chicowalker

I don't think you understand anything about accounting or taxation.

The TV is a poor analogy to corporate travel if, as you concede, the TV isn't a business expense.

Since personal taxes aren't going to be elimninated, do you understand that taxes will be paid on corporate earnings and/or distributions (depending on ownership structure)?

If you actually understand all that, then you would also understand that travel expenses to meet with a potential client would, in fact, be deducted -- just like other corporate expenses. These are corporate travel expenses, not personal travel. A corporate tax rate of zero doesn't mean that income statements, expenses and earnings go away.

The idea that you are explaining anything is comical. You appear to have no grasp whatsoever of how a business operates or how a business's operations are accounted for.

(By the way, tell me again what, exactly, your business makes? LOL )

chicowalker

People who own companies would still pay taxes on their company's earnings -- the earnings just wouldn't be taxed twice. (That applies to public shareholders as well)

shmessy

You evidently don't understand the concept of tax deduction versus out of pocket expense. The expense would lessen the flow of income to the owner/shareholder.

And to your question, I'm a Certified Financial Planner who , for 19 years, has increased my clients wealth in good times and in bad. With a Client Satisfaction Rating in the top 3% of my Fortune 200 Broker/Dealer's rankings. I've made it possible for clients to send their kids to college, retire before working themselves to death and to pay their debts without being a burden on our nation's economy. I preach and have helped hundreds of people over the past two decades carry their own weight and be even more financially productive not only for themselves, but for our nation's economy.

Before that I worked as a TS/SCI intelligence analyst for the NSA during the 1st Gulf War (the "good one").

Now, do you have any more personal questions?

__________________
"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com

patsfan13

Eliminate tax exemptions for everyone. Who do you think the 12k pages of the IRS codes was written for and paid for was? People working in minimum wage jobs? The rich lobby and pay for their tax breaks.

The effect of having a 0% corp tax rate would be a lot more jobs in the US as companies stop shipping jobs overseas, and foreign companies make things here.

__________________
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."

shmessy

Yeah, but Chico and PR want to know what would happen to the corporate tax deductions for entertainment and dining if that happened.

__________________
"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com

patsfan13

The tax deductions are irrelevant since there are no taxes. Nothing to deduct, no lobbying needed (for this aspect of things).

This won't happen because the status quo keeps the political contributions coming.

__________________
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."

PatsFanInVa

Ah. Maybe the government should actually pay for the previously exempted parties and travel. Otherwise, the Chamber of Commerce will be marching in the streets claiming the 0% across-the-board corporate rate is a new tax calculated to disadvantage large companies that must travel and entertained.

patsfan13

If they 'need' to do it they will businesses do whatever they need to make money. Also if they didn't have to worry about dealing with the IRS they would be free to focus on their business. They would welcome this especially small businesses.

__________________
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."

chicowalker

You evidently can't read, as I was never referring to "tax deductions" or "out of pocket expenses" -- I was referring to corporate travel expenses.

Remember earlier in the thread, when I asked you about traveling to a meeting with a potential client? You stated that it isn't a legitimate business expense (paraphrasing).


Bingo!


So the answer to my question is that you don't make anything.

chicowalker

What are you talking about?

Where I have I (or RW) said that I want to know what would happen?

They would remain business expenses. It's not a "corporate tax deduction" -- they're part of expense lines on the income statement. You're familiar with income statements, right?