Should the Cruise Industry be bailed out?

[firefly333]

22 minutes ago, Maverick61 said:

 

You do realize of course that most corporations do pay taxes.  Sure, anyone can find some in a particular year that do not, but there are reasons for that.  

 

You also do realize a $15 minimum wage would destroy a lot of jobs.  The free market economy works in setting appropriate compensation

I think too many politicians live around nyc or DC and think you cant get a decent apt elsewhere for 1k

 

Besides all the workers nowadays are screaming and getting double normal for for the virus foreseeable future. Just what they need higher minimum

 

Our local news is full of people who want to stay on unemployment rather than get called back. Governor said ok if you have kids you can stay home and collect even if your job calls you back 

Edited May 2, 2020 by firefly333

[Illbcruzn4life]

9 hours ago, Maverick61 said:

 

You do realize of course that most corporations do pay taxes.  Sure, anyone can find some in a particular year that do not, but there are reasons for that.  

 

You also do realize a $15 minimum wage would destroy a lot of jobs.  The free market economy works in setting appropriate compensation

 

The reason being they can afford the best lawyers who know all the loopholes in the tax code.

[Maverick61]

44 minutes ago, Illbcruzn4life said:

 

The reason being they can afford the best lawyers who know all the loopholes in the tax code.

 

If it is in the tax code, it is not a loophole.  It is the law.  I am sure you take advantage of every thing available to you in the tax code that can save you on taxes.  Everyone should - that is why the provisions are in the code, to be used

 

Oh - and it isn't lawyers who deal with this, it is Tax Accountants / CPAs.  A corporation or individual doesn't need to hire an expensive attorney as you claim.  Many of the deductions are straightforward and put in place by Congress for a reason (for example accelerated depreciation or Section 179 deductions are specifically put in place to spur investment that benefits the economy). 

 

Put another way, the IRS allows tax deductions to promote certain behaviors, like saving for retirement, or to make the tax code fair to all taxpayers.  Everyone should take all the ones you are entitled to.

Edited May 3, 2020 by Maverick61

[mugtech]

45 minutes ago, Maverick61 said:

 

If it is in the tax code, it is not a loophole.  It is the law.  I am sure you take advantage of every thing available to you in the tax code that can save you on taxes.  Everyone should - that is why the provisions are in the code, to be used

 

Oh - and it isn't lawyers who deal with this, it is Tax Accountants / CPAs.  A corporation or individual doesn't need to hire an expensive attorney as you claim.  Many of the deductions are straightforward and put in place by Congress for a reason (for example accelerated depreciation or Section 179 deductions are specifically put in place to spur investment that benefits the economy). 

 

Put another way, the IRS allows tax deductions to promote certain behaviors, like saving for retirement, or to make the tax code fair to all taxpayers.  Everyone should take all the ones you are entitled to.

Agree it is the code which must be changed.  The use of capital gains rates is one of the biggest offenders.  Why should hedge fund managers only pay taxes on their earnings as if it were capital gains?  Why should people making millions pay taxes at a lower rate than the office staff working for them?

[Dinglebert]

16 hours ago, Maverick61 said:

 

 

 

You also do realize a $15 minimum wage would destroy a lot of jobs.  The free market economy works in setting appropriate compensation

Its worked perfectly well in the other countries who have introduced it.  The companies had the same complaint before minimum wages were introduced but it never happened.

[not-enough-cruising]

2 hours ago, Dinglebert said:

Its worked perfectly well in the other countries who have introduced it.  The companies had the same complaint before minimum wages were introduced but it never happened.

It has failed in many cities in the US

[Dinglebert]

11 minutes ago, not-enough-cruising said:

It has failed in many cities in the US

The way it has been introduced in certain cities in your country pretty much guaranteed its failure.   You made it a political issue rather than a social one.  Anyway subject is well off cruising.

[Baron Barracuda]

11 hours ago, mugtech said:

Agree it is the code which must be changed.  The use of capital gains rates is one of the biggest offenders.  Why should hedge fund managers only pay taxes on their earnings as if it were capital gains?  Why should people making millions pay taxes at a lower rate than the office staff working for them?

What you are talking about is carried interest, a process by which hedge funds who take their compensation in the form of stock are not taxed until they sell the stock and if they hold it for over a year pay the lower capital gains rate.  I agree this is really ordinary income and does not deserve capital gains treatment.  Do however support having lower tax rate on other L/T capital gains as it encourages long term investment.  One reason it sometimes appears the tax rate for office staff is higher than the boss is some count FICA as a tax.  FICA is only charged on the first $132k of income.  

 

Regarding minimum wage believe issue is over-hyped.  Per the BLS only 2.7% of American hourly workers  earn at or below the minimum wage and half  of these are under 25 years old.