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Old 04-29-2012, 02:20 PM
 
64,699 posts, read 66,183,819 times
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only a ticket? heck i think it should at least have been an arson charge and let you prove otherwise. ill probley get hit with a drug charge myself as i use lipitor as a dry rub on a rack of ribs so my wife will let me eat it.
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Old 04-29-2012, 02:38 PM
 
Location: NYC
110 posts, read 253,080 times
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How Apple Sidesteps Billions in Taxes

When BS like this is allowed, you know there's a serious problem. I WISH I only had to pay 9%. Last year 25% of my income went to taxes because I was a freelancer. The people running these businesses are so selfish and don't even care that their money-grubbing ways are contributing to the destruction of the middle & lower class and the country. ~_~
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Old 04-29-2012, 02:44 PM
 
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most folks are well below the marginal rates.

by the time people are done with standard deductions,exemptions, medical insurance and retirement plan deductions even a 100k income from dollar 1 is in the teens as a percentage.


just for fun, assuming no mortgage interest,contributions or real estate taxes the above deductions would take a 100k income for a single and reduce it to under 50k taxable income if you maxed out a 401k .

thats about 16% for a single and 12% or so for a married couple as an overall tax from dollar 1.. if you own a home it drops from there. overall tax rates are at the lowest in history and each year are adjusted lower as more and more income is allowed through at lower and lower tax rates . been doing this for 40 years now.

the thought that within the next few years you could have 80k in taxable income and only be in the 25% marginal rate is amazing.

Last edited by mathjak107; 04-29-2012 at 03:20 PM..
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Old 04-29-2012, 03:20 PM
 
2,503 posts, read 3,522,162 times
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Quote:
Originally Posted by mathjak107 View Post
the truth is though with all this printing of money the money has not really created any problems at all.

its not in our hands to spend,its not in the banks hands being loaned, it hasnt shown up in the hands of workers.

its really been sitting in the federal reserve bank.

its not inflation i fear right now ,its a recession again or worse deflation .

all our money thats supposed to feed other areas of our economy is sucked away into food and energy. for an economy that counts on consumer spending for 70% of its gdp its this shortage of spending money all of us have doesnt look good and appear to be the seeds of deflation far more than any inflation..

inflation is when we all have money to spend and unemployment is low and we can all afford to buy this and that.

today with no additional money coming in we are all reduced to buying this or that.

just looking at europe, the central banks are going to eventually have to sell lots of other assets to raise cash for bail outss. selling assets in that kind of numbers is also deflationary.

looks like once again the bond markets are calling the future right again. with long term rates at 2.8% or so they are predicting pretty low growth and overall low inflation.

that really goes against the grain of what we all believe but the fact is just think about the fact that most of america isnt spending that much more they are just spending what they have differently with the bulk going for food and energy at the expense of other things we might have bought.
If you think this recession was bad, wait a few more years when the aging baby boomers start collecting on their social security and pensions. Ish will hit the fan!
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Old 04-29-2012, 03:30 PM
 
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i dont think much will change for many reasons.

im not worried about social security as my opinion is social security will always be funded . you saw how fast we could fund 2 wars and corporate bail outs , something as ingrained in american culture as

social security is truely to big to fail. the ramifications to this country if anything happened to the system would be catastrophic.

as far as baby boomers selling off assets ,there is lots of articles about the pending crash supposedly when baby boomers liquidate but sometimes you have to stop reading the media bull and sensationalism and just think for a second.

as a group baby boomers have some very wealthy people in it. the wealthy bunch of baby boomers will more than likely not be liquidating assets in order to live. they will have plenty of spending money

without the liquidating of assets. any one with a plan will have cash buckets for spending already in place well before without liquidating anything. we arent retiring for another 2 years or so and we have been structured ready to go for over 5 years already. our plan calls for about 40% equities and the rest a mix of other things. the little bit of selling for us was over quite a while ago.


the biggest bunch of baby boomers really own very little in the way of assets. the average baby boomer has less than 60k in retirement money.

there really isnt much to sell in that group as 80% of the financial markets are owned by about 20% of the wealthiest people.

the rest of the baby boomers like myself will be dependent on our assets for generating income for us to live over a lifetime in retirement.

whatever gets sold off to keep funding the cash bucket to live on will be a slow burn over decades god willing.

already baby boomers have dumped billions into variable annuities. that money has to stay fully invested in all kinds of asset classes by the insurance companies so they can keep the income streams flowing to retirees.

throw in all the money the emerging countries are coming into and i dont see the fact baby boomers are retiring as an issue at all, it makes good headlines that things will crash but in my opinion its just another media con job as it has no real basis but thats another topic.


one of my other hobbies is writting financial articles pertaining to retirement planning. money magazine did a story on us, , fidelity investment magazine did a story , im a non staff consultant for the wall street journal too for certain topics. its something i earn no money at but enjoy doing very much.

the biggest joke is i havent worked a day in the financial world in my life unless you count answering the phone and filing as a kid and i have had more exposure in the financial press than people working their entire lives at it..

Last edited by mathjak107; 04-29-2012 at 04:24 PM..
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Old 04-30-2012, 02:21 AM
 
64,699 posts, read 66,183,819 times
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Quote:
Originally Posted by moccawaii View Post
How Apple Sidesteps Billions in Taxes

When BS like this is allowed, you know there's a serious problem. I WISH I only had to pay 9%. Last year 25% of my income went to taxes because I was a freelancer. The people running these businesses are so selfish and don't even care that their money-grubbing ways are contributing to the destruction of the middle & lower class and the country. ~_~
through proper tax planning there are ways even the middle class can avoid paying more than whats legally required taxes too. its not just corportations.

what if i told you you there are ways to take your 401k money or ira money and never pay a penny in tax on it. im not talking about a roth either as you pre-pay the taxes up front on that and give up decades of gains to the gov't on that money.

yep.... there are ways to tax plan and avoid ever paying taxes on that retirement money , and its all legal and your well within your right to do anything you can not to pay more than what you have to.

i dont fault them one bit.

i think companies and individuals who use legal tax planning stratagies are brilliant.

i would stop worrying about taxing the upper end so much and think about getting some tax money from that almost 50% of our country that pay no income tax towards living here but have plenty of money for cell phones,cable tv, i pads and lottery tickets.

Last edited by mathjak107; 04-30-2012 at 02:59 AM..
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Old 04-30-2012, 07:41 AM
 
Location: Portland, Oregon
46,054 posts, read 28,281,035 times
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Quote:
Originally Posted by mathjak107 View Post
through proper tax planning there are ways even the middle class can avoid paying more than whats legally required taxes too. its not just corportations.

what if i told you you there are ways to take your 401k money or ira money and never pay a penny in tax on it. im not talking about a roth either as you pre-pay the taxes up front on that and give up decades of gains to the gov't on that money.

yep.... there are ways to tax plan and avoid ever paying taxes on that retirement money , and its all legal and your well within your right to do anything you can not to pay more than what you have to.

i dont fault them one bit.

i think companies and individuals who use legal tax planning stratagies are brilliant.

i would stop worrying about taxing the upper end so much and think about getting some tax money from that almost 50% of our country that pay no income tax towards living here but have plenty of money for cell phones,cable tv, i pads and lottery tickets.
Pay the bottom 50% more, that would solve your problem...
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Old 04-30-2012, 08:06 AM
 
64,699 posts, read 66,183,819 times
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let them earn more with skills that pay more and i agree
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Old 04-30-2012, 08:10 AM
 
Location: Portland, Oregon
46,054 posts, read 28,281,035 times
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Quote:
Originally Posted by mathjak107 View Post
let them earn more with skills that pay more and i agree
Umm, then who is gonna make your coffee or pick up your trash if we are all working high paying skilled labor that requires massive college debt and years to get these skills?
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Old 04-30-2012, 08:45 AM
 
64,699 posts, read 66,183,819 times
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There is always a labor pool ready and willing to do the things many would not.

Actually nyc is very unique because we do attract more unskilled labor than any where else.

Our unemployment figures for college grads are under 5%. Our unemployment figures for those without high school diplomas without a trade is over 17%.
one of things that has kept nyc strong through the down turn is those earning the most and are able to spend still have jobs.

the areas that got hit hard lost their college grad jobs and hense their spending .

Last edited by mathjak107; 04-30-2012 at 08:54 AM..
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