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      01-07-2019, 10:01 PM   #89
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Originally Posted by Jockey View Post
Did you read that article? Because even it admits it's impossible to figure out what their effective tax rate was.

Even if the 30% is accurate (which even the article says it's a guess) that's still well below what they would've been taxed at if it was a payroll tax.
They are guessing his rate is higher, they were being conservative.

If he were on a payroll tax he would be making much less and entail paying a lesser sum.

You are also not equating how much payroll taxes he is paying for all the people he employs.
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      01-07-2019, 10:04 PM   #90
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Originally Posted by djsaad1 View Post
They are guessing his rate is higher, they were being conservative.

If he were on a payroll tax he would be making much less and entail paying a lesser sum.

You are also not equating how much payroll taxes he is paying for all the people he employs.
That 30% they came up with includes the stuff you mentioned. That's actually the only way they could get the number to be that high.

If he was on a payroll tax (ie his entire income was taxed), it would be closer to 40%.
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      01-07-2019, 10:30 PM   #91
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That 30% they came up with includes the stuff you mentioned. That's actually the only way they could get the number to be that high.

If he was on a payroll tax (ie his entire income was taxed), it would be closer to 40%.
Someone can correct me if I am wrong, but the amount his companies pay in payroll taxes wouldn't be on his personal tax return.

If he were on a payroll he wouldn't be generating anywhere near the amount of taxes he is currently generating through the companies he owns. That is what you are not understanding.

Even if we only look at his income, he wouldn't be making $27 million a year on someone's payroll. The percentage doesn't matter if the difference in income is so big.
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      01-07-2019, 11:37 PM   #92
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I havenít read all the posts here, but I hope someone is pointing out that it makes absolutely no difference what her plan is, it has no chance in hell of ever becoming law and very little chance of being passed in the Senate. I wonder if she understands what it takes to override a veto.
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      01-07-2019, 11:45 PM   #93
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      01-08-2019, 05:11 AM   #94
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Why would you say this? Child makes this comment on a playground.
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His fragile ego makes him say right crazy shit.
Yah my fragile ego has me starting multiple threads and talking shit in almost all of them like you guys.
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      01-08-2019, 05:33 AM   #95
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Originally Posted by minn19 View Post
Yah my fragile ego has me starting multiple threads and talking shit in almost all of them like you guys.
Funny cause your the only one talking shit. None of the comments here were aimed at you, yet here we are.
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      01-08-2019, 05:43 AM   #96
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Funny cause your the only one talking shit. None of the comments here were aimed at you, yet here we are.
Funny, you can never own what you say. You called on people to man up (insinuating they donít and it is all BS). It was a general comment on the topic and directed at people here which includes me in response to another posters comment. Should we really go down that road and back up how weíve manned up? Or will you just disappear like every other thread when actually directly challenged on some of your comments?

Also, a shot at my supposed fragile ego wasnít directed at me? Speaking of manning up.
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      01-08-2019, 05:51 AM   #97
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Originally Posted by Delta0311 View Post
No idea how much you make but if you made over $120k last year then congratulations you made more than me. Which in turn means you paid more in taxes, this isn't exactly rocket science. The fact you might make more than me does not shock me nor do I give a flying fuck. What does shock me is the fact you got a wife.

**** edit. Typeo there ment 120 not 160
It wasn’t even necessarily about payroll/income taxes, but the often tried and true trope/comments about opening up ones wallet beyond that if they/we want to pay more taxes. Hence I’m guessing to back up their liberal policy ideas is what you are getting at. In that regard many of us do and would be ok with paying more if it meant helping solve many of the problems facing the US today. One being the crushing debt etc.

And yes my WIFE and I of nearly 20 years payed a lot more in taxes while opening our wallets above and beyond to help many other local and national causes. #therealMAGA.
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      01-08-2019, 05:55 AM   #98
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AOC's plan (and those supporting it) is a display of her naivety.
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      01-08-2019, 06:05 AM   #99
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Originally Posted by Herdalum View Post
I havenít read all the posts here, but I hope someone is pointing out that it makes absolutely no difference what her plan is, it has no chance in hell of ever becoming law and very little chance of being passed in the Senate. I wonder if she understands what it takes to override a veto.
In two years the Dems hope to regain the senate and presidency. AOCs ďplanĒ may not make it, but it is a nice foil agains which other tax increases can be postured as ďmoderateĒ. Of course that also means the Rs will have something to campaign against.
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      01-08-2019, 06:06 AM   #100
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My favorite AOC moment of the past week was when she was approached by a journalist asking if she would be refusing her pay during the partial government shutdown... As she demanded in the past from members of congress. Her reply was "Later!" while briskly walking away. What a hypocrite.
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      01-08-2019, 06:10 AM   #101
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Originally Posted by DETRoadster View Post
Good to see you around these parts again, MK!

Your cost of compliance makes me cringe. The wife and I are meeting with a prospective new accounting firm tomorrow. We paid close to $7k last year in keeping things straight for Uncle Sam. I sure miss the days of spending $49 on TurboTax and filing myself. Back when things were so much simpler!
You only paid $7k in total taxes or only paid $7k when you filed your return after paying taxes all year? I have over $2k taken out each payday in various taxes despite the fact that part of my pay is non taxable (VA disability). Multiply that by 26 and I’m paying over $50k in various state and federal taxes and will probably have to cut a check in April. I really don’t want to pay more taxes to pay for more things I have no control over. I can only imagine all the direct good I could do for people with the $50k each year that gets wasted paying government cronies. Plus, I never always earned the money I did, but I would like to keep my money vs just give it away to a black hole.

I think it’s common sense if you earn something you want to reap the rewards for it and not have a bunch of people on the side taking their cut. I have no problem with taxes, but there is no accountability outside when someone gets caught taking their girlfriend on overseas trips.

Last edited by c1pher; 01-08-2019 at 06:16 AM..
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      01-08-2019, 06:13 AM   #102
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Originally Posted by minn19 View Post
Funny, you can never own what you say. You called on people to man up (insinuating they don’t and it is all BS). It was a general comment on the topic and directed at people here which includes me in response to another posters comment. Should we really go down that road and back up how we’ve manned up? Or will you just disappear like every other thread when actually directly challenged on some of your comments?

Also, a shot at my supposed fragile ego wasn’t directed at me? Speaking of manning up.
My comment was in regards to the fact that most people who are up for higher taxes only do so in word because they will do what ever they can to hide their income.

I been in many threads and try answer comments directed to me. I dont always come back to older threads so yeah I might miss some postings but for the most part I respond. Dont really bother with your posts though because half the shit you write just contradicts itself. For fucks sake you post about paying more in taxes in order to fix income inequality but then your post directed at me completely contradicts that. What did you just do right there? You go and flaunt your income like some elitist in order to make yourself look like you are some how better than me and others here who might make less than you and your "wife".
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      01-08-2019, 06:35 AM   #103
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Quote:
Originally Posted by DETRoadster View Post
Good to see you around these parts again, MK!

Your cost of compliance makes me cringe. The wife and I are meeting with a prospective new accounting firm tomorrow. We paid close to $7k last year in keeping things straight for Uncle Sam. I sure miss the days of spending $49 on TurboTax and filing myself. Back when things were so much simpler!
Thanks DR! It's good to discuss something that isn't quite as emotionally charged as some of the topics which descend into rhetoric and rancor by post number 5!

I know exactly what you mean on the TurboTax! Lol! I think the last time I could use it solely as my tax prep tool was 2009 or 2010. One of my partners and I bought a nearly 400 unit apartment complex in New Orleans which forever changed my tax prep requirements and my attitude about certain types of real estate investments.

Cheers, my friend-MK
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      01-08-2019, 06:42 AM   #104
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Originally Posted by MGM135is View Post
You only paid $7k in total taxes or only paid $7k when you filed your return after paying taxes all year? I have over $2k taken out each payday in various taxes despite the fact that part of my pay is non taxable (VA disability). Multiply that by 26 and I’m paying over $50k in various state and federal taxes and will probably have to cut a check in April. I really don’t want to pay more taxes to pay for more things I have no control over. I can only imagine all the direct good I could do for people with the $50k each year that gets wasted paying government cronies. Plus, I never always earned the money I did, but I would like to keep my money vs just give it away to a black hole.

I think it’s common sense if you earn something you want to reap the rewards for it and not have a bunch of people on the side taking their cut. I have no problem with taxes, but there is no accountability outside when someone gets caught taking their girlfriend on overseas trips.
No sir. He and I are discussing the burden of compliance to fulfill our legal requirements in filing our taxes. That is where the figure of $7,000 originates. It is how much I pay to various attorneys and CPAs to complete the tax submissions for myself personally and for my businesses. DETRoadster has a similar compliance burden cost.

Cheers-mk
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      01-08-2019, 06:56 AM   #105
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Originally Posted by MKSixer View Post
Thanks DR! It's good to discuss something that isn't quite as emotionally charged as some of the topics which descend into rhetoric and rancor by post number 5!

I know exactly what you mean on the TurboTax! Lol! I think the last time I could use it solely as my tax prep tool was 2009 or 2010. One of my partners and I bought a nearly 400 unit apartment complex in New Orleans which forever changed my tax prep requirements and my attitude about certain types of real estate investments.

Cheers, my friend-MK
I have one home I rent out because I had to move and was upside down. I have been renting it since, despite wishing I could sell. I can only imagine x400.
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      01-08-2019, 07:01 AM   #106
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Originally Posted by Delta0311 View Post
My comment was in regards to the fact that most people who are up for higher taxes only do so in word because they will do what ever they can to hide their income.

I been in many threads and try answer comments directed to me. I dont always come back to older threads so yeah I might miss some postings but for the most part I respond. Dont really bother with your posts though because half the shit you write just contradicts itself. For fucks sake you post about paying more in taxes in order to fix income inequality but then your post directed at me completely contradicts that. What did you just do right there? You go and flaunt your income like some elitist in order to make yourself look like you are some how better than me and others here who might make less than you and your "wife".
Huh? Point out my contradictions and let’s debate them instead of more insults for a start. I almost never (I’m not sure I ever have here) bring up my (our) income and the only reason I did is exactly the reason you stated here again. You ask for people to put our money where our mouths are. When we do now we are elitist?

So instead of shitting all over everyone else’s ideas what is yours to find/solve financial issues in the good ol US of A? Because your boys (and a few women) just cut taxes (the bulk of it going to the highest earners) and raised spending. Trump is in Obama deficit territory. Imagine what it will be when the economy inevitably slows down. He’s gonna blow right past his numbers, but it is all the Feds fault right?

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      01-08-2019, 07:10 AM   #107
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Originally Posted by MGM135is View Post
I have one home I rent out because I had to move and was upside down. I have been renting it since, despite wishing I could sell. I can only imagine x400.
It was a nightmare of the highest order.
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      01-08-2019, 08:20 AM   #108
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Originally Posted by MGM135is View Post
You only paid $7k in total taxes or only paid $7k when you filed your return after paying taxes all year? I have over $2k taken out each payday in various taxes despite the fact that part of my pay is non taxable (VA disability). Multiply that by 26 and Iím paying over $50k in various state and federal taxes and will probably have to cut a check in April. I really donít want to pay more taxes to pay for more things I have no control over. I can only imagine all the direct good I could do for people with the $50k each year that gets wasted paying government cronies. Plus, I never always earned the money I did, but I would like to keep my money vs just give it away to a black hole.

I think itís common sense if you earn something you want to reap the rewards for it and not have a bunch of people on the side taking their cut. I have no problem with taxes, but there is no accountability outside when someone gets caught taking their girlfriend on overseas trips.
No, we paid $6,600 to tax accountants to just to FILE our taxes. If you count the part time bookkeeper my wife employs it's more like $50,000 per year.
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      01-08-2019, 08:28 AM   #109
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Quote:
Originally Posted by MKSixer View Post
Thanks DR! It's good to discuss something that isn't quite as emotionally charged as some of the topics which descend into rhetoric and rancor by post number 5!

I know exactly what you mean on the TurboTax! Lol! I think the last time I could use it solely as my tax prep tool was 2009 or 2010. One of my partners and I bought a nearly 400 unit apartment complex in New Orleans which forever changed my tax prep requirements and my attitude about certain types of real estate investments.

Cheers, my friend-MK
You'll love this...So I think you know my wife owns a small medical practice. In the "old" days it was just her as an independent contractor, renting space out of an established medical practice. Simple stuff, but she did carry inventory. I was doing her business taxes with Turbo Tax and got to the part where we had to select which type of inventory accounting she used. I was lost. All I remember is we had 2 choices. I picked A and her small calculated refund disappeared and she now owed money. I went back and picked option B and her refund grew. Hot damn! Option B it is! That's when I knew I was in over my head and we needed an accountant.

Now her business employs 15 people and on my side I've got an LLC holding company to lower the tax burden on ownership shares in the company I work for and sit around with my thumb up my butt until about August when they finally get my K1 issued. It's hopelessly complicated and I cant hope to understand any of this (I'm an engineer at heart, NOT an accountant so we just pay people to make it go away.

Last edited by DETRoadster; 01-08-2019 at 02:19 PM..
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      01-08-2019, 09:02 AM   #110
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Quote:
Originally Posted by DETRoadster View Post
You'll love this...So I think you know my wife owns a small medical practice. In the "old" days it was just her as an independent contractor, renting space out of an established medical practice. Simple stuff, but she did carry inventory. I was doing her business taxes with Turbo Tax and got to the part where we had to select which type of inventory accounting she used. I was lost. All I remember is we had 2 choices. I picked A and her small calculated refund disappeared and she now owed money. I went back and picked option B and her refund grew. Hot damn! Option B it is! That's when I knew I was in over my head and we needed an accountant.

Now her business employs 15 people and on my side I've got an LLC holding company to lower the tax burden on ownership shares in the company I work for and sit around with my thumb up my butt until about August when they finally get my K1 issued. It's hopelessly complicated and I cant hope to understand any of this (I'm an engineer at heart, NOT an (accountant) so we just pay people to make it go away.
And, people need to understand the difference between wages and business income. The owners of small businesses (S Corps) are responsible to pay taxes on their ownership percentage of the profits. If I am a 25% owner and the company profits are $1,000,000 for the year, $250,000 goes ON TOP of my W2 wages and I owe big bucks. Although I technically have $250,000 additional income, it's not in my pocket. It's income on paper. The majority of which stays in the business.

This is why the business tax cuts make sense. The less taxes I have to pay, the more money (profit) stays in the business which allows me grow the business, hire additional people, give raises and bonuses etc. I don't think it was fair that Corporations (C Corps) got a bigger break than small businesses though.
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