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Welcome to Barter Town. Bust a deal, face the wheel.
Posted on 03/04/2009 8:25:46 AM PST by Sequoyah101
But Gary Schatsky, a financial advisor and the president of NY-based Objectiveadvice.com, said that reducing your income won't help a great deal because of the way the country's tax system is set up.
"Just going over $250,000 doesn't mean it impacts your tax liability for every dollar before that," said Schatsky, "It impacts you at the margin."
Marginal or graduated tax systems like the one in the U.S. means only the money earned over a certain amount -- $250,000 in the case of Obama's proposal -- will be taxed at an increased percentage.
(Excerpt) Read more at abcnews.go.com ...
I for one will also figure out ways to cut back. I will not spend at least 40 to 50% of my "incremental" time working for someone who does not work. I know of at least two associates who will most likely do the same.
The comments to the article are as priceless as they are flat demoralizing...I'm convinced, the education system has failed and most people are stupid. In a world that is average at least half the people are below average and they get the same vote as everybody else.
This is a busted system. Has been for decades.
And before anybody picks at me, I'm not listening....I've been to every crap hole in the world, worked 54 hour days at a time and done things most people won't do and still do it. If you want some of that go for it.
We used to call John Browne the ELF...Evil Little F.....
I haven't come up with a new name for obambi yet but I will.
Welcome to Barter Town. Bust a deal, face the wheel.
I have already cut back. My tax payments will go down this year, no matter what Dear Leader does to the marginal rates. I will not earn even $1 that is taxed at over 50%. To the extent that I can earn less and use those former work hours to do things for myself that I would have hired out, I will do that and am doing that. I would rather see a global depression than a socialist United States of America (which would then lead to a global depression that would last generations). I want Obama to fail at everything he attempts, just as I always want evil to fail.
But what about charitable contributions and mortgage deductions. That will have an impact if you make over $250,000. Under the $250,000 it’s one way, over the $250,000 another.
The article completely misses the point! It is not tax avoidance, it is out and out Urkel knows how to spend/invest
better than the wage earner!
President Urkel and the press do not understand that every dollar they take away from high wage earners is a dollar that
does not get:
a) payed to current or future employees
b) invested in the stock market
c) spent on a car or boat or some other consumer goods
The very rich pay most of the “taxes on the rich”. Their income comes from investments. They will have little or no income for the next 3-5 years. Any tax rate multiplied by 0 is still 0. Incomes of corporations will also be below normal for the next 3-5 years by virtue of the carry over of net operating losses.
There is no way income tax revenues will go up in the near future.
Likewise, Obama’s proposed budget requires 45% of it to be borrowed. Perhaps they can borrow over $1.5 trillion next year, but if so, it will crowd out other borrowing, starving business from needed capital.
Obama is between a rock (his socialist philosophy) and a hard place (reality).
Obama is nuts to think that the wealthy in this country will just roll over and dig into their pockets to pay higher taxes. Look at the tax shenanigans that Rep. Charlie Rangel, Tom Daschle and other Washington bigwigs have used to avoid paying taxes on their incomes.
The rich and large corporations will simply form new companies in offshore tax-havens.
Those offshore companies will charge large consulting fees to their U.S. operations.
In this manner the U.S. operations will have little or no profit. Thus, no U.S. tax liability.
Very profitable for the offshore corporation, however.
That wealth will not be repatrioted in the U.S. however, further slumping our economy.
There are ways to get around most if not all taxes in this country if one is willing to do some research on the matter and if one is knowledgeable about local state and federal tax law and various loopholes in the law.
all of those items are not under his control, so it’s OK with him if they don’t get spent or invested.
Passive (not earned) income isn't subject to payroll taxes. It is subject to ordinary income tax (rents, royalties,interest,stock appreciation < 1 year) or capital gains (realized stock appreciation > 1 year). Aggressive management of gains and losses can minimize tax exposure. Ditto for balancing rental income against maintenance expenses, depreciation, tax and interest expenses for the property.
A truly "wealthy" person has sufficient passive income to avoid the need to actively earn income. Their focus is on management of the assets that generate their income. It takes a long time to accumulate this level of "wealth". Heavy taxation is aimed at preventing it from happening for most people.
There is no such thing as “taxing the rich”. The rich know how to hide and shelter money.
So taxes on the middle class have to be raised, too.
Socialists don’t understand this.
The best way to side-step paying taxes, without consequence, is to be Charlie Rangel or a nominee or member of the Obama cabinet.
lol
You got that right!
Urkel!! I love it. Somebody needs a characature of him with glasses.
I’m listening to Limbaugh call Urkel (Erkel?)out? This is great, first time I’ve smiled in days. Limbaugh has kahones!!! Yes, a windbag but still...
I want to see the bastard go down.
The Ninth Amendment tactic for law suits by the public may work.
I told him that Congress and Obama will be taxing me at a higher rate and I will not put up with it.
I don't like being told what Dr. I can see and how much care I will receive. That is my decision and I choose how much care I receive and how much I want. My Dr. seemed very pissed about the socialization of medicine and agreed. He also felt that it was not just putting a squeeze on patient but Dr.,s as well. we discussed "standard" care, as well. I said "listen Dr., I had operation that did not go as expected 10 years ago. I was told that I would completely healed in six weeks. That seemed a little long to me, as I was younger and thought, whatever, I will be fine before that." "Dr., I said, as you know for the first time in my life I slept 10, 12, 14 hours a day. For 1 Year!. I have never, even as a child, slept more than about 6 hours and many times just skip it altogether. Additionally, I had tremendous pain from the recovery process, for 2 years and intermitently for about 5 years. Luckily I had a doctor who understood and helped me through it. Anyway, I thanked for being my doctor all these years and explained my weight loss and drop in blood pressure. The Federal Government and the state of calipornia derive their revenue from many streams and I am cutting back on those things that they tax directly.
Cigarettes and booze, gone, by by. Coffee from the donut shop, toast. Just some simple things I can change that reduce the amount of income they receive and besides, I have lost 7 pounds and lowered my blood pressure.
Next on my list soda and mixed drinks like tea and lemonade. I really like the taste but water, from the tap, is darn near free.
Calistoga and Seltzter water, don't need it. Produce? Going to the local vendor of fruits and vegetables. Not the grocery store.
The grocery store charges you tax on the entire amount of purchase. If you reduce that amount you reduce your tax burden. Paper plates, asta la vista. I will wash from now on. For two people no big deal and a couple of minutes.
Paper towels, minimal use. I will use regular towels from now on and just throw them in with my laundry.
I am going to spend like I did when I first started working and reduce my monthly expenses, while getting healthy.
New car next year, natch. I will hold on to this one and maintain it. California wants to double the tag fee? Go ahead, I can afford $180 but you are crazy if you think I am going to fork over $400-$600 because you slugs can't figure out a budget.
were I rich, I’d go on a 4 year vacation.
Re: Cutting back.
Ditto, I’m seeing it with lots of us.
I either skip lunch or bring it with me now days when I work in town. I find it entertaining when people ask me if I’m going to lunch and I tell them why I’m not.
I also got a hoot out of telling one of my contractors why I wasn’t doing any work on my place anymore. He told me last summer why obambi would be so great and I remember.
He couldn’t get to my projects last year and was counting on them to bail him out...Ha, Ha.
I spoke with another buddy who owns a small business...first to go are the cars with obambi stickers. Deal with it.
Seems everyone is heading to Galt's Gulch!
Atlas Shrugged ping!
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