| Author | Message | ||
| Mfennell70 (Mfennell70)
Junior Member Username: Mfennell70 Post Number: 174 Registered: 7-2001 |
Please allow me to interrupt your rant with some facts. The working class, eh? The top 20% of wage earners (households making $82k+) pay ~67% of the income tax! Great soundbite but most companies don't make any money, millions in revenue or not. Most fail, in fact. Several of the successful guys on this very list have said that they had many failures before major success. I was working for a company when it was purchased. The taxes that the principals paid was *staggering*. Breathtaking. Even I personally ended up paying nearly $40000 in taxes for a STOCK ONLY transaction between private companies where I didn't see one penny. That stock is now worthless. The nice government will let me deduct $3000/yr for the next 13 years... Repeat: high income earners pay a tremendous amount of taxes. Feel free to review the Taxpolicycenter.org for facts vs. rhetoric. PS: I do find the "truck" deduction ridiculous. EDIT: oops, 20%, not 25%! BTW, Sunny's numbers are more pessimistic than taxpolicycenter.org, who show 6-7% of taxes being paid by bottom 50% (they use quintiles, so a direct comparison is difficult). | ||
| Sunny Garofalo (Jaguarxj6)
Member Username: Jaguarxj6 Post Number: 946 Registered: 2-2003 |
Martin, You have to use it for business, and if you plan to use the loophole just so you can tool around in a Hummer and make it cost a fraction what it should, you should be ashamed. Don't blame GWB, check your facts. On to taxes.. In 2000, 50% of the taxpayers paid 96% of the taxes according to IRS figures. Rush jumped on this one quick during the Democratic plea to lower taxes for the little guy. I had to verify these figures myself, so I went to the IRS website and did some digging for the figures and I found them. Those who were rallying for tax breaks for that bottom 50%, they need more help than a 1-4% tax break, they're hovering at the poverty level. The tax system is way overdue for an overhaul. "The top 50% were those individuals or couples filing jointly who earned $26,000 and up in 1999." "Top 5% - 56.47% of all income taxes; Top 10% - 67.33% of all income taxes; Top 25% - 84.01% of all income taxes. Top 50% - 96.09% of all income taxes. The bottom 50%? They pay a paltry 3.91% of all income taxes." http://www.rushlimbaugh.com/home/menu/top_50__of_wage_earners_pay_96_09__of_income_taxes.guest.html Sunny | ||
| Randall (Randall)
Member Username: Randall Post Number: 692 Registered: 1-2003 |
"Seriously, do you really believe that a person should pay a smaller percent of his income in taxes simply because he earns less?" I do to an extent. A person that earns $25k is sure going to miss 25% of that a lot more than a person that earns $100k. I think the whole tax system needs work. I don't like the way a single worker gets taxed to hell and back. I'd be up for a flat tax for everyone that made over x amount of money. I don't think the government should be involved in the marriage business at all, that shouldn't matter in the least at tax time. | ||
| Tyler (Bahiaau)
Intermediate Member Username: Bahiaau Post Number: 1065 Registered: 12-2001 |
"allow multimillion dollar corporations to pay ZERO taxes while the working class person shells out a HUGE chunk of his paycheck to fund our government." Is that an offer to trade tax liabilities Arlie? Seriously, do you really believe that a person should pay a smaller percent of his income in taxes simply because he earns less? | ||
| Rikky Alessi (Ralessi)
Member Username: Ralessi Post Number: 379 Registered: 5-2002 |
Yes Arlie, the working class pay SOOOOOOOOOOOOO much federal income tax in this country! | ||
| Nebula Class (Nebulaclass)
Member Username: Nebulaclass Post Number: 551 Registered: 11-2002 |
Hey Arlie - if some rich dude is able to afford a tax atty that can reduce his taxes to the same 30% that the middle class pays, that's dandy with me! And corps that pay zero taxes are able to take those savings and increase pay and QOL for employees. (I know, I know, that last part is a stech, but it sounds good!  ) | ||
| Horsefly (Arlie)
Intermediate Member Username: Arlie Post Number: 1518 Registered: 5-2002 |
But very unfortunate that only the RICH can afford to hire tax attornies who can mine the tax laws for these obscure tax loopholes that, when taken to their extreme, allow multimillion dollar corporations to pay ZERO taxes while the working class person shells out a HUGE chunk of his paycheck to fund our government. | ||
| Nebula Class (Nebulaclass)
Member Username: Nebulaclass Post Number: 548 Registered: 11-2002 |
Arlie - I consider someone who has worked his a$$ off getting taxed %80 simply because he has a work ethic and initiative a crime. More of a crime than finding a loophole that allows for using a race horse as a tax write-off. | ||
| Horsefly (Arlie)
Intermediate Member Username: Arlie Post Number: 1516 Registered: 5-2002 |
Nebula, if in the world of the rich, a thoroughbred race horse is considered a farm plow horse, then that's just shady dealings plain and simple. I wonder what would happen if one of those thoroughbred horse owners stopped by the barn one day and saw some guy out plowing a field with his "farm" horse. He would probably have a heart attack. There are plenty of 6000 pound vehicles running around that are being used as "farm vehicle" tax deductions and those vehicles have never been near a farm. But I'm sure most of the people taking those "farm" deductions actually went out and bought themselves ONE whole acre of land in the middle of nowhere just so they could call it their "farm". I'm sure that helps them, and their tax attorney, sleep better at night. | ||
| Tyler (Bahiaau)
Intermediate Member Username: Bahiaau Post Number: 1063 Registered: 12-2001 |
"Once again, a law was meant to help the "little guy" farmer, and it ends up putting even more cash into the pockets of the big shots." Arlie, maybe I'm misreading your tone but it sounds like your saying the "little guy" is getting screwed and not benefitting. That simply is not the case. I know many small farmers and business owners that this law benefits. Do some people use the law who don't fit the "intended" benificiary? Certainly, but that is true with most laws. The important thing is that those people who this law was intended to help are indeed being helped. | ||
| Nebula Class (Nebulaclass)
Member Username: Nebulaclass Post Number: 544 Registered: 11-2002 |
"the rich get richer" So? Is anything wrong with that? I would assume that most of the rich people on this board worked hard to get rich, and continue to work hard to get richer. I see nothing wrong with that at all. In fact, I LOVE IT. It's called capitalism and a free market. | ||
| Horsefly (Arlie)
Intermediate Member Username: Arlie Post Number: 1515 Registered: 5-2002 |
The same kind of loopholes allow a bunch of business investors to get together to buy an expensive racehorse as an investment and deduct the barn, feed, pasture, vet care, etc, as a "farm expense". Yeah right. The law was originally intended to help farmers who raise horses and cattle, and as always, it is twisted and contorted to benefit some big shots who are trying to get rich by funding a thoroughbred horse all the way to the Triple Crown. Once again, a law was meant to help the "little guy" farmer, and it ends up putting even more cash into the pockets of the big shots. The rich get richer. | ||
| MarkPDX (Markpdx)
Member Username: Markpdx Post Number: 862 Registered: 4-2003 |
Why begrudge someone a tax writeoff? It doesn't really matter what the president does, somebody won't like it. Clinton appreciates Hummers and the conservatives complain. Bush lets you depreciate Hummers and the enviromentals complain. | ||
| Tyler (Bahiaau)
Intermediate Member Username: Bahiaau Post Number: 1061 Registered: 12-2001 |
Jim, is right, this law is nothing new. Also Martin, it does make sense when applied to farms and small agricultural businesses which is the main intent. | ||
| Martin - Cavallino Motors (Miami348ts)
Senior Member Username: Miami348ts Post Number: 6312 Registered: 5-2001 |
gotta go Hummveeing now | ||
| Martin - Cavallino Motors (Miami348ts)
Senior Member Username: Miami348ts Post Number: 6311 Registered: 5-2001 |
...and still INSANELY stupid! | ||
| Martin - Cavallino Motors (Miami348ts)
Senior Member Username: Miami348ts Post Number: 6310 Registered: 5-2001 |
William, as I said, I just bought a Hummer JimE the law is new and yes, retroactive but still new. | ||
| Jim E (Jimpo1)
Advanced Member Username: Jimpo1 Post Number: 2653 Registered: 7-2001 |
This law has been around for a while Martin. You can take advantage of it if you own a small business. It used to be retroactive also, I have a friend that found out about the law last year and went back three years to write off the whole truck. Don't blame GWB. | ||
| William H (Countachxx)
Advanced Member Username: Countachxx Post Number: 3244 Registered: 2-2001 |
Martin another way of looking at it is that its a great time to buy a tow vehicle | ||
| Martin - Cavallino Motors (Miami348ts)
Senior Member Username: Miami348ts Post Number: 6302 Registered: 5-2001 |
in times of environmental conciousness and trying to save the remains of this planet, GWB has outdone himself again: If you buy a gas-guzzling, environmental polluting 6,000GWT SUV or truck, you can depreciate the monster 60% this year and 40% next year, giving you a 100% write off. We promote the most unfriendly vehicles with massive tax breaks. BTW if you try to depreciate your hybrid Ford, all you can depreciate is $3,000 per year max. But then, that car does not use that much gas and we all know where our Texan president is getting his and his families revenues from! Yehaa, I just bought a Hummer! I will sell the Hummer to my dealership next year, taking a full 100% deduction (saving $16,000 in taxes), sell it to the dealership at $1 and buy it back personally for $1.50. Yes, I will paythe taxes on my $50c profit. Thanks GWB for giving me $ 16,000! He is screwing "yall" |