Herman Cain's "Five-Point Tax Plan"

[웃 910]

Bummer. So Herman Cain is not only putting forth a budget busting plan but also an ignorant one suggesting that double taxation exists when that's not the case. Buh-bye, Herman. Was fun having you in the spotlight for a minute.

Talking about being in the spotlight for a minute, where the ** is The Donald? AJ?

Donald Trump's brief run as the "frontrunner" in the Republican primary is over, according to aPPP poll released on Tuesday.

One month ago, a handful of surveys showed Trump trouncing the GOP field, leading all comers by as much as a nine-point margin. But now, after a month of bruising press coverage, the latest PPP poll shows that Trump's support has quickly dried up, as he's dropped back to a tie for fifth place.

In the poll, Mike Huckabee and Mitt Romney paced the GOP field at 19% and 18%, respectively. Newt Gingrich took third at 13%, followed by Palin (12%), Trump (8%), and Ron Paul (8%.)

http://tpmdc.talkingpointsmemo.com/2011/05/poll-trumps-support-implodes-drops-him-to-fifth-in-gop-primary.php

[Mr. Big Dog 10,747]

So AJ lost? The Donald isn't running? It's bad when you have but one issue to run on and that issue goes bust. As a businessman, he should have known that diversification is the recipe to success. Even in the business of politics. Oh well, he was playing the GOP and AJ and it was fun watching it while it lasted.

[Vi-Jay 218]

Not to be argumentative. I just enjoy learning.

This confuses me

From Pub 514;

Limit on the Credit

Your foreign tax credit cannot be more than your total U.S. tax liability (Form 1040, line 44) multiplied by a fraction. The numerator of the fraction is your taxable income from sources outside the United States. The denominator is your total taxable income from U.S. and foreign sources.

To determine the limit, you must separate your foreign source income into categories, as discussed under Separate Limit Income next. The limit treats all foreign income and expenses in each separate category as a single unit and limits the credit to the U.S. income tax on the taxable income in that category from all sources outside the United States.

Separate Limit Income

You must figure the limit on a separate Form 1116 for each of the following categories of income.

Passive category income.

General category income.

Section 901(j) income.

Certain income re-sourced by treaty.

Any lump sum distribution from an employer benefit plan for which the special averaging treatment is used to determine your tax.

In figuring your separate limits, you must combine the income (and losses) in each category from all foreign sources, and then apply the limit.

_____________________________________________

and I think I read something 'bout interests in oil and gas exclusions?

and something 'bout Dividends receiving less credit?

Edited May 11, 2011 by Vi-Jay

[I AM NOT THAT GUY 5,715]

I thought that was exactly what my post stated in lay parlance.

[Mr. Big Dog 10,747]

and I think I read something 'bout interests in oil and gas exclusions?

and something 'bout Dividends receiving less credit?

Unless you're filing the 1040-EZ, don't try and do your taxes by yourself.

I thought that was exactly what my post stated in lay parlance.

It was.

[Vi-Jay 218]

Unless you're filing the 1040-EZ, don't try and do your taxes by yourself.

I wouldn't be getting wood if I did the EZ.

"Generally, if the foreign tax rate is higher than the U.S. rate, there will be no U.S. tax on the foreign income. If the foreign tax rate is lower than the U.S. rate, U.S. tax on the foreign income will be limited to the difference between the rates"

I suggest you google foreign corporate tax rates before you write your next post.

Edited May 11, 2011 by Vi-Jay

[Vi-Jay 218]

I thought that was exactly what my post stated in lay parlance.

I didn't see your post.

Thanks.

[Mr. Big Dog 10,747]

"Generally, if the foreign tax rate is higher than the U.S. rate, there will be no U.S. tax on the foreign income. If the foreign tax rate is lower than the U.S. rate, U.S. tax on the foreign income will be limited to the difference between the rates"

I suggest you google foreign corporate tax rates before you write your next post.

Why do I need to google foreign corporate tax rates? I'm clear on what they are and how they affect US tax liabilities. You seemed to have problems understanding that. Perhaps you still do?

[SMR 368]

In general, I would support a complete elimination of corporate taxes. Corporate taxes are already a case of double taxation.

A corporation has a profit that it then can do a couple things with: It can reinvest in the business, pay dividends to its shareholders, or buyback stock. Any capital invested back into the business grows the business, creates more jobs, and helps the economy. Money that reaches the shareholders through stock purchases or dividends will be taxed as personal income or capital gains.

If that profit is taxed off the top, you are either hampering the growth of the business or double taxing the money going to shareholders. Now, I realize that this is more complicated because there are different types of corporations, but in general, I don't see why we want to tax money that is being used to build the business. And we already tax money that is going to the owners and employees. To compensate for this, we may need to increase capital gains tax. Also, we would need to make sure that money going to foreign owners and stockholders was properly taxed.

[Vi-Jay 218]

Why do I need to google foreign corporate tax rates? I'm clear on what they are and how they affect US tax liabilities. You seemed to have problems understanding that. Perhaps you still do?

No probs here.

Thanks for asking though.

Btw, I think we are still having communication difficulty.

Ley me try to help out please. I ask questions kinda like this guy (Columbo). I think I know the answer but I don't want to be presumptive or impolite. I think it is a respectful way to fact find. Maybe this will help you understand me better?

Edited May 11, 2011 by Vi-Jay

[Hilarious Clinton 452]

So, Herman Cain wants to really blow the budget. That doesn't get me excited at all.

Because a budget is a one side equation.

[Mr. Big Dog 10,747]

Because a budget is a one side equation.

Well no, it isn't. But Herman Cain has not provided any credible answers as to how that "plan" is actually going to work w/o blowing the budget wide open. Apparently, he wants to do 10% across-the-board spending cut but that doesn't even come close to offsetting what he wants to slash in revenues. That would mean that the already dire budget situation would become much, much worse. You can probably trick some voters but you can't trick the math.

[one...two...tree 2,762]

This is P&R. No facts, please. You're eroding that erection Vi-Jay was working up over this nonsense. Explain that to his wife!

Vi-Jay is somebody's sock puppet and I'm willing to bet it's a female or a very effeminate male (perhaps Danno or Gary. They're trying to hide their identity and gender because they obviously still have an active account.

[Vi-Jay 218]

Vi-Jay is somebody's sock puppet and I'm willing to bet it's a female or a very effeminate male (perhaps Danno or Gary. They're trying to hide their identity and gender because they obviously still have an active account.

I post my POV just like anybody else.

What's your point?

Why does it matter?

Are you trying to antagonize me?

"I prefer stealth", who posted that? Oh yea, YOU.

I am enjoying the freedom of expression anonymity provides me.

I'm not a troll, so what's the problem?

Do you feel threatened by me? I sincerely, hope not. I sometimes agree with your POV.

[one...two...tree 2,762]

I post my POV just like anybody else.

What's your point?

Why does it matter?

Are you trying to antagonize me?

"I prefer stealth", who posted that? Oh yea, YOU.

I am enjoying the freedom of expression anonymity provides me.

I'm not a troll, so what's the problem?

Do you feel threatened by me? I sincerely, hope not. I sometimes agree with your POV.

It makes it easy to troll when no one knows who you are or whether you're sincere or not. It takes courage and a lot of cleverness to pull that off without hiding behind a fictitious account. I guess you're just not that clever.