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  1. #61
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    Quote Originally Posted by EmanuelGoldstein View Post
    Oh right, I forgot ! Jamie Dimon and Lloyd Blankfein, there's some big sacrifices, d00d ! I should cry myself to sleep every night over their boundless philanthropy !
    We were talking Fed-Ex? Or Jamie Dimon?

    I realize there's a list of well known buzznames (is that a word?) used by many to incriminate/generalize businesses and their owners as a whole. Could be Koch, Walton, Dimon, etc. There's a list there, I won't name them all...Because we all know their names already. Yawn.....That hand has been overplayed.

    These names are used by many to indite all business owners as some kind of evil. The general public parrots this so much, they begin to believe this nonsense. What is lost is the contributions businesses and their owners make...Even with taxes aside, their contributions are many.

    Fed-Ex has 450K employees world wide. They provide a laundry list of benefits to these employees and their families. The list of benefits is so long, I won't be typing it all out here. Without companies like Fed-Ex many of these people would be the tax payers responsibility.

    What do you think Jim Rozen contributed? Enough to change the tires on one Hummer?

    Would love to actually see the tax returns of people like you and Jim. Without that, your arguments hold no weight for me. These people you demonize are in the public eye, and under a microscope. Lets put you guys under the same microscope, and see how well you do in comparison. We know nothing about you. It's real easy to sit behind your computer and point your finger.

    Also a very worthy mention...A company like Fed-Ex allows businesses like mine to put my product in the hands of the entire world, within a couple days, for a fair price. What is that worth?

    The task of building a company like Fed-Ex is almost impossible to comprehend. The years of hard work, good decisions, proper investments, etc are endless. Companies like them make companies like mine possible...End of story.

    I'm sure the people that build these companies are not saints (i'm not, are you?), but the end result of their efforts have helped put the tools in place that allow the average man like me to build something and support my family. I for one appreciate that they have done so.

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  3. #62
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    Default Taxes and stuff - Care to share?

    Sure, with a much larger overall population, there are about 65 million more Americans working now than in the 60’s, but that has been more than offset by government spending largesse. Today, there is a larger percentage of the overall population dependent on the government (either directly or indirectly) than they were back then.

    Hell, Medicare didn’t start until 1965, and that will ultimately be the program that breaks the federal government!

    Just compare the breakdown of the federal budget from then to now...

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  5. #63
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    Quote Originally Posted by Gordon B. Clarke View Post
    I knew some states had different sales tax but didn't know how much it could vary from state to state. Enough for anyone to change state?

    Sales taxes in the United States - Wikipedia

    Attachment 271477
    I think he was talking about State Income tax, not sales tax.

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    Quote Originally Posted by Larry Dickman View Post
    I think he was talking about State Income tax, not sales tax.
    I'm sure you're right but how can anyone live in a state and pay no income tax?

    I could ask "What do income taxes pay for in Florida?"

    I imagine there's sales tax, state tax and national tax. I could also ask "In which state does a person get to keep most of their money?"

  7. #65
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    Quote Originally Posted by cnctoolcat View Post
    Sure, with a much larger overall population, there are about 65 million more Americans working now than in the 60’s, but that has been more than offset by government spending largesse. ...
    Maybe that's true, but it's not the statement that we are fed --

    "The problem is that the older demographic's healthcare is paid for via taxes on the earnings of a much younger and smaller demographic, which means (like Social Security) it's not sustainable until enough codgers like me die off and some population balance ensues."

    Which is false. The number of people paying in is considerably larger than it was in the sixties. From a quick perusal, it's a good 70% more.

    And before Old gets his nose pushed out of joint, I believed the same thing until an accidental reading of a 1966 book woke my feeble brain out of its trance.

  8. #66
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    Quote Originally Posted by Gordon B. Clarke View Post
    "In which state does a person get to keep most of their money?"
    I believe it's Alaska

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    Quote Originally Posted by Larry Dickman View Post
    I believe it's Alaska
    Alaska Retirement Tax Friendliness | SmartAsset.com

    Alaska in the Summer and Florida in the winter?

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    the op needs to get a different accountant 36,000.00 per year in taxes dont how if your 1 dependent or more. as a small business that would be the taxes on well over a 120,000 per year of actuall profit, take home money. thats money to pay for your personal residence, and hotrods, type money. especially as a s corp

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    Quote Originally Posted by HappyWyo View Post
    You are paying way to much.
    Get rid of your accountant.
    Start a partnership with your daughter, Trust ( preferred ) or LLC. That will make you exempt from payroll tax.
    Get rid of your S Corp.It is causing you higher taxes, and additional paperwork.
    Keep track of all your business expenses, make your daughter your book keeper if you are incapable.
    You will deduct all your expenses at the end of the year under the Trust or LLC ( Form 1065 ) and then the remaining will be "passed through" to you and your daughter VIA Form 1065 for your taxes.
    At the end of the year, by the time I get done with my 1065, it shows I made nothing.
    I own a 2 shops,3 homes, a ranch, and a fleet of tow trucks. I started with nothing.
    I've been audited twice and came away both times with "no change" to my taxes.
    I have multiple Trusts and 1 LLC. I've never hired an attorney.
    I do my own book keeping and taxes, always have, since I was 14, didn't bother going to high school. Straight to work.
    Remember rule of thumb " Sole Proprietor " is always best if you have to account for all of the gross income. i.e. no one else works with you.
    This is essentially what my accountant friend told me to do.

    She said start an LLC and as you pay yourself a "Draw" from the company the best thing you can do is loan it right back to the company so you become a creditor to the business. If anything happens to the company you are essentially a creditor and you can sell off everything and pay yourself what you "loaned" to the company. You also show little to no income.

    Buy the building personally and lease it to the company.

    You wont have to match any payroll taxes.

    Trusts are also a great way to store your assets. You dont "own" the trust. The trust has assets and you just "control" the trust as the executor.

    HappyWyo Am I close on this? I havent had the chance to do this myself yet. As I make more money and hire a few employees I will go this route. As of now I am Sole Prop. and operate as an independent contractor.

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    Quote Originally Posted by Alloy Mcgraw View Post
    We were talking Fed-Ex? Or Jamie Dimon?
    Unfortunately, in today's US, they are coming closer and closer together. I didn't have a hardon for Fedex, but it does seem like they are joining the rest of the companies that once produced a service but now manipulate the tax code. Their head guy seems to be a true-blue prick, indeed. Reminds me of Bill Agee.

    But that's okay, you can continue to worship them - let's see if you can eventually figure out that the less they pay, the more you get to. Cuz, you know, it's not like Congress is ever going to cut back on expenditures.

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    Quote Originally Posted by EmanuelGoldstein View Post
    Unfortunately, in today's US, they are coming closer and closer together. I didn't have a hardon for Fedex, but it does seem like they are joining the rest of the companies that once produced a service but now manipulate the tax code. Their head guy seems to be a true-blue prick, indeed. Reminds me of Bill Agee.

    But that's okay, you can continue to worship them - let's see if you can eventually figure out that the less they pay, the more you get to. Cuz, you know, it's not like Congress is ever going to cut back on expenditures.
    Well i'm glad you have it all figured out.

    The level of bitterness that comes across in yours and Jims words is pathetic.

    My father in law is similar in this respect. He went to an Ivy League school, and thinks everyone else is an idiot simply for disagreeing with him. He can't understand why these "idiots" are more successful then he is....He often blames the likes of Dimon, citing him in almost every rant.

    He's done ok in life, but feels he should be better off based on his elite views of himself.

    He's like a guy giving marriage advice, but has 3 divorces under his belt. But it's never his fault.

    It's easier to blame others I suppose.

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    Quote Originally Posted by Gordon B. Clarke View Post
    I'm sure you're right but how can anyone live in a state and pay no income tax?

    I could ask "What do income taxes pay for in Florida?"

    I imagine there's sales tax, state tax and national tax. I could also ask "In which state does a person get to keep most of their money?"
    We don't have a state income tax in FL, but of course I pay Federal taxes and sales tax.

    Sales tax is just that, a tax on 'sales' that you pay for almost everything you buy from a store, etc
    FL doesn't have a state income tax (from my understanding) is because it is a big tourist area and we get most of the state revenue thru that.

    When I lived in IN, we had state income tax, and get this- we paid "book fees" for our kids to rent textbooks for school, nice huh?

    In SC the state income taxes were outrageous, along with the property taxes. I didn't follow the logic of it, but I lived in Beaufort, where the Paris Island military base is. Most of our local money was from military and tourism, but they still taxed the crap out of everything...

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    Quote Originally Posted by Bill D View Post
    Regarding USA not having socialized health care I saw Trump, who claims to take no salary, Went to a government hospital at government expense for his latest health scare.
    I bet he would be turned down for his preexisting conditions.
    What happened to his great replacement for Obama care that has been 10 years in the planning stages?
    Bil lD
    A 3+ year long coup to overthrow a Rightfully Elected President because some crooked old hag didn't get her turn, and then Democrats getting majority of the house in the 2018 midterms and stalling everything since with more bs shenanigans is what happened. The swamp is deep.


    But if you don't like your tax cuts you can probably still send the IRS the extra or donate it to a good cause, like the NRA.

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    Quote Originally Posted by SND View Post
    The swamp is deep.
    And both parties live there.

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    Quote Originally Posted by EmanuelGoldstein View Post
    And both parties live there.
    Ehhhh, hard to say they live there when they ARE there. It's like saying the pond scum and muck live there when they are what make it up.

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    There will never be enough taxes paid...they will figure how to spend it and ask for more..likely if they got an extra dollar they would burn it just to show they need more.

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    Quote Originally Posted by Bill D View Post
    Regarding USA not having socialized health care I saw Trump, who claims to take no salary, Went to a government hospital at government expense for his latest health scare.

    What happened to his great replacement for Obama care that has been 10 years in the planning stages?
    Bil lD

    You can thank our Politicians Dems and Repubpukins for having only the best plans For "Themselves" which also includes the President.
    As to President Trump came into office his promise was to do away with ObamaCare and install the Repubpukin plan...only they had no plan aside from repeal. One can blame Trump for alot...not the republicans total ineptness in not having a plan

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    Quote Originally Posted by EmanuelGoldstein View Post
    ...until an accidental reading of a 1966 book woke my feeble brain out of its trance.
    No, you only thought it did.

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    Quote Originally Posted by SIM View Post
    You can thank our Politicians Dems and Repubpukins for having only the best plans For "Themselves" which also includes the President.
    As to President Trump came into office his promise was to do away with ObamaCare and install the Repubpukin plan...only they had no plan aside from repeal. One can blame Trump for alot...not the republicans total ineptness in not having a plan
    Why oh why not do what almost all other countries do?

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    Quote Originally Posted by Oldwrench View Post
    No, you only thought it did.
    Nice, wrench. I thought you were better than that. Can't address the numbers, just say something snarky.

    Cool beans.


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