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IWETHEY Home / IWETHEY Board / Money, Financials, and Economics Forum / Apples and Oranges
Post #324,383
by beepster
4/10/10 2:40:59 PM
Reply
New Apples and Oranges
its an >personal< income tax strategy.

and if you didn't notice, that strategy wouldn't work for a US citizen..so stated in the article itself.
I will choose a path that's clear. I will choose freewill.
Post #324,394
by Another Scott
4/10/10 3:47:13 PM
Reply
New That's just one example.
I'm sure you realize that many "businesses" are created to shelter income from personal income taxes. E.g. http://articles.mone...rOwnBusiness.aspx

Isn't your basic argument that people are going to do whatever it takes to reduce their taxes? Many people who hate taxes (and think they contribute too much to society as it is) find ways to do so. I'm sure you'd agree that at least a few are bending or breaking the rules in the process.

All people with AGI above $200k pay federal income tax, right?

Not so: http://www.irs.ustre...sprbulinhitax.pdf (49 page .pdf):

For 2006, of the 4,064,883 income tax returns with AGI of $200,000 or more, 8,252 (0.203 percent) showed no U.S. income tax liability; and 4,123 (0.101 percent) showed no worldwide income tax liability (the top panel of Figure C).


If tax shelters exist for corporations, individuals will form corporations to try to take advantage of them. If rates are lower as an individual than as a corporation, they'll file as an individual.

The answer to the problem of the rich and corporations sheltering income from tax isn't to lower the rates, it's to crack down on the shelters.

HTH.

Cheers,
Scott.
     Almost half on the free ride plan - (beepster) - (44) - April 7, 2010, 05:00:41 PM EDT
         Heh. Make that nearly 2/3. - (Another Scott) - (39) - April 7, 2010, 05:27:54 PM EDT
             So why aren't we... - (beepster) - (38) - April 7, 2010, 05:48:14 PM EDT
                 Who's we? - (Another Scott) - (37) - April 7, 2010, 06:34:48 PM EDT
                     @00k peanuts depending on where you live - (boxley) - (36) - April 7, 2010, 07:44:48 PM EDT
                         Top 2-3% says otherwise. - (Another Scott) - (35) - April 7, 2010, 09:26:34 PM EDT
                             Tell them to pay some - (beepster) - (34) - April 8, 2010, 12:12:12 AM EDT
                                 If you're in the top 2-3%, what are you? "Middle class"??? - (Another Scott) - (32) - April 8, 2010, 07:57:25 AM EDT
                                     Re: If you're in the top 2-3%, what are you? "Middle class" - (folkert) - April 8, 2010, 09:10:48 AM EDT
                                     In NYC...pretty much. - (beepster) - (30) - April 8, 2010, 12:03:52 PM EDT
                                         WOT - (jbrabeck) - (2) - April 8, 2010, 12:23:14 PM EDT
                                             :-) -NT - (Another Scott) - April 8, 2010, 12:29:10 PM EDT
                                             NYC, not SLC ;-) -NT - (beepster) - April 8, 2010, 12:29:13 PM EDT
                                         Only if you twist the words to mean something else. - (Another Scott) - (25) - April 8, 2010, 12:28:51 PM EDT
                                             These terms define a standard of living - (beepster) - (24) - April 8, 2010, 12:31:16 PM EDT
                                                 And so are the opportunities - (crazy) - (23) - April 8, 2010, 01:02:12 PM EDT
                                                     So you think the folks in Brooklyn or the Bronx are making.. - (beepster) - (22) - April 8, 2010, 01:37:30 PM EDT
                                                         Huh? - (crazy) - (21) - April 8, 2010, 01:58:46 PM EDT
                                                             What I'm saying - (beepster) - (20) - April 8, 2010, 03:59:26 PM EDT
                                                                 The tax in question is an *income* tax. - (Another Scott) - April 8, 2010, 05:02:37 PM EDT
                                                                 Curious - (drook) - (18) - April 9, 2010, 01:08:12 AM EDT
                                                                     Yup - (crazy) - (17) - April 9, 2010, 07:16:43 AM EDT
                                                                         Missing point of the article, aren't you. - (beepster) - (16) - April 9, 2010, 11:10:48 AM EDT
                                                                             AKA - "The way to Utopia is via a race to the bottom." :-/ -NT - (Another Scott) - (1) - April 9, 2010, 12:46:17 PM EDT
                                                                                 Hardly - (beepster) - April 9, 2010, 01:22:16 PM EDT
                                                                             You argue tactics while assaulting our motives - (drook) - (7) - April 9, 2010, 03:52:12 PM EDT
                                                                                 How is it that you "know" this.. - (beepster) - (6) - April 9, 2010, 05:47:28 PM EDT
                                                                                     That's not the argument I'm making - (drook) - April 9, 2010, 09:27:39 PM EDT
                                                                                     The Laffer curve is not linear - (mhuber) - (4) - April 10, 2010, 04:05:14 AM EDT
                                                                                         No duh - (beepster) - (3) - April 10, 2010, 02:36:41 PM EDT
                                                                                             Look at your own argument - (drook) - (2) - April 10, 2010, 02:55:39 PM EDT
                                                                                                 each person - (beepster) - (1) - April 10, 2010, 03:12:20 PM EDT
                                                                                                     What was your point then? - (drook) - April 10, 2010, 03:34:22 PM EDT
                                                                             So, is the strategy - (mhuber) - (2) - April 10, 2010, 04:24:29 AM EDT
                                                                                 No, the strategy should be.. - (beepster) - (1) - April 10, 2010, 02:33:36 PM EDT
                                                                                     "Creativity" is always the wrong answer - (drook) - April 10, 2010, 02:58:55 PM EDT
                                                                             1.5% sound about right? - (Another Scott) - (2) - April 10, 2010, 07:15:04 AM EDT
                                                                                 Apples and Oranges - (beepster) - (1) - April 10, 2010, 02:40:59 PM EDT
                                                                                     That's just one example. - (Another Scott) - April 10, 2010, 03:47:13 PM EDT
                                         I've used the same example - (crazy) - April 8, 2010, 12:55:04 PM EDT
                                 That's the problem beep - (jake123) - April 8, 2010, 01:24:11 PM EDT
         Re: Almost half on the free ride plan - (malraux) - (3) - April 7, 2010, 06:14:20 PM EDT
             Thanks for the pointer. -NT - (Another Scott) - April 7, 2010, 06:36:28 PM EDT
             he's missing a key point... - (beepster) - (1) - April 8, 2010, 12:18:36 AM EDT
                 The rest of the first world - (jake123) - April 8, 2010, 01:27:37 PM EDT

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