M
MillTownCath
Guest
This is laughable. Taxes at lowest point since 1950. Wealthy corporations getting away with paying zero taxes at all.
- Status
D
Dan_Grelinger
Guest
What’s laughable is that you consider high taxes a good thing.
S
sedonaman
Guest
Hey, a little is a little good, so a lot must be a lot of good !
“Class-warfare politics is bad enough when it is for real. But it is as phony as a three-dollar bill, when the same politicians pass high tax rates on ‘the rich’ to win votes – and then get financial support from ‘the rich’ to create loopholes that enable them to avoid paying those high tax rates.” – Thomas Sowell
A
ACCT
Guest
50% of individuals do not pay any income taxes.
A
ACCT
Guest
Taxation is very interesting and exciting. I see $ signs behind all of those regulations!
Look a piece of paper. Look at the bottom of the paper. Everything below the paper is fraud. Fraud is a definite line and should never be crossed. There is nothing below the bottom of the page.
Look at the top of the paper. That is also a definite line. That line is the IRS position on taxes. There is nothing above the piece of paper. Everything is income, unless the IRS says that it is not income! There are no deductions, unless the IRS says that there is a deduction!
Tax accounting concerns itself with the lowest tax presentation. The legal term is tax avoidance. The Supreme Court has said that it is legal to arrange your financial affairs to avoid paying taxes.
Board certified tax attorneys charge $250 per hour to help rich people avoid taxes. Attorneys are famous for following the letter of the law, but not the spirit of the law. It is all semantics. The IRS has a narrow definition of the law. The tax attorney has a broad definition of the law. The tax attorney finds out the intent of Congress or the spirit of the law. He then reads the law very carefully. Next, he follows the letter of the law, but not the intent of Congress. He finds the legal loopholes!
Look a piece of paper. Look at the bottom of the paper. Everything below the paper is fraud. Fraud is a definite line and should never be crossed. There is nothing below the bottom of the page.
Look at the top of the paper. That is also a definite line. That line is the IRS position on taxes. There is nothing above the piece of paper. Everything is income, unless the IRS says that it is not income! There are no deductions, unless the IRS says that there is a deduction!
Tax accounting concerns itself with the lowest tax presentation. The legal term is tax avoidance. The Supreme Court has said that it is legal to arrange your financial affairs to avoid paying taxes.
Board certified tax attorneys charge $250 per hour to help rich people avoid taxes. Attorneys are famous for following the letter of the law, but not the spirit of the law. It is all semantics. The IRS has a narrow definition of the law. The tax attorney has a broad definition of the law. The tax attorney finds out the intent of Congress or the spirit of the law. He then reads the law very carefully. Next, he follows the letter of the law, but not the intent of Congress. He finds the legal loopholes!
D
Dan_Grelinger
Guest
And I understand that they get more than an equal share of government benefits.
S
sedonaman
Guest
I remember the 90% tax rate of the ‘50s. It was all eyewash. No rich person ever paid those marginal rates. In the pre- AMT days of the mid ‘60s, US News ran an article about the rich who paid no taxes; and among those who did, the highest rate paid was 48% [amazingly they found one who claimed he could legally pay nothing but felt he should pay something and paid 10%]. Then there was my favorite: the story of the René Corporation, a company that leased luxury yachts, but it owned only one yacht, the René. The owner of the company was the ‘50s CEO of GM who was the only person who ever leased the yacht. All the expenses of buying/maintaining the René were write-offs designed to offset the CEO’s regular income. This is the equivalent of incorporating your kitchen as a restaurant and you’re the only customer.
But there is another problem that was the subject of a study by economist Andrew Oswald of Warwick University in England:
“Everybody hates a winner, and when you lose, you lose together.” According to new research, we not only envy winners, we often punish them-even at our own expense.
“I may have unearthed the dark side of human nature,” says Oswald. Oswald’s ingenious study, conducted with colleague Daniel Zizzo of Oxford University, tested how willing we are to burn away others’ wealth, even when we have to give up our own to do so. Participants played an anonymous betting game at a computer terminal. The money they received to play the game – along with any winnings – was theirs to keep. As they played, the screen showed exactly how much other players were winning. At the end, players could secretly burn away other people’s money – but only if they burned 25 percent of their own money, too.
Of 116 study participants – playing several games in anonymous groups of four – almost two-thirds chose to burn other players’ winnings. And this was in spite of the high cost – burn a dollar of another’s money, lose 25 cents of your own. Losers punished winners, which might seem to be motivated by a kind of perverse logic, driven by envy and resentment. But even winners punished others, though they punished both poor and rich alike – reducing their own windfalls.
[See “Losers Take All” by Jill Neimark, http://jillneimark.com/losers.html ].
“Class-warfare politics is bad enough when it is for real. But it is as phony as a three-dollar bill, when the same politicians pass high tax rates on ‘the rich’ to win votes – and then get financial support from ‘the rich’ to create loopholes that enable them to avoid paying those high tax rates.” – Thomas Sowell
A
ACCT
Guest
The government also gives individuals who do not pay any income taxes the option of getting money under the Earned Income Credit.
S
sedonaman
Guest
A program rife with fraud. newswithviews.com/Wooldridge/frosty478.htm
A
ACCT
Guest
FRAUD! I worked for H&R Block. If it were not for the Earned Income Credit, H&R Block would lose most of their income. So much for government helping the poor. **Internal control is the cornerstone of accounting. There is no internal control in the government **and it is impossible to get internal control.
Economics cannot define the term, “need.“ Fairness is another word that economics cannot define. Additionally, accounting cannot define fairness as an operational criterion for cost-allocation. **Fairness is a lofty objective rather than an operational criterion. **
Trying to define fairness and needs is like trying to change a tire on a moving automobile. Assume, for example, that I own a grocery store. I want to help the “needy” people who are in a rush. Therefore, I dedicate a cash register for people who are “legitimately” in a rush. What happens? The line clogs up because everyone is in a rush! I know in my heart what “needy” means, but it is a concept that I cannot enforce without assuming the role of judge. Fairness and needs are not quantifiable.
If you want to help sexually abused children, eliminate Social Services. If you want to decrease our dependence on foreign oil, eliminate the Department of Energy. If you want to help the poor workers, eliminate the minimum wage. If you want to reduce crime, eliminate the war on drugs.
Fairness is equal opportunity. It is not equality of outcome, as the judicial activists would have us believe. The role of government is an umpire, not a participant. These ideas go back to Adam Smith and Thomas Jefferson.
S
sedonaman
Guest
In my last job, my office was in an almost constant state of self-justification. I got so good at taking a set of $ numbers and making them tell the story my boss wanted to see that I scared even myself.
Too many times we have let those for unlimited government to con us into not challenging their assertion that, “Government has a role to play.”
All of this shows that subsidiarity is better than one central authority.
“If incomes are equalized, they will be equalized at a low level.” – Economist Vilfredo Pareto, c. 1925
A
ACCT
Guest
A
ACCT
Guest
“The Church has rejected the totalitarian and atheistic ideologies associated in modem times with ‘communism’ or ‘socialism’.” - Catechism of the Catholic Church 2425
S
sedonaman
Guest
An important distinction to be made here is that totalitarianism doesn’t cause socialism, but the reverse is the case: socialism causes totalitarianism because you have to force it on a population. For socialism to work requires taking away their rights. The Bolsheviks didn’t start a revolution to establish gulags; they were after social justice.
“The study of history is a powerful antidote to contemporary arrogance. It is humbling to discover how many of our glib assumptions, which seem to us novel and plausible, have been tested before, not once but many times and in numerable guises; and discovered to be, at great human cost, wholly false.” – Historian Paul Johnson
T
tonyinatlga12
Guest
Hey coptic,
I have be recovering from surgery the past week. I was so bored out of my mind until somehow I came across this website. Unfortunately it is back to work with me. It has been such fun toying with you. You have had me laughing my *** off. Thank you so much for the entertainment. You crack me up. It has been so much fun having you run from here and there. I would just cut and paste stuff off the internet and I can just imagine you taking all that time reading a bunch of ****. I feel kind of bad jerking you around, but I couldn’t resist. You just made it too easy. I wish I could take a couple of more days off to play around with you, but its back to the real world.
I have be recovering from surgery the past week. I was so bored out of my mind until somehow I came across this website. Unfortunately it is back to work with me. It has been such fun toying with you. You have had me laughing my *** off. Thank you so much for the entertainment. You crack me up. It has been so much fun having you run from here and there. I would just cut and paste stuff off the internet and I can just imagine you taking all that time reading a bunch of ****. I feel kind of bad jerking you around, but I couldn’t resist. You just made it too easy. I wish I could take a couple of more days off to play around with you, but its back to the real world.
A
ACCT
Guest
A
ACCT
Guest
Europe is now paying for socialism. They built their world without God. The U.S. is next.
Italy’s debt — an astounding $2.4 trillion — is now on a collision course with future default. That will make the Greek crisis — and even Spain’s latest mess — look puny by comparison!
And never forget: All this is happening while Spain’s bond markets CONTINUE to sink into the gutter …
Greek depositors yanked as much as $875 billion out of their banks yesterday as investors head for the hills in advance of this Sunday’s all-important Greek elections, and …European authorities bang their heads against the wall, unable to come up with viable solutions.
Make no mistake about it:** Europe’s sovereign debt crisis is now steamrolling through the continent, threatening to flatten nearly every economy, no matter how small or how big. **
Italy’s debt — an astounding $2.4 trillion — is now on a collision course with future default. That will make the Greek crisis — and even Spain’s latest mess — look puny by comparison!
And never forget: All this is happening while Spain’s bond markets CONTINUE to sink into the gutter …
Greek depositors yanked as much as $875 billion out of their banks yesterday as investors head for the hills in advance of this Sunday’s all-important Greek elections, and …European authorities bang their heads against the wall, unable to come up with viable solutions.
Make no mistake about it:** Europe’s sovereign debt crisis is now steamrolling through the continent, threatening to flatten nearly every economy, no matter how small or how big. **
R
Robert_Sock
Guest
In it all, regardless of poor nations and weak economic systems, the world as a whole continues to develop at an amazing rate! Like Saint Paul states: “In all things, God works for the good.”
A
ACCT
Guest
I have no idea what you are talking about.
A
ACCT
Guest
The only real solution here is repudiation of unpayable debts, the exit from the euro currency union by countries like Greece, and the failure of large, vulnerable European financials.
I don’t care how many European politicians lie to you and tell you otherwise. I don’t care how many euros, yen, pounds, or dollars central bankers print as part of temporary, stop gap, papering-over-the-problem programs. That’s the bottom line, and there’s no getting around it.
I don’t care how many European politicians lie to you and tell you otherwise. I don’t care how many euros, yen, pounds, or dollars central bankers print as part of temporary, stop gap, papering-over-the-problem programs. That’s the bottom line, and there’s no getting around it.
- Status