The Accurate Reloading Forums THE ACCURATE RELOADING.COM FORUMS Other Topics Miscellaneous Topics Just mailed my 'Africa lion hunt' to the IRSGo | New | Find | Notify | Tools | Reply | |
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My problem isn't with having children. My problem is where people don't pay for their own children. It is obvious the the more children in a household, the more government services are used. Yet our tax system lets these people pay less. This especially annoys me with low income people with lots of children. Where else does this happen? If you buy 20 gallons of gas you pay more than if you bought 15 gallons. If you buy 3 cars, you pay more than if you bought two. If you borrow $200,000, you pay more than if your borrowed $115,000. If you buy 5 dozen eggs you pay more than if you buy 3 dozen. If you have 3 kids, you pay less than if you have none. Hmmmmm.......... I am most certainly not saying there should not be a safety net for the elderly or the poor. Circumstances beyond their control could adversely impact them. What I am saying is that some peoples actions make them poor and we reward that behavior by reducing their tax bill. I got engaged a year ago Sunday. Tiffany is a bankruptcy lawyer. In discussing financial matters, I told her that she needed to understand that after marriage, her taxes were going to double! DOUBLE!!! She freaked out. I proved it to her. Of course, she thinks it is unfair. I told her "welcome to my world." Are we going to use anymore government services after we get married? No, in fact, we may use less. Regardless, her taxes will double. Does that seem right? Not to me. My income taxes are at the highest rate. I do not mean marginal rate, I mean effective rate. When I add to that all of the other state and federal taxes, governments take more than 50% of what I make. When the estate tax kicks in again, they will take over half of what I have saved. This means the government will take approximately 80% on the income I have saved and didn't spend before I die. Does that seem remotely close to right? Not to me. I may work over 3,500 hundred hours in a year. I am beginning to wonder why. I am killing myself, accepting massive potential liability for the government to take 80%. I do not get it. I wold personally volunteer to pay more if I thought it was being used to enhance the financial situation of the government. What I see is the more I pay the more they spend. One of the things I vividly remember from elementary school is a lesson about the pioneers. Those who worked hard prospered. Those who were lazy may well die of starvation or exposure. For some reason, this made an impact on me. We surely seen to have strayed from what the pioneers did. We are in real trouble people and we have allowed it to happen. I feel for my children. | |||
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Larry, Ms AZW and I are not married. She is has a 1% ownership in the two companies I own. That allows me to give her 245K in income via a K1 but contribute 49K to her SEP (I also contribute 20% of my employees pay to the SEP, but it is all part of the comp package). I contribute the same to mine. She makes a healthy income herself, including stock options and RSUs. But instead of selling her RSUs, I short her stock while she holds it in her account. This year her stock is up about 20%, so I am taking a hit on my margin account. However, she has had it over one year now, so she when we decide to close out our positions, I will take a short term cap loss at my marginal tax rate (you can guess what that is), while she will pay 15% on her gain. The net net on the stock is the same as if we sold it the day I shorted, but I get a big tax deduction. Speaking of capital losses, as a married couple, you can only claim 3K per year. BUT, if you are living in sin and each file single, you have a combined 6K allowable loss. If she were to ever lose her job, I will simply plow more money her way to optimize my tax bill. There is no reason to be married today. Our property is in two trusts, and we are each the adiminstrator of our trusts. Her mom finally became convinced we would never get married and asked what date we should use for our annivesary. That was an easy one. "April 15," I answered. Like clockwork, we get a card each year from her parents. | |||
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I agree, but we are talking about tax cuts for people who have more children. You have to make money to benefit from tax breaks. Jason "You're not hard-core, unless you live hard-core." _______________________ Hunting in Africa is an adventure. The number of variables involved preclude the possibility of a perfect hunt. Some problems will arise. How you decide to handle them will determine how much you enjoy your hunt. Just tell yourself, "it's all part of the adventure." Remember, if Robert Ruark had gotten upset every time problems with Harry Selby's flat bed truck delayed the safari, Horn of the Hunter would have read like an indictment of Selby. But Ruark rolled with the punches, poured some gin, and enjoyed the adventure. -Jason Brown | |||
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What galls me are the number of folks who get a refund from the IRS in excess of any tax. In other words, they not only don't pay taxes, they get a refund from the government. I see it all the time when I see tax returns as part of our real estate investment business. | |||
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If your statements are anywhere close to correct you are an extreme rarity in the high end tax spectrum unless they live in some high income tax state such as Ct or NY, or worse yet New York City. Most upper end earners pay about 18 to 20% of AGI and the upper 1% pays about 23%. AFA estate taxes go, you need an good attorney. It is relatively easy, with planning, to hold the estate tax bite WAY BELOW the 50% you mentioned. Currently, for this and next year, there is $5 million dollar deduction BEFORE any estate taxes are due and then the tax caps at 35%. Whether that will be renewed or extended is, of course, unknowable at this time. You can also give $13,000 ($26,000 for a married couple) per year to anyone without any gift tax liability. Doesn't sound like much, but it adds up over a few years, especially if it is re-invested. Finally, if your current life style is as tiresome, stressful, and unhealthy as you make it out to be, I urge you to make a change. There are no Brinks trucks in funeral parades. The reason that people with more kids get a minor tax deduction is simple, the government (our government) years ago chose to promote family growth. Just as you likely take a tax deduction for your mortgage payments because the government chose to promote homeownership. xxxxxxxxxx When considering US based operations of guides/outfitters, check and see if they are NRA members. If not, why support someone who doesn't support us? Consider spending your money elsewhere. NEVER, EVER book a hunt with BLAIR WORLDWIDE HUNTING or JEFF BLAIR. I have come to understand that in hunting, the goal is not the goal but the process. | |||
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Amen brother! I suspect there is more of that than many people know. | |||
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I disagree...a person is currently able to receive a refund check from the IRS without paying one penny in income tax. | |||
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| One of Us |
Although I'm well below Larry on the income spectrum, he speaks for me 100%. I expect there are enough of us left to enact a change in policy if we all stick together. It seems to me that currenty, the Tea Party is the most viable avenue for this. | |||
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| One of Us |
Greg is correct. Check out the earned income credit for an example of how to get money back with out paying anything in. | |||
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And, boy, does that provision of the tax code chap my ass.  xxxxxxxxxx When considering US based operations of guides/outfitters, check and see if they are NRA members. If not, why support someone who doesn't support us? Consider spending your money elsewhere. NEVER, EVER book a hunt with BLAIR WORLDWIDE HUNTING or JEFF BLAIR. I have come to understand that in hunting, the goal is not the goal but the process. | |||
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You have a lot of company! ------------------------------- Some Pictures from Namibia Some Pictures from Zimbabwe An Elephant Story | |||
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No doubt, you are correct. What I meant was that tax "breaks" only benefit those who are employed or earning an income(not those milking the system while unemployed). Jason "You're not hard-core, unless you live hard-core." _______________________ Hunting in Africa is an adventure. The number of variables involved preclude the possibility of a perfect hunt. Some problems will arise. How you decide to handle them will determine how much you enjoy your hunt. Just tell yourself, "it's all part of the adventure." Remember, if Robert Ruark had gotten upset every time problems with Harry Selby's flat bed truck delayed the safari, Horn of the Hunter would have read like an indictment of Selby. But Ruark rolled with the punches, poured some gin, and enjoyed the adventure. -Jason Brown | |||
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I fear that as long as non-working, non-tax paying people are allowed to vote, this crap is going to continue. Seems like a great way to self-destruct....... Tim 0351 USMC | |||
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Just saw this, Trump is trying to fix what you are upset about. I hope he does. | |||
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Funny thing?! I wrote a whole story myself but when trying to post I got deleted. HMMM? Just because you're paranoid,does'nt meen they are not out to get you. Never mistake motion for action. | |||
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Damn I missed this thread. I should have been more active on AR. Larry who is Tiffany ? Good to see my banned taxidermist Ben old post on AR. I hate to disappoint anyone but trump is as big a fraud as obama. All tax reform will be a joke - the system is hopeless broken and at the same time extremely efficient - if that makes any sense. Nothing serious will get done cause the core issue is government spending - primarily healthcare and social insurance. How you collect taxes is a joke. The us government has tax collection rigged - only way around it is play the game. What is the game Control your sources of income. Basically don't work for anyone else to get really rich. Own your business. Control your tax realization. Use every loophole available from 1031 to carried interest. Control the tax attteibute of your tax realization - long term. If you still hate the tax rate after playing the game - renounce your citizenship may the required tax and move offshore. Mike | |||
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The Accurate Reloading Forums THE ACCURATE RELOADING.COM FORUMS Other Topics Miscellaneous Topics Just mailed my 'Africa lion hunt' to the IRS
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