• Welcome to OGBoards 10.0, keep in mind that we will be making LOTS of changes to smooth out the experience here and make it as close as possible functionally to the old software, but feel free to drop suggestions or requests in the Tech Support subforum!

Hot Secretary, Get the President on the Phone. I Just Got Tired of Paying Taxes

buckets said:
Tax evasion is illegal.... But immoral?
Click to expand...

If you view taxes as the price you pay for living in a civilized society you could view it as immoral to take advantage of the benefits of society without paying your "fair" share.
 
DeaconCav06 said:
If you view taxes as the price you pay for living in a civilized society you could view it as immoral to take advantage of the benefits of society without paying your "fair" share.
Click to expand...

Some of the people involved in this data dump are dictators and other governmental actors who may not be just evading taxes, they may be straight stealing from the treasuries of their countries or using their political position to steer government revenues to friends and family. So in this particular case, there's likely to be some immorality for sure.
 
The rules are set up by society to fairly collect taxes from the income of all parties. Now you might disagree with those rules but they are what they are.

Illegally circumventing those rules to enrich yourself (tax evasion) is immoral. Is there anything ethical about such behavior?

Tax evasion is the illegal evasion of taxes by individuals, corporations, and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions.
 
Deacon923 said:
Some of the people involved in this data dump are dictators and other governmental actors who may not be just evading taxes, they may be straight stealing from the treasuries of their countries or using their political position to steer government revenues to friends and family. So in this particular case, there's likely to be some immorality for sure.
Click to expand...

Don't leave out the bastion of morality that is FIFA.
 
ChrisL68 said:
Has any of this been tied to US interests? Haven't seen it mentioned in any of the articles and I would think that would be something which is mentioned.
Click to expand...
There is a suspicious lack of Americans involved in what's been leaked
 
That isn't exactly a "loophole". Delaware set up its laws more favorable than other states decades ago to generate more incorporation revenue and annual report fees. That is no different than any other tax difference between states. Most other states have caught up to Delaware in terms of structure in the past 15 years or so, so it doesn't happen as much anymore, but the ones that were set up there are still there. It is actually a great example of competition driving down the cost for everyone.

This is also a perfect example of an idiot clearly writing an article to get clicks when he has no idea what the fuck he is talking about.
 
But Hillary was setting up shop there at some point - for a reason she won't disclose - likely to escape taxes, yet she campaigns on closing tax loopholes.
 
I'm a Hillary hater, but this is probably last on the list of things to be upset with her about. In the grand scheme of "tax avoidance", this is on par with someone driving across the border to South Carolina to buy cheaper gas.
 
JuiceCrewAllStar said:
But Hillary was setting up shop there at some point - for a reason she won't disclose - likely to escape taxes, yet she campaigns on closing tax loopholes.
Click to expand...

It appears that both set up these LLCs to manage their book and speaking income. Under normal state income tax rules, she has to apportion her income based on activities in any state under their apportionment rules. So no state is losing any income since she is filing returns in every state she has to file under their normal state rules. Where it can be beneficial is if you set this up in any particular state, then the resident state of the corporation can end up getting a cut of this revenue even if you had no speaking engagements there.

With Delaware having no income tax, its a popular state to set up companies like this. It is also cheap to set up corporations in Delaware and they have favorable corporation liability rules and a favorable state court process.

Alot of this tax savings could depend on their individual residency, so there might not be any tax savings involved. If they are full time residents of NY, I think they are paying to NY taxes on this full income less any credits for taxes paid to other states. It could just be a true ease of incorporation.

Now Donald is probably setting up corporations that are part of a consolidated group as a play on state taxes. Pretty meh as well. If states want to stop this they could require any company with nexus to file on the same basis as their federal consolidated return. States aren't dumb. They do studies and figure out that requiring separate filing often maximizes revenues by not letting companies offset profitable and loss companies, so they require separate filing and pass a statute requiring the addback of related party intangibles or interest expense to get the best of both worlds.
 
Last edited:
You must log in or register to reply here.
Back
Top