Posted on 08/26/2007 5:13:37 PM PDT by Diana in Wisconsin
The State needs to do their OWN d@mn tax collecting, not make we business owners (big & small) do all the heavy lifting for them!
And that's all I have to say about that! :)
Other than...if Wal-Mart is smart, they'll pull out of this god-forsaken Tax Hell of a state, as we plan to do in the near future.
OK. Now I'm done, LOL!
We haven’t had a good, old-fashioned ‘Wal-Mart Bash’ for quite some time now!
*WINK*
IIRC, that paragon of Wisconsin industry, Harley-Davidson, does the exact same thing.
Wonder why the WI libs aren’t going after them?
The libs just don’t get it. Wal-Mart doesn’t pay taxes, people who buy the products they sell pay them. The key word I latched on to was “avoided”. Big difference in avoidance and evasion. I avoid all taxes I can.
That is funny. A government entity is accusing someone of abusing and distorting income.
“I avoid all taxes I can.”
Amen to that! If every citizen in this country awoke from their stupor, they’d get on the stick and FORCE Government to live within it’s means, just as the rest of us do every day. Nothing burns me up more than those pukes wasting my money!
I want the roads in good repair and plowed when it snows. I want a competent Cop, Fireman or EMT on the RARE chance that I’ll ever need one. I want my trash picked up on time. I want clean water for others (I have a well.) And I want a decent Library within driving/walking distance, so I can download porn and less fortunate kids can have FREE books to read. (Just kidding about the porn!!)
And that’s about all I want my EXTORTED tax dollars to fund. That’s MORE than enough for A Life Well Lived, IMHO. :)
I understand that what they describe is a common practice. Two corporations, one owns the assets, the other is the operations arm and rents from the other for tax benefit.
The heavy industry (metal) from which I retired 16 years ago did just that, as did the other plants nearby.
OK if I get this right, Walmart rents the area their store is located on. Now does not whoever owns the property pay the taxes on it? This doesn’t make any sense.
“I understand that what they describe is a common practice.”
Our company will do it in the future, when we’re cash-ready to build our own building and get out from under the cash-cruncher of renting space.
What the heck do the LibTards think happens in every HOME across America that’s smart enough to have a home-based business of some kind for the tax write-offs? While not exactly “paying yourself rent” for the use of a portion of your home to conduct business, you do get a tax break on expenses in that area; a portion of your mortgage, your utilities, depreciation on equipment and furniture, etc.
Crud. I’ve probably just given old Judy Robeson (D, Beloit) yet another idea to wring yet another dime out of me, LOL!
Look out Avon, Amway and Tupperware Ladies of Wisconsin! Judy’s gunnin’ for YOU next! ;)
EXACTLY! Avoidance is not evasion. That was my point.
*points and laughs*
Not quite. A corporation (or YOUR privately or publicly owned business for that matter) can set up various “entities” under an Umbrella Corporation.
Wal-Mart owns the property and I’m sure builds the buildings under another “entity” but they “rent” said building from yet another “entity” within the corporation.
It’s completely LEGAL and done by other corporations in WI and in other states. (Harley-Davidson was quoted earlier.)
Why don’t the LibTards investigate “Clinton, Inc.” and their business practices? I’m sure they’ve got a few hundred “entities” in Slick’s name, each taking a piece of the pie and giving back as little as legally possible.
Does anyone REALLY think he re-vamped office space in Harlem for his nefarious enterprises out of the goodness of his shriveled, black heart?
ROFLMAO! :)
I did my Wal-Mart Run on Friday. If anyone wants a compilation of my receipt, I’m happy to comply.
Only 100% Made in America items purchased, as always. In fact, I’m currently snacking on M&Ms as I Freep, purchased from a Wal-Mart in Wisconsin (who gladly collected the sales tax for the jack-booted thug tax-collectors in WI) but manufactured in New Jersey...where they were most likely taxed as well!
Jerks.
Actually, isn’t rent to self a GAAP requirement for owned property? And you do it based on the the market value of the building, not the book value of the building. Statutory reporting rules can vary dramatically from GAAP, but normally a corporation has an accounting department with experts on the subject who are paid to research and follow each states reporting requirements to the letter.
Oh Good Grief -— WalMart Ping..........
In the words of every 1 st year law professor, “ It isn’t a loop hole, IT IS THE LAW!”
Wallmart is folowing the letter of the law. If the state doesn’t like it, the legislature needs to change the law, and the Govornor needs to sign off on it.
Till then,....pissoff.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.