Walmarts like a small country

[arnisador]

More crying and jealousy about the 1%. Walmart pays what they are told to pay.

Large companies tell congress what to tell them to pay via lobbying and campaign contributions. How do you think all those incredibly specialized tax loopholes got in there in the first place?

 

[ballen0351]

Large companies tell congress what to tell them to pay via lobbying and campaign contributions. How do you think all those incredibly specialized tax loopholes got in there in the first place?

And? Its their money they earned it. They do what they need to do to keep it just like I do when I find every deduction and charitable donations I can to make my tax bill low as possible. You falut them for trying to keep as much of their money as they can? Don't you?

 

[arnisador]

No--I fault the system for letting large companies effectively write laws.

 

[K-man]

And? Its their money they earned it. They do what they need to do to keep it just like I do when I find every deduction and charitable donations I can to make my tax bill low as possible. You falut them for trying to keep as much of their money as they can? Don't you?

OK. So a close relative dies leaving you and Warren Buffet $1,000,000 to divide fairly between yourselves. You are happy to take just $10,000 leaving him with $990,000 because that is equitable distribution of wealth?

 

[ballen0351]

No--I fault the system for letting large companies effectively write laws.

And thats walmarts fault or Washington's?

 

[ballen0351]

OK. So a close relative dies leaving you and Warren Buffet $1,000,000 to divide fairly between yourselves. You are happy to take just $10,000 leaving him with $990,000 because that is equitable distribution of wealth?

What are you talking about? What's that got to do with paying taxes or Walmart?

 

[K-man]

What are you talking about? What's that got to do with paying taxes or Walmart?

Humour me. Just answer the hypothetical.
In that situation would you want to split such an inheritance down the middle or would you be magnanimous and give Warren the lion's share. I mean he obviously works at least a hundred times harder that you, if his income is to be justified. (To be fair to Warren, I believe he might be one of the few who does pay the proper tax.)
:asian:

 

[arnisador]

And thats walmarts fault or Washington's?

Washington. I'm not blaming Walmart for playing by the rules--but the rules suck. What they're paying is legal, not fair. They should play by the law, but the law should be changed to be fairer.

 

[K-man]

Washington. I'm not blaming Walmart for playing by the rules--but the rules suck. What they're paying is legal, not fair. They should play by the law, but the law should be changed to be fairer.

Mmm! I'm not sure that using tax havens is 'legal'. That's why governments around the world are trying to close them down. It's a grey area that is widely used to cheat the tax system. Just another area where the big end of town gets the free lunch.
:asian:

 

[Big Don]

Humour me. Just answer the hypothetical.
In that situation would you want to split such an inheritance down the middle or would you be magnanimous and give Warren the lion's share. I mean he obviously works at least a hundred times harder that you, if his income is to be justified. (To be fair to Warren, I believe he might be one of the few who does pay the proper tax.)
:asian:

Buffet does NOT pay the proper tax, his company Berkshire/Hathaway is fighting NOT to pay over a BILLION dollars in taxes, and hasn't paid them since 2002!
Real heroic taxpayer you've got there...
In short F Warren Buffet.

 

[Big Don]

Mmm! I'm not sure that using tax havens is 'legal'. That's why governments around the world are trying to close them down. It's a grey area that is widely used to cheat the tax system. Just another area where the big end of town gets the free lunch.
:asian:

If their use isn't 'legal' why isn't the government prosecuting them? You know the way Clinton went after Microsoft...

 

[K-man]

If their use isn't 'legal' why isn't the government prosecuting them? You know the way Clinton went after Microsoft...

I can't believe you are so naive that you don't understand tax havens. Why isn't the government prosecuting? Because of the secrecy provided by the tax haven. Are governments world wide trying to stop this fraudulent practice? You betcha! Who is losing out? You and me.

Having said that it is difficult to gather information on their size and weight in the global economy, given their secrecy provisions and lack of regulation. Murphy et al draw on existing research to support their claims on the economic significance of the havens. Specifically, the havens are estimated to have nearly one third of foreign direct investment from US and European corporations passing through their jurisdiction; there are about two million ‘International Business Corporations’ registered here; and growing numbers of hedge funds. The havens are also major sites for international criminal activities (money laundering, embezzlement) and the illicit flight of capital from poor to rich nations. Trying to figure out how much tax is lost through all this evasion and avoidance is another major challenge, with little information disclosed. For wealthy individuals the sums could be around $250 billion, on an estimated value of ‘offshore’ assets in the region of $9 – 12 trillion. Data for companies is even sketchier in the absence of country by country accounting methods that would identify profits flowing from particular economic activities. We do know the multinationals use tax havens for profit reallocation and intra MNC trade across borders (so called ‘transfer pricing’ ) is a major vehicle for corporate tax avoidance.
http://newunionism.wordpress.com/2010/11/24/tax-havens-and-globalisation/

 

[Big Don]

you remind me of the guy I passed on the freeway the other day in his brand new Mercedes with his Eat the Rich bumpersticker

 

[ballen0351]

Mmm! I'm not sure that using tax havens is 'legal'. That's why governments around the world are trying to close them down. It's a grey area that is widely used to cheat the tax system. Just another area where the big end of town gets the free lunch.
:asian:

When it come to the law there is no such thing as a great area. Its either legal or its not. Point blank period

 

[arnisador]

That's not true of tax law. Basically, it's not true of tort law.

 

[ballen0351]

That's not true of tax law. Basically, it's not true of tort law.

Your wrong. If what they are doing is not legal they would have been taken to court since the left is in charge and the left hates Walmart.

 

[K-man]

you remind me of the guy I passed on the freeway the other day in his brand new Mercedes with his Eat the Rich bumpersticker

 

[K-man]

When it come to the law there is no such thing as a great area. Its either legal or its not. Point blank period

Then it's not legal. Did you read the link I posted or just jump in?
And you didn't answer my question. 50/50 or just 10 Grand out of the Million?

 

[K-man]

Your wrong. If what they are doing is not legal they would have been taken to court since the left is in charge and the left hates Walmart.

In America there is no 'left' and the tax haven bit is not really about Walmart. It is thread drift but applies to your most profitable companies and your wealthiest individuals and it is you and your compatriots who are paying for their corporate greed.

 

[ballen0351]

In America there is no 'left' and the tax haven bit is not really about Walmart. It is thread drift but applies to your most profitable companies and your wealthiest individuals and it is you and your compatriots who are paying for their corporate greed.

So your an expert on the way things work in the US now huh? Well damn I guess we need to start letting you Aussies come fix all our problems now.