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Forum Post: "OUR SONG"

Posted 13 years ago on Oct. 29, 2011, 11:07 a.m. EST by CHANTER (33)
This content is user submitted and not an official statement

This is a rather anonymous SONG-CHANT-RANT offering, that will hopefully unify our message on the streets. Imparting some basic historical information that has lead to the continued debasing of free forms of Government. Where a select group of power seekers never seem to have enough of anything, including us.This is a very serious time for the FREE Global Community, our only weapon is Martin Luther King's legacy. They further try to discredit us with accusations of not having a coherent message when their only endgame is to further in-slave us! Abusing others until there is only two classes the Haves and Have-Not's. http://www.youtube.com/watch?v=HxmtreWQoVs&feature=player_profilepage

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2 Comments


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[-] 1 points by DouglasG (57) 13 years ago

Is Obama giving the Corporations a free ride by not having the IRS enforce the AET? Look at IRS publication # 542: Accumulated Earnings Tax 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.

[-] 1 points by DouglasG (57) 13 years ago

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.