This Year's Tax Cut Cost Some Gold Star Families Dearly

Discussion in 'Budget & Taxes' started by Boilermaker55, Apr 26, 2019.

  1. Boilermaker55

    Boilermaker55 Active Member

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    It seems the great tax but for corporate america is at the expense or Gold Star families.
    Who would want to deny CEO's and other wealthy individuals the ability to buy another vacation home.
    https://www.military.com/daily-news...-cut-cost-some-gold-star-families-dearly.html
    "For some, tax season brings a small boon in the form of a refund. For others it can be a source of stress.
    But Theresa Jones sees it as an annual reminder of her husband, Navy Lt. Cmdr. Landon Jones, who was killed in a helicopter crash on Sept. 22, 2013.

    Since then, Jones and her two sons, ages 5 and 11, have received monthly compensation in the form of survivor benefits -- one allotment through the Department of Defense is taxable, and another through the Department of Veterans Affairs, which is not taxed.

    For the past several years she's had to pay roughly $1,150 in taxes on her sons' benefits. This year, it was $5,400."
    Let's not forget, how desperate the ultra-rich need their money and their sacred tax cut.
    As for those left behind by their loved ones dying in the service of America; "At some point around 1789, when being told that her French subjects had no bread, Marie-Antoinette (bride of France's King Louis XVI) supposedly sniffed, “Qu'ils mangent de la brioche”—“Let them eat cake.”
    Because every American citizen knows.......the wealthy are being so discriminated againts.
     
  2. bendog

    bendog Well-Known Member

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    Somebody's gotta pay for this great economy, and it's not like they actually worked and earned that money. (sarcasm)
     
  3. Bluesguy

    Bluesguy Well-Known Member Donor

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    You do realize this is not a "gold star family" issue but an issue for ALL families receiving survivors benefits and that fixes for this unforeseen issue are already in the works.
     
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  4. vman12

    vman12 Well-Known Member Past Donor

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    Dear leftists of America:

    If you think getting a large tax refund is a good thing, you are a dummy.

    That is all.
     
    Last edited: Apr 26, 2019
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  5. struth

    struth Banned

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    I agree with the mother, why is this taxed at all? But then again, we are dealing with Govt, they tax you to death...literally. With that said, it does sound like it sould be taxed not as ordinary income, but as a trust.
     
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  6. Boilermaker55

    Boilermaker55 Active Member

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    Dear Trump followers:
    But those who make the ultimate sacrifice are still. PAYING.
    Give it a break.
    America’s Top 10 Corporate Tax Avoiders

    Do you realize how many top earners pay no taxes.
    1. General Electric
    From 2008 to 2013, while GE made over $33.9 billion in United States profits, it received a total tax refund of more than $2.9 billion from the Internal Revenue Service.

    G.E.’s effective U.S. corporate income tax rate over this six year period was -9 percent.

    In 2012, GE stashed $108 billion in offshore tax havens to avoid paying income taxes. If this practice were outlawed, GE would have paid $37.8 billion in federal income taxes that year.

    During the financial crisis, the Federal Reserve provided GE with $16 billion in financial assistance, at a time when its CEO Jeffrey Immelt was a director of the New York Federal Reserve.

    GE has been a leader in outsourcing decent paying jobs to China, Mexico and other low-wage countries.

    Mr. Immelt has a retirement account at General Electric worth an estimated $59 million and made $19 million in total compensation last year.

    He is a member of the Business Roundtable, a group that wants to raise the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, increase taxes on working families, and cut corporate taxes even further.

    On December 6, 2002, Jeffrey Immelt said at an investors’ meeting, “When I am talking to GE managers, I talk China, China, China, China, China. You need to be there. You need to change the way people talk about it and how they get there. I am a nut on China. Outsourcing from China is going to grow to $5 billion. We are building a tech center in China. Every discussion today has to center on China. The cost basis is extremely attractive. You can take an 18 cubic foot refrigerator, make it in China, land it in the United States, and land it for less than we can make an 18 cubic foot refrigerator today, ourselves.”

    2. Boeing
    From 2008 to 2013, while Boeing made over $26.4 billion in U.S. profits, it received a total tax refund of $401 million from the IRS. Boeing’s effective U.S. corporate income tax rate over this six-year period was -2 percent.

    Boeing is one of the top recipients of corporate welfare in the United States and has outsourced tens of thousands of decent paying jobs to China and other low-wage countries.

    Boeing even has its own taxpayer-funded bank known as the Export-Import Bank of the United States. Boeing has received so much corporate welfare from this bank that it has been dubbed “the Bank of Boeing.”

    Boeing CEO W. James McNerney, Jr. made $23.3 million in total compensation last year. Mr. McNerney, as a member of the Business Roundtable, wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security.

    3. Verizon
    From 2008 to 2013, while Verizon made over $42.4 billion in U.S. profits, it received a total tax refund of $732 million from the IRS.

    Verizon’s effective U.S. corporate income tax rate over this six-year period was -2 percent.

    In 2012, Verizon stashed $1.8 billion in offshore tax havens to avoid paying U.S. income taxes. Verizon would owe an estimated $630 million in federal income taxes if its use of offshore tax avoidance was eliminated.

    In 2013, Lowell McAdam, the CEO of Verizon made $15.8 million in total compensation. He wants to raise the eligibility age for Medicare and Social Security to 70, and make significant cuts to Social Security as a member of the Business Roundtable.

    4. Bank of America
    Bank of America received a $1.9 billion tax refund from the IRS in 2010, even though it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of more than $1.3 trillion.

    In 2012, Bank of America operated more than 300 subsidiaries incorporated in offshore tax havens like the Cayman Islands, which has no corporate taxes.

    In 2012, Bank of America stashed $17.2 billion in offshore tax havens to avoid paying U.S. income taxes. Bank of America would owe an estimated $4.3 billion in federal income taxes if its use of offshore tax avoidance strategies were eliminated.

    Last year, Bank of America CEO Brian Moynihan made $13.1 million in total compensation, but he wants to raise the eligibility age for Medicare and Social Security to 70, and make significant cuts to Social Security as a member of the Business Roundtable.

    5. Citigroup
    Citigroup made more than $4 billion in profits in 2010, but paid no federal income taxes. Citigroup received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury during the financial crisis.

    Citigroup has established 427 subsidiaries incorporated in offshore tax havens.

    In 2012, it stashed $42.6 billion in offshore tax havens to avoid paying U.S. income taxes. Citigroup would owe an estimated $11.5 billion in federal income taxes if its use of offshore tax avoidance strategies were eliminated.

    Michael Corbat, the CEO of Citigroup, made more than $17.6 million in total compensation last year.

    6. Pfizer
    Pfizer, one of the largest prescription drug companies in America, not only paid no federal income taxes from 2010 to 2012, it received $2.2 billion in tax refunds from the IRS at the same time it made $43 billion in profits worldwide.

    In 2012, Pfizer stashed $73 billion in profits offshore and has used aggressive offshore tax strategies to avoid paying U.S. income taxes.

    Ian Read, the CEO of Pfizer, made $17.7 million in total compensation last year.

    Hank McKinnell, Jr., who was Pfizer’s CEO from 2001 to 2006, received a golden parachute from Pfizer worth an estimated $188 million.

    7. FedEx
    In 2011, Federal Express received a $135 million tax refund from the IRS even though it made more than $2.7 billion in U.S. profits that year.

    FedEx receives more than $1 billion a year from the U.S. Postal Service to provide air service for all express mail and priority mail shipments.

    Frederick Smith, the CEO of FedEx, made more than $12.6 million in total compensation last year.

    8. Honeywell
    From 2009 to 2010, not only did Honeywell pay no federal income taxes, it received a $510 million tax refund from the IRS even though it made a combined profit in the U.S. of almost $3 billion.

    In 2012, Honeywell stashed $11.6 billion in offshore tax havens to avoid paying U.S. income taxes. Honeywell would owe an estimated $4.06 billion in federal income taxes if its use of offshore tax avoidance were eliminated.

    David Cote, the CEO of Honeywell, made more than $25.4 million in total compensation last year.

    Mr. Cote wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.

    9. Merck
    In 2009, not only did Merck pay no federal income taxes, it received a $55 million tax refund from the IRS, even though it earned more than $5.7 billion in U.S. profits.

    In 2012, Merck stashed $53.4 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $18.69 billion in federal income taxes.

    Fred Hassan, the CEO of Merck from 2003 to 2009, received a golden parachute worth an estimated $189 million.

    Merck’s current CEO, Kenneth Frazier, has a retirement account worth an estimated $14.4 million. He wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.

    10. Corning
    From 2008 to 2012, not only did Corning pay no federal income taxes, it received a $10 million tax refund from the IRS, even though it earned more than $3.4 billion in U.S. profits during those years.

    Corning has stashed $11.9 billion in offshore tax havens to avoid paying U.S. income taxes. Corning would owe an estimated $4.165 billion in federal income taxes if its use of offshore tax avoidance were eliminated.

    Wendell Weeks, the CEO of Corning, has a retirement account worth an estimated $22.8 million. Mr. Weeks wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.

     
    Last edited: Apr 26, 2019
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  7. Boilermaker55

    Boilermaker55 Active Member

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    Yes but this brings it right to the forefront


     
  8. vman12

    vman12 Well-Known Member Past Donor

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    Looks like I hit a vein.

    Fact: Getting a large tax refund (for those who actually pay taxes) is a bad thing.

    Fact: As others have pointed out, it is a known issue for ALL survivor benefits and is being fixed.

    As for why Obama's IRS was helping out those companies you listed, you'll have to ask him.
     
    Last edited: Apr 26, 2019
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  9. Boilermaker55

    Boilermaker55 Active Member

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    au contraire.
    It seems the nerve being struck is yours.
    Your statements do not and cannot defend the truth in what was posted.
    Keep trying.
    And then, lets extend the thought to what is and what isn't patriotic.
    :eyepopping:
    A refund and paying no taxes are quite a different subject.
    Try again.

     
    Last edited: Apr 26, 2019
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  10. vman12

    vman12 Well-Known Member Past Donor

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    There was no truth in what you posted.

    You posited that getting a lower refund was a bad thing. That is wrong.

    You posited that gold star families were being somehow targeted by the IRS. That is also wrong.

    Then you went into "RRRRREEEEEEE" mode by posting nonsense about Obama-era business refunds, which betrayed your true motive.

    Carry on.
     
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  11. vman12

    vman12 Well-Known Member Past Donor

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    Oh, and as for your "dese cumpanies gots tax refunds" that's wrong too.

    http://fortune.com/2011/04/04/the-truth-about-ges-tax-bill/
     
  12. Bluesguy

    Bluesguy Well-Known Member Donor

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    Which has nothing to do with the issue of this thread, please stop attempts to derail it.
     
  13. Bluesguy

    Bluesguy Well-Known Member Donor

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    It has nothing to do with they are Gold Star families and a fix is in the works.
     
  14. Bluesguy

    Bluesguy Well-Known Member Donor

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    Getting a big refund is NOT a good tax strategy.
     
  15. Boilermaker55

    Boilermaker55 Active Member

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    One more time.
    Big companies have long relied on strategies to reduce their tax bills. But the new tax law is making it even easier, with a new analysis finding that 60 profitable Fortune 500 companies paid no taxes on a total of $79 billion of profits earned in 2018.


    The companies, which include tech giants such as Amazon and Netflix, should have paid a collective $16.4 billion in federal income taxes based on the Tax Cuts and Jobs Act's 21 percent corporate tax rate, according to the left-leaning Institute on Taxation and Economic Policy. Instead, these corporations received a net tax rebate of $4.3 billion. The analysis is based on the corporations' annual financial reports, which were filed earlier this year to report their 2018 results.
    https://finance.yahoo.com/news/companies-paying-zero-taxes-trump-law-155944124.html
    According to analysis from the Institute on Taxation and Economic Policy (ITEP), 60 Fortune 500 companies avoided paying all federal income tax in 2018 (with their total average effective tax rate being roughly -5%).

     
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  16. JakeStarkey

    JakeStarkey Banned

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    Another reason to vote against the President and the Republicans.
     
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  17. Andrew Jackson

    Andrew Jackson Well-Known Member

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    Not surprising, in the least.

    Par for the Course (and Totally EXPECTED):

    From a VETERAN HATER (Like Trump) who likes Crapping All Over Good Star Families.

    Thanks alot, Trump!:smh:
     
  18. Durandal

    Durandal Well-Known Member Past Donor

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    It is exactly reversed to how it should be. Corporations and those with millions or billions of dollars to their name should be paying the vast majority of the income tax burden, while working people should pay none, or very little. It makes no sense to be charged thousands of dollars every year just for being alive and, heaven forbid, working and earning money.
     
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  19. Bluesguy

    Bluesguy Well-Known Member Donor

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    There was a one time depreciation allowance acceleration and repatriation of fund in foreign banks.
     
  20. Bluesguy

    Bluesguy Well-Known Member Donor

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    Why should working citizens not pay taxes?
     
  21. JakeStarkey

    JakeStarkey Banned

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    The rich should pay more, the workers less, and the economy will take off.
     
  22. Bluesguy

    Bluesguy Well-Known Member Donor

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    We've had that for decades. How much more a share of government taxes should the "rich" pay and how much less should you be paying?
     
  23. Bluesguy

    Bluesguy Well-Known Member Donor

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    Why is getting a big refund a good thing? It just mean you didn't plan your taxes very well.
     
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  24. vman12

    vman12 Well-Known Member Past Donor

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    Exactly.
     
  25. Boilermaker55

    Boilermaker55 Active Member

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    Where the real wealth redistribution starts is at the beginning. They large corporations and CEO's benefit LARGELY from the hard work of employees. However, when things start to go sour for a company. They CEO's take their golden parachutes and leave with all the rewards.
    While a worker wants a decent acceptable wage , management makes it seem as if they are robbing the company.
    Fair? Equatable? Not even close.

     
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