93% corporate tax

[macdon02]

http://www.internationalman.com/articles/this-5-trillion-time-bomb-will-devastate-americans


What happened in Illinois...

[MBgrower]

Sumdum, when you comment "double taxation" i am hoping you understand that if you manage a corporation properly there really is no such thing. If done properly, after you pay the corporate rate of 12.5 and then future dividends to yourself, the second tax rate to yourself is basically the difference. The total of the 2 rates gets you to a similar total tax as if the company never existed.

I have received several commentaries from my national Agricultural firm about these changes. The biggest proposed change will hurt those businesses that have a holding company where excess wealth is "parked". Some farms have this structure but more in private business.

As i understand it, the biggest impact on farms will be the potential change of no capital dividend in farm corps the remove the tax free portion of capital gains. The gains on land is huge for many farms that have land inside therlir corps. If the do change this it will cause the total tax on transactions like this to be the high number as posted.

I am hanging my hat on reasonableness. I know our leader isn't very smart however the impact on the growth of businesses, balance of underground economy is greatly impacted when you look at introducing a tax scheme like this.

For now, i think we all need to wait and see, its only a discussion paper of proposed changes.

Don't most farmers hold the land outside of the corporation? I wonder what % have it in

[sumdumguy]

I never took the time to read the links and the thread title seemed too "alarmist" or "impossible" to comprehend so I didn't think it was worth commenting on. If I can find the time I'll read before I say much more. But then is the source material dependable. ....

I hope Trudeau and/or Morneau don't need a doctor in the future. They might have to look pretty far to find one that will touch them with a ten-foot pole - maybe a Haitian doctor.