#Tax Loopholes

[ivygorgon]

No free rides for old money! - Pass The Billionaires Income Tax Act! (S. 3367)

I am writing to express my strong support for the proposed S. 3367 bill, which aims to amend the Internal Revenue Code of 1986. This legislation represents a crucial step towards achieving economic justice by seeking to eliminate tax loopholes that have allowed billionaires to defer taxes indefinitely. By doing so, we would be ensuring a fairer distribution of wealth and rectifying a system that has long favored the ultra-wealthy. Additionally, the bill modifies over 30 tax provisions, requiring billionaires to contribute annually. It's time to ensure that those with the most significant influence and wealth contribute proportionately to our society's well-being. Therefore, I urge you to support and pass the Billionaires Income Tax Act.

Billionaires have amassed vast wealth, often at the expense of their employees who struggle to make ends meet on minimum wages. It is only just and equitable that they pay their employees a living wage AND contribute proportionally to the betterment of our society.

Furthermore, if billionaires wield significant influence over our government and policy-making, they should demonstrate their commitment by financially supporting the very system that has allowed them to prosper. No longer should they enjoy free rides on the backs of hardworking taxpayers. It is past time to ensure that billionaires are contributing their fair share to the well-being of our country.

Passing the Billionaires Income Tax Act is not only a matter of fiscal responsibility but also a moral imperative. It is time to ensure that our tax system is fair and equitable for all, not just the wealthy few.

Thank you for considering my views on this important issue. I urge you to stand on the side of fairness and justice by supporting S.3367.

No free rides for old money!

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#eat the rich #Wealth Redistribution #ivy petitions #open letter #S. 3367 #Billionaires Income Tax Act #Tax Reform #economic justice #us politics #taxes #tax the rich #billionaires should not exist #Tax Fairness #Wealth Distribution #oligarchy #Tax Loopholes #Tax Provisions #Billionaires Tax #Living Wage #Tax Responsibility #Policy Change #Government Influence #Social Justice #Fair Taxation #Income Inequality #Progressive Taxation #Wealth Gap #Tax Policy #Tax Reform Now #Billionaire Responsibility

[kp777]

#wealth inequality #tax loopholes #bernie sanders #elizabeth warren

[kc22invesmentsblog]

Unlocking the Power of Tax Knowledge: A Guide to Tax Advantages and Financial Literacy

Which topics would you like to be more informed about? Written by Delvin In the ever-changing landscape of business and finance, staying informed is crucial for success. One area that holds significant importance is taxes, which can often be complex and overwhelming. However, I believe that by understanding the various tax advantages, loopholes, and benefits available, you can optimize your…

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#Business Expenses #Capital Gains #dailyprompt #dailyprompt-2066 #Financial #Financial Freedom #Financial Literacy #knowledge #Navigating Tax Advantages #Personal Finance #Tax Deductions and Credits #Tax Loopholes #Tax Writeoffs

[msclaritea]

Shelving Movies for Fun and Profit

Destroying Movies for Fun and Profit

If you ask any director, screenwriter, actor, stunt performer, gaffer, editor, cameraperson or other Hollywood worker, they’ll likely tell you a variation on the same story: “My dream, ever since I was a little kid making home movies, was to one day grant Warner Bros. a deduction for a loss sustained upon the abandonment of property (reported on Form 4797).” Yes, little is more exciting for an aspiring filmmaker than the idea that—with a lot of dedication and a pinch of luck—their years of driving Lyfts and waiting tables could pay off, resulting in a star-studded line item that will be shelved forever so that a major studio can claim a tax write-off. Ah, the magic of the movies!

This practice is back in the news because the powers that be at WB have gone back to their original decision regarding the hybrid live-action/animated Looney Tunes movie Coyote vs. Acme. Despite the film testing well and generating plenty of buyer interest, a team of execs who haven’t seen the finished movie look like they’re going to “unceremoniously delete it” for tax purposes. Sorry, filmmakers, but apparently it actually looks better to stockholders if WB doesn’t actually put movies out. “Hollywood accounting” has its reputation for a reason, but it’s never been so obviously broken.

It might seem like Warner Bros. Discovery CEO David Zaslav is a true innovator of idiocy, but the man behind the permanent shelving of movies like Batgirl and Scoob! Holiday Haunt is just ramping up a long tradition of burning art to save a quick buck.

After buying up DreamWorks, Universal decided to bury the musical-comedy Larrikins instead of selling it to Netflix. Universal president Jimmy Horowitz told Tim Minchin that “It’s schmuck insurance – if someone made a lot of money out of it, we’ll look like schmucks.” That mindset certainly applies here: Coyote vs. Acme is a creation from an earlier group of WB leaders, and would naturally be on the chopping block from a spiteful new C-suite who also happens to hate movies.

Even more relevant is a case from almost 100 years ago: Charlie Chaplin literally torched the film negatives of A Woman of the Sea back in 1933, in front of multiple witnesses, so that he could claim the movie as a loss for tax purposes.

The tax code may have changed since then, but the logic remains the same: Get rid of the movie so you can avoid all the final complications and lingering expenses associated with its “useful life.” If you cut that life short, pulling off an accounting assassination, you save a little immediate cash at the low, low cost of…art. It’s always been a crass practice, more often performed by resentful new regimes or moneygrubbers who’ve found themselves attracting the gaze of Sauron’s IRS. But now shelving movies, completed films that other companies want, is picking up steam as standard practice. Actually making things is such an outdated, small-time business model. It’s far more lucrative to remove things other people made.

For example, if Disney keeps all of its movies and TV shows on Disney+, it has to pay residuals to the people who made them. They’ve also spread out the costs of a movie like Crater (which was available to watch for a mere seven weeks during the summer of 2023) over the years that the movie will ostensibly be available to the public and, therefore, creating value for Disney. Remove these movies and shows from the streamer, or better yet, remove them permanently (like Disney did with Crater), and their value can be added to an impairment charge—basically, a claim to the tax man that something a company owns has become, suddenly, worthless.

Disney recorded a $1.5 billion impairment charge last year. As Julia Rock points out, this means that Disney is claiming something pretty odd: Both “that the assets were producing so little value that it’s cheaper to destroy them than to keep them and that the assets were worth $1.5 billion.” Huh. There’s no push for anyone to justify this contradiction. The IRS isn’t asking questions. It doesn’t matter if a movie is good, or bad, or somewhere in between. It doesn’t matter if it had the potential to one day be rediscovered as a cult classic. It certainly doesn’t matter that even the worst pieces of Z-grade trash are still worth preserving as cultural artifacts. As an aside, the HBO Original Fahrenheit 451 is still streaming on Max.

And sure, you can say that you didn’t want to watch those movies anyways. Kid movies! Superheroes! Cartoons, yuck. I get it, you’re tough and cool. But one day, this will happen to something that you were looking forward to. It will happen to something that would have moved you. Something you’d have remembered fondly, something that would’ve turned your day around. But even if you’re the most jaded, anti-art, movie-hating curmudgeon, you should remember that, released or not, you’re helping pay for this scheme anyways.

“When intertwined with public funding through state and federal tax incentives, the practice of movie and television write-downs represents a troubling exploitation of taxpayer funds,” writes tax attorney Andrew Leahey. “Coupled with rapidly expanding state tax incentives, it represents a multibillion-dollar Rube Goldberg machine that culminates in a nickel being pulled from your pocket, strapped to an Acme rocket, and fired directly into the bank accounts of movie studios.”

Every loophole taken by these studios doesn’t just rob us of art. It burns the work of countless artists. It steals from our quality of life by monkeying around with our broken tax system, allowing our most powerful corporations to skip out on their bills. It picks the remaining shreds of flesh off the bones of our culture, all to further fatten a few vultures at the top.

Politicians like Texas Representative Joaquin Castro are calling for the government to “review this conduct,” but the only people who seem to have the power here are those actually creating the movies. They can boycott the guilty studios, and we can support them, but there are so few left that aren’t exploiting this practice to its most predatory extremes. Cooking the books has always been a Hollywood practice. Burning them is new.

Jacob Oller is Movies Editor at Paste Magazine. You can follow him on Twitter at @jacoboller.

For all the latest movie news, reviews, lists and features, follow @PasteMovies.

It's too bad that this Paste article was written by a Leftist, who let their biases show, ie pushing Castro, and the 'Sauron's IRS'. But otherwise, it is spot on. What the studios are doing to Intellectual Properties is a SIN. It's cruel, it's greedy and so fucking unnecessary. Just how much money do these studios and their shareholders, NEED? I better not find out that the Supernatural Planet Series was destroyed.

#Warner Bros Discovery #A Canadian Company #Universal Comcast #Paramount Global #Disney Company #Killing Art #Tax Loopholes #Wall Street #State Tax Incentives #Same Thing About To Happen In Britain #Movie Studio Expansions #Hollywood Mafia #Supernatural Planet Series #SAG-AFTRA #Academy of Motion Pictures #AMC Theaters #Has It Occurred To Studios That People Will Want To Go To Theaters Even Less In This Atmosphere? #Paste Magazine #Oscars 2024 #Charlie Chaplin

[contac]

#fuck yes #tax the rich #close corporate tax loopholes #vhs #gif #1990

[personal-blog243]

#good news #Arizona #mental health #Texas #tampon tax #period tax #new zealand #California #caste discrimination #gun show loophole #mississippi #lgbt representation #lgbt rights #love is love #love wins #lgbt pride #hawaiʻi #harm reduction #lego #braille #climate action #climate activism #climate science #climate crisis #climate justice #climate change #climate solutions #lgbt equality #climate emergency #climate news

[marlinspirkhall]

Hey. Don't cry. Rishi Sunak non doms & ghost doms, okay?

#when he's a sub & also gets topped by a ghost #topped is the wrong word but uknow what I mean #uk tax loopholes #apparently #Rishi Sunak

[pillowprincessvarric]

I do kinda love how the joke in Office Space about no one actually understanding what money laundering is still holds up.

#the frequency with which i see people think they just invented a brand new never before considered crime/tax loophole/etc #and then proceed to describe. textbook laundering #not even really talking about the last post anymore just. in general #the number of times i had to see people on r/legaladvice have it explained to them that they are doing money laundering #and if caught they will probably be in more trouble for that than whatever small time shenanigan they are trying to hide

[sergeifyodorov]

do you guys not know about the ontario catholic school board system (basically better funded public schools with a nun in them)

#it's a weird historical thing crossed with a tax loophole

[dontmeantobepoliticalbut]

Sen. Kyrsten Sinema reportedly wants to knock out a provision in the $740 billion economic spending bill that benefits rich investors and hedge fund managers.

Politico and Axios reported that Sinema wants to nix a Democratic measure to narrow the carried interest tax loophole and add $5 billion in drought resiliency into the package.

A spokesperson for Sinema did not immediately respond to a request for comment. Without her support, Senate Democrats can't advance the package in the 50-50 Senate over GOP resistance. The party is employing a tactic known as budget reconciliation to avoid a GOP filibuster and pass the bill along party lines.

Eliminating carried interest is a goal that's eluded both Republican and Democratic administrations for a decade. Carried interest is the percentage of profits that hedge-fund managers receive from lucrative investments.

But that compensation is taxed at a lower capital gains rate that maxes out at 23.8% and doesn't face a higher income tax rate like most Americans pay on wages from their job. Critics argue it amounts to a major hole in the tax code.

The Arizona Democrat opposed efforts last year to either close or narrow the loophole. But that puts her on a collision course with another critical vote: Sen. Joe Manchin of West Virginia.

Manchin has expressed strong support for the measure. Last year, he joined two Senate Democrats in sponsoring a bill eliminating carried interest. "The only thing I was adamant about was the carried interest," he told reporters on Thursday.

On Wednesday, Manchin told reporters he "had not heard" reports that Sinema wanted Democrats to eject carried interest and no one had spoken to him about it.

Sinema has been publicly mum regarding her views on the legislation so far. On Wednesday, she told CNN's Morgan Rimmer that she was "taking my time" going over the bill.

#us politics #news #2022 #sen. kyrsten sinema #business insider #politico #axios #carried interest tax loophole #tax code #budget reconciliation #Inflation Reduction Act of 2022 #arizona

[droppingartintotheinfinite]

She’s committed tax evasion

#art #sketch #digital art #fanart #color #homestuck #homestuck fanart #rose lalonde #fav #all I’m saying is seer of light powers would be /really/ useful for finding tax loopholes #given she’d be able to tell in advance whether doing something would be likely to get her arrested and could research further from there #phase 44

[fantasticalleigh]

if selling printed and bound fanfiction is such a big no no why tf am i seeing a listings for v popular fics on etsy right now for $80- $200

'i don't make profit from this, price is to cover what etsy charges me' HMMMM

#also the listings clearly state it's HP fanfic is this not still lawsuit material?? #pardon my ignorance if there is a legal loophole but i would never jfc this seems too sketchy #leigh speaks #dramione #ok highest price i'm seeing is like 168 but with tax it would still be nearing 200 #are the artists getting loyalties from their work being used/is their art licensed? #are the authors getting paid for what THEY wrote? #no? oh it's bc it would make it illegal right? i wonder why the whole thing is frowned upon then #i just went on etsy to review some dice and now i'm ??? #dramione fanfic

[fullonfandomindulgence]

age swap aus i love you. you know i do. but i think its easy to miss the opportunity of a wiser & less patient 28yo mob hanging out with an even weirder 42yo reigen

#mob psycho 100 #reigen teaching mob tax loopholes #they go out and get '''drunk''' on hibiscus water #mob mocks reigen for never cooking for himself #even tho mob is helpless in the kitchen w/o his powers #(they help w multitasking) #(thas right! eventually mob decides his powers are a natural extension of himself!) #they go running on wednesdays

[shirogane-oushirou]

me: gonna make a playlist and link to all of the artists' pages so they can get paid more than fractions of pennies for their work lalalala~ 🎶

artist a: i no longer exist under this name. you can only get this album legally by buying physically second hand. my social media even for my most recent band incarnation has been dead for a couple of years.

artist b: this album is no longer available to download digitally anywhere, though you can stream it (in limited locations). we're still very active as a band btw so it's not like we've abandoned any of our work, you just can't get it easily for reasons. you could mayyyybe buy physical depending on the album, OR!!! you can buy our Super Special Anniversary Box Set LP for multiple hundreds of dollars. smile.

#📌 [ my posts. ] #💭 [ my thoughts. ] #if there's a reliable way to get it affordably physically i guess i'll link that... but if you see like. a youtube link to a song instead #of a place to buy the song... 🏴‍☠️🏴‍☠️🏴‍☠️!!! i love that we have the technical capability to access all media and knowledge #but everything's paywalled or taken down for arbitrary reasons that don't seem to make sense bc there's some weird #tax loophole or rights issue or w/e!!! seems like a fucking waste of good tech imho but maybe that's just me!!! #also hi im eepy skjdnf long week of multiple doc appts + heart stress testing + had a very rare Fun Outing today... #maybe not the best week to plan that kind of thing lol lmao but ;; it was fun and interesting at least!!!!

[spockvarietyhour]

Imperial tax assessors have come for Dooku's stuff.

#Quick someone brush up on Imperial Tax Law for a loophole #Danny watches Star Wars The Bad Batch #Spoils of War #spoilers #Star Wars The Bad Batch

[thewizardcouncil]

for no reason in particular with absolutely no underlying stress, are vampires legally able to become wizards, presuming they have taken an oath of veganism and learned all their magic through study rather than birthright? and, for even less particular reasonings, if one found themself as a vampire already leading the life of a wizard, could they find themselves taken for any sort of criminal offense as a result? again, this is completely fictional, just an imagined prompt-

Well, there isn't anything in council records objecting to the concept of a vampiric wizard. However when we approached the Vampiric Council to see if they would further discuss the topic they made some deeply disturbing comments about a 'blood tax' for answering questions, and we were already drained from our blood donor day. So in short, the council wouldn't have any legal reason to be concerned with said hypothetical vampire-wizard, though might recommend they move to a demiplane where the sun is less of an issue. Or at least Seattle. Said hypothetical wizard may be in trouble with the vampiric council who hypothetically might consider them a threat to 'the old ways' and have a series of vampires attack

#thewizardcouncil #we wouldn't snitch on the vampire-wizard either... probably... maybe... mayhaps #the council would never intentionally schedule our blood donor days as a blood tax loophole per an ancient clause we help broker #the council is definitely not evil.