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Pelosi wants a $300B stimulus package

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SP33Demon

Lifer
Jun 22, 2001
27,929
141
106
Originally posted by: BoberFett
Originally posted by: SP33Demon
Originally posted by: Fern
Originally posted by: SP33Demon
Originally posted by: Fern
-snip-
Is this about the time we hear you lecture us about Warren Buffet's taxable income. lol. Spare us please, we know how wealth/taxable income works, but the notion that you think every 250K+ earner is going to hide behind tax shelters is quite humorous.
Buffet is a diversion from the topic. As a fund manager he uses a loophole allowing him to tax his income as LT cap gains, a loophole I have consistantly argued should be closed. It is Charles Shumer who refuses to allow that.

If you do actually know how wealth/income works, please act like it when you post.

Much of the income of those earning above $250K comes from stock options (primarily ISO's), instead of selling (or excer-selling) they can just hold on to them until the tax rates drop. Likewise for anybody with money tied up in real extate or the stock market.

I've been doing income taxes for almost 30 years (the top rate was 70% when I started); you raise the rates enough - we defer the income. It's that simple.

Fern
Yes, we're quite aware that Buffet should be paying taxes on his wealth, thank you for affirming what I said.

I wasn't talking about wealth, but income. How the hell are you going to defer $151,000, please enlighten me. Either way, someone who is earning 250K that seeks tax shelters is breaking the law by avoiding what the tax is supposed to do and you are the accomplice. Way to brag about that. What income tax company and in what state do you work for? My stepdad is a manager at the SEC, I'm sure he'd love to hear about this. ;)
SEC huh? Are you sure he didn't say manager at MickYDs?

If tax shelters are illegal, you better let congress know. They're the ones who set them up for themselves and their rich friends.

Come back when you get out of high school, boy.
I was referring to hiding your money using illegal tax evasion when I said tax shelter. Big deal, I used the wrong term. But thanks for the condescending comments, who is the one in high school again? Grow up. In addition, I'm still waiting for Fern's response to how one hides $151,000 in income.

PS: My stepdad would run laps around you, he's busted some pretty big fish over the years as an auditor: His biggest bust.


 

JTsyo

Lifer
Nov 18, 2007
10,949
239
106
Originally posted by: BigDH01
Someone better put an end to this quickly. It seems that the closer we get to election day, the more money people are willing to give out. This needs to end before we buy everyone new cars, homes, and helicopters. All on the next generations' tabs, of course.

Does everyone on Capitol Hill honestly think they can spend whatever they want whenever they want and there will be no consequence? Ahh, screw it. Main St does it, Wall St does it, and the government does it. I'm tired of fighting.
What's scary is what this could lead to in the future. The next generation might find it necessary to attack others for resources so that the government can stay afloat. Any chance once the financial centers recover they get a nice hefty tax to recoup some of the losses?
 

Fern

Elite Member
Super Moderator
Sep 30, 2003
26,907
173
106
Originally posted by: SP33Demon
Originally posted by: Fern
-snip-
Yes, we're quite aware that Buffet should be paying taxes on his wealth, thank you for affirming what I said.

I wasn't talking about wealth, but income. How the hell are you going to defer $151,000, please enlighten me. Either way, someone who is earning 250K that seeks tax shelters is breaking the law by avoiding what the tax is supposed to do and you are the accomplice. Way to brag about that. What income tax company and in what state do you work for? My stepdad is a manager at the SEC, I'm sure he'd love to hear about this. ;)
OK, it's in the morning and I'm grumpy.

The SEC doesn't have a G@d D@mn thing to do with taxes, you boob.

The SEC reqiures, and oversees, GAAP reporting by public companies so that investors have some clue what they're doing as far as investing.

If GAAP and tax law ever converge it's almost a miracle. One is mandated by the accounting gods (FASB etc), the other by Congress and the courts. They're not the same thing (< free clue).

Still, the above is irrelevant since by definition we are talking about PEOPLE - i.e., human beings - NOT companies. The SEC hasn't got a damn thing to do with the taxation of people (nor companies either).

BTW: If your "stepdad" helps you get a job in the SEC, lemme know - I'll short the market given the inevitable crash from all your financial *expertise*.

Fern
 

SP33Demon

Lifer
Jun 22, 2001
27,929
141
106
Originally posted by: Fern
Originally posted by: SP33Demon
Originally posted by: Fern
-snip-
Yes, we're quite aware that Buffet should be paying taxes on his wealth, thank you for affirming what I said.

I wasn't talking about wealth, but income. How the hell are you going to defer $151,000, please enlighten me. Either way, someone who is earning 250K that seeks tax shelters is breaking the law by avoiding what the tax is supposed to do and you are the accomplice. Way to brag about that. What income tax company and in what state do you work for? My stepdad is a manager at the SEC, I'm sure he'd love to hear about this. ;)
OK, it's in the morning and I'm grumpy.

The SEC doesn't have a G@d D@mn thing to do with taxes, you boob.

The SEC reqiures, and oversees, GAAP reporting by public companies so that investors have some clue what they're doing as far as investing.

If GAAP and tax law ever converge it's almost a miracle. One is mandated by the accounting gods (FASB etc), the other by Congress and the courts. They're not the same thing (< free clue).

Still, the above is irrelevant since by definition we are talking about PEOPLE - i.e., human beings - NOT companies. The SEC hasn't got a damn thing to do with the taxation of people (nor companies either).

BTW: If your "stepdad" helps you get a job in the SEC, lemme know - I'll short the market given the inevitable crash from all your financial *expertise*.

Fern
First off, I'll reference your sig:
?When a man uses profanity to support an argument, it indicates that either the man or the argument is weak - probably both? and point you to the direction of your bolded statement above.

Second, I wasn't inferring that the SEC would directly investigate your company. Assume much? But I guarantee you that his connections CAN have your company audited if you did something stupid (e.g. like brag about how you can help your clients commit illegal tax evasion on a public online forum).

Third, you still haven't answered the original question of how you're going to make $151,000 of someone's income of $250,000 disappear so they can dodge Obama's plan to bend them over (chose $151K because it puts them under 6 figures where taxes "will not increase" as quoted by Obama). Are you going to answer it this time or are you going to just ignore it?

Fourth, I have no desire to work for the SEC, I'm already well compensated by another government agency. But thanks for the immature comment, I needed a good chuckle this morning before coffee kicks in.
 

mshan

Diamond Member
Nov 16, 2004
7,868
0
71
Trying to learn about debt deflation and ran across this:

"In case of debt deflation, Keynesians advocate "pump priming" or government creation of fiat money. As witnessed since 1990 in Japan, and in the 1930s in the USA, this policy is not very effective unless government creates employment via public works projects or military manufacturing."
Link

Have no idea if it is the right or wrong thing to do, but I guess i see the logic behind it.


 

Specop 007

Diamond Member
Jan 31, 2005
9,454
0
0
Originally posted by: SP33Demon
First off, I'll reference your sig:
?When a man uses profanity to support an argument, it indicates that either the man or the argument is weak - probably both? and point you to the direction of your bolded statement above.

Second, I wasn't inferring that the SEC would directly investigate your company. Assume much? But I guarantee you that his connections CAN have your company audited if you did something stupid (e.g. like brag about how you can help your clients commit illegal tax evasion on a public online forum).

Third, you still haven't answered the original question of how you're going to make $151,000 of someone's income of $250,000 disappear so they can dodge Obama's plan to bend them over (chose $151K because it puts them under 6 figures where taxes "will not increase" as quoted by Obama). Are you going to answer it this time or are you going to just ignore it?

Fourth, I have no desire to work for the SEC, I'm already well compensated by another government agency. But thanks for the immature comment, I needed a good chuckle this morning before coffee kicks in.
You keep using that word "Illegal tax evasion".
I do not think it means what you think it means.

Some day you too will be all growed up and have to file taxes. When that day comes you will learn how you can limit your earnings though shelters and what not. A good accountant will do all of this for you. In the meantime please continue to bang out ridiculous posts on AT and dont forget to brush your teeth before bed.
 

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