> Not sure what Visa's operating costs for their network are, and I'm no big fan of them (or any other credit card company) but that's far cheaper than I would have expected given the convenience provided by almost never needing cash or checks.
Of the $32.653 billon in revenue Visa pulled in last year, 2.3% was network and processing opex, while 53% was pure bottom line profit[1].
Furthermore, squaring 17.9% tax provision line item: if your household had simple married-filing-jointly tax return with an AGI greater than ~$139.5k, you paid more in 2023 taxes than Visa...and that assumes you live in a state without income taxes.
Think about that for a hot minute while recalibrating expectations.
>Think about that for a hot minute while recalibrating expectations.
My hot minute is that corporations don't pay taxes, consumers do via higher product\services prices, investors do via lower investment returns, or the employees do via lower wages.
And the bonus, the government gets less taxes from those lower investment returns and lower wages.
What are we supposed to take away from a high the high profit?
How much did visa pay in taxes? Less than a single 140k family? Why are we comparing corporate taxes and individual taxes? They are completely different.
I would agree with that, but that does not make it a monopoly. That depends largely on the reasons for lack of competition. e.g Is Visa using its position to freeze out others, or is it government regulation, or customer preference, ect.
seems remarkable given that visa doesnt send 150,000X children to send to school or collect 150,000X Medicare benefits.
I guess this is a way of highlighting the idea that individuals should be fundamental unit of tax assessment, collection, and evaluation. It is humans that receive government benefits, and it is humans that should pay for it.
Other methods of analysis run the risk of double counting benefits or payments.
NBER finds 1% of fiscal income is unreported from pass through tax evasion. If anything, this highlights that Individuals should be the relevant level of income tax assessment.
Your arguments come off as incrementally disingenuous and intentionally misleading.
That's +1% share of a pie on the order of $TRILLIONS between 2006-2013 to which the top-1% directly benefited from by under-reporting and playing pass-through games...and this was retrospective analysis long before the TCJA corporate tailwind went into effect.
Of the $32.653 billon in revenue Visa pulled in last year, 2.3% was network and processing opex, while 53% was pure bottom line profit[1].
Furthermore, squaring 17.9% tax provision line item: if your household had simple married-filing-jointly tax return with an AGI greater than ~$139.5k, you paid more in 2023 taxes than Visa...and that assumes you live in a state without income taxes.
Think about that for a hot minute while recalibrating expectations.
[1] https://www.sec.gov/Archives/edgar/data/1403161/000140316123...