A compilation of articles and videos regarding income inequality in the United States

Interrobang

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prizrak;n3548327 said:
The only motivation for a business is making profit, that's hardly news.
I disagree. Many people wanna build something, please customers - maybe even change the world with their buisness. Making profit in the process is often just one motivation of a few and there are also people starting buisnesses that don't even wanna do that. They then call it a "non-profit" and it's still a buisness. To clarify; I'm not saying that's the norm or that most buisnesses don't wanna make profit - but your statement that profit is the only driving force behind creating and running a buisness - is plain wrong.
Only on Ferenginar is Profit the only driving force behind buisnesses. ;)
 

prizrak

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Interrobang;n3550658 said:
I disagree. Many people wanna build something, please customers - maybe even change the world with their buisness. Making profit in the process is often just one motivation of a few and there are also people starting buisnesses that don't even wanna do that. They then call it a "non-profit" and it's still a buisness. To clarify; I'm not saying that's the norm or that most buisnesses don't wanna make profit - but your statement that profit is the only driving force behind creating and running a buisness - is plain wrong.
Only on Ferenginar is Profit the only driving force behind buisnesses. ;)
People may start businesses for multiple reasons, but the driving force behind any business is and always will be profit. Otherwise instead of starting a business one would simply give away whatever it is that they produce OR start a non-profit, which are organizations but are not businesses. A business that does not seek to make profit, does not succeed.
wikipedia said:
Business is the activity of making one's living or making money by producing or buying and selling products (goods and services).[1][2][3][4] Simply put, it is "any activity or enterprise entered into for profit.
 

prizrak

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This video is a typical illustration of the "liberal progressive" thinking. Here is a problem but there is no solution.
 

GRtak

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The IRS Tried to Take on the Ultrawealthy. It Didn’t Go Well.

https://www.propublica.org/article/ultrawealthy-taxes-irs-internal-revenue-service-global-high-wealth-audits

The wealth team embarked on a contentious audit of Schaeffler in 2012, eventually determining that he owed about $1.2 billion in unpaid taxes and penalties. But after seven years of grinding bureaucratic combat, the IRS abandoned its campaign. The agency informed Schaeffler’s lawyers it was willing to accept just tens of millions, according to a person familiar with the audit.
 

LeVeL

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It's pretty routine for the IRS to cut deals with people that owe them money.
 

LeVeL

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I know people who have done it and these aren't friends' ex-wives' cousins, I know them very well. Wasn't easy by any stretch of the imagination but they did it. Of course none of this would be an issue if the corrupt thieving IRS didn't fucking exist in the first place but I digress.
 

GRtak

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I find it amazing that you point towards the IRS as being corrupt and thieving when this guy wiggled his way out of paying more than $1 BILLION in taxes.
 

LeVeL

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I'm just saying that the amount is unique but the practice isn't unusual. Boston Police drive around on the 1st of every month looking for expired inspection stickers - it's scummy but not unusual.
 

LeVeL

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I don't think you understand my point at all... I'm not suggesting that I'm ok with tax cheats - I'm just presenting the other side of the story, the one that doesn't say "evil rich people are making sketchy deals with the IRS" but instead says "people make deals with the IRS in general". Interesting article nonetheless.


A few small bits I found interesting:
Multimillionaires frequently don’t have easily visible income. They often have trusts, foundations, limited liability companies, complex partnerships and overseas operations, all woven together to lower their tax bills.
Those entities exist for good reasons so I don't know how you'd "fix" this supposed problem. The lefties always make it sound like the rich have some sort of shady schemes when in fact they're just using the available tools. This is very similar to, say, a photographer who registers his car under his business and writes it off - just on a larger scale obviously. This seems like a central misunderstanding in these conversations because a lot of people have no idea how a business operates.


Taxpayers with more than $10 million in income or assets received a dozen pages of initial requests, with the promise of many more to follow.
This stood out because there's a HUGE difference between income and assets. How the hell can they lump them together???
 

prizrak

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This is very similar to, say, a photographer who registers his car under his business and writes it off - just on a larger scale obviously. This seems like a central misunderstanding in these conversations because a lot of people have no idea how a business operates.
Doesn't even have to be that extreme, I can write off my computer equipment/internet payments as long as I work from home from time to time. If you are looking for jobs you can write that off as well. The only real difference between the so-called 1% and the rest of the people is that they have more ways to shuffle money around and get write offs.
 

LeVeL

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Good point - I can write off a lot of mileage on my car since I drive to meetings a lot.

People also don't really understand capital gains taxation and when it applies. They just complain about it lol
 
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