"they avoid taxes a number of ways, eg by receiving compensation in forms other than cash such as stock options"
You pay the tax when you cash the options.
"Free entertainment expenses"
The deduction for these is 25% I believe.
"use of corporate cars, boats, and planes"
If it is used as a means to get to and from business then it is a legit corporate expense. If it is used for personal reasons and expensed for business, then they are breaking the law.
"can form charitable trusts"
Do you feel charity should be taxed? I thought you were "compassionate".
"I've been taught that a corporation keeps 3 sets of books"
I have no doubt you have been "taught" that. You have been "taught" your whole political philosophy. The problem is the lessons you have learned are not always correct.
"You better speak to some of you're rich conservative friends Srex, you are leading a "sheltered" life... "
1st of all, I don't have any friends in the Jack Welsh class of richness. Maybe they don't pay taxes (but I doubt this very seriously). I do know people in the $100,000 to $500,000 per year group and they PAY A LOT OF TAXES. They don't like snivling whiners like yourself implying they don't pay their share. The TRUTH is they pay a higher percentag of their large incomes, and that equals a lot of money to the government. Not sure if you lead a sheltered life, but you have an unrealistic and negative view of people who do well (and contribute a lot) to our system.
As far as complication goes, maybe you have never paid taxes and therfore don't know. There are all kinds of formulas to see whether you get any credit for child support or on how much of your IRA can be claimed, etc. My belief is that the "complications" inherent to our tax code are to squeeze more money out of us, not to allow us not to pay taxes. Flat tax is fine with me.
Corporate tax is a different issue that I am not addressing. My general belief is that to burden our companies with extra penalties is not a great idea. I own a corporation and purposely bring the cash level down (through paying myself) so that I don't pay more than the $800 MINIMUM tax. Otherwise I am TAXED twice. Something you liberals must love. |
