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Found 7 results

  1. While Hillarious is running off at the mouth about Trumps $900 million loss, The Donald is once again having to defend himself. Most people don't understand this aspect of the tax code which Trump took advantage of and think he cheated on his taxes that allowed him to pay little or no taxes on the subsequent years. No matter how you feel about this, Trump had every right to claim a large loss for the 1998 tax year there by allowing him to legally take a credit loss each year till it zeros out. In this case it took about 18 years to zero out. i know this because I used the same carry over credit on my taxes on a home that I owned while living in Las Vegas about ten years ago. This was about the time of the housing bubble as I got caught up in it. In 2006 I decided that I was going to move back to upstate N.Y. On a July afternoon when the temperature got up to 117 that day. The heat was just to much for me to stay there any longer. By April of 2007 I had a moving truck outside of my new home of 3 years loading up my worldly possessions. I had made arrangements for a management company to handle the renting of my home in northwest Vegas. My mortgage payment on that home was about $1,300.00 a month. Later in 2007 the Vegas economy started to tank. As time went on it became more difficult to keep tenants in my home and harder to find new ones. it wasn't to much longer before I started getting behind on my mortgage payments. I went to consult a CPA for advice and he laid the cards out on the table. Under his advice I decided to walk away from the mortgage and let the bank take the house. When I bought the house it was worth $295,000.00. and after laying out $100,000.00 for the down payment I still owed the bank about $195,000.00. You know the old saying "You can't get blood out of a stone." and this is the way it was for me. 2008 was a rough year and by the end of the year, the bank was demanding all the money I owed. I basically threw my arms up and said I give up. The $100,000.00 down payment and the monthly payments I made to the bank till I couldn't pay anymore came to about $125,000.00 in losses. According to the tax code I was able to claim $25,000 against my income taxes starting in 2009 until the balance reached zero. I legally paid zero income taxes to the federal and state government. Trump did the same thing on his losses for 1998 that I did in 2009. The tax code is so complex that there are possibly many thousands of people that are not aware of the many legal loopholes. Therefore, there are a lot of people that cry foul when they hear about Trump using this legal loophole. There are also many middle income people that can use this tax doge but are unaware of it. Also, it is important to know that this code gives many rich people like Trump the ability to claim the loss while giving them the chance to start over by building up a new business that will hopefully employ people. I consider this whole situation with Trump and his $950 + million loss all moot now. Let's move on to something else now.
  2. GOP States Are The Most Dependent On Government The Huffington Post | by Benjamin Hallman If we learned nothing else during the 2012 election, it is that some of us are makers, hard-working folk solely responsible for America's prosperity, and others are takers, who want the federal government to pay for luxuries like food and health care. What may come as some surprise is where these two warring tribes tend to live. The states with elected officials most likely to espouse anti-taker sentiments -- i.e., Republican-dominated states -- are the most dependent on federal spending, while returning the least to Washington in the way of tax dollars. That's according to the consumer finance site Wallet Hub, which crunched federal tax and spending data and then ranked states from most to least dependent on Uncle Sam. In the map below, green states are the least dependent, while red states -- appropriately -- are the most dependent. The "makingest" state, according to the analysis, is Delaware. Delawareans -- this is really what they call themselves -- pay $1 in taxes for every 50 cents they get back from the federal government. Delaware also has the lowest rate of federal contracts received, as a proportion of federal tax dollars paid. And the state has the highest gross domestic product per capita, at $72,642. The "takingest" states, in a tie, are Mississippi and New Mexico, according to the analysis. Both states take about $3 in federal spending for every $1 contributed in taxes. Both states are highly dependent on federal funding as a percentage of state revenue. And New Mexico, especially, has lots of federal workers. The state with the lowest return on taxpayer investment is South Carolina. Its citizens pay $1 in taxes per capita for every $7.87 in federal funding received. The two states that come closest to breaking even are Washington and Georgia. These states get back $1.05 for every $1 in taxes paid. Wallet Hub tabulated its results using three metrics: taxes paid as compared to federal spending per capita, what percentage of state revenue comes from federal dollars, and the number of federal employees per capita. The first two categories were given more weight than the third. While the rankings are obviously somewhat arbitrary -- one would get different results using different metrics -- they do broadly correspond to patterns of poverty. States like Mississippi and Alabama, which are hugely dependent on federal tax dollars to help feed, clothe and shelter their citizens, are among those with the largest deficits, in terms of what they get in federal help versus what they give back in tax dollars. For most of American history, bringing home the federal pork, in extra benefits for citizens or spending projects, was a badge of honor for elected officials. The rise of the Tea Party has changed this calculus. Now in the most conservative states it is seen as a political boon to turn down federal handouts. In essence, they are trying to become less taker-y. The most obvious evidence of this trend can be seen in the expansion of Medicaid, the health plan for the poor, under the Affordable Care Act. Of the 10 states with the biggest dependency gap, as determined by Wallet Hub, seven -- Alabama, Mississippi, Louisiana, Maine, Montana, South Dakota and Tennessee -- have decided not to expand their Medicaid programs, even though the funding would come from federal coffers.
  3. Judge Dale is one of the good guys and his research and comments are always on the mark.
  4. I had my CPA research the tax law concerning currency. This is what he told me. Since my largest purchase was not in 2013, but actually 10 years ago, my taxes would be 20%. Any Dinar purchased in 2013 would have to pay the larger rate which I believe is 37%. So if you purchased prior to 2013, you will pay less funds. I have also heard that the Treasury Dept. has stated that there are no takes on currency, but that Congress is concerning a 2 or 3% taxes. Last, I contacted my Congressman and ask them to give me an accurate amount I might owe in Federal Taxes. As of this date I have not received word yet. But his staff said they would research it an get back to me.
  5. I am trying to understand what the community is referring too when the topic of taxes are raised as it relates to the impending CE. I asked my tax advisor, and he explained to me that because the Currency being exchanged is in fact a debt note, and NOT a SECURITY, there are no taxes to be paid on any gains realized when the exchange is completed... so, please help me with understanding what I'm missing... Thanks everyone~!
  6. 9 Plagues That Are Collapsing Capitalism Submitted by Tyler Durden on 07/10/2013 18:28 -0400 Let me be blunt: Our capitalist system is approaching failure. Or, perhaps better said: Our marginally capitalist, partly-free market systems are approaching a massive collapse. Not because of what capitalism is, mind you, but because the powers that be have bastardized it. Capitalism can bear many distortions and abuses, but it is not indestructible. And, make no mistake, the ‘capitalist’ system we have today has been massively corrupted, so much so that it’s sagging under the load... and will continue to do so until the proverbial straw breaks its back. The 9 Plagues 1. The average producer is being stripped bare. In the US, for example, the total take of taxes has not risen dramatically, but fewer and fewer people actually pay them. There was a big uproar during the last election cycle over the fact that 47% of working-aged Americans paid no income tax. That means that the half who do work (read suckers) are paying the whole. And more than that, they are also paying for the many millions who are on food stamps and disability. Producers are being punished and abused, made into chumps. 2. Thrift is essentially impossible. I’ve explained this in detail previously, but a hundred years ago, it was possible for an average person to accumulate money. Mechanics, carpenters, and shop owners slowly filled their bank accounts with gold and silver. It was common for them to make business loans and to retire comfortably. But now, all of our surplus is drained away to capital cities, where it is poured down the drains of welfare, warfare, and political lunacy. Money has been removed from the hands that made it, and moved into the hands of non-producers, liars, and destroyers. 3. In 2008, US federal government regulations cost an estimated $1.75 trillion, an amount equal to 14 percent of US national income. Let me restate: Simply complying with regulations costs American businesses more than $1,750,000,000,000 (that’s $1.75 Trillion) every year. This, again, is money taken out of production and wasted on political lunacy. 4. Small businesses are being squeezed out. Take a look at the two graphs below, and understand that as small businesses are squeezed out, only the large corporations remain. These days, only the largest and best-connected entities are able to get their concerns dealt with (by the politicians they fund). Small operations are cut off from the redress of their grievances and are crushed by taxes and regulation. And don’t forget the comments of Mussolini: Fascism should more properly be called corporatism, since it is the merger of state and corporate power. While there may be no dictator, state/corporate partnerships are taking over commerce in the West. 5. The military industrial complex is out of control. Their lobbying, fear-mongering, and spending can only be characterized as obscene. Dwight Eisenhower was right when he warned us about this in 1960. It is sad beyond measure that so few Americans took him seriously. Trillions of dollars and millions of productive lives are being spent on the war machines of the West. Never forget that wars destroy massively and produce nothing. 6. All the Western nations now feature large enforcer classes, composed of bureaucrats, law enforcement units, inspectors, and so on. In the US alone this amounts to several million people – none of whom produce anything, and all of whom restrain producers from producing. Millions of people are paid to restrain commerce. 7. We now have a very large financial class in which blindly aggressive people make millions of dollars. The problem is that finance is not productive. It may allocate money in beneficial ways (though it often allocates mainly to itself), but it doesn’t actually produce anything. At present, the allocators get the big bucks, and the producers get scraps. 8. The modern business ethic has become about acquisition only. In more enlightened times, it was also about creating benefit in the world, or at least creating newer and better things. Mere grasping is an insufficient philosophy for capitalism; it leads to dark places. 9. Every nation on the planet is using play money and forcing their inhabitants to use their play money. Moreover, they have super-empowered a small class of Central Banking Elites, who make fortunes on their currency monopolies, and who are entirely unknown to the producers who unwillingly (and unknowingly) purchase jets and yachts for them. Our money systems have brought back aristocracies; a class that is both hidden and immensely powerful. So What’s Next? That’s up to the producers. Everything hinges upon them. The game, as it is, depends entirely on them being willing to accept abuse. All that is necessary to fix this is for the producers to stop being willing victims. Simple, I know, but there is a problem with such a sensible idea: The producers are convinced that their role in life is only to struggle and obey. Modern producers believe that the ruling classes have a legitimate right to tell them how much of their money they are entitled to keep, which charity causes they’ll be forced to contribute to, which features their car is required to have, and much, much more. Why? Simply because those other people are in “high positions,” and they (the producers) are in “low positions.” An evil assumption has been planted in their minds: It is right for important people to order me around. The productive class holds all the real power, but they are nearly devoid of moral confidence. So, they are abused without end. Right now, a parasitic ethic rules the West and will continue to rule so long as producers play the part of the suckers. If this continues, what remains of capitalism will grind to a halt and will be overrun by a Neo-Fascist arrangement – not the dictator and swastika variety – but one where the state and powerful business interests merge into one unstoppable and insatiable force. On the other hand, if ever the producers wake up from their moral coma and reject the role of doormat, they will build a society embodying the ethics of production. It almost sounds impossible, I know. But it is has happened before and could happen again. It’s up to us.
  7. Sorry folks, for some reason, I can't copy the article itself and post it...follow the link, this is some really unbelievable crap the government is wasting OUR money on: The Waste List: 66 Ways The U.S. Government Is Blowing Your Hard-Earned Money
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