fromcjoe123

fromcjoe123 t1_j9hjrb6 wrote

I mean if you're 1099 you can literally do this.

The argument that W2 cannot benefit from this is that all other expenses are not related to generating your direct economic benefit and are discretionary or not related to your employment. If you are a business, your costs also make someone else revenue and then their earnings are taxed. Likewise, the shareholders of the business then pay their own taxes incremental to the business on any distributions or cash or their ultimate disposal of assets.

That being said, the government at the federal and state level do give you a variety of incremental deductions around costs they think have additional economic value like homeownership, children, and education.

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fromcjoe123 t1_j9gb1s9 wrote

Today 14 year olds on Reddit learn that retail has paper thin margins and that taxes are paid on earnings not revenue.

I swear we need an intro to economics, finance, and accounting class mandatory in high school in the country. The financial illiteracy on Reddit is absolutely astounding given how many hot takes are about these things.

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fromcjoe123 t1_ismz94g wrote

It's a privilege to have a consulate, not a right.

Shut it down and bar entry to the UK to any of its members.

China will just have to conduct its diplomatic business from their embassy.

This would be a diplomatic incident if any Western nation pulled this shit in China, I'm not sure why the UK should treat this event any differently.

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