This is priceless! - Colts

[Ted]

Do you know how to balance a checkbook?

Yes.

Now please cite the source of your information that corporations don't pay taxes.

 

[hornadylnl]

Yes.

Now please cite the source of your information that corporations don't pay taxes.

There's one major principle on balancing a checkbook. Deposits must be equal to or greater than withdrawals. Think of it like this. Any expense a business incurs is a withdrawal and every sale is a deposit. Sales must be equal to or higher than expenses or you won't remain in business very long.

Please name some expenses that businesses incur that count as withdrawals against that checkbook.

 

[bass pro]

Money has ruined pro sports. They are all just like puppets on a stage and demand millions of dollars to perform. We should boycott all pro sports until they realize the fans pay their way. Its like dad says " The rich man dances whill the poor man pays the band"

 

[hornadylnl]

Money has ruined pro sports. They are all just like puppets on a stage and demand millions of dollars to perform. We should boycott all pro sports until they realize the fans pay their way. Its like dad says " The rich man dances whill the poor man pays the band"

One major component of the players being able to make millions is that the owner's largest expense is paid for by the taxpayers. Imagine how much lower a business could sell a product, more they can pay their employees, or how much more money they could put in their own pockets if they didn't have to pay for their facilities or utilities.

 

[hoosierdoc]

One major component of the players being able to make millions is that the owner's largest expense is paid for by the taxpayers. Imagine how much lower a business could sell a product, more they can pay their employees, or how much more money they could put in their own pockets if they didn't have to pay for their facilities or utilities.

right, and the city pays for the stadium, Irsay pays a few million, then the city pays Irsay just about as much money in return for not fulfilling the entire RCA-dome contract. Then he sells naming rights for $100+ million. then they say they forgot to factor in upkeep and parking garages so they hit the city again.

Green Bay did it the right way. Deathly loyal fans who have an ownership stake.

 

[04DarkShadowGT]

This makes me glad Im a BEARS fan.

GO BEARS!

Jimmy

You do realize that the tax payers in Chicago and Illinois payed for over 400 million of the 600 million renovation to Solider Field. Its not like the Colts are alone in getting tax payer assistance. What a joke lol.

Does anyone really believe that the tax revenues derived from game day sales has offset the tax monies spent to support the Colts? While having an NFL franchise may be prestigious, pride doesn't pay for the upkeep of our roads. It doesn't pay for trash pickup. It doesn't pay for public safety protection.

The NFL as it stands today, is a poor investment for government to become involved. Its time to cut our losses, and cut the Colts loose....unless they wish to pay their own way.

What about museums, parks, pools, etc. Most of those cost more than they take in too. Do we just want to close anything that doesn't make money?

I am not saying the city didn't cut a bad deal with the Colts, but one could argue if it was a good investment. The Colts at least bring in a boat load of revenue for the city and businesses. Is it worth what the City paid? You would have to see what comes in versus what goes out to determine for sure.

right, and the city pays for the stadium, Irsay pays a few million, then the city pays Irsay just about as much money in return for not fulfilling the entire RCA-dome contract. Then he sells naming rights for $100+ million. then they say they forgot to factor in upkeep and parking garages so they hit the city again.

Green Bay did it the right way. Deathly loyal fans who have an ownership stake.

It would be nearly impossible to duplicate what the Packers have. It really shouldn't be used as an example of any other franchise to try and model.

I'll let you guys in on another dirty little secret. Corporations don't pay taxes.

Hmm, what are those corporate checks I write monthly and quarterly to the state of Indiana and the Feds. I assure you that my company does pay taxes.

 

[RobbyMaQ]

Then you pay 18$ for a beer, a pop, and a popcorn.

 

[churchmouse]

Yes company's do send in the money but the consumers of the products actually cough up the money for said taxes. Just because the company passes on the cost to said consumers ergo, they are not really paying the tax. They just can not keep the money. Look at it as you will. Have been self employed and still am to a degree. I pass the tax expense on to the consumer and so does every other company out there. JMHO so keep thflame throwers on low please.

 

[hornadylnl]

Hmm, what are those corporate checks I write monthly and quarterly to the state of Indiana and the Feds. I assure you that my company does pay taxes.

Ted didn't want to finish my checkbook analogy, do you?

 

[jeremy]

Hmm, what are those corporate checks I write monthly and quarterly to the state of Indiana and the Feds. I assure you that my company does pay taxes.

Yup, you do pay the taxes just like every other Business out there. But unless your Marketing Department is staffed with Morons, You merely pass the cost on to the Consumer. I do it with Taxes, Fuel, Utilities, etc, etc... So I am not paying the taxes, the consumer that is buying my product is paying my taxes...

 

[hornadylnl]

Yup, you do pay the taxes just like every other Business out there. But unless your Marketing Department is staffed with Morons, You merely pass the cost on to the Consumer. I do it with Taxes, Fuel, Utilities, etc, etc... So I am not paying the taxes, the consumer that is buying my product is paying my taxes...

Yep! Same thing happens with tax increases. Let's say you've busted your balls for 20 years building a business and your net income is now $100k. Taxes go up and it adds another $10k in costs. Are you now going to settle for a net income of $90k or are you going to squeeze every cent of the $10k the market will bear out of your customers?

 

[churchmouse]

Yup, you do pay the taxes just like every other Business out there. But unless your Marketing Department is staffed with Morons, You merely pass the cost on to the Consumer. I do it with Taxes, Fuel, Utilities, etc, etc... So I am not paying the taxes, the consumer that is buying my product is paying my taxes...

YUP..........That is the real kicker that the un-read do not realize when the talking heads say we need to raise taxes on the rich and corporations. That is just raising your prices at the register. Simple economics. Their cut is still in the price but you are paying the tax hike.

 

[hoosierdoc]

It would be nearly impossible to duplicate what the Packers have. It really shouldn't be used as an example of any other franchise to try and model.

I use it as an example of how it should be and point out that it's not allowed to happen that way anymore

 

[churchmouse]

Yep! Same thing happens with tax increases. Let's say you've busted your balls for 20 years building a business and your net income is now $100k. Taxes go up and it adds another $10k in costs. Are you now going to settle for a net income of $90k or are you going to squeeze every cent of the $10k the market will bear out of your customers?

Darn it, you beat me too it...............

Yes, this is how trickle down economics works. IT WILL TRICKLE INTO YOUR WALLET ....

 

[Ted]

There's one major principle on balancing a checkbook. Deposits must be equal to or greater than withdrawals. Think of it like this. Any expense a business incurs is a withdrawal and every sale is a deposit. Sales must be equal to or higher than expenses or you won't remain in business very long.

Please name some expenses that businesses incur that count as withdrawals against that checkbook.

Asking you to name the source of your information is fruitless.

Though just for the record, IIRC, the GAO released a study in 2009, that found that 70% of all foreign corporations and approximately 60% of U.S. companies doing business in the United States, paid $0 in federal income taxes for at least one year between 1998 and 2005.

While certainly tragic, this is a far cry from all corporations paying nothing, and is only applicable for federal income tax.

 

[terrehautian]

I've been to 3 Colts games in the seat. I've paid for 0 Colts tickets. Most were given to me for good performance on the job. I enjoyed going to the games, but not the ticket face value cost worth.

I have also gone to 2 games working the SMS system for score updates that we developed for the Colts years ago. Of all the ways, the Press Pass way is how I would prefer to go. Breakfast Buffet. Lunch Buffet. High seat, but with good visibility. Don't know if that has changed with the new digs.

I enjoy watching them on TV. It will suck to have a blackout, but then I guess I'll have to watch Denver games instead.

My introduction to professional sports when I moved to Indy was the Pacers game. A friend from college called and asked if I wanted to come for a game. The tickets were $20. I thought, for $20 the seats aught to be OK. After we climbed up all the external stairs in the place, we popped out and saw the court floor. Way down there. Then we were issued our very own Sherpa and proceeded to climb the steps in the seating area, until we reached the very top row in the fieldhouse. I've climbed ladder less vertical than those steps.

To me, it just isn't a good opportunity cost. The OK season tickets buy a nice firearm, that will last FAR longer than just that year.

I have been to 10 games, but have only been to two as a fan. The other times I been there I been working for CBS Sports as a utility. Of the two I been to as a fan, I only paid for one ticket. It was for the last regular season game in the RCA Dome. When I work for CBS Sports, I am on the sidelines pulling cable for the game, then after the game, eat and then tear down.

::cough:: The RCA Dome, fka The Hoosier Dome was built specifically for an NFL franchise. It was more than big enough for conventions, band competitions, concerts, and other things in there.

The only reason for the construction of the field house, was to provide the Colts with an incentive for greater seating capacity, ergo admission revenue, to the tune of 5000 more tickets.

One of my favorite memories was working a two day job at the Dome, the Saturday before the game (Patriots/Colts) was the band competition. I got to listen to the bands for a little bit. One thing I miss about the Dome is how loud it got. I was there for the Pats/Colts AFC Championship game. When the Pats were ahead by a few touchdowns with minutes to go in the game, it was deathly quiet. When Manning lead the Colts to go ahead and beat them, it went from deathly quiet to I can't hear a dang thing loud. I been to a few loud games in LOS, but it is no where near dome loud.

 

[hoosierdoc]

Asking you to name the source of your information is fruitless.

Though just for the record, IIRC, the GAO released a study in 2009, that found that 70% of all foreign corporations and approximately 60% of U.S. companies doing business in the United States, paid $0 in federal income taxes for at least one year between 1998 and 2005.

While certainly tragic, this is a far cry from all corporations paying nothing, and is only applicable for federal income tax.

Is it unfathomable that corporations may not retain a profit one out of every 7 years? My corporation breaks even every year. We bonus to zero. No profit, no income tax...

 

[Ted]

Is it unfathomable that corporations may not retain a profit one out of every 7 years? My corporation breaks even every year. We bonus to zero. No profit, no income tax...

That wasn't my argument at all. It was merely a statement to counter Hornady's position that all corporations didn't pay any taxes.

Most people equate corporations to GM, Lilly, Microsoft, etc; when in reality, most corporations are small businesses.......that include a large number family farms that could not function without the protections of corporate law.

In any event, despite your corporation paying no corporate income tax...your bonus is undoubtedly eligible for taxation as personal income.

 

[hornadylnl]

That wasn't my argument at all. It was merely a statement to counter Hornady's position that all corporations didn't pay any taxes.

Most people equate corporations to GM, Lilly, Microsoft, etc; when in reality, most corporations are small businesses.......that include a large number family farms that could not function without the protections of corporate law.

In any event, despite your corporation paying no corporate income tax...your bonus is undoubtedly eligible for taxation as personal income.

Read posts 68, 70, 71, & 72.

 

[jeremy]

That wasn't my argument at all. It was merely a statement to counter Hornady's position that all corporations didn't pay any taxes.

Most people equate corporations to GM, Lilly, Microsoft, etc; when in reality, most corporations are small businesses.......that include a large number family farms that could not function without the protections of corporate law.

In any event, despite your corporation paying no corporate income tax...your bonus is undoubtedly eligible for taxation as personal income.

Even Personal Income Tax is an expense that is factored and passed on...