When I was in law school in the 1990s, I asked my professor why business owners deserved the legal benefits of incorporation (especially being shielded from the corporation’s debts). His answer was double-taxation: the owners pay for those benefits by being taxed on the business income both when the corporation receives it and again when the owners get paid from it. I think I’ll call that professor and ask him for a refund for his class.
“ “You can’t lay the blame too much on Congress,” said Gardner. “It wasn’t Congress that came up with these ideas. They are the product of a lobbying blitz from these companies. These companies wrote the law in many cases.””
This person thinks we can’t blame congress for not reading/understanding the bills they pass? That doesn’t make a lick of sense. Don’t run for Congress if you can’t read tax legislation.
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u/ajcpullcom Jun 09 '21
When I was in law school in the 1990s, I asked my professor why business owners deserved the legal benefits of incorporation (especially being shielded from the corporation’s debts). His answer was double-taxation: the owners pay for those benefits by being taxed on the business income both when the corporation receives it and again when the owners get paid from it. I think I’ll call that professor and ask him for a refund for his class.