IRS Bites

[Chica Chaser]

Originally Posted by CuteOldGuy

I have an even better idea. Let's eliminate the income tax, and replace it with something inexpensive to administer and simple to understand.

http://www.fairtax.org/site/PageServer

It doesn't get much simpler than this.
Too bad it will never happen with todays politicians (all of them).

[waverunner234]

Originally Posted by seedman55

And what you going to 1099 all the hookers? Good luck with that....lol

Right, good luck with getting their ss nr

[waverunner234]

I have the luxury of paying the amount of Tax that I feel comfortable with.
I don't get W-2's or 1099 B's or INT's or DIV's and as long as I take care that I don't have a positive balance in interest on trading I'm safe.
Oh the only thing I got was a 1099G for unemployment income but that's peanuts anyways.

So I can take Government expenses, deduct what I don't think are necessary expenses like wars and so, and playing police force of the world, and then base my payment on whats left. (That's less than 50% of the total revenues). And that in the order of 60% long term capital gain and 40% short term capital gain.
There is no state tax because I can still use TX and my tax-home.

Oh and I almost forgot, I get 60% credit back on the COBRA health insurance premiums I paid.

[waverunner234]

Originally Posted by Jackie S

Well, if you are getting a big refund, that simply means you paid in too much to the system during the tax year. Some say this is stupid, because you are letting the government use your money all year for free.

But I like getting a big fat refund. I delibertly have my payroll secretary pay in more each week, (I go single, no dependents, plus about $250) so at the end of the year I can get back about $15,000

Yeh, I know it's stupid.

It is EXTREMELY STUPID

And the fact that you know this and admit this makes it even worse.
I don't know what the right wording would be.
Where do you go beyond "extremely stupid"?, is that "FINANCIALLY RETARDED" or so?

Definitely not something to be proud of like you seem to be.
Or is it that you want to say: see how much money I have? I don't even care.
That would fall in the line with a discussion we had long time ago.
About that it was sooooooooooo important for you to show everyone that you have soooooooooooooooo much money.
That was just pathetic, and I think maybe this is in the same pathetic way of thinking.

Poor guy ................again

[waverunner234]

Originally Posted by Chica Chaser

http://www.fairtax.org/site/PageServer

It doesn't get much simpler than this.
Too bad it will never happen with todays politicians (all of them).

Well Chica, here is just one thing why Fair Tax is a very bad idea, but really, I can come up with a thousand more, or 10 thousand.

A city has money for 2 housing projects, 1 for regular housing, 1 for low income housing. Bids can be made by every construction company.
Well the city gets 25 bids.
25 for the regular housing, zero for the low cost housing.
Why? The builders make more money of regular housing than of low cost housing. Unless ......................... there is a tax break for the company that wants to bid on the low cost housing.

This shows: using tax as a political instrument.
That is necessary and will always be necessary.

If we would go dollar for dollar:
I pay $1000 and the billionaire pays $1000, where would that go:

Riots is the street, Millionaires in the streets with their throat cut off, Billionaires hanging from the roof of Nordstroms and Macy's

Walmart would be absolute king in the world, so they can abuse even more Chinese workers and be even more cheaper.
Who cares that their Chinese workers commit suicide en masse because they have millions more Chinese workers, and they can always go to India or Vietnam or Bangladesh. Never ending supply of tools (yeah that's people, they call them tools)

[Jackie S]

Waverunner, repeat in more simple terms exactly how you do this.

You make a shit load of money. But the amount of taxes you pay is quite small in relation to this amount. How do you do it?

Legally.

[CuteOldGuy]

Wave, you have no clue as to how the FairTax works. Please learn something about it before you post again. It makes you sound stupid.

[Jackie S]

Waverunner and his ilk do not want to hear anything about a fair tax, or any other system, that would force him to be part of that system.

They produce nothing. They contribute nothing. They simply have learned to play the system that allows them to profit from either the mistakes, or good fortune, of others, depending on the economic trend of the moment.

He brags about how he manages to make considerable sums of cash, while laughing at us who actually are in the productive end of the economic ladder.

We might get to hear his views from a Federal Jail Cell one day.

[nwarounder]

I've yet to see the solution from Fairtax.org that solves the problem from a foreign country passing a law that would exempt taxes on American purchases if we switched, and we would simply have it shipped tax free via FedEx. I think in the long run it is better than what we have, but the wealthy are going to make out like bandits. Simply to easy to get around paying that 23% for major luxury purchases elsewhere.

[Chica Chaser]

Originally Posted by CuteOldGuy

Wave, you have no clue as to how the FairTax works. Please learn something about it before you post again. It makes you sound stupid.

Wave, I kinda do have to agree with COG on this one. There is a lot that has gone into the Fair Tax than I think you realize. In just your example above, there would be no tax breaks for a company because there would be no corporate taxes. The IRS would cease to exist outside of just a few people to receive the checks and move it to the treasury coffers.

Originally Posted by waverunner234

This shows: using tax as a political instrument.
That is necessary and will always be necessary.

That right there is why the Fair Tax will never get up off the ground. The politicians (Dems/Repubs/other) will never ever give up that power and transfer it back to the people. And I don't think its "necessary" in any way, but too many people would have to change their way of thinking.

[waverunner234]

Originally Posted by Jackie S

Waverunner, repeat in more simple terms exactly how you do this.

You make a shit load of money. But the amount of taxes you pay is quite small in relation to this amount. How do you do it?

Legally.

Very simple and all legal and nothing hidden.
IRS Form 6781 Gains and Losses from Section 1256 Contracts and Straddles
It gives you the totally legal opportunity to pay the long term capital gain rate on most of the short term capital gain. And what I do is only very short term. (A few days to a few hours or even minutes)

[waverunner234]

Originally Posted by Jackie S

Waverunner and his ilk do not want to hear anything about a fair tax, or any other system, that would force him to be part of that system.

They produce nothing. They contribute nothing. They simply have learned to play the system that allows them to profit from either the mistakes, or good fortune, of others, depending on the economic trend of the moment.

We might get to hear his views from a Federal Jail Cell one day.:roflmao :

This is COMPLETELY UNTRUE. Obviously you don't do business with other countries otherwise you would know this.

People like me provide the very much needed liquidity to international markets.
Without us you would have a lot of problems with imports and exports in general.
Banks are really not sufficient in this matter, that is an internationally well known problem.

And the reason why you can make a shitload of money doing this: very easy, it is extremely risky business to work with highly leveraged amounts of money.
It is estimated that 80-90% of the people in this work fail, with possible margin calls and bankruptcy as a result.
So if you don't fail then it is quite normal that it pays extremely good.

[Jackie S]

OK, I'll bite. What do you produce? And what do you contribute?

[waverunner234]

Originally Posted by Jackie S

OK, I'll bite. What do you produce? And what do you contribute?

READ IT AGAIN

We provide liquidity to the markets
We make it easy for you to do transactions in foreign currencies

At this moment the currency exchange between $'s and €'s is just a tiny little bit like less than 1%. Without the currency traders it would be probably 10 times or more higher.

[waverunner234]

Originally Posted by waverunner234

READ IT AGAIN

We provide liquidity to the markets
We make it easy for you to do transactions in foreign currencies

At this moment the currency exchange between $'s and €'s is just a tiny little bit like less than 1%. Without the currency traders it would be probably 10 times or more higher.

To make it real easy to understand: If you go to a bank and buy Euros then you pay probably 1.35 per Euro. Tomorrow you sell those Euro's back to the bank and you get maybe 1.28 of you are lucky.
We make that difference much smaller, if I buy Euros for $1.3333 I can sell them for $1.3332 and so can you in the international markets. And you don't even have to say THANK YOU. That is the role we play in the international currency market. (Not only with Euro's)