Wanna Pay Zero Income Tax?

Discussion in 'Politics' started by DaGoose, Apr 2, 2011.

  1. DaGoose
    Offline

    DaGoose Gold Member

    Joined:
    Nov 16, 2010
    Messages:
    4,347
    Thanks Received:
    655
    Trophy Points:
    153
    Location:
    Illinois
    Ratings:
    +676
    Here's a good case for a flat tax and how the corporations (and wealthy) really do get out of paying their fair share.

    Tax News from Yahoo! Finance

    .
     
  2. washamericom
    Offline

    washamericom Gold Member

    Joined:
    Jun 19, 2010
    Messages:
    9,382
    Thanks Received:
    735
    Trophy Points:
    205
    Ratings:
    +2,700
    i thought you were going to say get into bed with obama and special interest unions or trade places with jeffery immelt, which is fine according to the democrats new view of taxes and "wars".
     
    Last edited: Apr 2, 2011
  3. spectrumc01
    Offline

    spectrumc01 I give you....the TRUTH

    Joined:
    Feb 9, 2011
    Messages:
    1,823
    Thanks Received:
    257
    Trophy Points:
    48
    Location:
    The United States
    Ratings:
    +260
    Looking at it, you can see where corporations have more legal rights than real citizens. The conservatives on the supreme court keep giving them more and more. This is why when electing a president you should vote for a democrat, because the will nominate liberal justices who are not in the pocket of big business. You elect republican senators and representatives because they can keep the democrat president in check with the purse strings.
     
  4. asterism
    Offline

    asterism Congress != Progress

    Joined:
    Jul 29, 2010
    Messages:
    8,592
    Thanks Received:
    906
    Trophy Points:
    190
    Location:
    Central Florida
    Ratings:
    +1,073
    From the link:

    After that, it goes to the absurd because he shows all sorts of things you can claim for tax credits but you have to actually spend that money on those specific things like solar panels, college tuition for kids, student loans and adult education. You cannot spend it on food or heat.

    This is why nobody should ever use H&R Block for financial advice. The $150,000 is not "income," it's "revenue." It says that the hypothetical business person can "write off up to $10,000 in startup expenses." Well of course he can write them off, they are legitimate expenses - money actually spent on a business venture. Deducting that from revenue isn't a loophole, it's a necessary expense to generate that revenue.

    The article then says that the business can write off other business expenses. Well duh! Again, that $150,000 is not income if the business has to spend money to generate it. That $150,000 is REVENUE.

    He also pulls some tricks that don't pass audit. You cannot max out a 401(k) and an IRA at the same time, nor can you write off all health insurance premiums. Well you can write them off, but they will be adjusted and limited if you are audited.

    Really though this article shows that if you max out all your retirement and pay $1000 per month in mortgage interest, you can indeed not pay much in taxes on $150,000 in revenue that profits $133,000 income but only if you and everyone in the household can eat, drive, be clothed and have lights and heat on less than $1900 per month. Hardly a lavish lifestyle and certainly not the implication of a six figure income.
     
  5. spectrumc01
    Offline

    spectrumc01 I give you....the TRUTH

    Joined:
    Feb 9, 2011
    Messages:
    1,823
    Thanks Received:
    257
    Trophy Points:
    48
    Location:
    The United States
    Ratings:
    +260
    "Really though this article shows that if you max out all your retirement and pay $1000 per month in mortgage interest, you can indeed not pay much in taxes on $150,000 in revenue that profits $133,000 income but only if you and everyone in the household can eat, drive, be clothed and have lights and heat on less than $1900 per month. Hardly a lavish lifestyle and certainly not the implication of a six figure income."

    Definately not a lavish lifestyle, now take it to the next step. How are his employees living or making it? Everyone is quick to show how the business owner is barely making it, but no one speaks about the people he employs who make considerably less in pay and benefits than the owner. So if the owner is barely making it what do you think the average worker is doing?
     
  6. edthecynic
    Offline

    edthecynic Censored for Cynicism

    Joined:
    Oct 20, 2008
    Messages:
    26,581
    Thanks Received:
    3,078
    Trophy Points:
    260
    Ratings:
    +5,696
    To do that you need the cunning of a Televangelist like Pat Robertson.

    What you do is pretend to find Jesus like Pat Robertson did and form a ministry that you head. Then donate your house to the ministry and specify that the head of the ministry (you) live in the house. You get a tax deduction for the APPRAISED value of the house, whether it can actually be sold for that amount or not. Now you "donate" the cost of your heat, electric, etc., to your ministry and those living expenses become tax deductions. When you die your child then becomes head of the ministry and gets the house tax free.
    Ministries are the perfect tax scam. :eusa_shhh:
     
    Last edited: Apr 2, 2011
  7. percysunshine
    Offline

    percysunshine Gold Member

    Joined:
    Feb 5, 2011
    Messages:
    16,689
    Thanks Received:
    2,261
    Trophy Points:
    280
    Location:
    Sty
    Ratings:
    +5,860
    Wanna Pay Zero Income Tax?


    Frankly, the only way to do that is to not earn any income.
     
  8. edthecynic
    Offline

    edthecynic Censored for Cynicism

    Joined:
    Oct 20, 2008
    Messages:
    26,581
    Thanks Received:
    3,078
    Trophy Points:
    260
    Ratings:
    +5,696
    Not true, televangelists are multimillionaires.
    To pay no income taxes you must understand the subtle difference between ownership and control. You only pay taxes on what you own, not what you control. You simply have to set up a "charitable" vehicle that you CONTROL to OWN what you earn.
     
  9. ba1614
    Offline

    ba1614 Silver Member

    Joined:
    May 9, 2009
    Messages:
    3,812
    Thanks Received:
    875
    Trophy Points:
    98
    Location:
    Deep in the Northern Woods
    Ratings:
    +876
    I strive to pay as little tax as I can, but I do it legally. That guy in the article, (as asterism stated better than I could), is awful "creative" and would likely do some time, eventually, if he practiced accounting like that.
     
  10. percysunshine
    Offline

    percysunshine Gold Member

    Joined:
    Feb 5, 2011
    Messages:
    16,689
    Thanks Received:
    2,261
    Trophy Points:
    280
    Location:
    Sty
    Ratings:
    +5,860
    I own my cat, but I do not control it. Can the state tax my cat?...say with a license fee?

    Maybe I can set up a catcharitable trust.
     

Share This Page