News for hackers. Stuff that matters.

A comment on Facebook tax court trial begins over Ireland offshore deal. Parent comment

Re:Facebook tax court trial begins over Ireland offshore deal by manigandham on Wednesday February 19, 2020 @01:07AM (#22363422)
As a business owner, I fully support this. There are plenty of other taxable outflows like payroll and sales. Having 0% corp income tax would also encourage spending and growth without trying to write down everything as COGS.

Also LLCs operate this way already with pass-through taxes which is why they're used so often in real-estate. It allows for limiting liability and splitting ownership and management without adding a whole new tax basis.

[ Parent | on HN ]
Re:Facebook tax court trial begins over Ireland offshore deal by webpaymentsguy on Wednesday February 19, 2020 @01:23AM (#22363480)
I'm wary of incentivizing corporations as a personal wealth vehicle, but I still agree with you. Payroll, sales, capital gains, and value added taxes are a great place to shift or grow tax revenues should we ever reduce the corporate tax rate.
[ Parent | on HN ]
Re:Facebook tax court trial begins over Ireland offshore deal by dodobirdlord on Wednesday February 19, 2020 @01:47AM (#22363560)
The point of capital gains taxes having a separate rate lower than income tax is mostly to account for the fact that corporations pay income tax, so income received from corporations has already been taxed once. One of the perks of abolishing corporate income tax is that it naturally should be paired with abolishing the distinction between capital gains and earned income, a double-whammy of tax code simplification.
[ Parent | on HN ]