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View Diary: Palin joins Romney and Paul: You betcha corporations are people! (155 comments)

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  •  Wait wait wait - you lose your ENTIRE investment (3+ / 0-)
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    TexDem, jennyp, SwedishJewfish

    when the company collapses paying off the suit for which you ... are not liable?

    Listen: There is a reason there are 'fictitious persons' called corporations, in which the owners 'hide behind the corporate veil'.

    Not all business entities are corporations. Review the cases of people (mostly Brits) who participated in Lloyd's of London's insurance syndicates in the '90s and found after Hurricane Andrew that their liability was not limited; a $10,000 investment cost some people hundreds of thousands - in some cases, everything they had.

    Corporate income taxes are levied on the corporation. Some stockholders would individually be liable for no taxes and some would be liable at the highest rate - it doesn't matter because the tax is levied on the corp.

    People get all sorts of exemptions and deductions on their personal property taxes (e.g., veterans' considerations) on their houses that are not available - obviously - to corporations. A corporation cannot defer its property taxes because it's over 65 like an individual can, quite correctly because a corporation does not have a 'normal' life span. It can live forever. (Or be killed by Bain Capital overnight.)

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