OFFICIAL STOCK MARKET AND ECONOMY THREAD VOL. A NEW CHAPTER

[biggie62]

This compounds tax collecting and reporting requirements for corporations which is a headache and costly to them. Now from a tax collecting perspective it will be an additional compounding effect From sales tax to income tax collecting etc, it helps states and their crushed budgets. Again this is something that will make gig workers attempt to become employees rather than contractors because people won’t be as willing to do gig work for the **** wages it provides.

Short term pain for potential long term systematic change is a must. And for the 12 year old flipping, their parents will have to report that income on their personal tax return.

 

[frankmatthews]

This compounds tax collecting and reporting requirements for corporations which is a headache and costly to them. Now from a tax collecting perspective it will be an additional compounding effect From sales tax to income tax collecting etc, it helps states and their crushed budgets. Again this is something that will make gig workers attempt to become employees rather than contractors because people won’t be as willing to do gig work for the **** wages it provides.

Short term pain for potential long term systematic change is a must. And for the 12 year old flipping, their parents will have to report that income on their personal tax return.

Gig workers would be making less if they were designated as ft employees. The entire appeal of gig work is you dont have to do it full time and can work on your own schedule. Not to mention the insurance, taxes, and benefits would cost the companies way more than expanded reporting procedures.

 

[biggie62]

Gig workers would be making less if they were designated as ft employees. The entire appeal of gig work is you dont have to do it full time and can work on your own schedule. Not to mention the insurance, taxes, and benefits would cost the companies way more than expanded reporting procedures.

But they’ll have money put towards social security become eligible for temporary disability and unemployment benefits if they hit a rough patch or have an injury. Gig working in its current form is complete BS.

 

[mplsdunk]

here’s my beef. Lyft and uber ran the unionized cabs out of town here which offered benefits and all that.

now they all wanna cry about how they get taken advantage of and totally ignore what they did to cab drivers who were protected.

as far as taxes they were just closing the loophole. If I gotta pay taxes on my crypto after 600 they should have to pay on their driving.

 

[igotthatstock]

here’s my beef. Lyft and uber ran the unionized cabs out of town here which offered benefits and all that.

now they all wanna cry about how they get taken advantage of and totally ignore what they did to cab drivers who were protected.

as far as taxes they were just closing the loophole. If I gotta pay taxes on my crypto after 600 they should have to pay on their driving.

You all would be surprised how many people hate Uber and Lyft but haven't taken a taxi in years. People in the labor space look funny in the light.

 

[deleted user 7639]

 

[mplsdunk]

You all would be surprised how many people hate Uber and Lyft but haven't taken a taxi in years. People in the labor space look funny in the light.

people rarely put their money where there mouth is man.

you can’t even take a cab here anymore if you wanted to. They are all gone.

 

[frankmatthews]

But they’ll have money put towards social security become eligible for temporary disability and unemployment benefits if they hit a rough patch or have an injury. Gig working in its current form is complete BS.

I get what ur saying but if someone doing gig work making less than 20k a year and doesnt have another job contributing to unemployment and ss then they're not paying any income tax anyways. This is a tax on the lowest of the low income earners. Meanwhile apple has 250 billion in offshore tax havens, which if it were taxed would almost completely cover TODAY, the 80 billion the govt expects to gain over 10 years of this new gig tax requirement. Gig work may not be ideal but corporate tax loopholes are much worse. How bout closing those first.

 

[Brownstone]

people rarely put their money where there mouth is man.

you can’t even take a cab here anymore if you wanted to. They are all gone.

I called a cab company on nye out of desperation, They referred me to Lyft

 

[ballinsam23]

When it comes to prices in NYC, yellow cabs are starting to get cheaper. This gen z population just cant hail one, rather press some buttons on their phones.

Yellow cabs < Lyft < Uber

 

[mplsdunk]

I called a cab company on nye out of desperation, They referred me to Lyft

used to have blue and white on speed dial.

333-3333

 

[Zo gif]

Every 6 months someones predicting a crash.
Yawn

 

[mplsdunk]

When it comes to prices in NYC, yellow cabs are starting to get cheaper. This gen z population just cant hail one, rather press some buttons on their phones.

Yellow cabs < Lyft < Uber

they can’t do anything that involves drawing attention to yourself or interacting with people.

asking one of them to yell for a cab in the street might as well be asking for them to tell you a wu tang song. They don’t know ****.

 

[biggie62]

I get what ur saying but if someone doing gig work making less than 20k a year and doesnt have another job contributing to unemployment and ss then they're not paying any income tax anyways. This is a tax on the lowest of the low income earners. Meanwhile apple has 250 billion in offshore tax havens, which if it were taxed would almost completely cover TODAY, the 80 billion the govt expects to gain over 10 years of this new gig tax requirement. Gig work may not be ideal but corporate tax loopholes are much worse. How bout closing those first.

but that cash wasn’t earned here in the US, so I don’t get what the argument is. If the cash wasn’t earned here and was t brought into here how can we tax it? There is a new GILTI tax even on cash that wasn’t earned in the US. But generally the rules are you are taxed where the cash is earned.And that’s pretty universal across all countries.

 

[tomdiginson]

they can’t do anything that involves drawing attention to yourself or interacting with people.

asking one of them to yell for a cab in the street might as well be asking for them to tell you a wu tang song. They don’t know ****.

Yet they have all of this strength and vigor online and behind texts.

 

[ballinsam23]

Gonna watch this week like a hawk. Hoping Friday was the bottom and we start seeing some volume again.

 

[frankmatthews]

but that cash wasn’t earned here in the US, so I don’t get what the argument is. If the cash wasn’t earned here and was t brought into here how can we tax it? There is a new GILTI tax even on cash that wasn’t earned in the US. But generally the rules are you are taxed where the cash is earned.And that’s pretty universal across all countries.

They have many loopholes and shell companies and its a very complex scheme, its not as simple as foreign profits staying in foreign countries. They create foreign entities for the sole purpose of routing money through in order to avoid getting taxed by any govt anywhere. Apple didnt make 250 billion profit in the Caymans lol. Theres a whole documentary about this as well as other companies, its grimey. And they actually did end up bringing those profits back to the usa after spending millions lobbying the govt to give them a 1 time repatriation tax which saved them about 40 billion in taxes.

Theres better, more lucrative, more equitable ways to increase revenue than trying to go after 20k from an uber driver is all im saying. But of course uber drivers arent spending millions lining the pockets of lawmakers.

 

[biggie62]

They have many loopholes and shell companies and its a very complex scheme, its not as simple as foreign profits staying in foreign countries. They create foreign entities for the sole purpose of routing money through in order to avoid getting taxed by any govt anywhere. Apple didnt make 250 billion profit in the Caymans lol. Theres a whole documentary about this as well as other companies, its grimey. And they actually did end up bringing those profits back to the usa after spending millions lobbying the govt to give them a 1 time repatriation tax which saved them about 40 billion in taxes.

Theres better, more lucrative, more equitable ways to increase revenue than trying to go after 20k from an uber driver is all im saying. But of course uber drivers arent spending millions lining the pockets of lawmakers.

So you should be blaming the rules of those countries and not the US, Ireland is the prime culprit in the EU. The one time repatriation tax rate was part of the 2017 reform. All those shells were not setup to circumvent any US taxes. Again I get what you’re saying, I’m a tax professional by trade and work on the business tax side of the industry. However you are missing the point because you are just trying to blame a circumvention of US taxation which didn’t occur, they circumvented EU taxes and such.

The one time reduced the repatriation tax was incentive to bring cash over from overseas is BS, however the companies have no incentive to bring that cash over from international banks. They can borrow against that cash in the US and pay out dividends and perform stock buybacks that way. I mean me as a person, i can do a similar play on investments such as Real Estate if I choose

This is not a tax loophole as people make it out to be. It’s just literally how to plan for the taxes. That cash was earned elsewhere and taxes are paid on the cash basis and not the accrual basis. Same thing when people call accelerated depreciation a tax loophole, it’s not, it’s a timing play which equals out overtime unless tax rates change.

 

[ICE CITY CF]

here’s my beef. Lyft and uber ran the unionized cabs out of town here which offered benefits and all that.

now they all wanna cry about how they get taken advantage of and totally ignore what they did to cab drivers who were protected.

as far as taxes they were just closing the loophole. If I gotta pay taxes on my crypto after 600 they should have to pay on their driving.

You all would be surprised how many people hate Uber and Lyft but haven't taken a taxi in years. People in the labor space look funny in the light.

people rarely put their money where there mouth is man.

you can’t even take a cab here anymore if you wanted to. They are all gone.

Random personal gripe but I'll never have sympathy for taxi cab drivers or their industry.

It seems like a long time ago but I still remember life before ride sharing apps.

Hailing a cab as a black man in San Francisco was a *****. Just blatant, routine discrimination.

Add 10-15 minutes to every trip from point A to B because you black and many taxi drivers wouldn't swoop so it would take 5x as many attempts to catch a ride as it would a white dude.

Uber and Lyft solved that over night for me.

 

[mplsdunk]

well that’s foul, and I can’t relate.

I would use Lyft too then, that’s garbage.

 

[igotthatstock]

I used to ride the train for 3 hours per day in high school. I vowed to never take public transportation / rely on anyone else to get me from point A to point B for the rest of my life. I know it is not feasible for some people, but **** that ****.

 

[rooster]

I'm all for giving consumers options to choose what services they want when it comes to car service like uber vs taxi
But it's unfair to require cabbies to buy a medallion which was worth almost a million dollars in NYC at one point then turn around and let uber and lyft to basically run a cab company without a medallion
The whole point of having a medallion system was to restrict the number of cars on the street and regulate it so all the drivers can make a decent living
Back in the day before taxi companies existed it was pretty much an uber free for all where everyone was using their car to transport folks for money without any rules or regulations
So major cities created the taxi medallion system

 

[frankmatthews]

So you should be blaming the rules of those countries and not the US, Ireland is the prime culprit in the EU. The one time repatriation tax rate was part of the 2017 reform. All those shells were not setup to circumvent any US taxes. Again I get what you’re saying, I’m a tax professional by trade and work on the business tax side of the industry. However you are missing the point because you are just trying to blame a circumvention of US taxation which didn’t occur, they circumvented EU taxes and such.

The one time reduced the repatriation tax was incentive to bring cash over from overseas is BS, however the companies have no incentive to bring that cash over from international banks. They can borrow against that cash in the US and pay out dividends and perform stock buybacks that way. I mean me as a person, i can do a similar play on investments such as Real Estate if I choose

This is not a tax loophole as people make it out to be. It’s just literally how to plan for the taxes. That cash was earned elsewhere and taxes are paid on the cash basis and not the accrual basis. Same thing when people call accelerated depreciation a tax loophole, it’s not, it’s a timing play which equals out overtime unless tax rates change.

They kept cash in tax havens to avoid US taxes. Thats circumvention of US taxes. You can argue its a smart business move and I wouldnt argue against that. But its clear that they were trying to avoid the tax bill, as evidenced by the fact that they did indeed wish to return the cash to the US and only did so after lawmakers knocked 40B off their bill. The issue is lawmakers going after low wage earners to pay for their own stimulus, while allowing billion dollar conglomerates to continually skate, not whether what apple is doing is wrong or illegal.

 

[ballinsam23]

My uncle split a medallion for close to 500k. Dont think it's worth much if anything at all today.

 

[rooster]

Medallions are pretty much worthless now
Why would anyone buy one
The only people that are really driving cabs right now are owner operators
And they would have to owe nothing on the medallion(debt)
I would say over half of the medallions in major cities are owned by banks because they were foreclosed on