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If we go on vacation..........I look at equipment.
I love that one. My former convenience store employer spends 10-15 weeks a year globetrotting, so I suggested he look for cool products to import and sell in his stores. But when he travels, he is having too much fun to be diverted. I have no idea if they have big trade shows like we do here.
The thing is not everyone who is rich is rich by good decisions. Unless you wastefully spend or are new money, you do have old money which is people who are rich based off of previous their parents, grandparents, even great grandparents.
Yes, I know several millionaires and I can only think of two who were "self made", and they are very generous and gracious people. The others who were born into money and who did nothing to earn it tend to cling to it jealously like they had to perform the 12 Labors of Hercules to get it.
My best guess is that they know if they lose it they have no idea how to earn it back, versus the self made guys who know how to make money and are confident in their abilities to do so again if necessary.
The old cliche about the Golden Rule ("He who has the gold makes the rules") is alive and well in the US tax system. The whole system is Of, By, and For the rich. Tax rates for the very wealthy have plummeted in the last decade, yet we continually hear how the wealthy are being "taxed to death".
I recall reading a story several years ago where Warren Buffett was talking about how much higher the tax rate was for his $40k earning secretary than it was for himself, and how ridiculous it was. Since then, it's just become more ridiculous. I'd love to pay that 16%-ish rate that the top 400 pay.
Capital gains tax is 20% federal, 23.5% if you are over certain income limits
The median federal income tax paid is about 7%
Therefore the rich are paying more on capital gains then the middle class secretaries earning 40K per year.
Secondly the capital gains includes inflation, which historically makes up about 40% of all stock gains. Also take into account that the capital gains are taxed twice since earnings growth drive stock appreciation. Earnings are after tax. The corporate tax is 35%, the average company in the S&P 500 pays about 30% in taxes.
You add in all these factors and capital gains are around 40-50% depending on the period.
You sound like a bitter jealous person. If you want more money why don't you work more or change careers don't expect rich people to pay for you. You aren't entitled to anyone else's money.
The sad thing is that the Democratic party thinks they decide who gets to keep what. I think its disgusting
Capital gains tax is 20% federal, 23.5% if you are over certain income limits
The median federal income tax paid is about 7%
Therefore the rich are paying more on capital gains then the middle class secretaries earning 40K per year.
Secondly the capital gains includes inflation, which historically makes up about 40% of all stock gains. Also take into account that the capital gains are taxed twice since earnings growth drive stock appreciation. Earnings are after tax. The corporate tax is 35%, the average company in the S&P 500 pays about 30% in taxes.
You add in all these factors and capital gains are around 40-50% depending on the period.
You sound like a bitter jealous person. If you want more money why don't you work more or change careers don't expect rich people to pay for you. You aren't entitled to anyone else's money.
The sad thing is that the Democratic party thinks they decide who gets to keep what. I think its disgusting
Wow, why attack me just because you disagree with my post? Bitter, jealous? Seriously? I guess Warren Buffett is bitter and jealous too, since I quoted him. Calm down, it's okay, I'm not coming to take your money.
I still can write off all the insurance and the fuel and any other expense.
A lease you take 100% of the cost that year.
I like my depreciation.
You can't actually. The personal expenses attributable to that one truck can't be written of at all, but as I recall from one of the P&oC threads you engaged in tax fraud.
You can't actually. The personal expenses attributable to that one truck can't be written of at all, but as I recall from one of the P&oC threads you engaged in tax fraud.
In my audits I was told it was fine to write it off that way.
I guess the IRS really don't care.
Why would I engaged in tax fraud......there are so many legal ways to do things????
You can't actually. The personal expenses attributable to that one truck can't be written of at all, but as I recall from one of the P&oC threads you engaged in tax fraud.
Except it is legal tax fraud due to credits, deductions, not claiming income, etc. I wonder what driller would do if the tax code ever changed to a flat or even a fair tax, there goes his credits and deductions.
In my audits I was told it was fine to write it off that way.
I guess the IRS really don't care.
Why would I engaged in tax fraud......there are so many legal ways to do things????
I don't remember the details as that thread is at least 6 months old, but what you were describing most assuredly is tax fraud.
Quote:
Originally Posted by mkpunk
Except it is legal tax fraud due to credits, deductions, not claiming income, etc. I wonder what driller would do if the tax code ever changed to a flat or even a fair tax, there goes his credits and deductions.
That would be tax avoidance which is legal. Tax fraud and tax evasion are not legal.
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