A Quote by Ken Livingstone
I mean I get loads of money, all from different sources. You give it to your accountant. They manage it. But you pay corporation tax. If you're then taking it out and spending it on yourself, you have to pay more.
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If I'm owed money, but I say, 'Don't pay me, pay my cousin. Don't pay me, pay my charity,' you can do that, but then the IRS requires that you pay income tax on that. It's your income if you earned it and you directed where it went. If you exercised control over where the money went, you have to pay income tax on that.
Senior executives can, after a fashion, get a portion of their pay tax-free. You defer part of your income and not have to pay taxes on it, and then when you retire you have the company buy a life insurance policy on you using that money. The company can deduct that money because it is a business expense, and the money will get paid out to your children or grandchildren when you die, so you have effectively given them your money and it's never been taxed.
You, as a wage earner have to pay your taxes every year on your income for that year. So if you have a one-time windfall that makes you a lot money you could end up in the top tax bracket. But if you're a corporation you are allowed to reach forward with deferrals for years. Over a 45 to 50 year period, you can balance out the winning years and the losing years in such a way that you pay very little tax, especially considering the time-value of the money.
The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or corporate raiders borrow the money to buy a property or company, and then pay interest to the bondholders, you'll load the company you take over with debt. But you don't have to pay taxes on the profits that you pay out in this way. You can deduct the interest from your tax liability.
I also think that if you want to put a price on carbon, why not just do it with a simple tax? Why not ask motorists to pay more, why not ask electricity consumers to pay more and then at the end of the year you can take your invoices to the tax office and get a rebate of the carbon tax you've paid
I pay my tax in the belief that you pay yours. I pay for your doctor's visit, in the belief that you pay for mine. In Denmark we don't have gold mines, but we have something more important. We have trust in one another.
When you say the tax system benefits the rich, there are a lot of people who respond, "That can't be true, look at the rate of tax. The people who are rich pay a higher rate than you or I." Well, yeah, but if you don't have to pay taxes on a lot of your income, then your real tax rate is a lot lower. And if you're allowed to pay your taxes thirty years from now instead of today then you're a lot better off. People need to have a sophisticated understanding of how the system works to appreciate that the posted tax rate really has very little to do with the taxes people pay.
I pay whatever tax I am required to pay under the law, not a penny more, not a penny less... if anybody in this country doesn't minimize their tax they want their heads read because as a government I can tell you you're not spending it that well that we should be donating extra.
If you're a wealthy heir with a trust fund, and you sell stocks, make your 10% gains since Donald Trump, and then you buy other stocks, you can avoid paying taxes. And if your accountant registers your wealth offshore in a Panamanian fund, like Russian kleptocrats do - and as more and more Americans do - you don't have to pay any tax at all, because it's not American income, it's foreign income in an enclave without an income tax.
If I get married I get a tax break, if I have a kid I get a tax break, if I get a mortgage I get a tax break. I don't have any kids and I drive a hybrid, I think I should get a tax break. I'm trying to pay off my apartment so I have something tangible. I actually figured out if I paid off my place my reward would be that I would pay an extra four grand a year in taxes.
Give yourself permission to get the most out of your life. If you're spending all your time scrubbing corners with a toothbrush, you're kind of missing the point. Taking shortcuts doesn't mean shortcutting the end result.
Millions and millions of people don't pay an income tax, because they don't earn enough to pay on one, but you pay a land tax whether it ever did or ever will earn you a penny. You should pay on things that you buy outside of bare necessities. I think this sales tax is the best tax we have had in years.
Most employers I speak to, they want to create jobs and give decent salaries. Some small and medium companies say to me they cannot afford to pay the living wage. I say "what about if I gave you a business rate cut?" and they say, yes, ok. We want companies which are skilled up, generating more profit, more corporation tax - we should not be embarrassed at success, as long as they pay their taxes.
There's a separation of church and state. If you want the perks that churches have traditionally received, then abide by the rules. If you're going to be involved in the political process, even in soft ways, then surrender the privileges. Let ministers pay income tax on all of their income. Let churches pay income tax, let them pay property taxes. They can't have it both ways. You can't pat the politicians on the back, break the rules, and then get all these perks.
The health insurance industry does not like to pay out claims, because they don't make money. The only way they can make a profit is if they don't pay for your operation. If they pay for your operation and your doctor's appointment and your pharmaceuticals, they don't make any money.
All we need to do is pay attention to ourselves and pay attention when somebody gives you a compliment based on something that you do naturally. Then that lets you know that that's your talent. I mean, talents come in so many different sizes, so many different colors, so many different ways.
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