billvon 2,396 #76 October 1, 2002 > can you imagine how much we'll have to raise tarrifs on imports so > that people don't start buying 100% imported everything? Well, one would assume that if you have a 35% sales tax you would have a 35% tariff. >What kind of backlash will we get on our exports for raising tariffs so > high? Why would anyone care? From an outsider's point of view nothing has changed. Their prices stay the same (the 35% is added onto the sales price in the US, not the price in Hong Kong or whatever) they get the same market benefits/penalties as domestic goods and US buying power is roughly the same (citizens keep 35% more money and have to spend 35% more to buy things.) In terms of exports, I would imagine that the 35% would NOT apply unless the export is re-imported into the US, so it shouldn't affect exports either. >What kind of other chain reactions will happen? Not sure. I agree that the transition would entail a lot of pain, but I'm not sure that the steady-state condition would be much difference than a 35% flat income tax (other than a devaluation of the dollar by 35%.) Quote Share this post Link to post Share on other sites
Thanatos340 1 #77 October 1, 2002 Then look at it this way, If they didnt take so much from the bonuses, you would actually end up writing them a Big check at the end of the year. Your with-holdings are just a Big Savings account that you use to pay the taxes you owe at the end of the year. If they withheld too much, you get a refund. If you didnt put in enough, you write a check. Sounds like you need to find some more deductions. Easiest way is buy a house (even a cheap one) it is less than rent usually and actually gains value. For the first 10 years over 90% of your house payment will be tax deductable on most 30 year mortgages. Thanatos340 "Fast Cars, Easy Women and Good Beer!! Life is too short for anything less!" Quote Share this post Link to post Share on other sites
jlmiracle 7 #78 October 1, 2002 Quote>11. Tell the airline industry to quit bitching, they shouldn't have > gotten too big for there britches to begin with Stop mediating in strikes? Stop using federal money to build airports? reply] We can stop mediating strikes if we get rid of the unions that at sucking up all the money.Be kinder than necessary because everyone you meet is fighting some kind of battle. Quote Share this post Link to post Share on other sites TequilaGirl 0 #79 October 1, 2002 Only problem with that is - most of the houses I would be willing to live in - would require me to pay $8,000 a year in property taxes.....so I really don't see the benefit...... Quote Share this post Link to post Share on other sites christoofar 0 #80 October 1, 2002 I see a lot of WHINING come April. Mind you, I'm 1099, with withholding. Because I am considered self-employed, I pay self-employment tax... which is basically 15% of my income, for starters. You guys only have 1/2 of that taken out for SS and Medicare, I have to pay both halves, as all people who file Schedule C do. To compensate for this, I have to set aside money every month and also make quarterly ESTIMATE TAX payments to the IRS. What is that, you ask? Instead of your employer sending your tax and withholding for you, you have to pay this yourself every three months just like any other bill! Then, at the end of the year, I have to do my return, include my W-2 wages, if any, I earned... calculate how much I owe and subtract my estimate tax payments from that. If I do wind up with a refund, I generally just have to apply it to next year's estimate tax payments so I won't have to write those nasty checks every April, June, August and October. Last year I had to pull money out of my 401(k) to dispose of a loan... that was fun! So here I am, filing the long form, Sched. B, Sched. C, Shed D, Form 8862 for school, and then having to file Form 2210 for Underpayment of Estimate Tax! So, for you wage earners out there... DON'T BITCH about your witholding... because there's a lot worse situations you can be in! Want to see a hairier tax return? Visit a farmer with a wife who babysits, and has some rental property. Usually 15-20 page tax return. ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites happythoughts 0 #81 October 1, 2002 Know what you mean. For 1099, there is the 7.5% soc sec. Then, there is another 7.5% that the company usually matches. There is a 10% self-employment tax on top of the regular 19% that everyone else pays. 7.5, 7.5, 10, 19 - Grand total - 44% - Federal. 44 frickin percent. (In Florida, there is a 7% sales tax just in case you spend it.) Quote Share this post Link to post Share on other sites Thanatos340 1 #82 October 1, 2002 All that comes out of escrow. You never see it Plus property tax is also tax deductible. Now you have reduced your taxable income by 8K plus all mortgage interest (usually 80 to 90% of what your monthly payment is) and any closing costs. This will definitely drop you into a much lower tax bracket and put alot more money/jump tickets/new gear in your pocket. Bottom line, You Pay 1K a month House payment and get about $800 a month tax benefit. Best deal going. Quote Share this post Link to post Share on other sites christoofar 0 #83 October 1, 2002 QuoteKnow what you mean. For 1099, there is the 7.5% soc sec. Then, there is another 7.5% that the company usually matches. There is a 10% self-employment tax on top of the regular 19% that everyone else pays. 7.5, 7.5, 10, 19 - Grand total - 44% - Federal. 44 frickin percent. (In Florida, there is a 7% sales tax just in case you spend it.) Yes, indep contractors and self-employed people do get a raw deal, which drives them to charger higher than a wage earner for services, as I do. It's a bummer, but on the flip-side most companies find it rather easy to just write a check than bring on a full-time programmer and have to pay all the intangible stuff. Makes for a nightmare on me when April hits. The only thing going for me is I'm single. If I got married I would need to pop two right out of the oven so I can at least get some dependant/child-care-credit goin' on. ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites billvon 2,396 #84 October 1, 2002 >We can stop mediating strikes if we get rid of the unions that at > sucking up all the money. "Get rid of the unions?" How? Make it illegal for workers to organize? Quote Share this post Link to post Share on other sites Zennie 0 #85 October 1, 2002 You're making my point for me. - Z "Always be yourself... unless you suck." - Joss Whedon Quote Share this post Link to post Share on other sites christoofar 0 #86 October 1, 2002 QuoteYou're making my point for me. That still doesn't justify charging $350 an hour for typing in a word processor, sorry. ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites Thanatos340 1 #87 October 1, 2002 >Makes for a nightmare on me when April hits. The >only thing going for me is I'm single. If I got >married I would need to pop two right out of the >oven so I can at least get some dependant/child->care-credit goin' on. BADDDD Idea Man!!! Then she leaves you, takes all the tax exemptions with her and sticks you for Child Support (23% if 2 kids) and Alimony. Now you are left owing 45% in Taxes + 23% Child support + 20% Alimony. Oh and if you bought a house, she gets that too. Quote Share this post Link to post Share on other sites jlmiracle 7 #88 October 1, 2002 Workers can "organize". They just shouldn't have to pay for it and shouldn't be bullied into striking. If you don't like your job - quit. Dont' inconvenient the rest of us. I'm still very very bitter about the NWA pilot strike - they, of course, prevented me from getting to Couch Freaks until 2:00 a.m. The only time those lazy bums would actually picket, was when the media showed up.Be kinder than necessary because everyone you meet is fighting some kind of battle. Quote Share this post Link to post Share on other sites christoofar 0 #89 October 1, 2002 I remembered when I did front lines early on at HRB... this situation walked in the door: Farmer/Rancher. Wife sells arts and crafts in her little gift-shop/store and she owns a gas station. Husband does Beefmasters. Husband also owns drill bit service, which brother operates, but it's setup as a partnership. Two rental properties. Primary also has several IRAs and brokerage accounts. What happened during the year: - Wife sold convienence store for a $10,000 profit. - Husband sold cattle. The return looked something like this (damn... some of this stuff is coming back to me!): 1040 Page 1 & 2 Schedule A (yup, they managed to itemize) Schedule B (for the checking accounts and divs on the brokerage) Schedule C - For the wife's gift shop Schedule D - For the stock trading Schedule SE - For the wife's gift shop Schedule C - For the convienence store Schedule SE - For the convienence store Schedule E - For the rent houses (this was the only thing on the return that seemed easy to do) Form 1065 - For the drill bit service Form 4797 - For selling the convienence store, plus a buttload of other supporting documents (about 15 pages worth of crap) Schedule F - For the Farm Form 4562 - For depreciation on the farm {numerous other forms for the Beefmasters stuff} then the whopper: 2210 for Underpayment of Estimate Tax (DOH!) ... And a buttload of other forms for a Net Operating Loss carryforward for one of their drought years I had to apply to that tax return to keep them from owing their shirts. The return took about 3 weeks to get done, me spending a couple of hours on it a day along with a couple other people. After that tax season I moved into working with processing EFT stuff and programming... much easier job I must say! Hard job: cleaning bedpans. Harder job: telling someone they owe $8,000 and back interest. ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites billvon 2,396 #90 October 1, 2002 >Workers can "organize". They just shouldn't have to pay for it and >shouldn't be bullied into striking. So you would pass a law against union dues and striking? (you can't pass a law against peer pressure.) >If you don't like your job - quit. Dont' inconvenient the rest of us. I would reply that if you want to pay bottom dollar for a plane ticket, you are going to be inconvenienced on occasion. You get what you pay for. I agree that people should use quitting more often than they use striking, but don't you think that an airline losing 1/4 of their pilots permanently, instead of for a day, might delay your arrival at a boogie by more than a few hours? Quote Share this post Link to post Share on other sites hagar 0 #91 October 1, 2002 Keep It Simple Stupid tax 20% tax on every $ above 20K: No exemptions, no loopholes, nothing. You only pay taxes for what you earn above $20K. Joe CEO would pay 20% of (1,000,000-20,000), almost 200K Joe Middle Class who makes 60K would pay 20% of 40K, 8K Jane Single Mom makes 26K, but would only pay $120 in taxes. How could this possibly create work for an army of tax lawyers?--- PCSS #10 Quote Share this post Link to post Share on other sites jfields 0 #92 October 1, 2002 Hagar, So, where does the rest of the money to keep the government budget in the black come from? Quote Share this post Link to post Share on other sites billvon 2,396 #93 October 1, 2002 >Keep It Simple Stupid tax >20% tax on every $ above 20K: >No exemptions, no loopholes, nothing. >You only pay taxes for what you earn above $20K. OK. What about: Couple with two kids, guy makes $40k, wife makes nothing. He pays $4000? Couple with two kids, both make $20k. Both pay nothing? Business owner whose business makes $10 million a year; he has $10 million in expenses i.e. zero profit. Does he pay nothing or $2 million? Quote Share this post Link to post Share on other sites christoofar 0 #94 October 1, 2002 QuoteKeep It Simple Stupid tax 20% tax on every $ above 20K: No exemptions, no loopholes, nothing. You only pay taxes for what you earn above $20K. Joe CEO would pay 20% of (1,000,000-20,000), almost 200K Joe Middle Class who makes 60K would pay 20% of 40K, 8K Jane Single Mom makes 26K, but would only pay $120 in taxes. How could this possibly create work for an army of tax lawyers? I like this idea. And, it used to work like this. Bummer is... it got complicated as the government found out that not everyone earns money just from getting a paycheck. ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites PhillyKev 0 #95 October 1, 2002 Quote20% tax on every $ above 20K: No exemptions, no loopholes, nothing. You only pay taxes for what you earn above $20K. There goes some major incentive to give to charity and buy a house. Plus there are still loopholes. CEO's compensated with non-cash (stocks, pensions, corporate jets, houses, cars, hookers, etc...) Quote Share this post Link to post Share on other sites christoofar 0 #96 October 1, 2002 There are pros and cons with everything. The current system we have is very complicated. But, a very simple system can't account for complicated situations. Catch-22, I'm afraid. On the bright side... the U.S. taxes its citizens less than the British tax their subjects to support their lascivious royal family, and Canadians for their CHS (Communist Health Service). ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites jfields 0 #97 October 1, 2002 On the "More Taxes Than Us" list, you can add: Iceland Holland Norway, I think We really don't have it so bad, in the big picture. If you look at how much we get to keep, and the average American standard of living, we have very little to complain about. Quote Share this post Link to post Share on other sites hagar 0 #98 October 1, 2002 Quote Couple with two kids, guy makes $40k, wife makes nothing. He pays $4000? Couple with two kids, both make $20k. Both pay nothing? Business owner whose business makes $10 million a year; he has $10 million in expenses i.e. zero profit. Does he pay nothing or $2 million? Business owner: Isn't there ways to keep his business's economy seperated from his personal economy in such way that he is only taxed on what he takes out of his business? I forgot to ad that the KISS tax was on personal income only. A bussiness will have to be taxed according to other (more complicated) rules. It might be tempting to make special rules for situations like this. What if one of the children is handicapped? What if the wife spend all her time to save the rainforest? What if they want to buy a house instead of renting? Sooner or later you will end up with a system as complicated or more as the current one. Maybe it is best to just accept that no tax system will be ideal, but at least this one will be so simple that all the rules can be understood by a non lawyer.--- PCSS #10 Quote Share this post Link to post Share on other sites PhillyKev 0 #99 October 1, 2002 QuoteIsn't there ways to keep his business's economy seperated from his personal economy in such way that he is only taxed on what he takes out of his business? Yeah, it's called a corporation. But won't work for a proprietership or partnership or independent contractor. And then if you separate it out you introduce a loophole whereby he uses corporate funds for personal expenses and shows no or reduced income. Quote Share this post Link to post Share on other sites rhino 0 #100 October 1, 2002 Damn.. I missed allot while I was gone.. lol Quote Share this post Link to post Share on other sites Prev 1 2 3 4 5 Next Page 4 of 5 Join the conversation You can post now and register later. 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TequilaGirl 0 #79 October 1, 2002 Only problem with that is - most of the houses I would be willing to live in - would require me to pay $8,000 a year in property taxes.....so I really don't see the benefit...... Quote Share this post Link to post Share on other sites
christoofar 0 #80 October 1, 2002 I see a lot of WHINING come April. Mind you, I'm 1099, with withholding. Because I am considered self-employed, I pay self-employment tax... which is basically 15% of my income, for starters. You guys only have 1/2 of that taken out for SS and Medicare, I have to pay both halves, as all people who file Schedule C do. To compensate for this, I have to set aside money every month and also make quarterly ESTIMATE TAX payments to the IRS. What is that, you ask? Instead of your employer sending your tax and withholding for you, you have to pay this yourself every three months just like any other bill! Then, at the end of the year, I have to do my return, include my W-2 wages, if any, I earned... calculate how much I owe and subtract my estimate tax payments from that. If I do wind up with a refund, I generally just have to apply it to next year's estimate tax payments so I won't have to write those nasty checks every April, June, August and October. Last year I had to pull money out of my 401(k) to dispose of a loan... that was fun! So here I am, filing the long form, Sched. B, Sched. C, Shed D, Form 8862 for school, and then having to file Form 2210 for Underpayment of Estimate Tax! So, for you wage earners out there... DON'T BITCH about your witholding... because there's a lot worse situations you can be in! Want to see a hairier tax return? Visit a farmer with a wife who babysits, and has some rental property. Usually 15-20 page tax return. ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites
happythoughts 0 #81 October 1, 2002 Know what you mean. For 1099, there is the 7.5% soc sec. Then, there is another 7.5% that the company usually matches. There is a 10% self-employment tax on top of the regular 19% that everyone else pays. 7.5, 7.5, 10, 19 - Grand total - 44% - Federal. 44 frickin percent. (In Florida, there is a 7% sales tax just in case you spend it.) Quote Share this post Link to post Share on other sites
Thanatos340 1 #82 October 1, 2002 All that comes out of escrow. You never see it Plus property tax is also tax deductible. Now you have reduced your taxable income by 8K plus all mortgage interest (usually 80 to 90% of what your monthly payment is) and any closing costs. This will definitely drop you into a much lower tax bracket and put alot more money/jump tickets/new gear in your pocket. Bottom line, You Pay 1K a month House payment and get about $800 a month tax benefit. Best deal going. Quote Share this post Link to post Share on other sites
christoofar 0 #83 October 1, 2002 QuoteKnow what you mean. For 1099, there is the 7.5% soc sec. Then, there is another 7.5% that the company usually matches. There is a 10% self-employment tax on top of the regular 19% that everyone else pays. 7.5, 7.5, 10, 19 - Grand total - 44% - Federal. 44 frickin percent. (In Florida, there is a 7% sales tax just in case you spend it.) Yes, indep contractors and self-employed people do get a raw deal, which drives them to charger higher than a wage earner for services, as I do. It's a bummer, but on the flip-side most companies find it rather easy to just write a check than bring on a full-time programmer and have to pay all the intangible stuff. Makes for a nightmare on me when April hits. The only thing going for me is I'm single. If I got married I would need to pop two right out of the oven so I can at least get some dependant/child-care-credit goin' on. ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites
billvon 2,396 #84 October 1, 2002 >We can stop mediating strikes if we get rid of the unions that at > sucking up all the money. "Get rid of the unions?" How? Make it illegal for workers to organize? Quote Share this post Link to post Share on other sites
Zennie 0 #85 October 1, 2002 You're making my point for me. - Z "Always be yourself... unless you suck." - Joss Whedon Quote Share this post Link to post Share on other sites
christoofar 0 #86 October 1, 2002 QuoteYou're making my point for me. That still doesn't justify charging $350 an hour for typing in a word processor, sorry. ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites
Thanatos340 1 #87 October 1, 2002 >Makes for a nightmare on me when April hits. The >only thing going for me is I'm single. If I got >married I would need to pop two right out of the >oven so I can at least get some dependant/child->care-credit goin' on. BADDDD Idea Man!!! Then she leaves you, takes all the tax exemptions with her and sticks you for Child Support (23% if 2 kids) and Alimony. Now you are left owing 45% in Taxes + 23% Child support + 20% Alimony. Oh and if you bought a house, she gets that too. Quote Share this post Link to post Share on other sites
jlmiracle 7 #88 October 1, 2002 Workers can "organize". They just shouldn't have to pay for it and shouldn't be bullied into striking. If you don't like your job - quit. Dont' inconvenient the rest of us. I'm still very very bitter about the NWA pilot strike - they, of course, prevented me from getting to Couch Freaks until 2:00 a.m. The only time those lazy bums would actually picket, was when the media showed up.Be kinder than necessary because everyone you meet is fighting some kind of battle. Quote Share this post Link to post Share on other sites
christoofar 0 #89 October 1, 2002 I remembered when I did front lines early on at HRB... this situation walked in the door: Farmer/Rancher. Wife sells arts and crafts in her little gift-shop/store and she owns a gas station. Husband does Beefmasters. Husband also owns drill bit service, which brother operates, but it's setup as a partnership. Two rental properties. Primary also has several IRAs and brokerage accounts. What happened during the year: - Wife sold convienence store for a $10,000 profit. - Husband sold cattle. The return looked something like this (damn... some of this stuff is coming back to me!): 1040 Page 1 & 2 Schedule A (yup, they managed to itemize) Schedule B (for the checking accounts and divs on the brokerage) Schedule C - For the wife's gift shop Schedule D - For the stock trading Schedule SE - For the wife's gift shop Schedule C - For the convienence store Schedule SE - For the convienence store Schedule E - For the rent houses (this was the only thing on the return that seemed easy to do) Form 1065 - For the drill bit service Form 4797 - For selling the convienence store, plus a buttload of other supporting documents (about 15 pages worth of crap) Schedule F - For the Farm Form 4562 - For depreciation on the farm {numerous other forms for the Beefmasters stuff} then the whopper: 2210 for Underpayment of Estimate Tax (DOH!) ... And a buttload of other forms for a Net Operating Loss carryforward for one of their drought years I had to apply to that tax return to keep them from owing their shirts. The return took about 3 weeks to get done, me spending a couple of hours on it a day along with a couple other people. After that tax season I moved into working with processing EFT stuff and programming... much easier job I must say! Hard job: cleaning bedpans. Harder job: telling someone they owe $8,000 and back interest. ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites
billvon 2,396 #90 October 1, 2002 >Workers can "organize". They just shouldn't have to pay for it and >shouldn't be bullied into striking. So you would pass a law against union dues and striking? (you can't pass a law against peer pressure.) >If you don't like your job - quit. Dont' inconvenient the rest of us. I would reply that if you want to pay bottom dollar for a plane ticket, you are going to be inconvenienced on occasion. You get what you pay for. I agree that people should use quitting more often than they use striking, but don't you think that an airline losing 1/4 of their pilots permanently, instead of for a day, might delay your arrival at a boogie by more than a few hours? Quote Share this post Link to post Share on other sites
hagar 0 #91 October 1, 2002 Keep It Simple Stupid tax 20% tax on every $ above 20K: No exemptions, no loopholes, nothing. You only pay taxes for what you earn above $20K. Joe CEO would pay 20% of (1,000,000-20,000), almost 200K Joe Middle Class who makes 60K would pay 20% of 40K, 8K Jane Single Mom makes 26K, but would only pay $120 in taxes. How could this possibly create work for an army of tax lawyers?--- PCSS #10 Quote Share this post Link to post Share on other sites
jfields 0 #92 October 1, 2002 Hagar, So, where does the rest of the money to keep the government budget in the black come from? Quote Share this post Link to post Share on other sites
billvon 2,396 #93 October 1, 2002 >Keep It Simple Stupid tax >20% tax on every $ above 20K: >No exemptions, no loopholes, nothing. >You only pay taxes for what you earn above $20K. OK. What about: Couple with two kids, guy makes $40k, wife makes nothing. He pays $4000? Couple with two kids, both make $20k. Both pay nothing? Business owner whose business makes $10 million a year; he has $10 million in expenses i.e. zero profit. Does he pay nothing or $2 million? Quote Share this post Link to post Share on other sites
christoofar 0 #94 October 1, 2002 QuoteKeep It Simple Stupid tax 20% tax on every $ above 20K: No exemptions, no loopholes, nothing. You only pay taxes for what you earn above $20K. Joe CEO would pay 20% of (1,000,000-20,000), almost 200K Joe Middle Class who makes 60K would pay 20% of 40K, 8K Jane Single Mom makes 26K, but would only pay $120 in taxes. How could this possibly create work for an army of tax lawyers? I like this idea. And, it used to work like this. Bummer is... it got complicated as the government found out that not everyone earns money just from getting a paycheck. ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites
PhillyKev 0 #95 October 1, 2002 Quote20% tax on every $ above 20K: No exemptions, no loopholes, nothing. You only pay taxes for what you earn above $20K. There goes some major incentive to give to charity and buy a house. Plus there are still loopholes. CEO's compensated with non-cash (stocks, pensions, corporate jets, houses, cars, hookers, etc...) Quote Share this post Link to post Share on other sites
christoofar 0 #96 October 1, 2002 There are pros and cons with everything. The current system we have is very complicated. But, a very simple system can't account for complicated situations. Catch-22, I'm afraid. On the bright side... the U.S. taxes its citizens less than the British tax their subjects to support their lascivious royal family, and Canadians for their CHS (Communist Health Service). ____________________________________________________________ I'm RICK JAMES! Fo shizzle. Quote Share this post Link to post Share on other sites
jfields 0 #97 October 1, 2002 On the "More Taxes Than Us" list, you can add: Iceland Holland Norway, I think We really don't have it so bad, in the big picture. If you look at how much we get to keep, and the average American standard of living, we have very little to complain about. Quote Share this post Link to post Share on other sites
hagar 0 #98 October 1, 2002 Quote Couple with two kids, guy makes $40k, wife makes nothing. He pays $4000? Couple with two kids, both make $20k. Both pay nothing? Business owner whose business makes $10 million a year; he has $10 million in expenses i.e. zero profit. Does he pay nothing or $2 million? Business owner: Isn't there ways to keep his business's economy seperated from his personal economy in such way that he is only taxed on what he takes out of his business? I forgot to ad that the KISS tax was on personal income only. A bussiness will have to be taxed according to other (more complicated) rules. It might be tempting to make special rules for situations like this. What if one of the children is handicapped? What if the wife spend all her time to save the rainforest? What if they want to buy a house instead of renting? Sooner or later you will end up with a system as complicated or more as the current one. Maybe it is best to just accept that no tax system will be ideal, but at least this one will be so simple that all the rules can be understood by a non lawyer.--- PCSS #10 Quote Share this post Link to post Share on other sites
PhillyKev 0 #99 October 1, 2002 QuoteIsn't there ways to keep his business's economy seperated from his personal economy in such way that he is only taxed on what he takes out of his business? Yeah, it's called a corporation. But won't work for a proprietership or partnership or independent contractor. And then if you separate it out you introduce a loophole whereby he uses corporate funds for personal expenses and shows no or reduced income. Quote Share this post Link to post Share on other sites
rhino 0 #100 October 1, 2002 Damn.. I missed allot while I was gone.. lol Quote Share this post Link to post Share on other sites
