| Author | Message | ||
     B00stzx3 |
I tried to post this to Backfire, but I guess things gotta be moved there. Anyways, they said a lot of those companies getting bailouts use tax shelters or tax havens and avoid playing taxes. Enlighten me (Court and FT_BSTRD I know yall got somethin to say!), how do these exists legally, why doesn't the Gov shut them down and pressure Cayman Islands and Switzerland into complying, and isn't this Un-American? They get all the benefits of profiting here and don't wanna pay all there taxes. | ||
| Kilroy |
Here's a better idea - eliminate all those reasons that a corporation would want or need to go offshore and we would all have to get out of the way or get run over by a steam train of an economy. We have some of the most stifling tax laws and regulations in the industrialized world - it is a miracle that we are in as "good" of shape as were are right now. | ||
| Court |
>>>>how do these exists legally They do not. If you need proof, talk to my wife's cousin (Former President of a well known Wall Street brokerage firm you know) who just got nailed by the IRS. The most interesting part is . . is that there are also (not pertaining to him) criminal charges that may accure from the shelter since HUD (yep, Federal employess) were the one's who cooked the books. If it's any comfort you'll be glad to know that something like (someone can provide the actuals) 85% of America is financed by folks making the top 2% of the income and 50% of America pays little of no tax. | ||
| Ft_bstrd |
Damn it why do I have to be 3 hours away from my computer when there's a tax and fraudulent tax dodge thread?  Ask Arthur Anderson about questionable tax strategies. These "tax loopholes" that get tossed about by those wishing to demonize corporations and wealthy individuals in order to garner votes are a myth. I make my living from creating LEGAL tax avoidance strategies. There are a few available. A few. The really racy ones are called 720 plans. (You can deduct whatever you want, but when you get caught you'll do 7 to 20.) Hopefully Spatten will chime in! | ||
| Iamike |
Oh that's ok, we got the change everyone wanted. Our new head of the Treasury didn't pay taxes for several years and pretty much got away with it. What's funny is that he blamed it on the same tax program I use but I have to pay every year. Then people wonder why very few people have faith in our leaders doing the right thing anymore. | ||
| Ft_bstrd |
What's worse is that he was reimbursed by his employer to pay these taxes, so paying the taxes wouldn't have even cost him any money out out of pocket. Scumbag. | ||
| Slaughter |
Giving the devil his due: it was the ignorant congressman who asked what program he was using. He didn't want to name it - for the OBVIOUS reason: he'd look foolish implying that it was the program that "caused" him to under pay. | ||
| B00stzx3 |
Rich people do that crap all the time. They think there better than everyone and rules don't apply to them. Notice the biggest douche drivers tend to be in Acura TLs and BMW 3-series, or any acura and bmw for that matter, no offense to anyone. Cell phone and latte in hand of course. Anyways, are these companies that we bailed out breaking the law by not paying taxes? My dad said something about Swiss banks and the Caymon islands. | ||
| Ft_bstrd |
I am driving an Acura TL and posting from my Blackberry as we speak. (You can Google Street my address and see it. ) Rich people who don't pay taxes go to jail. Ask Wesley Snipes. | ||
| Ferris_von_bueller |
Boo said corporations - not rich individuals. | ||
| Court |
>>>Ask Arthur Anderson about questionable tax strategies.  Ask BDO Seidman . . . . Jeremy . . . let's revisit this in 180 days and you tell me if I was omniscient. | ||
| Ft_bstrd |
Boo said corporations - not rich individuals. Not in the last post. | ||
| Ft_bstrd |
Besides hearsay about mythical accounts in the Cayman Islands, what specific illegal tax dodges are you referencing, B? | ||
| Patrick2cents |
ok, so in case you didn't know, a corporation is a tax shelter in and of it's self... it isn't a building, people, or really even a company. A corporation is a legal document that exists on file... and anyone can have one. it is the equivalent of documents that state you have a company (I mean there is more to it then that, but for our purposes here, that is about it). If you own enough assets (things that make money for you.... ie NOT your house or a new ducati) it is really suggested that you have one... it works so that all of your income can basically be deducted and you can save tax free... just the value of your corporation goes up. It is really cool. Oh and a lot of people you might consider "rich" legally don't make squat because there house is a "corporate benefit" and their car is a "company car" which makes a lot of what they buy tax free. This is all perfectly legal, and I applaud it, as our tax laws are ridiculous and unfair. on a different note, your really can't do this unless your money is working for you (like you own rental property or a bunch of investments... not hard stuff to do). This is pretty much the best "tax shelter" you can have. | ||
| Ducbsa |
Didn't faithful hubby John Edwards incorporate as a lawyer, pay himself a small salary, then collect the major income as dividends? Yep, two Americas, all right. | ||
| Aesquire |
I take it as a rule that if class envy & hate for ANY group is the basis for your political strategy, you are not good. Maybe not really eeeevil, but it's a way to bet. Hate the rich is a classic revolutionary ploy. Used by Marxists, Theocrats ( see Iran ), and every other group of people who want power & your hard earned money. For long enough that the first guys to use this way to whip the crowd into a frenzy to screw over their enemies that the cry was probably "Ogg has too many rocks! What does he need with so many? You should have more rocks & it's all Ogg's fault the Mammoth hunt didn't go well! Kill Ogg! Power to the Tribe!" Certainly "progressive" tax policy is a con. Without much ( or any ) thought, it makes sense to tax people who make more a higher percentage. Heck, they can afford it! Poor folk can't afford it, but rich guys can. Ok. Poor people also can't afford to bribe politicians to make tax laws that give them loopholes like Edwards & others use to not pay their "fair share". Poor people can't afford to pay accountants & lawyers to prepare taxes in the best way, don't know about the special deductions & tricks, and couldn't take advantage of them anyway. Not enough money. Yet a "flat" tax where everyone pays, say, 15% is considered regressive & won't be supported by those who scream "tax the rich" even though it might actually even things out. I don't know. I can't believe politicians wouldn't "adjust" it for better fairness...... no relation to the savings "rich" people would get with the "adjustments for fairness", or the money given to the politicians for their "re-re-re-election". Of course not. | ||
| Court |
Wow. I'd encourage folks, I'm headed to the airport and haven't got time to go through point by point, to treat MOST the above info with a grain of salt. Or . . . all the law books I've ingested since 1971 could have been wrong. If anyone is interested in learning what a Corporation is you are welcome to borrow one of my books from last semester.  Ft.B. . .hurry and get to a terminal where you can explain this. | ||
| B00stzx3 |
My bad Ft, I just have an anti-import and anti-luxury car bias, growing up in the country does that This stuff is really wild, I know a little about LLC from my vending business. Yall know everything about Buells and everything else! Love this site. | ||
| Ft_bstrd |
No big deal. I wasn't offended. I hate pompous pricks in luxury cars. I also dislike a$$hats in pick up trucks. Money doesn't alter ones inner nature. It just makes it more conspicuous. Holy crap. I don't even know where to start. | ||
| Mr_grumpy |
I've got it sussed, My wife makes a decent wedge, the mortgage is paid off, so I work enough to bring some dosh in to keep us in the style to which we have become accustomed, but not enough to incur income tax. Works out at about 2 weeks a month. Jolly nice I reckon. |
