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originally posted by: matafuchs
a reply to: links234
You are joking right? Giving away money is what reduces debt?
The US at one time was the leader in technology and innovation.
originally posted by: LesMisanthrope
originally posted by: intrepid
I read about this this morning. If you're talking about citizens then yes. Include the very rich, ie: corporations then no. They get the biggest break. It will also add 1.5 trillion to the debt over 10 years. And you know who ends up paying that. The middle class. Fancy magicians handwork.
American corporate taxes are some of the highest, if not the highest, on the entire planet.
Prior to 2012, the GAO estimated that 24% of profitable large corporations owed no income tax in 2011, 22% owed nothing in 2010 and 21% owed nothing in 2009.
There are 27 companies in the Standard & Poor's 500, including telecom firm Level 3 Communications (LVLT), airline United Continental (UAL) and automaker General Motors (GM), that reported paying no income tax expense in 2015 despite reporting pre-tax profits, according to a USA TODAY analysis of data from S&P Global Market Intelligence.
1. General Electric Co., International Paper Co., Priceline Group, and Pacific Gas & Electric Co. were among the companies that the Institute for Taxation and Economic Policy says had no net tax liability at all over the period.
originally posted by: SlapMonkey
a reply to: matafuchs
It's still an idiotic way to tax a citizenry...if you are successful, you are punished. The more successful that you are, the more you will be punished.
Our bracketed tax system and all of its loopholes and write-offs and rebates and everything else is a design obviously intended for clandestine activity.
We need something more simple.
Bushnell offered the bonus because he disliked how new Atari games required 150 to 170 chips; he knew that Jobs' friend Steve Wozniak, an employee of Hewlett-Packard, had designed a version of Pong that used about 30 chips. Jobs had little specialized knowledge of circuit board design but knew Wozniak was capable of producing designs with a small number of chips. He convinced Wozniak to work with him, promising to split the fee evenly between them if Wozniak could minimize the number of chips. Wozniak had no sketches and instead interpreted the game from its description. To save parts, he had "tricky little designs" difficult to understand for most engineers. Near the end of development, Wozniak considered moving the high score to the screen's top, but Jobs claimed Bushnell wanted it at the bottom; Wozniak was unaware of any truth to his claims. The original deadline was met after Wozniak worked at Atari four nights straight, doing some additional designs while at his day job at Hewlett-Packard. This equated to a bonus of $5,000, which Jobs kept secret from Wozniak. Wozniak has stated he only received payment of $350; he believed for years that Atari had promised $700 for a design using fewer than 50 chips, and $1000 for fewer than 40, stating in 1984 "We only got 700 bucks for it." Wozniak was the engineer, and Jobs was the breadboarder and tester. Wozniak's original design used 42 chips; the final, working breadboard he and Jobs delivered to Atari used 44, but Wozniak said, "We were so tired we couldn't cut it down."
The change to the mortgage interest deduction drew immediate attention Thursday. Under current tax law, Americans can deduct interest payments made on their first $1 million worth of home loans. The bill would allow existing mortgages to keep the current rules, but for new mortgages, home buyers would be able to deduct interest payments made only on their first $500,000 worth of loans.
originally posted by: Greven
Successful at what, exactly?
Keeping more money for themselves?