My friend owns three houses, the one he lives in and two he rents. He incorporated for tax purposes. Your saying he can’t own the rental property because he’s now taking advantage of the tax laws?
Limit it to corporations of a certain size then. It’s not people like your friend that are doing the bulk of the damage. It’s large corporations buying up entire neighborhoods to rent them forever.
You mean to say your friend incorporated for tax purposes because owning three houses would’ve been resulted in being taxed at a higher rate? That should be evidence enough.
Unrelated but related: shell companies for the purposes of evading taxes should also not be an acceptable practice.
That and as a real estate agent in Southern California it helps with his tax burden when selling houses near 1M. If the commission goes to his corporate account pays himself a taxed salary it’s less than the taxes for the full amount. The rental is more of a long term investment than a profit from rent.
Corporations don’t have to be about making tons of money. They can be about organizing people to accomplish things that they couldn’t individually. You then make money just to give those people a living wage and keeping the lights on.
This doesn’t even need to have a legal framework. Just a couple of people who agree to take up certain tasks is a company.
Fine but they shouldn’t be considered as people, lobbying should be illegal, fines can’t just be part of the business plan, money is not free speech, and if a corp is caught doing illegal activities it should go to jail or be broken up like the rest of us.
While I agree, if that were a law, they would just get all residential property (except for their neighborhood) rezoned.
Edit: Man, you guys really missunderstood my comment. I wasn’t saying we should roll over and die, I was just saying that wealthy shitheads cheat and steal.
You realize moving is a big deal, right? I could talk for 20 minutes about the challenges but the biggest one currently is that I’m extremely far from my lease’s end date.
Hmm, I think large corporations should never be allowed to purchase residences though anyone is allowed to create a corporation in the US you’ll just need to declare a CEO, COO, and a treasurer. This could be a simple mom-and-pop family business with 3-4 people/employees, this could prevent a lot of normal people/small business owners struggling to create a profit from purchasing workspaces, their own home, work equipment.
Because they’re paid to do so? We hired a company to build our home, and after it was complete and paid for they held no further claim on it or on the property. Why would they?
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