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Old    John Anderson (fly135)      Join Date: Jun 2004       Today, 3:58 PM Reply   
Quote:
Originally Posted by prowake View Post
you do understand the difference between corporate tax and payroll tax, right?
Yeah, corps have lots of loopholes that can reduce their tax to zero. Payroll, they just take it every paycheck.
Old    Swatguy (xstarrider)      Join Date: Jun 2007       Today, 4:01 PM Reply   
Sure.

On a smaller scale

Bullet tax. Chicago/Cook has instituted a bullet tax on every bullet sold within its limits , the idea being to raise revenue to prevent gun violence . All that has done has pushed people who would otherwise buy their ammo in the city , to drive a few miles out of the city and spend their money elsewhere . The local business closed and or moved out to the burbs. Not only did they not gain any revenue , they lost good chunks of the business revenue because they closed up shop. The projected tax revenue obviously fell way short of its projections . Those projections were figured in the budget of both the City and County's budgets a like. So not only did the City/ County lose income as stores closed up shop and moved to a suburb , they lost the projected tax amounts , and both authorized spending saws money based on projections to give you a triple whammy and put them further in the hole .



This same scenario applied to Cigarette taxes. People did the same thing. Took their business outside the limits to save $$ . Same effect on projected revenue revenue


Same for the

Bottled Water Tax

Gas Tax

And soon to be the same for the sugary drink tax about to roll out on all pop and energy drinks. Inside the city/county/state.


These same principles we applied to flourishing business. The state raised taxes in a record chunk on businesses located in certain areas across the state. These same businesses are relocating out of state due to more taxes. They were stressed beyond belief to stay afloat and maintain profit margins. So they went to a lower tax area outside the state. Now the state lost any any money at all they were gaining be keeping the business here.


On the flip side I will give one example for now on how lower taxes actually created more income. A major company petitioned for a tax break. They received said tax break and opened a plant in a impoverished area of the southern suburbs this tax break offered this company an opportunity to build an entire new plant, add multiple jobs to an area , bring in more in sales , and turn a slum into a modern day community. I don't have the factual numbers here but I am willing to bet the tax money made off all the employees added to this company , all the tax money made off the goods it sold , and all the revenue generated by keeping the business here , more than paid for the original loss it took by giving the original break .

Currently in the works is a way to tax vehicles and their drivers by where they drive. I KID YOU NOT ! They city is trying to figure out a way to tax people from the suburbs who drive in to the city for work. While they already tax the &$) out of them in parking garages and at metered spots , they are still looking for another way to attameltbro gain revenue


Again I truly believe tax situations need to be assessed on more of an individual basis , because I could easily point out where more taxes actually mean more income in certain situations .

Last edited by xstarrider; Today at 4:09 PM.
Old    John Anderson (fly135)      Join Date: Jun 2004       Today, 4:43 PM Reply   
I guess we'll just have to wait to see how that translates to the federal level. Assuming that Trump can actually get the Republican majority Congress to pass the tax reduction. Prowake was pretty vague about the reason for asking that last question (corp vs payroll). I can only guess he's thinks that a tax amnesty and repatriation of off shore corp holdings is going to make a big difference. Again, the answer is wait and see.

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