jeb stuart

Jesup, GA

#2427 Jan 21, 2013
formerresident wrote:
Congress is we the people too.
Congress is stuck, because we have been polarized according to political party
And because we have too much paper, too many layers, too much trash.
That has to change. It has to.
Money is green, not red, not blue.
We get money when we begin building here at home, and teach that is what to do. When we return to the heart and spirit behind the laws, that matter too.
Until we do, these are empty words on a sheet of paper. Or worse, empty words in the virtual universe.
how are things at the homeless shelter?
Lived there

Blairsville, GA

#2428 Jan 21, 2013
formerresident wrote:
Congress is we the people too.
You keep on believing that nonsense and they'll keep on screwing us. Regardless of their party affiliation, they're all alike and after the same thing. They're not your "friend" as they want you to believe, nor do they represent you, just themselves.

Since: Jan 10

Location hidden

#2429 Jan 21, 2013
Lived there wrote:
Call it by any other name, the "fair tax" is still a consumption tax.
Yep.

Since: Jan 10

Location hidden

#2430 Jan 21, 2013
guesswho wrote:
<quoted text>
You elitist ass! You are obviously a smart person, but that doesn't make you right. You are so wrong, but thatís your constitutional right. You have your view of how the economy and taxation should work and itís not in favor the average working person. The tax code is fine, itís the laws passed by elitist for the benefit of the rich and rich corporations. It makes the effective tax rate much higher for regular working people who make their money working, thatís a fact. So you stick your elitist nose in the air and talk down to people who you view as stupid. Book smarts only goes so far, you are a pitiful excuse for a human with little common sense.
LMAO, IF I'm an elitist ass (gee, first time I've heard that), is it because I know what I'm talking about when it comes to taxes and you are clueless and uneducated as it relates to taxes?

If you knew what you were talking about (you obviously don't), would that make you and elitist ass, also?

Maybe I'm an elitist ass because I ask questions that would educate you that ALSO show you don't know what you're talking about?

"You are so wrong,"

About what?

"The tax code is fine, itís the laws passed by elitist for the benefit of the rich and rich corporations."

I'm quite positive that's the first time I've heard that. It shows how clueless, uneducated and low information you are. Do you know how many pages the tax code is?

Gee, who passes those laws? Are all politicians considered elitists? Even the dude who thought Guam was going to tip over?

"It makes the effective tax rate much higher for regular working people"

Tax rates are the same for all.

"So you stick your elitist nose in the air and talk down to people who you view as stupid."

Actually, I view very few people as stupid. There's a difference between being ignorant and stupid. Ignorance is the lack of knowledge about something (hence, clueless and uneducated), stupidity is the inability to understand something due to a lack of intelligence.

When it comes to taxes and the tax system, you are ignorant, but you probably could learn, IF you so desired. The plethora of questions I've posed would educate you greatly, should you be able to address them. I think you'd rather bitch about something you're ignorant about, it makes you feel better...It's easier to hide behind a keyboard and ignore the obvious, rather than do a little research, learn something and say, Wow, I didn't know that!
Called Out

Dallas, GA

#2431 Jan 21, 2013
Lived there wrote:
Call it by any other name, the "fair tax" is still a consumption tax.
Working well in some states.
Oh really

Blairsville, GA

#2432 Jan 21, 2013
Bill in Dville wrote:
<quoted text>Tax rates are the same for all.
Technically correct. In practice? Not so much. In my business I can, and do, legally write off things (@ 100%) as a cost of doing business that would get you hauled in for an audit by the IRS or jail if you tried to claim them. Could you do the same? Yes, technically, but you're not in my business, therefore I wouldn't suggest you try.
Want an example? Bribes! In drugs, cash or prostitutes, it's tax deductible so long as I give the/a SS number and name, if known (it doesn't have to be verified), of the person receiving it and there are no questions ever asked. Don't try that at home. BTW, I can also write off liquor, which is really nice, and the travel expenses of a "secretary," never mind if she can type.

How about an actual example; a consortium in the EU, with the parent company in the US, shelters $13 mill in EU profits by buying - get this - a copyright. The seller doesn't have to pay tax (a special exemption) on that but he is required to invest $10 mill in the project once it gets to the states, net, net $3 mill to the seller, which is about right.

The parent company in the US accelerates the depreciation, completes the project, at a loss,(ARE YOU WITH ME SO FAR?) turns around and sells it to their friends, who skim off the top, then turns around and sells it back to the original purchasers at a loss from time to time, to start the cycle all over again. It's all legal, but my guess is you (and I) don't play in that sand pile.

The point is, while the tax law is technically the same for everyone, the exceptions make it unequal in favor of the wealthy.
.
ME II

Dahlonega, GA

#2433 Jan 21, 2013
Oh really wrote:
<quoted text>
Technically correct. In practice? Not so much. In my business I can, and do, legally write off things (@ 100%) as a cost of doing business that would get you hauled in for an audit by the IRS or jail if you tried to claim them. Could you do the same? Yes, technically, but you're not in my business, therefore I wouldn't suggest you try.
Want an example? Bribes! In drugs, cash or prostitutes, it's tax deductible so long as I give the/a SS number and name, if known (it doesn't have to be verified), of the person receiving it and there are no questions ever asked. Don't try that at home. BTW, I can also write off liquor, which is really nice, and the travel expenses of a "secretary," never mind if she can type.
How about an actual example; a consortium in the EU, with the parent company in the US, shelters $13 mill in EU profits by buying - get this - a copyright. The seller doesn't have to pay tax (a special exemption) on that but he is required to invest $10 mill in the project once it gets to the states, net, net $3 mill to the seller, which is about right.
The parent company in the US accelerates the depreciation, completes the project, at a loss,(ARE YOU WITH ME SO FAR?) turns around and sells it to their friends, who skim off the top, then turns around and sells it back to the original purchasers at a loss from time to time, to start the cycle all over again. It's all legal, but my guess is you (and I) don't play in that sand pile.
The point is, while the tax law is technically the same for everyone, the exceptions make it unequal in favor of the wealthy.
.
You are absolutely correct on all this. I worked for years for companies and you should have seen the tax deductions they would take. Like you said, most of us would be in jail as individuals if we tried the stuff that some businesses do.

Since: Jan 10

Location hidden

#2434 Jan 21, 2013
ME II wrote:
<quoted text>
You are absolutely correct on all this. I worked for years for companies and you should have seen the tax deductions they would take. Like you said, most of us would be in jail as individuals if we tried the stuff that some businesses do.
If you're not audited, it doesn't matter what deductions you take.

Since: Jan 10

Location hidden

#2435 Jan 21, 2013
Oh really wrote:
<quoted text>
Technically correct. In practice? Not so much. In my business I can, and do, legally write off things (@ 100%) as a cost of doing business that would get you hauled in for an audit by the IRS or jail if you tried to claim them. Could you do the same? Yes, technically, but you're not in my business, therefore I wouldn't suggest you try.
Want an example? Bribes! In drugs, cash or prostitutes, it's tax deductible so long as I give the/a SS number and name, if known (it doesn't have to be verified), of the person receiving it and there are no questions ever asked. Don't try that at home. BTW, I can also write off liquor, which is really nice, and the travel expenses of a "secretary," never mind if she can type.
How about an actual example; a consortium in the EU, with the parent company in the US, shelters $13 mill in EU profits by buying - get this - a copyright. The seller doesn't have to pay tax (a special exemption) on that but he is required to invest $10 mill in the project once it gets to the states, net, net $3 mill to the seller, which is about right.
The parent company in the US accelerates the depreciation, completes the project, at a loss,(ARE YOU WITH ME SO FAR?) turns around and sells it to their friends, who skim off the top, then turns around and sells it back to the original purchasers at a loss from time to time, to start the cycle all over again. It's all legal, but my guess is you (and I) don't play in that sand pile.
The point is, while the tax law is technically the same for everyone, the exceptions make it unequal in favor of the wealthy.
.
Actually, unless the rules have changed in the short time period since I retired I don't think they have), you have to issue a form 1099 for payments totaling over $600 made to a non-corporation, non-employee, unless the payment is for a tangible item (like a computer).

Also, the SS # or FEIN # are supposed to be verified, you're supposed to get a form W-9 from vendors.

In order for you to deduct something as a valid business expense paid to an individual, it must be "picked up" as income by that person.

All that being said, it's irrelevant to what I said about tax rates being the same for all. The above discussions about deductions are about items used in determining what TAXABLE income is and have no impact whatsoever as to what the tax rate is. Apples and oranges.

The tax rate for your C corp is the same as the tax rate for my (former C corp), Home Depot, GE, etc.
Oh really

Blairsville, GA

#2436 Jan 21, 2013
Bill in Dville wrote:
<quoted text>
If you're not audited, it doesn't matter what deductions you take.
If you stay within the law, as I do, no problems.
Bored

Dawsonville, GA

#2437 Jan 21, 2013
Informed Opinion wrote:
<quoted text>
All that anger.
Relax, nothing is going to change as long as we keep voting for the same people owned by the same corporations.
This doesn't have to be complicated.
Pick a tax rate, any tax rate, and make everyone pay the same tax rate on all income from all sources:
wages, short-term capital gains, long-term capital gains, bonuses, options, grants, hedge fund gains, inheritances, gifts, barter. Everything.
No deductions, for anything, anytime, for anyone.
How hard is that ?
How can that be "unfair"
Let's call it the "RFT" - the Really Fair Tax.
Boring
Oh really

Blairsville, GA

#2438 Jan 21, 2013
Bill in Dville wrote:
<quoted text>

The tax rate for your C corp is the same as the tax rate for my (former C corp), Home Depot, GE, etc.
Yeah, but what I can deduct and what you can, or could when you were working, is different.

The big difference is in the accounting and legal counsel, and tax breaks. You're under the mistaken impression that "the law" applies equally to everyone. It does - until the special (accounting) conditions, the details and tax breaks, kick in.

Remember, bean-counters rule the world!

Aside: GE doesn't pay corporate tax, HD does, a little.

http://www.nytimes.com/2011/03/25/business/ec...
ME II

Dahlonega, GA

#2439 Jan 21, 2013
Bill in Dville wrote:
<quoted text>
Actually, unless the rules have changed in the short time period since I retired I don't think they have), you have to issue a form 1099 for payments totaling over $600 made to a non-corporation, non-employee, unless the payment is for a tangible item (like a computer).
Also, the SS # or FEIN # are supposed to be verified, you're supposed to get a form W-9 from vendors.
In order for you to deduct something as a valid business expense paid to an individual, it must be "picked up" as income by that person.
All that being said, it's irrelevant to what I said about tax rates being the same for all. The above discussions about deductions are about items used in determining what TAXABLE income is and have no impact whatsoever as to what the tax rate is. Apples and oranges.
The tax rate for your C corp is the same as the tax rate for my (former C corp), Home Depot, GE, etc.
OK, enough with the double talk... Basically, the rich and big companies find a lot more ways to reduce their TAXABLE income than most of the regular Joes out there.

When I worked for a big company, I, as an individual worker, didn't have many ways to claim tax deductions. Now that I have my own business, I find that I can write off most anything. Business lunches?? Oh yeah, I can deduct that. But those every day Joes can't.
Oh really

Blairsville, GA

#2440 Jan 21, 2013
Bill in Dville wrote:
<quoted text>
you have to issue a form 1099 for payments totaling over $600 made to a non-corporation, non-employee, unless the payment is for a tangible item (like a computer).
Also, the SS # or FEIN # are supposed to be verified, you're supposed to get a form W-9 from vendors.
In order for you to deduct something as a valid business expense paid to an individual, it must be "picked up" as income by that person.
Those are the rules you may (or may not) go by, but they're not mine, according to the IRS.
Oh really

Blairsville, GA

#2441 Jan 21, 2013
ME II wrote:
<quoted text>
OK, enough with the double talk... Basically, the rich and big companies find a lot more ways to reduce their TAXABLE income than most of the regular Joes out there.
When I worked for a big company, I, as an individual worker, didn't have many ways to claim tax deductions. Now that I have my own business, I find that I can write off most anything. Business lunches?? Oh yeah, I can deduct that. But those every day Joes can't.
Tell me about it. I know of one contract that called for escrow accounts be funded for the person's children and grand children (a Ricky Fund)- and at the time of signing, he and his wife had neither, but it helped turn a net loss (NOT a misprint), which was needed (which became another deduction, a capital loss). It was all legal too.

Since: Nov 08

Location hidden

#2442 Jan 21, 2013
ME II wrote:
<quoted text>
OK, enough with the double talk... Basically, the rich and big companies find a lot more ways to reduce their TAXABLE income than most of the regular Joes out there.
When I worked for a big company, I, as an individual worker, didn't have many ways to claim tax deductions. Now that I have my own business, I find that I can write off most anything. Business lunches?? Oh yeah, I can deduct that. But those every day Joes can't.
So! Are you taking those deductions?
ME II

Dahlonega, GA

#2443 Jan 21, 2013
Synergy wrote:
<quoted text>
So! Are you taking those deductions?
Sure I am. But we all know it really, really isn't fair to take such deductions when the working man can't.
jeb stuart

Jesup, GA

#2444 Jan 21, 2013
Synergy wrote:
<quoted text>
So! Are you taking those deductions?
good point,syn.some of these posts seem to me to suggest that no one is breaking the law unless they get caught doing so.
martini olive

Warrior, AL

#2445 Jan 21, 2013
Well then, you're just as low as imprisoned inmates filing millions in false tax returns. And you boast about it? How disgusting?
ME II

Dahlonega, GA

#2446 Jan 21, 2013
martini olive wrote:
Well then, you're just as low as imprisoned inmates filing millions in false tax returns. And you boast about it? How disgusting?
You talking to me? All I said is that I take any LEGAL deduction I can, like business lunches, etc. But as I say, it isn't really fair to the normal, everyday working man, is it?

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