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You can't just throw revenue in the denominator, though. Business tax is assessed on income. If you're going to make a claim about tax rate using an unconvent
by loeg 8mo ago
You can't just throw revenue in the denominator, though. Business tax is assessed on income. If you're going to make a claim about tax rate using an unconventional metric, you need to be explicit about what you've done; Reich isn't.
- gojomo 8mo agoIf you're Robert Reich, you can! You can make up anything, and someone will submit it to HN to waste everyone's time!
- MichaelZuo 8mo agoI thought there were systems designed to effectively negate users that submit too many misleading posts.
- latexr 8mo agoYour parent post isn’t suggesting it’s always the same user submitting, just that users submit a lot of posts from this person. Can’t say I agree, though. I don’t recall ever having seen one of his posts on HN, and a cursory search suggests they’re not even upvoted that much. Highest I found was under 30 points. But my methodology is flawed, as I basically searched for the name.
- Refreeze5224 8mo agoYeah, screw Robert Reich! Always looking out for the workers who make up the majority of this country. Why won't he look out for the poor multi-national corporations, who have no one to advocate for them or their tax rates?
- thunky 8mo ago> Always looking out for the workers How is spreading misinformation looking out for the workers?
- bryan_w 8mo agoIf anything it hurts the workers because now people won't listen to him anymore
- loeg 8mo agoHey, he can advocate for whatever causes he likes. I just think honesty makes a more compelling argument than lies.
- samrus 8mo agoIt was income you dicks. Someone above crunched the numbers. Why do you hate rob reich so much your willing to make shit up and get mad at him about it?
- quietbritishjim 8mo ago> Business tax is assessed on income. Income (in a business) is another word for revenue. I think you meant: business tax is assessed on profit.
- loeg 8mo agoNo, my usage was correct and unambiguous. Describing income as revenue is incorrect. https://www.investopedia.com/ask/answers/122214/what-difference-between-revenue-and-income.asp https://www.investopedia.com/ask/answers/122214/what-differe...
- quietbritishjim 8mo agoThat page says that "net income" message the sense you meant it and "gross income" means the sense I understood it. It does say that unqualified "income" means the net version but it's a push to say that makes it unambiguous. (And, at I said on a sibling comment, this seems to be a US convention.)
- loeg 8mo agoMeta is a US company and Reich is a US citizen offering commentary on US domestic policy. "Income" is unambiguously net income in the US.
- beezle 8mo agoThis is incorrect as anyone who has looked at a financial statement or taken a first level accounting class will know - Revenue is the top line, the gross income and lastly net income, the two reflecting the removal of various costs/expenses as per GAAP.
- Maxatar 8mo agoIn the U.S. income is defined as revenue minus expenses: https://en.wikipedia.org/wiki/Income_(United_States_legal_definitions) https://en.wikipedia.org/wiki/Income_(United_States_legal_de...
- shevis 8mo agoIncome != profit. Income is revenue. It sure would be nice if businesses were taxed on income, given that’s how people are taxed and all. Aren’t corporations supposedly people now thanks to citizens united?
- loeg 8mo agoYou're mistaken. Income is net of expenses. https://www.investopedia.com/ask/answers/122214/what-difference-between-revenue-and-income.asp https://www.investopedia.com/ask/answers/122214/what-differe...
- deleted 8mo ago[deleted]
- pinkmuffinere 8mo agoI appreciate your polite corrections with well sourced info! Being a bit silly, I’ll say you’re a shiny beam of knowledge in a dark expanse of confusion
- deleted 8mo ago[deleted]
- TrainedMonkey 8mo agoSure, and there are a ton of ways to shifting income around. For example selling a subsidiary in lower tax jurisdiction patents and then paying for their usage. Another example is Hollywood accounting where productions pay exorbitant rates for equipment and catering to affiliated companies. This inflates the costs so the movies end up unprofitable despite smashing box office.