Re:Farm bankruptcies on the rise according to new Fed report
by gamblor956 on Thursday November 29, 2018 @02:47PM
(#18563289)
Sorry, but no. I do this for a living, and you're deliberating misrepresenting how taxes work, including how business property taxes work. To note: a company with millions of dollars of business property might have a $10,000 business property tax bill. If you can't afford that, you have no right to call yourself a functional business.
The minimum LLC franchise fee is $800. A real business can afford that, a pretend business cannot.
Double-Irish structures don't work to shield US income. They never have, so US companies can't use them to reduce their US taxation either, regardless of size.
And finally, you chose a pass-through form of taxation, meaning you chose to be taxed as an individual instead of as a separate entity. That's on you--not on California. That same choice would screw you over pretty much everywhere there's a state income tax--meaning all the states where people actually want to live.
The minimum LLC franchise fee is $800. A real business can afford that, a pretend business cannot.
Double-Irish structures don't work to shield US income. They never have, so US companies can't use them to reduce their US taxation either, regardless of size.
And finally, you chose a pass-through form of taxation, meaning you chose to be taxed as an individual instead of as a separate entity. That's on you--not on California. That same choice would screw you over pretty much everywhere there's a state income tax--meaning all the states where people actually want to live.