Winners and Losers in the Tax Bill

[Mitch f]

17 minutes ago, Phil Lilley said:

Gavin. I will look into the 529 plan. I have 7 grandkids!  Thanks

Phil, This is Ted Cruse speaking of the changes to 529 plans.

 

 

[Old plug]

itis true though ness I am sorry to say. there is q multitude of ways to cheat on taxes including sales taxes in bussiness. I do not rally know any who do not do it. Of course they are not going to admit it. paying cash when pople pay cash it opns all kinds of door to small business. It is a common prqctice around here. loy of dock repair place wll request cash payment as the the tax year winds down. The basic thing is govermrent says you can deduct anything you you to male your bussiness. tha includes ayour own salary so the doors are pretty wide Ness

 

[Phil Lilley]

I do not cheat on my taxes, that I know of. I have to throw in that last part because even my accountant gets it wrong sometimes. 

Thats not a defensive statement. It’s to say everybody isn’t as dishonest as you say and it shouldn’t be an excuse to cheat- because everybody does it. 

[Old plug]

25 minutes ago, Mitch f said:

That is true Mitch.  I do not believe  in  inhairitence  taxes to begin with . Not that I will  ever be getting any or leaving any.  It is like double taxation. The money should just be taxed as nomal income. Capital gains tax is not good either.  It might be too late to even worry about these things because the nation is at te brink and the world is also. I would defy anyone to find a way out of this mess. 

[Mitch f]

23 minutes ago, Phil Lilley said:

I do not cheat on my taxes, that I know of. I have to throw in that last part because even my accountant gets it wrong sometimes. 

Thats not a defensive statement. It’s to say everybody isn’t as dishonest as you say and it shouldn’t be an excuse to cheat- because everybody does it. 

You do exactly as anyone who owns a business does Phil, which is use all available deductions. More power to you!

[Old plug]

maybe your a one in a million at least who does not. How about a restaurant owner that that loose icome when someone sneaks out wothout paying docks the waitress the bill then marks the bill up as a loss. lots of that around here. I would not blane you if you did do sone tricks sometimes you have to. But doing things like I just mentiond are uncalled for. But it is soooo easy to get away with.

[fishinwrench]

1 hour ago, Mitch f said:

I believe like Michelle Bachman once said. Every person should pay income tax regardless of their situation. It is destroying the human character to pay nothing. 47% of the people in the US pay nothing. Not good.

Nobody should be paying tax on their income IMO.  As a matter of fact I think It is technically unconstitutional to force it unless unless your income is derived from other countries (those who import/export).  

I read an article by someone credible that proved there was no law that says our income should be taxed if it comes from within the United States.   Is that true, Gavin?

[Phil Lilley]

I’ve been told once you’ve swallowed the red pill - got a ss number, agreed to the IRS terms- you’re hooked in for life.  I’ve heard of people beating the system but I also personally know people who are in jail who tried. 

[Mitch f]

I believe in the flat tax, although most CPA’s don’t. Seems fair to me. Not paying any income tax and telling the people who paid taxes  how to run their lives is pretty bad. 

Regarding not paying any income taxes...not quite sure how that would work,  seems to me a consumption tax would be twisted by some with bartering and not much would get paid in. But I’m not an economist. 😅

[Gavin]

You don't have to file and pay taxes but it will catch up to you. You will get a non-filer notice or a notice of intent to levy from the service eventually. Maybe you want a mortgage and the banker wants tax returns.. Much easier to play buy the rules.