| overman1 said: Same reason why if you win a lottery draft in another state you have to pay the taxes not in that state but your home state of residence...even though the money is coming to you from another state. |
Actually nonresident income is a tricky subject, and you will likely wind up paying (and filing) state taxes for both states.
Money can't buy happiness. Just video games, which make me happy.
| overman1 said: lol can't actually believe people in this thread are actually supporting this practices.... Then they wonder why the economy got so fucked up in the first place.... |
So here is one to really get you going. Why are corporations taxed in the first place?
Money can't buy happiness. Just video games, which make me happy.
| Iveyboi said: Better than giving it to an inefficient and corrupt government that would waste the received dollars. |
yea, better give it to some rich shareholders rather than spending for science, education, infrastructure, welfare,...
Baalzamon said:
Actually nonresident income is a tricky subject, and you will likely wind up paying (and filing) state taxes for both states. |
My father went to Florida and won a 50k lottery drawn. He didnt play a single dime in Florida but he had to pay the New York state tax quite a bit because that is where he lives.
Wow. I wonder how much of that money could have been used to fund 1st party studios and new IP's for the Xbox franchise.
| Lafiel said: yea, better give it to some rich shareholders rather than spending for science, education, infrastructure, welfare,... |
What exactly do you think happens when the rich shareholders make money off of it? For one, they pay taxes (which then goes towards science, education, infrastructure, welfare...). What is left over gets pushed right back into the economy (whether it be them spending it on goods, or them investing it in companies, which are responsible for improving science, education, infrastructure, welfare...
So I'm really confused how rich shareholders getting the money is any worse off?
Money can't buy happiness. Just video games, which make me happy.
| overman1 said: My father went to Florida and won a 50k lottery drawn. He didnt play a single dime in Florida but he had to pay the New York state tax quite a bit because that is where he lives. |
That is because Florida doesn't have a state income tax. If I were to make money in, say, North Dakota, I would have to file a nonresident return in North Dakota, and a resident return in Minnesota. There are credits based off how much you pay in the Minnesota tax, but I would have to ask somebody who has done more tax stuff to know which state ultimately gets what share of the money.
Money can't buy happiness. Just video games, which make me happy.
Baalzamon said:
A) No...they don't use that money in the US. That money stays abroad, and is often used for foreign acquisitions or sits on the balance sheet. This is why companies want the US to do a 1 time repatriation tax holiday. It would allow them to bring over $1 trillion of cash back to the United States that currently cannot be spent here. B) If your argument that it should be taxed is that the money is used in the US, then next time you go to another country, you should also pay that countries income tax, because you are using your money in their country. See how much sense that makes? C) If a US company has 100% of sales overseas, it will still be taxed in the country where the money was made (as it should be). So no, it isn't untaxed. |
A. Actually, it does get used. Indirectly. They can use it for collateral. This reduces the cost of borrowing and/or opens new lines of credit. And offshore accounts doesn't mean it is being spent in the country the money was earned in. I doubt that they had $93 in revenue from the Cayman Islands or Switzerland. And it's probably drawing a nice interst too.
B. Again, they aren't keeping and or spending the money in the country it was earned in. It's in a bank, drawing interest.
C. So if they bring money back into the US...no taxes on it?
The rEVOLution is not being televised
| Iveyboi said: Better than giving it to an inefficient and corrupt government that would waste the received dollars. |
Are you talking about the US?
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