Australian Politics Forum - Rich To Get Huge Tax Cuts Under Morrison Plan

Bam Gold Member Offline Australian Politics Posts: 21905 Gender:	Re: Rich To Get Huge Tax Cuts Under Morrison Plan Reply #30 - Sep 19^th, 2020 at 6:05pm crocodile wrote on Sep 19^th, 2020 at 12:58am: An unfortunate fact of life is that to get a tax cut, one must have paid some in the first place. Indeed. * Millionaires who pay no tax * One-third of big companies pay no tax
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Jasin Gold Member Offline Posts: 46555 Gender:	Re: Rich To Get Huge Tax Cuts Under Morrison Plan Reply #31 - Sep 19^th, 2020 at 6:19pm As a multi-millionaire businessman, I would be offended if I didn't get tax cuts or I would move my business offshore and no longer give employment to your people and fringe economic spillover. You want me to set up shop here - I want my 'cut'.
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crocodile

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Re: Rich To Get Huge Tax Cuts Under Morrison Plan
Reply #32 - Sep 19^th, 2020 at 6:44pm

Bam wrote on Sep 19^th, 2020 at 6:05pm:

crocodile wrote on Sep 19^th, 2020 at 12:58am:

An unfortunate fact of life is that to get a tax cut, one must have paid some in the first place.

Indeed.

* Millionaires who pay no tax
* One-third of big companies pay no tax

Yes indeed. There are some simpletons around here that don't realise that millionaire or not, there is no tax due if they didn't earn anything.

The same simpletons that can't get it through their thick, stupid skulls that businesses pay tax on profit. No profit, no tax. No refund for losses. Instead, losses carried forward until exhausted.

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Very funny Scotty, now beam down my clothes.

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Grappler Truth Teller Feller

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Re: Rich To Get Huge Tax Cuts Under Morrison Plan
Reply #33 - Sep 20^th, 2020 at 2:59am

crocodile wrote on Sep 19^th, 2020 at 6:44pm:

Bam wrote on Sep 19^th, 2020 at 6:05pm:

crocodile wrote on Sep 19^th, 2020 at 12:58am:

An unfortunate fact of life is that to get a tax cut, one must have paid some in the first place.

Indeed.

* Millionaires who pay no tax
* One-third of big companies pay no tax

Yes indeed. There are some simpletons around here that don't realise that millionaire or not, there is no tax due if they didn't earn anything.

The same simpletons that can't get it through their thick, stupid skulls that businesses pay tax on profit. No profit, no tax. No refund for losses. Instead, losses carried forward until exhausted.

Does Joe Bloggs get to carry forward his losses on home base, transport etc while paying his children and spouse as shareholders in the enterprise?

Maybe we need to re-define what is 'business' since all are in the business of making money....

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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Grappler Truth Teller Feller

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Re: Rich To Get Huge Tax Cuts Under Morrison Plan
Reply #34 - Sep 20^th, 2020 at 3:06am

Jasin wrote on Sep 19^th, 2020 at 6:19pm:

As a multi-millionaire businessman, I would be offended if I didn't get tax cuts or I would move my business offshore and no longer give employment to your people and fringe economic spillover. You want me to set up shop here - I want my 'cut'.

Someone else will swoop on your vacated 'market opportunity'....

Nobody asked you to 'set up shop' here - you volunteered..... so pay your dues... you no likee? No playee by the rules....

Go ahead - move to a third world country where you will short-term profit - when you run out of hidey-holes, you will be bust.... you no payee workers to build Horden and Frord - they no havee the money to buy Hordern or Frord.....

Wah' now? You payee you workers in Thailaysia enough to buy Horden or Frord while they eke out a living on far less?

How many buyee so fa'?

Trade relies on different levels of income and living standards between builder and buyer - if all are 'equar' in poverty - no tradee any mo'!

How many Horden an' Frord you sell this year? I curiou. .... no' that there anything wlong wi' that!

How long expectee marke' to las'?

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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crocodile

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Re: Rich To Get Huge Tax Cuts Under Morrison Plan
Reply #35 - Sep 20^th, 2020 at 9:10am

Grappler Truth Teller Feller wrote on Sep 20^th, 2020 at 2:59am:

crocodile wrote on Sep 19^th, 2020 at 6:44pm:

Bam wrote on Sep 19^th, 2020 at 6:05pm:

crocodile wrote on Sep 19^th, 2020 at 12:58am:

An unfortunate fact of life is that to get a tax cut, one must have paid some in the first place.

Indeed.

* Millionaires who pay no tax
* One-third of big companies pay no tax

Yes indeed. There are some simpletons around here that don't realise that millionaire or not, there is no tax due if they didn't earn anything.

The same simpletons that can't get it through their thick, stupid skulls that businesses pay tax on profit. No profit, no tax. No refund for losses. Instead, losses carried forward until exhausted.

Does Joe Bloggs get to carry forward his losses on home base, transport etc while paying his children and spouse as shareholders in the enterprise?

Maybe we need to re-define what is 'business' since all are in the business of making money....

You are a dill. When does Joe Bloggs make a loss.

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Very funny Scotty, now beam down my clothes.

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Bam

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Re: Rich To Get Huge Tax Cuts Under Morrison Plan
Reply #36 - Sep 21^st, 2020 at 2:39pm

crocodile wrote on Sep 19^th, 2020 at 6:44pm:

Bam wrote on Sep 19^th, 2020 at 6:05pm:

crocodile wrote on Sep 19^th, 2020 at 12:58am:

An unfortunate fact of life is that to get a tax cut, one must have paid some in the first place.

Indeed.

* Millionaires who pay no tax
* One-third of big companies pay no tax

Yes indeed. There are some simpletons around here that don't realise that millionaire or not, there is no tax due if they didn't earn anything.

Incorrect. It's taxable income on which tax is payable, not gross income. Some wealthy people earn million-dollar incomes and pay no tax - see link.

crocodile wrote on Sep 19^th, 2020 at 6:44pm:

The same simpletons that can't get it through their thick, stupid skulls that businesses pay tax on profit. No profit, no tax. No refund for losses. Instead, losses carried forward until exhausted.

Again, incorrect. It's not profit on which tax is paid, but taxable profit.

It's not just carried forward losses (a legitimate deduction when calculated correctly) that businesses can use to reduce their taxable profit. Businesses also receive other tax deductions and benefits that allow them to reduce their tax. Some businesses have no carried forward losses, make decent profits, but pay no company tax.

If the headline company tax rate is to be lowered while not cutting tax revenue, broadening the corporate tax base is needed.

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Grappler Truth Teller Feller

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Re: Rich To Get Huge Tax Cuts Under Morrison Plan
Reply #37 - Sep 21^st, 2020 at 2:56pm

I'll leave out the personal slagging to save your blood pressure:-

"businesses pay tax on profit

(a)

. No profit, no tax. No refund for losses. Instead, losses carried forward until exhausted

(b)

. "

(a) It all depends on how that profit or loss is derived on paper. That has been the argument for a very long time... Jozip Bloggovsky the immigrant doesn't get his 'HQ' or his travel for work costs off his tax, and so forth, and he doesn't get to write off the loan he services to his wife or his uncle's bank in Farstavia to have that 'HQ'...

(b) Losses carried forward are in fact a deduction against future income - nobody gets a return for a loss, they all pay tax on taxable income - many Jo Bloggs' have a loss every year but they get no carry forward.

The argument here is over the availability of tax deductions to some but not to all....we all know that a 'business' gets to live off the income first before declaring any profit... Jo gets to live off his post-tax income... one huge difference. Perhaps you can justify that anomaly?

Now watch your tongue... I try to be civil and I expect the same....

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams

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