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Subject: IRS sends Facebook $5 billion tax bill rss

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Shawn Fox
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Question everything.
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https://www.bloomberg.com/news/articles/2016-07-28/facebook-...

Back in 2010 Facebook transferred assets to an Irish subsidiary and, according to the IRS, they grossly undervalued the transferred assets in a purposeful attempt to avoid paying taxes.

I'm with Trump on this one, as much as I think he is a jackass on most other things. It is long past time for the US to start calling companies on this type of bullshit.
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Mac Mcleod
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Agree entirely. Have been saying the corps were being to greedy and clever for a while and that they would get burned.

I'm glad the IRS under Obama is a dressing this crap. This is not an issue I blame republicans or bush for either.
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jeremy cobert
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Maybe this is why they have been attacking Hillary's rivals with removals, if she wins this may just go away.
 
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Erik Henry
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Better yet, just eliminate corporate income tax altogether.

http://www.nytimes.com/2014/01/06/opinion/abolish-the-corpor...

http://www.businessinsider.com/6-reasons-to-get-rid-of-the-c...

http://www.wsj.com/articles/john-steele-gordon-top-10-reason...

http://www.forbes.com/sites/johngoodman/2014/08/26/lets-abol...
 
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Mac Mcleod
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Erik17 wrote:


I agree it would be simpler to raise taxes by 5% on everyone who's income was over the median income. Citizens just pay the taxes in the cost of products and services any way.


You'd need a way to address the wealthy hiding money in corporations for decades tho, or else you'd need to raise taxes by 7% to 9% to cover the loss compared to our current system.

Most wealthy people don't have to realize income at particular times like the bottom 98%. But if taxes were raised on the 51% to 98% middle and upper income citizens they could cover the gap left by not taxing corporations.

Citizens benefit from the products and services from corporations so is fair that they pay for the roads, courts, special stadium seating, corporate gala nights at the opera and museums, police force, sec, environmental protection, and so on.

Not a lot of point taxing poorer people higher tho. They don't make enough to cover the rounding error on the wealthy pay and the extra cost of rioting and civil unrest would be a wash or loss.
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Shawn Fox
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Erik17 wrote:


Fantastic, where do I find a lawyer to create a new corporation with me as 100% owner? This is going to be great!
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David desJardins
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sfox wrote:
I'm with Trump on this one, as much as I think he is a jackass on most other things. It is long past time for the US to start calling companies on this type of bullshit.


How the hell do you think you're with Trump on this? Do you think Trump will actually fund the IRS at the level that it needs to actively enforce US tax law against this kind of tax evasion? The same IRS that audits him every year? That he claims is auditing him because he's "such a good Christian"? This is the guy who you think is going to give the IRS adequate resources to go after tax evaders? WTF?
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Walt
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In memorium. Bob Hoover died 25 Oct 2016 at 94. In WWII he was shot down in a Spitfire and stole an FW-190 to escape. He spent decades at air shows flying Ole Yeller, shown
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DaviddesJ wrote:
sfox wrote:
I'm with Trump on this one, as much as I think he is a jackass on most other things. It is long past time for the US to start calling companies on this type of bullshit.


How the hell do you think you're with Trump on this? Do you think Trump will actually fund the IRS at the level that it needs to actively enforce US tax law against this kind of tax evasion? The same IRS that audits him every year? That he claims is auditing him because he's "such a good Christian"? This is the guy who you think is going to give the IRS adequate resources to go after tax evaders? WTF?

QFT
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Jorge Montero
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This is something a lot of Silicon Valley is going to be looking at: A whole lot of tech companies are doing exactly the same thing because they don't want to repatriate gains made anywhere else in the world.

However, I suspect that what this will tell people is to transfer the IP license to the Irish subsidiary a lot earlier: If your company's entire valuation is, say, 10 million, there is no way that giving a full license to your current and future IP to Irish subsidiary is going to be valued over a billion:Your company isn't worth that much to investors. Creating an Irish company and a generic form contract to transfer IP is not free, but I'd be surprised if we don't see law firms that work with accelerators offering this as a matter of course to companies that have international aspirations.
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David desJardins
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sfox wrote:
Erik17 wrote:


Fantastic, where do I find a lawyer to create a new corporation with me as 100% owner? This is going to be great!


Did you read the articles you're responding to? They propose either (1) eliminating the corporate income tax but requiring investors to pay higher rates on all income they receive from the corporations, or (2) requiring investors to pay income tax on accrued corporate income whether or not distributed. In neither of these cases would you be any better off than you are now if you put all of your income generation inside a corporation that you control.
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Mac Mcleod
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hibikir wrote:
This is something a lot of Silicon Valley is going to be looking at: A whole lot of tech companies are doing exactly the same thing because they don't want to repatriate gains made anywhere else in the world.

However, I suspect that what this will tell people is to transfer the IP license to the Irish subsidiary a lot earlier: If your company's entire valuation is, say, 10 million, there is no way that giving a full license to your current and future IP to Irish subsidiary is going to be valued over a billion:Your company isn't worth that much to investors. Creating an Irish company and a generic form contract to transfer IP is not free, but I'd be surprised if we don't see law firms that work with accelerators offering this as a matter of course to companies that have international aspirations.



Why wait that long? Move to Ireland when they are 18,get a degree there and then start the company in ireland. Then it will be really clear.
Better, have their parents send them to private school in Ireland from the age of 6. Heck just have the parents move to Ireland now.
It's not like there is any benefit from being in America that made any difference to their starting the company in t he first place.
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David desJardins
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maxo-texas wrote:
Why wait that long? Move to Ireland when they are 18,get a degree there and then start the company in ireland. Then it will be really clear.
Better, have their parents send them to private school in Ireland from the age of 6. Heck just have the parents move to Ireland now.
It's not like there is any benefit from being in America that made any difference to their starting the company in t he first place.


Speaking of Poe's Law, I've got no idea if Mac is serious or not.
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J.D. Hall
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DaviddesJ wrote:
maxo-texas wrote:
Why wait that long? Move to Ireland when they are 18,get a degree there and then start the company in ireland. Then it will be really clear.
Better, have their parents send them to private school in Ireland from the age of 6. Heck just have the parents move to Ireland now.
It's not like there is any benefit from being in America that made any difference to their starting the company in t he first place.


Speaking of Poe's Law, I've got no idea if Mac is serious or not.

I believe it's called sarcasm, Sheldon.
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