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Old 09-29-2011, 12:09 PM  
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Originally Posted by Eddie_T View Post
Academicians often lack logic, as in the original quote attempting to incite a less informed populace into thinking their employers are the bad guys. Look at Obama, his education may look good on paper but look at his logic and his results. Yep, this lady is in left field.
She's not in left field. Hers is a very centrist - and popular - opinion. Progressive tax rates have been on the books for as long as taxes have been on the books. She is NOT out in left field. She's right down the center. That you think she's in left field says more about how far to the right your political ideals lie, how dangerously radical your opinions actually are.

Taxes aren't paid on gross income, but on net profit. There is no justification for someone or some company earning greater profit to pay a lower tax rate on that profit than someone earning less profit.
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Old 09-29-2011, 12:42 PM  
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She's not in left field. Hers is a very centrist - and popular - opinion. Progressive tax rates have been on the books for as long as taxes have been on the books. She is NOT out in left field. She's right down the center. That you think she's in left field says more about how far to the right your political ideals lie, how dangerously radical your opinions actually are.

Taxes aren't paid on gross income, but on net profit. There is no justification for someone or some company earning greater profit to pay a lower tax rate on that profit than someone earning less profit.
Although I have a few businesses that deal primairly with income tax on profit only, as you say, I roll most of my cut off them into my "little" land development company. When a sale happens here, along with the rest of the taxes or fees if you will, I pay a fair amount of capitol gains when I get a pay day.
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Old 09-29-2011, 02:14 PM  
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Originally Posted by MRB

Although I have a few businesses that deal primairly with income tax on profit only, as you say, I roll most of my cut off them into my "little" land development company. When a sale happens here, along with the rest of the taxes or fees if you will, I pay a fair amount of capitol gains when I get a pay day.
Correct me if I am wrong, but capitAl gains are PROFITS earned on investments that are sold at greater than their purchase price. ( I have no idea what capitOl gains are... Perhaps profits realized from buying a senator? )
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Old 09-29-2011, 02:45 PM  
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Perhaps profits realized from buying a senator?
Extra cheap lately
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Old 09-29-2011, 02:52 PM  
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Correct me if I am wrong, but capitAl gains are PROFITS earned on investments that are sold at greater than their purchase price. ( I have no idea what capitOl gains are... Perhaps profits realized from buying a senator? )
You must be a school teacher. And I'll admit with the exception of posting things on a forum, which I don't think of grammer or spelling much when I'm on these things, I do really pay others to draft all my documents off my chicken scratch notes. Hell I pay others to speak for me in public. Trust me I know more than anyone else that if I didn't, I'd really look like an idiot when it really matters. On a internet forum I don't really care so much and these are places where I don't mind looking like an idiot from time to time.

But wait!!.... Hey now you got me thinking. Can you smell wires burning?
You know, I do pay a lobbying firm to deal with the.....hummmmm.... how can I say this??..... well... local government planning departments and other associated local government agencies to see that they get some help for some of their favorite charities if you get my drift. It makes getting things done just a little easier and a bit more expedient. I mean I am buying something here. So maybe sometimes the letter "A" can work in place of the letter "O" in that word.

And your correct on the profits as I don't really own the land if I don't have to. I option it for 2 to 3 years to give me time to get the entitlements and final maps approved and paid for. So, I usually don't get the benefits of the tax basis in the lands to offset against the gains.
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Old 09-29-2011, 03:37 PM  
mohel
 
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One reason the well to do can avoid taxes is but soothing planning and zoning commissions but so are tax accountants and tax attorneys. The average Joe can't afford any of those so the end result is skewed in the favor of the wealthy
Knowing your competitors minimize costs you need to be able to match or better them.

When it first was noted people were buying Hummers with a farm subsidy you might expect to see that loophole closed. Instead Hummers purchased this way live in Manhattan and I don't mean Kansas.

I must conclude either the Congress is planning on buying those beasts or their pockets were lined by those that do. There is definite leverage with $$$.
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Old 09-29-2011, 07:38 PM  
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Originally Posted by blucher View Post
One reason the well to do can avoid taxes is but soothing planning and zoning commissions but so are tax accountants and tax attorneys. The average Joe can't afford any of those so the end result is skewed in the favor of the wealthy
Knowing your competitors minimize costs you need to be able to match or better them.

When it first was noted people were buying Hummers with a farm subsidy you might expect to see that loophole closed. Instead Hummers purchased this way live in Manhattan and I don't mean Kansas.

I must conclude either the Congress is planning on buying those beasts or their pockets were lined by those that do. There is definite leverage with $$$.
I know a guy that has a large walnut orchard north of Sacramento here that bought Hummers for his wife about every 3 or so years. Probably the length of his depreciation schedule. The vehicle was used for some of the orchard farm business. Not sure, but I think that IRS considers them as farm equipment.
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Old 09-30-2011, 10:36 AM  
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The vehicle was used for some of the orchard farm business. Not sure, but I think that IRS considers them as farm equipment.
The original intent was to help farmers afford farm machinery. The man you mention at least uses it that way at times.

My anger is directed at those who saw a loophole to get Hummers cheap but have no connection to agriculture.
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Old 09-30-2011, 07:15 PM  
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If the government presents a program many will arise to exploit its loopholes. The answer, less government programs.
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Old 09-30-2011, 08:04 PM  
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If the government presents a program many will arise to exploit its loopholes. The answer, less government programs.
*An* answer, not *the* answer.

This line of discussion concerns IRS section 179. We can take from your suggestion that section 179 deductions should be eliminated.

What you have not considered is that Section 179 allows businesses to write off the purchase price of a piece of equipment in the year it is purchased, instead of depreciated over several years. It is a huge benefit to small and medium sized businesses.

Another answer to the problem with loopholes is closing them. Section 179 didn't adequately differentiate between luxury and commercial business equipment. The law was previously changed to disallow luxury cars purchased as status symbols.

The law didn't effectively differentiate between true commercial vehicles like trucks and cargo vans, and overgrown passenger vehicles like Hummers, Suburbans, Tahoes, and Mercedes-Benz M-Class SUVs. The law has been changed; the loophole has since been closed; the government program continues to benefit the small and medium sized businesses it was intended to benefit.
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