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Thread: The Debate

  1. #196
    Dawg Adamant Argument Czar Guisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond repute Guisslapp's Avatar
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    Re: The Debate

    Quote Originally Posted by CARTEK View Post
    It's a quasi-parable...it conveys a point.
    I think it does so effectively.
    Jordan Mills on choosing Tech:
    “It’s a great experience seeing them play. It was a good atmosphere. The fans stood up the whole game and never sat down. They have a great fan base.”

  2. #197
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    Re: The Debate

    Quote Originally Posted by freakazoiddog View Post
    I would not be against a flat tax. Who knows, with a new and simpler tax code, perhaps the rich couldn't take advantage of so many loopholes and the government could take in even more.

    In fact, Huckabee was advocating for a "fair tax" or "flat tax".

    People always talk about these loopholes, and i would like to see some examples. Maybe rich individuals do have them, but since I started my MBA I have been looking at company's financials and they pay their 35 percent (effective tax rate is different given nontaxable investments and other things like that). Anyway, I was just wondering because i always hear all of this talking about loopholes and I dont know enough about tax code to know what they are and how big of a difference they make. Does anyone on here know about them?

  3. #198
    Dawg Adamant Argument Czar Guisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond reputeGuisslapp has a reputation beyond repute Guisslapp's Avatar
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    Re: The Debate

    Quote Originally Posted by dhussdawg View Post
    People always talk about these loopholes, and i would like to see some examples. Maybe rich individuals do have them, but since I started my MBA I have been looking at company's financials and they pay their 35 percent (effective tax rate is different given nontaxable investments and other things like that). Anyway, I was just wondering because i always hear all of this talking about loopholes and I dont know enough about tax code to know what they are and how big of a difference they make. Does anyone on here know about them?
    I can think of some ways to DEFER taxes in the current year, but you will have to pay them at some point, particularly if you ever want to liquidate cash out of any assets.
    Jordan Mills on choosing Tech:
    “It’s a great experience seeing them play. It was a good atmosphere. The fans stood up the whole game and never sat down. They have a great fan base.”

  4. #199
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    Re: The Debate

    The only way I know to generate income without incurring tax liability is (1) taking advantage of Roth IRAs (assuming your income is low enough to participate), (2) taking advantage of real-estate exclusions (like-kind exchanges, and sale of principle residence), or (3) don't make enough money.
    Jordan Mills on choosing Tech:
    “It’s a great experience seeing them play. It was a good atmosphere. The fans stood up the whole game and never sat down. They have a great fan base.”

  5. #200
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    Re: The Debate

    Quote Originally Posted by Guisslapp View Post
    I can think of some ways to DEFER taxes in the current year, but you will have to pay them at some point, particularly if you ever want to liquidate cash out of any assets.

    Yeh, I know some of those, but like you said, it all still has to be paid. I always hear these liberal conspiracy theories about loopholes and how rich people dont pay taxes, and I need some examples. It just sounds like a liberal talking point to bag on the rich in which most have no idea what it is about.

  6. #201
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    Re: The Debate

    Quote Originally Posted by dhussdawg View Post
    Yeh, I know some of those, but like you said, it all still has to be paid. I always hear these liberal conspiracy theories about loopholes and how rich people dont pay taxes, and I need some examples. It just sounds like a liberal talking point to bag on the rich in which most have no idea what it is about.
    I think what they may be referring to is income taxes. The truly rich have no income per say. However they do have capital gains.

  7. #202
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    Re: The Debate

    Quote Originally Posted by GonzoDawg View Post
    I think what they may be referring to is income taxes. The truly rich have no income per say. However they do have capital gains.
    I dont really consider that a loophole though. It is just a different form of income that is taxed at a different rate. It has always been spun that these people that make tons of money pay less on a percentage basis. Capital gains tax is totally different in my mind, but you could be right that the rich haters try to spin it.

  8. #203
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    Re: The Debate

    Quote Originally Posted by dhussdawg View Post
    I dont really consider that a loophole though. It is just a different form of income that is taxed at a different rate. It has always been spun that these people that make tons of money pay less on a percentage basis. Capital gains tax is totally different in my mind, but you could be right that the rich haters try to spin it.

    But when it is said that the rich don't pay taxes I believe they are talking about income taxes. Yes the rich haters are the perpetrators of this misinformation. The so called loopholes are just as Guiss suggests only ways to reduce exposure. You can look at the percentages of whom is paying taxes and see plainly that the rich are paying plenty.

  9. #204
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    Re: The Debate

    I know one thing, my wife and I make decent money, but I have been analyzing our tax situation for when we buy a house and we dont qualify for many of the benefits we could currently use. We make too much to write off any education expense or any of our PMI IF we are able to get a loan. I know 100K (most income cutoffs for these benefits) sounds like decent money, but it is not that great in Houston. Once again, more tax benefits that "normal people" could use that we are cut off from. I want to know some loopholes because apparently I make too much to take advantage of the poor man's loopholes, but too poor to take advantage of the rich man's loopholes. what is the deal?

  10. #205
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    Re: The Debate

    Quote Originally Posted by dhussdawg View Post
    People always talk about these loopholes, and i would like to see some examples. Maybe rich individuals do have them, but since I started my MBA I have been looking at company's financials and they pay their 35 percent (effective tax rate is different given nontaxable investments and other things like that). Anyway, I was just wondering because i always hear all of this talking about loopholes and I dont know enough about tax code to know what they are and how big of a difference they make. Does anyone on here know about them?
    This may not be what you are referring to but there are some great advantages of owning your own small business...

    The most obvious is fuel and/or vehicle expenses. Lots and lots of toys can be paid for and written off as business expense. I could name several other things that my company paid for me (w/pre-tax dollars) that I miss since I am now a sole proprietorship, but I do have many less headaches than I did when I employed up to 20 people at times.

    Things that I really hate after experiencing both worlds are FICA matching and AMT

  11. #206
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    Re: The Debate

    Quote Originally Posted by maddawg View Post
    This may not be what you are referring to but there are some great advantages of owning your own small business...

    The most obvious is fuel and/or vehicle expenses. Lots and lots of toys can be paid for and written off as business expense. I could name several other things that my company paid for me (w/pre-tax dollars) that I miss since I am now a sole proprietorship, but I do have many less headaches than I did when I employed up to 20 people at times.

    Things that I really hate after experiencing both worlds are FICA matching and AMT
    Very true, all sorts of toys can be written off as business expense. I think most people dont appreciate the taxes many businesses pay, in between FICA/SS taxes.

  12. #207
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    Re: The Debate

    Quote Originally Posted by dhussdawg View Post
    I know one thing, my wife and I make decent money, but I have been analyzing our tax situation for when we buy a house and we dont qualify for many of the benefits we could currently use. We make too much to write off any education expense or any of our PMI IF we are able to get a loan. I know 100K (most income cutoffs for these benefits) sounds like decent money, but it is not that great in Houston. Once again, more tax benefits that "normal people" could use that we are cut off from. I want to know some loopholes because apparently I make too much to take advantage of the poor man's loopholes, but too poor to take advantage of the rich man's loopholes. what is the deal?
    I totally understand. I don't think that many people realize 100K is not a lot of money. For the most part I have less disposable income than when I made 60K (I didn't have the kids then).

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