obama speach

lilclowns

Member
I think everything that comes out of Obamas mouth is a lie. I mean he has gotten us in more debt than Bush.
 

reefraff

Active Member
Quote:
Originally Posted by bionicarm http:///t/390117/obama-speach/40#post_3454620
http://www.newsmax.com/InsideCover/Romney-taxes-Gingrich-Republican/2012/01/30/id/426005
You apparently aren't familiar with the history of Cayman bank accounts, and how they are used to "hide" assets from prying eyes. Sure he has to pay his afforded taxes on the money he has in those accounts, however the operative words are "the accounts and money the IRS knows about". Grand Cayman is a little dot in the Caribbean (around 76 square miles), yet has over 278 banks (as of 2008). Of course Mitt just brushes it off as saying, "the purpose of setting up those accounts in the Cayman Islands is to help attract money from foreign investors." However, per this article - "
Tax experts agree that Romney remains subject to American taxes. But they say the offshore accounts have provided him -- and Bain -- with other potential financial benefits, such as higher management fees and greater foreign interest, all at the expense of the U.S. Treasury. Rebecca J. Wilkins, a tax policy expert with Citizens for Tax Justice, said the federal government loses an estimated $100 billion a year because of tax havens."
http://abcnews.go.com/Blotter/romney-parks-millions-offshore-tax-haven/story?id=15378566
I like how he gets to write off over $4 million in charitable contribution to his "Church" (see the bottom of this article).
http://www.usatoday.com/news/politics/story/2012-01-24/mitt-romney-tax-return/52780230/1
You apparently don't read the facts. Where's the story claiming Romney didn't pay taxes? Hell, the left wing New York times did a story on his returns where they found a mistake that led to him paying more than he had to. For those of use who don't get our "news" from some guy living in his parent's basement we already knew the facts. He doesn't have bank accounts in the Caymens, he has investments based there. I had foreign investments too and I was taxed on them. So was he
http://www.usatoday.com/news/politics/story/2012-01-20/romney-offshore-accounts/52700400/1
I like how he gets to donate millions to his church and a lot of other charities too. If we didn't allow that there would be a lot of people much worse off not just in this country but all around the world.
 

reefraff

Active Member
Quote:
Originally Posted by bionicarm http:///t/390117/obama-speach/40#post_3454671
The legal banks aren't the issue. It's the one's the IRS doesn't know about is the issue. When you have that much money, there's a multitude of options to manipulate your reported income to Uncle Sam, than the poor suckers that Oscar keeps whining about that don't pay their "fair share". What's the difference between this guy Reef says pays no taxes and gets a $5K+ refund, and someone like Romney tucking away money in an offshore account, or getting the tax shelters described in the articles I posted, and not paying the taxes they should pay? One doesn't pay $8K - $10K in taxes, the other guy doesn't pay $1 MILLION - $2 MILLION in taxes. For every 10,000 deadbeats that don't pay their fair share, you have a single 1%er that finds inventive tax loopholes and doesn't pay his. So which one is cheating us out of more tax revenues?
Again, educate yourself of the FACTS. No bank accounts. Investment accounts which according to the reporting so far where claimed and taxed.
No group is cheating the government. People take advantage of the tax laws. My own kid used to clean up on the refundable credits. I still don't like it. Between his pay and housing allowance he was bringing in better than 35K a year and between the child credits and earned income credits he was getting refunds of better than 7 grand. Not bad when he only paid in a little over 900.00 during the year. We could tax the 1% at 100% and still not cover the spending your god 0bama is doing.
 

ironeagle2006

Active Member
I will be Honest I use every tax LOOPHOLE built into the system and HAVE since I was an OTR drvivere in the 90's. I kept every scrap of paper for meals tools anything and everything that my boss DID NOT repay me for on the road. Then come tax season I had 2 options the 56 dollars a day Pier Diem rate or what ever my RECIPETS totalled up to and took the HIGHER AMOUNT. Ever seen a guy earning 60K as a Single man get a 6 Grand REFUND I did for 3 Straight Years. Then I became Disabled and got on SSDI then got kids. My first 32K of SSDI PER the IRS now is all TAX FREE of all kinds. Now my wife does work full time out of the house and does work HARD outside the home. She makes decent money. But because according to both the State and FEDS my INCOME IS NOT INCOME what I get is not considered in our tax rate. So hell Yes I bend over UNCLE SAM for all I can called if you want to change the Tax Code to stop this crap SCREAM AT CONGRESS not the people that are only using the loopholes we are given.
 

darthtang aw

Active Member

Darth, it's our archaic tax code.  Everyone who files a tax return gets a standard deduction based on their marital status and how many dependents they have.  There is a set minimum deduction regardless of the income you make.  It's not as skewed as you make it out to be.  My daughter worked full-time last year during the summer, and made around $7,000 in income.  She filed single and took whatever the standard deduction was, filing a 1040EZ.  I think she paid somewhere around $600 - $700 in taxes.  She went click, click, click on TurboTax's online filing system, and got a refund of a whopping $35 or something like that.  Is that your definition of "transfer of wealth"?  Should she have become your model Conservative citizen and foregone filing her taxes, telling the IRS "No you keep my $700.  I want pay my part to keep this country running."  Meanwhile, Mitt Romney is stashing millions of his earnings in bank accounts in Switzerland and the Caymans, and ends up paying an effective tax rate of around 15%.  You're ideology is, "Good for him.  He stilled payed millions in taxes.  That's his fair share."  So why is it OK that someone makiing under $50K should dole out every dollar that was deducted from their paycheck to pay their "fair share", simply because they don't have the luxury of hiding their earned income in offshore bank accounts, charitable contributions, or flawed capital loss credits?  My wife and I make well over 6-figures per year, but after taking the standard deductions, my effectibe tax rate is 15% - 17% every year.  Last year, I got a refund of over $4,800.  Is that my fair share, or should I pay more and return my refund?
federal income tax withholding on the sum of 7000 dollars would be less than 300 dollars. this is how i know you skew and lie about your figures. it amazes me a fellow business owner making 6 figures knows so little about the tax code. you are also lacking some pertinent information regarding your own return...such as if you paid in more than the standard rate and so on. also how you filed....business deductions and so on. see those of us that actually understand the tax code and how it works are not angry or blinded by such things. you look at the end result and that is it. i look at how the end result was acquired and assess that.
people like you are the same people that get mad when a corporation profits greatly. not understanding that under federal law they are unable to retain those earnings...it must be divided amongst stock holders, return back into the business in investments or expansion or one other option which escapes me at the moment. basically when a corporation profits this is a good thing...especially for those of us investing our retirement and 401kit in these types of companies. when corporations profit...i profit.
 

stdreb27

Active Member
Quote:
Originally Posted by bionicarm http:///t/390117/obama-speach/40#post_3454671
The legal banks aren't the issue. It's the one's the IRS doesn't know about is the issue. When you have that much money, there's a multitude of options to manipulate your reported income to Uncle Sam, than the poor suckers that Oscar keeps whining about that don't pay their "fair share". What's the difference between this guy Reef says pays no taxes and gets a $5K+ refund, and someone like Romney tucking away money in an offshore account, or getting the tax shelters described in the articles I posted, and not paying the taxes they should pay? One doesn't pay $8K - $10K in taxes, the other guy doesn't pay $1 MILLION - $2 MILLION in taxes. For every 10,000 deadbeats that don't pay their fair share, you have a single 1%er that finds inventive tax loopholes and doesn't pay his. So which one is cheating us out of more tax revenues?
I think you're missing the point I was trying to make. Romney hasn't broken any law, he has a "offshore" bank account... Suddenly he's a crook... Meanwhile, back at the capital, there are tax cheaters who've actually cheated in their taxes... Making policy decisions, voting, hell running the Treasury Department... maybe we should worry about those morons before we worry about someone who as far as they can tell, actually paid their taxes...
That being said, Romney should be running as a democrat...
 

bionicarm

Active Member

Quote:
Originally Posted by Darthtang AW http:///t/390117/obama-speach/60#post_3454731
federal income tax withholding on the sum of 7000 dollars would be less than 300 dollars. this is how i know you skew and lie about your figures. it amazes me a fellow business owner making 6 figures knows so little about the tax code. you are also lacking some pertinent information regarding your own return...such as if you paid in more than the standard rate and so on. also how you filed....business deductions and so on. see those of us that actually understand the tax code and how it works are not angry or blinded by such things. you look at the end result and that is it. i look at how the end result was acquired and assess that.
people like you are the same people that get mad when a corporation profits greatly. not understanding that under federal law they are unable to retain those earnings...it must be divided amongst stock holders, return back into the business in investments or expansion or one other option which escapes me at the moment. basically when a corporation profits this is a good thing...especially for those of us investing our retirement and 401kit in these types of companies. when corporations profit...i profit.
Here is the 2010 IRS Tax Table. Look at the taxes for ANY individual who makes around $7,000. I see $703. What do you see?
www.irs
.gov/pub/irs
-pdf/i1040tt.pdf
I do my personal taxes and business taxes completely separate from one another. I draw a salary from the business, and that's what I file on my personal income tax return. I have an accountant that deals with the business side of the taxes, and he tells myself and my partners what we owe, don't owe, whatever the case may be.
Where did I say I was against any company from making a profit? My argument has nothing to do with how corporations reap the benefit of tax shelters. This is about how the one's who make the money, have more opportunities to hide their assets and revenues to receive a larger tax break, than the middle-incomer that can barely afford to pay his bills, much less stuff some of his earnings in a bank known to be a tax haven.
 

bionicarm

Active Member
Quote:
Originally Posted by stdreb27 http:///t/390117/obama-speach/60#post_3454755
I think you're missing the point I was trying to make. Romney hasn't broken any law, he has a "offshore" bank account... Suddenly he's a crook... Meanwhile, back at the capital, there are tax cheaters who've actually cheated in their taxes... Making policy decisions, voting, hell running the Treasury Department... maybe we should worry about those morons before we worry about someone who as far as they can tell, actually paid their taxes...
That being said, Romney should be running as a democrat...
You won't get any argument from me about Congress. You can toss the entire bunch out, Obama included, as far as I'm concerned. Problem is, Romney probably won't do any better. Even you consider him a RINO. Gingrich and Santorum are too far Right, and the majority of Americans wouldn't risk putting them in to push their radical agendas (think colonizing the Moon, and putting low-income black kids to work as janitors at their respective schools.) Ron Paul is a Libertarian pretending to be a Republican. American voters know that, and they wouldn't vote him in like they wouldn't the last two times he tried running as an Independent.
 

stdreb27

Active Member
Quote:
Originally Posted by bionicarm http:///t/390117/obama-speach/60#post_3454859
You won't get any argument from me about Congress. You can toss the entire bunch out, Obama included, as far as I'm concerned. Problem is, Romney probably won't do any better. Even you consider him a RINO. Gingrich and Santorum are too far Right, and the majority of Americans wouldn't risk putting them in to push their radical agendas (think colonizing the Moon, and putting low-income black kids to work as janitors at their respective schools.) Ron Paul is a Libertarian pretending to be a Republican. American voters know that, and they wouldn't vote him in like they wouldn't the last two times he tried running as an Independent.
Gingrich has been all over the board as far as what he says, what he believes is anyone's guess... And well, getting kids jobs is a great idea imo... Handing them responsibility, a small pay check, and eating away that 3-6 pm. The fact that people view work as extremist, is depressing...
 

reefraff

Active Member

Quote:
Originally Posted by bionicarm http:///t/390117/obama-speach/60#post_3454856
Here is the 2010 IRS Tax Table. Look at the taxes for ANY individual who makes around $7,000. I see $703. What do you see?
www.irs
.gov/pub/irs
-pdf/i1040tt.pdf
I do my personal taxes and business taxes completely separate from one another. I draw a salary from the business, and that's what I file on my personal income tax return. I have an accountant that deals with the business side of the taxes, and he tells myself and my partners what we owe, don't owe, whatever the case may be.
Where did I say I was against any company from making a profit? My argument has nothing to do with how corporations reap the benefit of tax shelters. This is about how the one's who make the money, have more opportunities to hide their assets and revenues to receive a larger tax break, than the middle-incomer that can barely afford to pay his bills, much less stuff some of his earnings in a bank known to be a tax haven.
Yet the uber wealthy, the top .1% pay an effective tax rate of 24% on average. The top 10 to 25% which is 67 to 112K a year pay an average effective rate of 8.25%
Our tax code is already set up to benefit small business. I've known several people in business who made a lot better living than I ever did and they paid almost nothing in taxes. Not sure that would still be the case today with some of them because cash money transactions which they did a lot of are easy to hide. Nobody pays cash anymore LOL!
 

darthtang aw

Active Member

Here is the 2010 IRS Tax Table.  Look at the taxes for ANY individual who makes around $7,000.  I see $703.  What do you see?
 
www.irs.gov/pub/irs
-pdf/i1040tt.pdf
 
I do my personal taxes and business taxes completely separate from one another.  I draw a salary from the business, and that's what I file on my personal income tax return.  I have an accountant that deals with the business side of the taxes, and he tells myself and my partners what we owe, don't owe, whatever the case may be.
 
Where did I say I was against any company from making a profit?  My argument has nothing to do with how corporations reap the benefit of tax shelters.  This is about how the one's who make the money, have more opportunities to hide their assets and revenues to receive a larger tax break, than the middle-incomer that can barely afford to pay his bills, much less stuff some of his earnings in a bank known to be a tax haven.
 
 
true on the tax scale. yet i am willing to bet you claimed her as a dependent that year. had you not she could hav e filed head of household and seen it all back......but since you used her as a deduction yourself to minimize your own taxes she ended up paying more taxes. last i checked everyone in the us operatews under the same tax laws...meaning you have just as much oportunity to hide your money.
 

bionicarm

Active Member
Quote:
Originally Posted by Darthtang AW http:///t/390117/obama-speach/60#post_3454889
true on the tax scale. yet i am willing to bet you claimed her as a dependent that year. had you not she could hav e filed head of household and seen it all back......but since you used her as a deduction yourself to minimize your own taxes she ended up paying more taxes. last i checked everyone in the us operatews under the same tax laws...meaning you have just as much oportunity to hide your money.
Sure I have the opportunity, but it is less likely that I would because I would have less available cash short term. Like most people, I have a 401K, and I invest the maximum amount possible. I actually use it to perform what I consider my personal stock transactions. My Fidelity account ia a Self-Directed Brokerage Account, so I have a myriad of choices to select as opposed to the pre-set funds you normally see. So instead of buying stocks with earned income, thus paying capital gains on the profits, I purchase those stock options with the available "cash" I have in my 401K, and the profits are just added to my 401K account. There are brokerage fees involved, so it can cost you more money if you try to use it as a "day trader" account. You also have the same risks involved as far as purchasing poor performing stocks, potentially losing your entire 401K, but I'd rather be the one determining the risks, as opposed to using canned "plans" contrived by a bunch of Wall Street brokers.
 

bionicarm

Active Member
Quote:
Originally Posted by stdreb27 http:///t/390117/obama-speach/60#post_3454861
Gingrich has been all over the board as far as what he says, what he believes is anyone's guess... And well, getting kids jobs is a great idea imo... Handing them responsibility, a small pay check, and eating away that 3-6 pm. The fact that people view work as extremist, is depressing...
Both my daughters work after school. They pay for their own gas, car notes, and car insurance. They're also responsible for the majority of their "fun money". Gingrich's vision came off as somewhat racist in the sense he targeted kids from low-income families (which are traditionally minorities), and used as an example a job that is primarily performed by these same minority groups.
 

reefraff

Active Member
My wife's 401K is sorta like that. We are limited to a series of mutual funds but there are also bond and money market "funds" as well. I've just been shuffling money into the money market timing the market. Gotta be careful because most funds will lock you out if they figure out what you are doing.We chunk 5% of her salary into that because thats where the company match tops out. Instead of going more into that we throw 10% of her salary into the company stock program. 5% discount off the stock price at the first or last day of the 90 day contribution period, whichever is less. We are cleaning up on that program. Yeah, taxes are going to be U G L Y but it's a nice problem to have.
 

stdreb27

Active Member
Quote:
Originally Posted by bionicarm http:///t/390117/obama-speach/60#post_3454925
Both my daughters work after school. They pay for their own gas, car notes, and car insurance. They're also responsible for the majority of their "fun money". Gingrich's vision came off as somewhat racist in the sense he targeted kids from low-income families (which are traditionally minorities), and used as an example a job that is primarily performed by these same minority groups.
Dude, I've not seen a black custodian in years. They're all mexican...
 

deejeff442

Active Member
i am in concrete construction here and have a good friend who does concrete he is black as can be.he is as rare as a white guy(me) in the biz here.
 

darthtang aw

Active Member

You want to see Black custodians, just go to Alabama, Mississippi, or South Carolina. 
If that doesn't have a racist implication....I don't know what does...
Darth (where would I find a chinese fiddler) Tang
 
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