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This will be an interesting thread moving forward......

Truck Shop

Truck Shop

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Dec 7, 2015
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WWW.
Actually-it works this way the government makes the rules and the business hires a professional
bean counter to find the loopholes, pay him a high price to keep from paying taxes. Close the
loopholes and break the bean counters abacus and no more problem.

Forgot there's one more that needs to go--Golf Courses-get rid of the business mans weekend
and afternoon rotten business dealings with his buddies.
 
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S

suladas

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Jun 30, 2016
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Canada
John C. said:
Don't know about Canada. In the US, neither company is protected if one goes down. Leasing company is usually making payments to a finance company that are being paid by the construction company. If there is a disaster that destroys the machines, insurance is what pays for that.
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Yea that's different case if there is money owed to other non related companies. I meant if there is no real money owed on the equipment, if the operating company owns them, they can easily be taken if something happens, whereas if they are leased from another company with the exact same owners, they are protected.
 
John C.

John C.

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Consumption, or what are regularly known as "sales taxes" are no graduated so grossly unfair to the poor. If you want a break on income taxes, then maybe we should tax capital gains on something other than ten percent.

As far as the 179 deduction goes, you are correct. The issue though is that the leasing company gets to claim that. The construction company gets to pay rent and write that all off. If both are owned by the same individual you have what is usually known as a loop hole.
 
I

ianjoub

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Homosassa, FL USA
John C. said:
Consumption, or what are regularly known as "sales taxes" are no graduated so grossly unfair to the poor. If you want a break on income taxes, then maybe we should tax capital gains on something other than ten percent.
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How is it fair to punish people for being successful (graduated taxes)?

If one provides more than x% (I think 80) of a 'subcontractors' income they are not a subcontractor but an employee according to tax rules (I have heard). Does this or something similar apply to a leasing company that only leases to one other company? Inquiring minds want to know!
 
John C.

John C.

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Rules on sub contractors in this state are based on control and not on amount of work. If you tell a person they have to be on a site at 8:00 AM and work till 16:00 and they can't leave, they are an employee. If you hire a sub contractor and tell them you need this job done by this date and put no other restrictions on them, they are likely a sub contractor.

Leasing company is a business and can lease to anyone they wish with no restrictions that I know of in this state. The fact that they only lease to their owner's construction company should be the trigger that shows they are taking advantage of a loop hole.

The issue is about paying the countries bills and not what you perceive as a penalty. Without the infrastructure provided by this country that is paid for with tax dollars, we would just be another third world hell hole. The issue is how do you spread that tax load out equally. I don't feel it's fair that multi-millionaires and billionaires are given free rein to tax breaks that none of us here will ever have access too.
 
T

terex herder

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Kansas
If you want to look at a big hole, look at the nearly 1 trillion trade deficit last year. If that money was circulating in the US economy the multiplier effect would probably increase the gdp by 4 trillion. From federal to local, gvernments everywhere have their grubby paws out, they would have ended up with a portion of that money that traded hands. Instead, it funds other governments ability to float balloons across our country.
 
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Welder Dave

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Oct 11, 2014
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Canada
It's very rare to hear of a smaller company getting gov't. assistance but not uncommon to see bigger companies get assistance. Have also seen where certain businesses will get assistance but another similar businesses don't get anything. A lot of times it's a who you know (in the gov't.) type of deal. There might be some kind of inquiry if there's a whistle blower and it's made public but even then nothing is usually done. Same thing with awarding contracts. I'd bet there's a lot of lower profile favoritism that the public never hears about. Big companies get big tax breaks smaller ones can't get as well. I remember getting a phone call asking If I thought West Edmonton Mall should get a tax break because they bring in tourists. My thinking was they also get a lot more revenue and if they want to build this huge mall they can pay the taxes on it. Rent in the mall is based on how much revenue each store brings in. Basically if a store gets busier, they get penalized by being busier.
Not tax related but the new premier here put in a policy of paying $100 a month for 6 month's to help with the high prices we have now. Supposed to be for seniors, familes with kids, handicapped people and other people on gov't. programs. The cut off for family income is $180,000!!! You're not hurting much if you have a kid and make $180,000. I'm on Canada Pension disability and get a little over $1000 a month. I don't qualify because I'm not 65. What a crock, another politician trying to help out her rich friends and buy votes.
 
Vetech63

Vetech63

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Aug 10, 2016
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Oklahoma
I see you fellas have been having fun. The weather here last week was wet and icy.........this week its wet and rainy. Not much to report lately since I haven't been able to work much. I have been able to order parts for multiple things though so it will get back to normal once the weather clears.
 
Vetech63

Vetech63

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Aug 10, 2016
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Oklahoma
Not much to report other than my disappointment in my Cat dealer. I subbed them 2 rod assembly pulls (outrigger and stick) off a 420E. I thought I would have them take the pistons off, clean the parts, installed the seals and have them ready to slide back into the barrels. This would allow me to finish up 2 other pieces of equipment that was still waiting on me. I was certain this would not cost much......the seal kit price for each and an hour or 2 labor at the most...........I mean, that's what I figured I could do it for providing I had the bench to remove the piston.

They charged me just under $2000.00. $665.00 in labor, a $145 for seal kit, a $100.00 cylinder bench charge, a $20.00 supply charge, and a $100.00 misc. charge...........and that is per cylinder.o_O:rolleyes: I know some of you work for dealers, as did I early in my career but isn't this ridiculous? Have I been away from the dealers so long that I am out of touch with costs? I just saw this as a 2-3 hour job between the 2.

This crap will make using the dealers as a sub very difficult.:(
 
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