💸🏠🎉President Trump Gives Strongest Signal Yet For Ending The Personal Income Tax!💸🏠🎉
(townhall.com)
🏆 - WINNING - 🏆
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (20)
sorted by:
I like where you were going before you went off on that "beggar-thy neighbor" marxist tangent. Some corporations are conglomerates, that is true. Most are not, and it is not correct for you to lump "corporations" together as you have.
You do know that those who work for corporations are also consumers, too, right?
If you study classical economics, venture out on your own, take on some risk to build a business that is incorporate-able and step out of the envy vortex you appear to be spun up in at the moment, you may appreciate the meaning of the investment of one's time and sacrifice that one expends to provide a service or product of value, and that greed, cut-throated behavior and illegality is not the motivator for most corporations or the pathway to long term success as an entity.
"At the end of the day most of them are either LLCs or C or S Corps."
LLC = Limited Liability Corporation. Files taxes using Schedule "C" like a sole proprietor or another Corporation ("conglomerate" or otherwise). It's a business structure which has officers and titles, and may have other employees. Limited liability in that individuals may still be held personally liable for business activity, but business is typically done in the name of the entity vs. individual.
"C" - Schedule C used to file tax returns. Used by Corporations and sole proprietors alike
Subchapter S or S-Corp - enjoys the corporate business structure for a small entity, can grant/sell stock with ownership rights like "C"s, enjoys individual lawsuit protection for individual assets which are not held in the name of the company, can make matching contributions to 401(k)'s up to 25% of total payroll. Earnings realized as distributions to individual stockholders which are taxed at individual rates, not "C" Corporate rates. A great wealth preservation and building strategy if incorporated in a state where there is no State income or State Corporation tax (e.g., Nevada).
My S-Corp is a Nevada corp., though I do not live in Nevada (perfectly legal).