin Hood around when you need him.

Big money funds the politicians. Politicans support what gets them re-elected using big money. The little guys always lose.

Steve, those are facts, however it doesn't necessitate throwing the entire system into the garbage. The good news is that thanks to American-brand capitalism, the vast majority of peoples standards of living have increased. Food, transportation, travel - all cheaper and easier than it was 300 years ago. Our qualifications of "poverty" today in the USA are higher than some of the biggest rich people in Vilinus 300 years ago. Who doesn't have a washing machine and dryer? How about indoor plumbing and running hot and cold water? Electricity? Heating and cooling? (Well, we might lose the last set if we go too quickly to renewable.)

[Olderguy]

Steve, those are facts, however it doesn't necessitate throwing the entire system into the garbage. The good news is that thanks to American-brand capitalism, the vast majority of peoples standards of living have increased. Food, transportation, travel - all cheaper and easier than it was 300 years ago. Our qualifications of "poverty" today in the USA are higher than some of the biggest rich people in Vilinus 300 years ago. Who doesn't have a washing machine and dryer? How about indoor plumbing and running hot and cold water? Electricity? Heating and cooling? (Well, we might lose the last set if we go too quickly to renewable.)

Micah....I agree but the trend is downward which is clearly evident.

65 years ago I was making $1.25 an hour. Today people make $20.00 an hour. That ain't progress. Nobody can afford housing or transportation anymore.

People no longer vote in this country...the distorted media determines for whom they vote.

[abfunders]

The balance between workers' rights and owners' rights will never end. It will be constantly jostling for control, and that's actually not a bud, it's a feature of the system. Free speech has value because it keeps the power dynamic from being overly top-heavy, which is what you're referring to now. To say it's 100% wrong is oversimplifying it. Perhaps it's stupid on the owners (they should create an atmosphere that encourages loyalty for example), and their workers should have the right to organize and work to change things. However, overall, let's remember that capitalism created the following chart:

GEI4-8EWwAACeai.jpg

[Olderguy]

Good point bro...I'd like to see the statistics that go past 2015 to now....I'll bet it got much worse.....just wish it was more equal and balanced...Nowadays, the rich get richer and the poor get poorer. The middle class is fading. All these wars and making it worse and I don't see it gettng better. famine and death in Gaza now. It continues worse in other contries....do up a chart on that.

[abfunders]

Perception and dogma trumps research and facts?

I was trying to find the most accurate, non-partisan and up-to-date information about worldwide income wealth distribution and came across a concept called the Gini Coefficient. At 0, it's perfectly balanced (the socialist dream) and at 100 it's perfectly imbalanced (which nobody wants, because the poor will have no money to buy the goods and services that the rich want to sell).

1980 was the peak and it's been declining since.
https://wir2022.wid.world/chapter-2/
https://www.axios.com/2023/06/14/glo...mic-inequality
https://cepr.org/voxeu/columns/globa...lity-boomerang

This type of stuff changes and could boomerang the other way, but presently it appears that wealth has been more widely distributed over time starting with the 1980's.

So now what's left? The "not fair" argument? Maybe, but that not being fair has lifted billions of people out of poverty.

[Olderguy]

Perception and dogma trumps research and facts?

I was trying to find the most accurate, non-partisan and up-to-date information about worldwide income wealth distribution and came across a concept called the Gini Coefficient. At 0, it's perfectly balanced (the socialist dream) and at 100 it's perfectly imbalanced (which nobody wants, because the poor will have no money to buy the goods and services that the rich want to sell).

1980 was the peak and it's been declining since.
https://wir2022.wid.world/chapter-2/
https://www.axios.com/2023/06/14/glo...mic-inequality
https://cepr.org/voxeu/columns/globa...lity-boomerang

This type of stuff changes and could boomerang the other way, but presently it appears that wealth has been more widely distributed over time starting with the 1980's.

So now what's left? The "not fair" argument? Maybe, but that not being fair has lifted billions of people out of poverty.

I did some digging on my own and it turns out you're correct..Covid changed the statistics downward..I think that's where my awareness was coming from...These wars are bringing more visibility to the starvation and famine issues. However I wonder how the lack of grain from Ukraine will be change this down the road.