Forum Post: New Page Arrangement
Posted 13 years ago on Oct. 29, 2011, 11:14 a.m. EST by RichardGates
(1529)
This content is user submitted and not an official statement
http://citicommons.com movement based news and info
Sorry, not clicking the link....more than likely an attempt to infiltrate our computers
yes. you're right. i'm really the borg looking to rip off your family photos to sell to a stock image site.
A corporation can accumulate its earnings for a possible expansion or other bona fide business reasons. However, if a corporation allows earnings to accumulate beyond the reasonable needs of the business, it may be subject to an accumulated earnings tax of 15%. If the accumulated earnings tax applies, interest applies to the tax from the date the corporate return was originally due, without extensions. To determine if the corporation is subject to this tax, first treat an accumulation of $250,000 or less generally as within the reasonable needs of most businesses. Treat an accumulation of $150,000 or less as within the reasonable needs of a business whose principal function is performing services in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts. In determining if the corporation has accumulated earnings and profits beyond its reasonable needs, value the listed and readily marketable securities owned by the corporation and purchased with its earnings and profits at net liquidation value, not at cost. Reasonable needs of the business include the following. Specific, definite, and feasible plans for use of the earnings accumulation in the business. The amount necessary to redeem the corporation's stock included in a deceased shareholder's gross estate, if the amount does not exceed the reasonably anticipated total estate and inheritance taxes and funeral and administration expenses incurred by the shareholder's estate. The absence of a bona fide business reason for a corporation's accumulated earnings may be indicated by many different circumstances, such as a lack of regular distributions to its shareholders or withdrawals by the shareholders classified as personal loans. However, actual moves to expand the business generally qualify as a bona fide use of the accumulations. The fact that a corporation has an unreasonable accumulation of earnings is sufficient to establish liability for the accumulated earnings tax unless the corporation can show the earnings were not accumulated to allow its individual shareholders to avoid income tax.
So far I have not seen on the news one constructive point via the media coming out of the OWS movement which would accomplish what is desired to increase the amount of taxation on the 1%. As a retired IRS Agent I can tell you that if you want to get at the fat cats being the corporations here is an ironclad way to do it. There does exist a federal tax directed exactly at the problem herein in the USA which is never enforced. If a corporation witholds too much earnings it is subject to a tax called the Accumulated Earnings Tax. It is explained at Internal Revenue Code Section: " Sec. 531. Imposition of accumulated earnings tax In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the accumulated taxable income (as defined in section 535) of each corporation described in section 532, an accumulated earnings tax equal to 15 percent of the accumulated taxable income.." Anyone can call the IRS toll free number and have it explained then you can call the Office of the White House and ask the question as to why the IRS is not enforcing this law on the Corporations for whom the media states that they are holding onto trillions of dollars not spending into the economy to create jobs. I can tell you the IRS is not enforcing the law because the law does not have enough meat into it and it has not been enforced because of that thus making the law a joke. The OWS movement will absolutely grab the attention of the world wide media if it focuses on the AET and makes it a World Wide buzz in protest signs and does interviews regarding it with the business news programs of Fox Business Channel and NBC's Business Channel and CNN. If you make the AET a household term instead of Herman Cain's stupid 999 = 9% sales tax = regressive taxation of poor and compete with that you can get it to become a part of the Republican Presidential candidate debates especially with Michelle Bachman who should be aware of it being a former tax attorney. Do you think Herman even knows what the AET is? You don't so find out about it because it could force corporations to start spending their cash hoards to create jobs and end force the stopping of foreclosures because Corporation HATE and FEAR the AET when an IRS Agent brings it up in an audit examination. Put some muscle in your arguments. In addition sound off to the White House on the issue of taxing: "Unreasonable Compensation" being paid to Corporate Officers wherein "Reasonable Compensation" should = what the President of the USA makes and let the IRS go after all amounts in excess of that be considered as "unreasonable" = not deductible by the corporations on their tax returns of income tax purposes. WALL STREET will definitely not like that one and discuss that in interviews you give with the business networks. REPOST this if you understand this tax talk. If you don't ask questions for further explanation.
lol. what i would really like is for you to post it on my forum page or sign up to write for the site. it just looks like sh!t for me to keep re-posting other peoples stuff.
Stay on content and address what is said. If it is over your head just admit it but don't be self centered and self righteous as it's not about your ego.
no idea what you're talking about homie. not here to debate. looking for writers and contributors that are interested in being heard. all you're doing in here is b!tching into the wind, this place is a void. want an opertunity to actually be heard on a movement site that is advertised and run like a lagit biz, it's there for the taking.
As I said or implied, you don't have the foggiest idea as to what the AET is Mr. Gates.
you are correct sir. i do not. i thought i already said that. i only know so much. so i am trying to do my part by providing an organized place for people like you, to help educate others. you can waste you time telling me the same thing over and over. but it's a waste of your time.
The point here though is that the OWS movement has missed the boat completely and don't talk about it at all. It's psychological impact would be tremendous as it would force corporations to start spending their cash hoards yet OWS has it's head in the sand. It would = more jobs = less foreclosures. Meanwhile people like Bill Gates rake in the billions in the USA and then spend it overseas on charity as in Africa rather than using it to create jobs in the USA. GATES = Wall Street and Buffet is right there with him in his charitable organization
ok, but this place is rife with trolls from the extreme left and right. nothing productive happens here except for me and other forum owners trying to recruit you guys to bring intelligent conversation to places it will do good.
Query: What is OWS about? Answer: The 99% Query: How do you help the 99% and even the 1%? Answer: Get the economy going so people have jobs and less foreclosures. Query: How do you do that? Answer: Get people spending in the private sector = 1% Query: How do you get the 1% to do that? Answer: Tell them they have to because of the AET. Query: How do you get them to do that? Answer: By having the President of the USA put into HIGH PROFILE the IRS daily with news of actions it is taking to enforce the AET by having Harry Reid hold Senate hearing to put more teeth into the Internal Revenue Code. By having OWS do interviews with the business networks regarding the lack of enforcement on the AET. By flooding the Republican debates with questions regarding the AET instead of a regressive 9% Sales tax on people who earn no wages wherein you have Herman Cain telling them they will not have to pay as much employment tax = social security tax and medicare tax on their wages wherein not everyone is even working and paying in employment taxes but everybody has to pay a sales tax when they go to the grocery store. These are tax issues not to be directed at the White House not Wall Street as the White House does nothing even though they have all the power.
barken up the wrong tree. it's all greek.
Why do we have the Anti-Trust department within the Justice Department? To break up monopolies and oligopolies. They enforce the anti-merger laws. Why? Because people are greedy and government is a necessary evil. If the OWS movement does not give a message their statement = zero. The AET is one method of sending a message which will be HEARD LOUD AND CLEAR by the Wall Streeters. Ask Bill O'Reilly about the AET and he wouldn't have a clue what you are talking about, yet the AET is the solution to getting the BIG Corporations to start spending their largese of cash. Many are just waiting for the right climate in example a new president. The IRS depends on voluntary compliance but the President would do well to put the AET in the Spotlight by giving a press conference on it jointly with Harry Reid who should hold hearings all as a result of the OWS movement who would be giving interviews on the subject to the business networks that would eventually be picked up by the mainstream media. It's only about 999 if the OWS movement let's it continue to be 999 with no mention of the AET.
Excellent Reuters article yesterday by John Wasik on income inequality. (Reuters) - As if on cue for an Occupy Wall Street commercial, the latest Congressional Budget Office report highlighted the large crevasse between the upper 1 percent of U.S. households and the rest of us.
not enough space to publish here: go there to read the entire article: http://www.reuters.com/article/2011/10/28/us-usa-wallstreet-cboreport-idUSTRE79R3XR20111028
Comment: You could also add that the rich don’t depend on 401 accounts for retirement income as do the middle class. 401 deferred retirement account income is taxed at ordinary income tax rates while stock appreciation or capital gains and dividends, which the rich use for retirement, are taxed at 15%.
sign up and post it in the forum.