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I don't know where the breaks will occur, but when decent people run out of room to run they will make a stand for their children. The people with the money will decide what happens and I see them creating a safe zone for like minded people with zero tolerance for criminals and free loaders. Survival instinct is powerful.
Hundreds of years ago people fled religious and economic persecution in Europe for a new start here. Now they are fleeing liberal and cultural persecution but there is nowhere to start over again but right here.
ROTFLMAO! What exactly makes you think that all those people with money will let you and yours into their "safe zone"?
I am retired and still paying Federal Income Tax, state sales tax on auto fuel, town property taxes and a condominium fee as well. So what? Those are a cost of living here and could be higher. I would never leave this country to avoid taxes.
Linda_d makes a good point. One of the most important things great wealth brings is exclusivity that keeps the wealthy from having to live with the rest of us. They simply do not want their living space socially contaminated by anyone without the money needed to be part of their society. Why do you think there is a private education system for rich brats separate from the public system. The result is a system where private funding is effectively unlimited while the public systems are starved for enough money to provide basic education. The social result is the rich kids meet and marry other rich kids and the family fortunes are preserved. Exclusivity pays and pays well.
I am retired and still paying Federal Income Tax, state sales tax on auto fuel, town property taxes and a condominium fee as well. So what? Those are a cost of living here and could be higher. I would never leave this country to avoid taxes.
Exactly. I'm a year away from retirement, and I already know that I will always be paying federal income tax on my pension, part of my SS, and whatever money I take out of my investments (mandatory at age 70 1/2 BTW). How can people who claim to be already retired not know this unless all they have is SS?
Quote:
Originally Posted by GregW
Linda_d makes a good point. One of the most important things great wealth brings is exclusivity that keeps the wealthy from having to live with the rest of us. They simply do not want their living space socially contaminated by anyone without the money needed to be part of their society. Why do you think there is a private education system for rich brats separate from the public system. The result is a system where private funding is effectively unlimited while the public systems are starved for enough money to provide basic education. The social result is the rich kids meet and marry other rich kids and the family fortunes are preserved. Exclusivity pays and pays well.
Everybody thinks they'll qualify for some exclusive group until reality hits them upside the head. It's sort of similar to taking the NTSI's defensive driving course. Early on, they usually ask you to rate yourself as a driver. Almost everyone claims to be a "good" driver even the numerous people in the class who are there because they want to lower the points on their licenses gained through tickets or lower their high insurance rates because of their multiple accidents.
Ummmm ... If you have any taxable income other than social security, you still have to pay federal taxes on it whether you are retired or not. If your gross adjusted income is high enough, you will also pay tax on up to 85% of your social security income. Income from tax-free bonds counts in figuring how much of your SS gets taxed. So does capital gains income.
Since you can not start collecting SS retirement benefits until age 62, if you retire early, you are drawing your funds from pensions, from investments, and possibly drawing down savings. Pension and investment income are always taxed at the federal level. Withdrawals from savings to finance early retirement in order to avoid paying federal income tax is a penny-wise, dollar-foolish strategy.
My guess is that if the two supposed "tax protesters" here actually had the incomes/businesses that they claim, that they would already know all this, so I think all they're doing is blowing smoke on an internet MB ... unless they're "financing" their "early retirement" with something illegal like working "under the table" or dealing illegal substances.
ummmm.. Re-read my post and try comprehending better.
Nope, can't collect SS, not drawing from down. AS I SAID, I still work just not as hard. I have no reason to build the business bigger. Why in the world would I invest my money and time, take on the responsibility of more employees if government is going to wipe out profits? Funny, the business is growing regardless. Can you imagine if I really tried? Eventually I'll sell the business.
There comes a point where you say why?, life is too short to be a government tax collector and slave. So I slowed way down, restructured the employees, promoted the best employees, my husband retired and we enjoy life. I hear Obama wants to raise taxes again and thinks it helps LOL. What an idiot.
Don't be fooled, there are many business owners like me. Only idiots bought into Obama's "tax the rich" scam. You do know the different between rich and high income, S-Corps, C-Corps don't you? Yes, the business produces cash flow that I pay an unfair amount of taxes (been to several CPA's). Those who understand know that Obama didn't go after the super rich, he went after the every day American who found their way out of the time clock rat race, "build a business", hired employees and made a better life.
You lefties certainly don't understand human nature.
ummmm.. Re-read my post and try comprehending better.
Nope, can't collect SS, not drawing from down. AS I SAID, I still work just not as hard. I have no reason to build the business bigger. Why in the world would I invest money and time, take on the responsibility of more employees if government is going to wipe out profits? Funny, the business is growing regardless. Can you imagine if I really tried? Eventually I'll sell the business.
There comes a point where you say why and as I said, life is too short to be a government tax collector and slave. Funnier yet, I hear Obama wants to raise taxes again and thinks it will work. Don't be fooled, there are many business owners like me.
So what do you do when you can no longer work? And have spent whatever you made on the sale of this business.
Ummmm ... If you have any taxable income other than social security, you still have to pay federal taxes on it whether you are retired or not. If your gross adjusted income is high enough, you will also pay tax on up to 85% of your social security income. Income from tax-free bonds counts in figuring how much of your SS gets taxed. So does capital gains income.
Since you can not start collecting SS retirement benefits until age 62, if you retire early, you are drawing your funds from pensions, from investments, and possibly drawing down savings. Pension and investment income are always taxed at the federal level. Withdrawals from savings to finance early retirement in order to avoid paying federal income tax is a penny-wise, dollar-foolish strategy.
My guess is that if the two supposed "tax protesters" here actually had the incomes/businesses that they claim, that they would already know all this, so I think all they're doing is blowing smoke on an internet MB ... unless they're "financing" their "early retirement" with something illegal like working "under the table" or dealing illegal substances.
You're forgetting the key word... HAD. I wound down my business, and I've structured my income to keep my federal taxes as low as possible, not anywhere near what I used to have to pay. And as I said, I am FAR from alone in taking those actions.
You're forgetting the key word... HAD. I wound down my business, and I've structured my income to keep my federal taxes as low as possible, not anywhere near what I used to have to pay. And as I said, I am FAR from alone in taking those actions.
I'm DONE being a tax slave.
You can't avoid paying taxes. If what you post is true you are depriving yourself of income.
My wife and I have a business that we started several years ago and is doing well today. The more we make from it the more we have. Even after paying taxes. So? We like the additional income. In addition to the pension, IRA, social security.
So what do you do when you can no longer work? And have spent whatever you made on the sale of this business.
No social security for you. No Medicare either.
Will you like being a leech?
LOL, look up S-Corp, I'm my own employee. I pay into it, my company pays into it. Kind of a double taxation. And the years that I was punching a time clock 20+ years I paid into it. No, I've more than paid my way and paid other people's way.
Oh, and I'm smart with my money, unlike some people I know that tomorrow will come, that hard times always come. That's why I breezed through "the great recession".
You can't avoid paying taxes. If what you post is true you are depriving yourself of income.
My wife and I have a business that we started several years ago and is doing well today. The more we make from it the more we have. Even after paying taxes. So? We like the additional income. In addition to the pension, IRA, social security.
In short, you make no sense.
Hey, there is this job offering. After working the first half of the year at x amount per hour after which they will pay you 1/2 of x amount per hour for the remainder of the year. You interested?
You can't avoid paying taxes. If what you post is true you are depriving yourself of income.
My wife and I have a business that we started several years ago and is doing well today. The more we make from it the more we have. Even after paying taxes. So? We like the additional income. In addition to the pension, IRA, social security.
In short, you make no sense.
Are you a sole proprietor or an S-corp. Do you deal in "cash", do you report all revenues? Do you keep books or do you hire a bookkeeper, Do you do your own taxes or does a CPA. Do you have employees? PS, anyone can make a job for themselves, do you know what I mean by that? Anyone can say they have a business.
From the minimal information it sounds like you've created a job that throws off some cash flow but....
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