Intel may owe over $600 million in back taxes

[Fushigi]

http://www.infoworld.com/article/03/08/07/HNbacktaxes_1.html

 

[Buck]

<sarcasm> What a shame. </sarcasm>

 

[Clocker]

Bill probably has that falling between the cushions of his couch....

C

 

[jtr1962]

This just underscores how unnecessarily complex our tax laws are, especially regarding corporate tax. I've heard that in many cases nobody, including the accountants and IRS, is really sure exactly how much tax a corporation owes. It depends on how the various laws are interpreted.

One thing really bothers me about the IRS. They always wait a couple of years to tell you about an error on your return just so they can collect more in interest and penalties. There should be a statue of limitations of maybe 3 months after you file your return. If you haven't heard from them by then, then there should be nothing to worry about, ever.

I'm all for getting rid of corporate and individual income taxes anyway. They just make tax collection too complex a matter.

 

[Clocker]

Poop why did I say Bill? I thought the thread was about M$. Sorry.

C

 

[Clocker]

What kind of tax do you think is better jtr?

 

[jtr1962]

What kind of tax do you think is better jtr?

Sales and excise taxes. Easy to calculate, easy to collect. You just need to exempt certain items(mostly items that are already exempted from normal state sales tax now) so the tax doesn't hit the poor who can't afford it. Another good thing about these types of taxes is that you'll be getting money from people who don't pay any income taxes at all now. For example, when the drug dealer buys his Lexus or fat gold chains the federal government will get sales tax from him. And no loopholes for the rich whereas now there are all sorts of tax shelters that the wealthy engage in to avoid income taxes all together. Under my system, you could even have sales tax on luxury housing(tax the sales price of the home but exempt the first million dollars so most home buyers pay nothing). At a 15% rate, when Joe Millionaire buys his $25 million home he'll fork over 0.15x$24 million, or $3.6 million, to the feds.

 

[Clocker]

I like it!

 

[Clocker]

I like it!

 

[Clocker]

I like it excpet I doubt the drug dealer is buying his Lexus & gold chains from a place that charges sales tax if you know what I mean....

C

 

[Clocker]

Damn the forum is having that slow down again...sorry.

 

[blakerwry]

lol, are you double posters are impatient

 

[Handruin]

I need to find a way to disable the submit button once it has been pressed.

 

[blakerwry]

oh, btw, what slowdown? did i miss it?

why didn't you invite me?

 

[Fushigi]

Truly wealthy people spend a very small portion of their income. Most is invested. So you still would not be collecting much in the way of taxes from the rich. Perhaps if it were coupled with taxes on interest and capital gains.