O.C. businessman: ‘I pay 23 different taxes!’ | FerrariChat

O.C. businessman: ‘I pay 23 different taxes!’

Discussion in 'California (Southern)' started by SrfCity, Apr 6, 2009.

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  1. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #1 SrfCity, Apr 6, 2009
    Last edited: Apr 6, 2009
    So his letter lists them for the Gov.:

    1. California corporate income tax
    2. Individual income tax
    3. Self-employment tax
    4. Business license tax
    5. Personal proeprty tax on equipment
    6. Real estate property tax
    7. Vehicle registration tax on company vehicles
    8. Personal vehicle registration tax
    9. Sales tax
    10. Excise tax
    11. Fuel taxes on gasoline and diesel
    12. Utility taxes
    13. Telephone taxes
    14. Social Security taxes
    15. Workers compensation taxes
    16. Unemployment insurance
    17. Inventory taxes
    18. Disability insurance for employees
    19. Business liability insurance (this and several others are example of a mandatory cost for businesses that isn’t called a tax)
    20. Business property insurance
    21. Business vehicle insurance
    22. Business integration insurance
    23. Limited Liability Company tax ($6,000 minimum a year)

    “Plus, we have to pay all of the federal taxes on top of this,” Mowery adds.

    He says he has $14 million invested in just one of his senior facilities in Escondito. It grosses $3.5 million and nets $180,000.

    “So I made 1.5% on my money with all the risk,” he says. “Do you want to risk $14 million for 1.5% return on investment?”

    http://jan.freedomblogging.com/2009/04/06/oc-businessman-i-pay-23-different-taxes/11341/
     
  2. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #2 SrfCity, Apr 6, 2009
    Last edited: Apr 6, 2009
    So his letter lists them for the Gov.:

    1. California corporate income tax
    2. Individual income tax
    3. Self-employment tax
    4. Business license tax
    5. Personal proeprty tax on equipment
    6. Real estate property tax
    7. Vehicle registration tax on company vehicles
    8. Personal vehicle registration tax
    9. Sales tax
    10. Excise tax
    11. Fuel taxes on gasoline and diesel
    12. Utility taxes
    13. Telephone taxes
    14. Social Security taxes
    15. Workers compensation taxes
    16. Unemployment insurance
    17. Inventory taxes
    18. Disability insurance for employees
    19. Business liability insurance (this and several others are example of a mandatory cost for businesses that isn’t called a tax)
    20. Business property insurance
    21. Business vehicle insurance
    22. Business integration insurance
    23. Limited Liability Company tax ($6,000 minimum a year)

    “Plus, we have to pay all of the federal taxes on top of this,” Mowery adds.

    He says he has $14 million invested in just one of his senior facilities in Escondito. It grosses $3.5 million and nets $180,000.

    “So I made 1.5% on my money with all the risk,” he says. “Do you want to risk $14 million for 1.5% return on investment?”

    http://jan.freedomblogging.com/2009/...t-taxes/11341/
     
  3. BT

    BT F1 World Champ
    Lifetime Rossa

    Mar 21, 2005
    15,291
    FL / GA
    Full Name:
    Bill Tracy
    #3 BT, Apr 6, 2009
    He must be rich. Therefore, he needs to pay some more taxes. We will have someone stop by to set up the new programs!
    BT
     
  4. wazie7262

    wazie7262 Formula 3

    Feb 13, 2008
    2,357
    Temecula, CA
    Full Name:
    Scott
    #4 wazie7262, Apr 6, 2009
    Pardon me while I vomit; preferably all over the Government...
     
  5. TheMayor

    TheMayor Nine Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    98,794
    Vegas baby
    #5 TheMayor, Apr 6, 2009
    Don't worry. When you pass on, you'll be taxed 45% of what you own so the government can do a better job of wasting it (ur---I mean spending it) than your kids. So, there's still at least number 24 to come -- but hopefully a long time in the future.
     
  6. TexasF355F1

    TexasF355F1 Six Time F1 World Champ
    Silver Subscribed

    Feb 2, 2004
    69,196
    Cloud-9
    Full Name:
    Jason
    #6 TexasF355F1, Apr 7, 2009
    My dad owns his own business and I can tell when he's just written a check to the government because he's always in a pissed off mood.

    I'm an only child so I've heard all about the estate taxes from my parents......that's a sore subject with them as well.
     
  7. F-passione

    F-passione Karting

    Mar 31, 2004
    173
    Orange County, CA
    #7 F-passione, Apr 8, 2009
    Now we might be getting some where. :)

    California's anti-tax crusaders talk revolt

    LOS ANGELES (Reuters) – Taking inspiration from a landmark 1970s tax revolt, a determined group of activists say the moment is right for another voter uprising in California, where recession-battered residents have been hit with the highest income and sales tax rates in the nation.

    http://news.yahoo.com/s/nm/20090408/us_nm/us_economy_california_taxes
     
  8. 512bbnevada

    512bbnevada Formula Junior
    BANNED

    Aug 22, 2007
    422
    las vegas
    Full Name:
    Biff
    #8 512bbnevada, Apr 8, 2009
    One of the many reasons why I will never have a business in Kali again. Plus their is no Statute of Limitaions you fail you owe the State forever all the risk for what?
     
  9. wetpet

    wetpet F1 World Champ
    BANNED

    May 3, 2006
    10,210
    #9 wetpet, Apr 8, 2009
    it ain't just cali....
     
  10. Westworld

    Westworld Three Time F1 World Champ
    Silver Subscribed

    May 18, 2004
    31,189
    #10 Westworld, Apr 10, 2009
    It's such a shame, really. From the lifestyle, the opportunities (which seem to be getting harder to achieve), the weather and natural beauty, California has all the tools.
     
  11. frefan

    frefan F1 Veteran

    Apr 21, 2004
    7,370
    #11 frefan, Apr 10, 2009
    I completely empathize; all the risk for 1.5% is definately not worth it. and why work harder? why work for time and a half when the govt gets to keep half?

    and how much risk does the govt take? 0%
     
  12. Stackhouse

    Stackhouse F1 Rookie
    Consultant

    Feb 14, 2004
    4,714
    IN YOUR TRUNK
    Full Name:
    CT.. AKA Pimp Daddy
    #12 Stackhouse, Apr 10, 2009
    Selling Popsicles on the beach of some Caribbean island sounds real good about now!


    ;)
     
  13. Lip Service

    Lip Service Formula Junior

    Dec 16, 2005
    443
    #13 Lip Service, Jun 22, 2009

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