Medicare

[Jiro]

You're kidding, right? We get no more tax deductions than anyone else. We have business expenses that are calculated in but they hardly make a dent in the tax burden.

For every $1,000 of expenses, maybe it knocks off $10 from the taxes. Big deal. We never get refunds; we get a bill from the IRS every year.

If by clever you mean dishonest or unethical, no we don't do that.

Our only deductions we get are the same that anyone can get, such as for charitable giving. Even that makes a teeny difference in taxes.

there you go! just gotta know money and system to maximize your profit, minimize your tax. you may have to live in different state for that.

and no I don't mean by being dishonest or unethical when getting clever with it. if it ain't there, it ain't illegal.... aka loopholes. or yes some people fudge it around and stretch the truth and that's frowned upon.

 

[Foxrac]

If we had a Fair Tax (consumption tax) that you don't like, would you like me to tell you the same thing?

Fair Tax isn't in our law book.

It is very impossible to pass Fair Tax, just like gay marriage, though.

 

[Foxrac]

You're kidding, right? We get no more tax deductions than anyone else. We have business expenses that are calculated in but they hardly make a dent in the tax burden.

For every $1,000 of expenses, maybe it knocks off $10 from the taxes. Big deal. We never get refunds; we get a bill from the IRS every year.

If by clever you mean dishonest or unethical, no we don't do that.

Our only deductions we get are the same that anyone can get, such as for charitable giving. Even that makes a teeny difference in taxes.

Simple: Use loophole.

GE used that and they don't pay any of income tax.

 

[Jiro]

So now the government has the gimme gimme gimme mentality.... I see. That's quite a switch you made there.

never made a switch. Did you miss the part where I'm scorning government for instituting income tax? That's a massive gimme gimme gimme! IRS is a bunch of gimme gimme gimme hoodlums

That's the way it should be.....but government gets to make different rules for themselves.

exactly. I'm glad that they're going to remove insider trading exemption for Congress.

if I were currently in business, yes I would most likely benefit from itemizing.

yes. some people are just clueless about it. or didn't want to do it much out of fear of IRS audit :Ohno:

 

[Jiro]

Simple: Use loophole.

GE used that and they don't pay any of income tax.

no not that simple. big corporations like GE can do that because they have departments and several limousines of fancy-suit lawyers and genius accountants. and plus..... they have politicians in their pockets who would overlook their shady financial dealings.

we don't. but some people do loopholes and most of times - they get caught.... or not.