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Post Info TOPIC: Income taxes
longprime


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Posts: 2549
Date: Apr 13, 2012
RE: Income taxes
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A business owner, good for you. We need more of you. The more you do business, the more any Congress and any President will give to you. 

The odd thing about our tax code/philosophy is that if you invest in a business, but not run a business, you can get a lower tax rate-ie dividends, carried income (Mitt), longterm cap gains, loss carry forwards, etc. 



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SamuraiLandshark


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Posts: 1832
Date: Apr 13, 2012
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I have never thought of myself as wealthy.  I do have a small business and a couple of kids in college and a house.  

It takes me more than an hour or two to do my taxes.  Exponentially more time.  



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longprime


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Posts: 2549
Date: Apr 13, 2012
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The tax code is fairly simple for us poor folks. The complication is to those who are wealthy and who have influence. The wealthy and influencial have neither the desire to change the tax code nor to they care about cost and labor for filing their taxes. Remember 20% pays 80% of the taxes. evileye

Long live the wealthyevileye



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soccerguy315


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Posts: 572
Date: Apr 13, 2012
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quote: The U.S. tax code is insane and out of control. It's tripled in a decade. It now runs to 3.8 million words. To put that in context, William Shakespeare only needed 900,000 words to say everything he had to say. Hamlet. Othello. The history plays. The sonnets. The whole shebang. But the IRS needs four times as many words? Really?

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SamuraiLandshark


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Posts: 1832
Date: Apr 12, 2012
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Like lots of other folks, I have procrastinated.  I did about as much as I needed to do to begin the financial aid estimate numbers back in January.  Now I get to finish the job.  

If only the process was more simplified.  

Has anyone seen the Obama's tax return from 2010?  It's kind of fascinating. 59 pages.  I am intrigued by the 800,000 in foreign income. Anyone have a clue where it came from?  

http://www.whitehouse.gov/sites/default/files/rss_viewer/POTUS_taxes.pdf



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