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Should the other 95% of us follow Romney's lead and form a corporation so we can pay 15% taxes?
I think the question covers it.
6 Answers
- Anonymous9 years agoFavorite Answer
You don't know much about tax law. Do you?
- Anonymous9 years ago
Yes. I have often considered setting up a company (probably a LLC) for my investments, so I have all of the tax deductions that firms have.
Also, the corporate tax rate is not 15%. The long term capital gains tax is 15%, which is the rate you would pay when you pull your money out of your 401K at retirement.
The highest corporate rate is closer to 35%.
- 9 years ago
15% tax on what? The people? The corporate tax? Both is insanely high, eliminate the corp. tax completely.
- EdWinterLv 79 years ago
Well, it certainly covers your lack of understanding of the most basic aspects of the federal income tax code as it applies to individuals and to corporations. And that's a lot - congratulations!
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- ?Lv 69 years ago
Or you could donate a few million to Obama and pay no taxes, like GE. So you have a few choices.