twostrokenut
Well-Known Member
Is 1 star more than no stars? I mean does it work like that here?
Name the Place You Can Pay NO Taxes And Receive A Refund..
- Thread starter schuylaar
- Start date
UncleBuck
Well-Known Member
so civil, clayton.
would you say that to schuylaar over lunch just for taking advantage of the tax code that america has put into place?
SirGreenThumb
Well-Known Member
No, but it displays a lack of stars if enough people choose 1 star.
I'm not glossing over anything. You just don't know what any of it means, despite the fact that it's well-established. I'll go line by line for you:
If something is a federal crime and not a state crime, federal courts and not state courts have jurisdiction.
The federal district courts, not the state courts, also have exclusive jurisdiction over civil admiralty and maritime cases.
Despite the grant of exclusive jurisdiction to federal courts in admiralty/maritime cases, any existing state common law remedy related to those cases is preserved. Without this clause, the First Judiciary Act would have eliminated existing state common law remedies in admiralty/maritime cases.
Further grants of jurisdiction to the federal courts.
so you see, hasbeennowhere..i'm smart enough to work the system just like mitt..do i make you hard?
[h=2]If There's A Tax Loophole, Mitt Romney is Using it[/h]
Yes, if there's a tax loophole, Mitt Romney has found it and it using it. During the Clinton administration, Congress cracked down on a favorite tax shelter of the rich and powerful, but allowed those who already had them established to keep them. Thus Mitt Romney was grandfathered into a tax shelter that appears to be a charitable contribution to the Mormon Church that won't actually contribute much to the church, and instead pays the Romney's "a stream of yearly cash" much like an IRA account. As Bloomberg News explains, it's rather like "renting" your favorite charity's tax exemption.
Bloomberg News:
In 1997, Congress cracked down on a popular tax shelter that allowed rich people to take advantage of the exempt status of charities without actually giving away much money.
Individuals who had already set up these vehicles were allowed to keep them. That included Mitt Romney, then the chief executive officer of Bain Capital, who had just established such an arrangement in June 1996.
The charitable remainder unitrust, as it is known, is one of several strategies Romney has adopted over his career to reduce his tax bill. While Romneys tax avoidance is legal and common among high-net-worth individuals, it has become an issue in the campaign. President Barack Obama attacked him in their second debate for paying lower tax rates than somebody who makes a lot less.
In this instance, Romney used the tax-exempt status of a charity -- the Mormon Church, according to a 2007 filing -- to defer taxes for more than 15 years. At the same time he is benefitting, the trust will probably leave the church with less than what current law requires, according to tax returns obtained by Bloomberg this month through a Freedom of Information Act request.
...
The main benefit from a charitable remainder trust is the renting from your favorite charity of its exemption from taxation, Blattmachr said. Despite the name, giving a gift or getting a charitable deduction is just a throwaway, he said. I used to structure them so the value dedicated to charity was as close to zero as possible without being zero.
When individuals fund a charitable remainder unitrust, or CRUT, they defer capital gains taxes on any profit from the sale of the assets, and receive a small upfront charitable deduction and a stream of yearly cash payments. Like an individual retirement account, the trust allows money to grow tax deferred, while like an annuity it also pays Romney a steady income. After the funders death, the trusts remaining assets go to a designated charity.
So Romney pays no taxes on any growth his "CRUT" account earns, but if you and I earn a nickel in interest on a small savings account...we do pay taxes. Go figure.
And as always, the Romney campaign declined to answer written questions about the trust.
The trust has operated in accordance with the law, Michele Davis, a campaign spokeswoman, said in an e-mail.
Tags:
account, Bain Capital, charitable remainder unitrust, charity, contributions, CRUT, Election 2012, FOIA, ira, loophole, Mitt Romney, Mormon Church, Republican, tax exemption, tax shelter, wealthy
Individuals who had already set up these vehicles were allowed to keep them. That included Mitt Romney, then the chief executive officer of Bain Capital, who had just established such an arrangement in June 1996.
The charitable remainder unitrust, as it is known, is one of several strategies Romney has adopted over his career to reduce his tax bill. While Romneys tax avoidance is legal and common among high-net-worth individuals, it has become an issue in the campaign. President Barack Obama attacked him in their second debate for paying lower tax rates than somebody who makes a lot less.
In this instance, Romney used the tax-exempt status of a charity -- the Mormon Church, according to a 2007 filing -- to defer taxes for more than 15 years. At the same time he is benefitting, the trust will probably leave the church with less than what current law requires, according to tax returns obtained by Bloomberg this month through a Freedom of Information Act request.
...
The main benefit from a charitable remainder trust is the renting from your favorite charity of its exemption from taxation, Blattmachr said. Despite the name, giving a gift or getting a charitable deduction is just a throwaway, he said. I used to structure them so the value dedicated to charity was as close to zero as possible without being zero.
When individuals fund a charitable remainder unitrust, or CRUT, they defer capital gains taxes on any profit from the sale of the assets, and receive a small upfront charitable deduction and a stream of yearly cash payments. Like an individual retirement account, the trust allows money to grow tax deferred, while like an annuity it also pays Romney a steady income. After the funders death, the trusts remaining assets go to a designated charity.
So Romney pays no taxes on any growth his "CRUT" account earns, but if you and I earn a nickel in interest on a small savings account...we do pay taxes. Go figure.
And as always, the Romney campaign declined to answer written questions about the trust.
The trust has operated in accordance with the law, Michele Davis, a campaign spokeswoman, said in an e-mail.
Tags:
account, Bain Capital, charitable remainder unitrust, charity, contributions, CRUT, Election 2012, FOIA, ira, loophole, Mitt Romney, Mormon Church, Republican, tax exemption, tax shelter, wealthy
no bucky, its only good if you're a pig and engage in conversation with an accent much like eric cantor's during your weekly round of golf and have women in your life you refer to as "muffy"
this just proves that double standard is alive and well in this country and it's name is FOX/republicunts..okay for them to manipulate the system..now one of their "own"..me..has decided to turn the tables becoming a poverty level citizen..that of course if different..if you have money? steal away..no money?..you're a mooch on society..
ginwilly
Well-Known Member
Mitt used the tax system to "only" pay millions, you used it to get back more than you gave.
I don't begrudge either of you, but I can see why people see these two examples as different. As far as I'm concerned, if you are not taking advantage of our convoluted tax code, then you are doing it wrong.
I don't begrudge either of you, but I can see why people see these two examples as different. As far as I'm concerned, if you are not taking advantage of our convoluted tax code, then you are doing it wrong.
Doer
Well-Known Member
Even mooching is too ancient a term to apply in this new world. So, when the Clintons said used underpants were worth $2 on their charity giving, was that mooching? GE pays no tax on $5 B in revenue. No mooching there?
..if you have money? steal away..no money?..you're a mooch on society..
More true words, than these, have not been spoken around me.
We are beginning to give away clean crack pipes with the needle exchanges. The R-far-Right, nuts call it mooching.
We call it the reality of the situation.
..if you have money? steal away..no money?..you're a mooch on society..
More true words, than these, have not been spoken around me.
We are beginning to give away clean crack pipes with the needle exchanges. The R-far-Right, nuts call it mooching.
We call it the reality of the situation.
I would like to say first that I don't fault you for maximizing your tax return. Even for someone like myself, who is opposed to handouts in the form of tax credits, has no problem taking advantage of the ones that are in place. While I would vote for the removal of such loopholes, I'll use them while they are here.
But the distinction with someone like Romney, and you is important. Romney uses loopholes to keep some of his money, while you use loopholes to get money from others.
In other words, Romney has a net deficit to the IRS, while this year you are realizing a net gain, as am I.
I don't begrudge anyone for following the law and realizing some benefit from it, though I think the law ought to be changed, for folks like Romney and us.
Doer
Well-Known Member
I am beginning to see this the other way, as well. See both sides.
We set up this country so that wealth building and upward mobility is not only allowed, it is encouraged, unlike everywhere else.
So, it could easily be made so that wreath building is not allowed, except for mooching from Family ties, or your acumen in Politics..
twostrokenut
Well-Known Member
This thread is about taxes tokeprep.
I suggested we aren't addressing the fundamentals of it all and only the symptoms.
This was all covered in detail here https://www.rollitup.org/politics/652366-impossible-deficit-falling-well-unemployment.html
You never successfully refuted any point made there.....actually you chose the strawman route.
Somehow in the discussion you mentioned you were gay, work for the government, and brought up slavery in America, then proclaimed victory.
Its OK self preservation is only natural.
Thanks for clarifying the district courts have exclusive original cognizance for all seizures on land.
Does the the IRS seize shit?
ahhhhhhh now you're getting there..romney's loophole's on millions he denies the federal government are not commensurate to my living at poverty level and leveraging tax credits, which i am entitled to..when you deny the federal government, you deny the people of america..
EDIT: and if romney would like to pay what he denies our citizens; i will no longer leverage tax credits or pell grant..lemme know when we have an agreement
Well, if this is about taxes, it is important to remember the first tax that was inacted by the first president.
That was the whiskey tax and settled out by GW marching in troops to put down the rebellion and collecing the money.
Hmmm, the govt is hard up for cash now and some places are taxing mj.
I'd pay a tax to legally have a garden.
That was the whiskey tax and settled out by GW marching in troops to put down the rebellion and collecing the money.
Hmmm, the govt is hard up for cash now and some places are taxing mj.
I'd pay a tax to legally have a garden.
Doer
Well-Known Member
How is Romney denying the Federal govt, by using the loopholes that are there to build the wealth, in the first place? Why is a denial when he does it, but not when you do it. It was his earn money, that is difference. But I am all for taking advantage in self rule. That is the system. It is how the balances check, the checks to keep the balance.
And let us not forget is charitable giving %, is higher than most in his tax brackets. I his certainly higher that any of the droid of Politics.
And let us not forget is charitable giving %, is higher than most in his tax brackets. I his certainly higher that any of the droid of Politics.
and if you'd like to take this one step further..in addition to the above, corporations like walmart, mcd are irresponsible business owners..they double dip: loopholes AND do not pay their employees a living wage relying on social programs to kick into the kitty which translates to american's being doubly screwed out of dollars that would be flowing through the economy..
even if romney's effective rate were 50% i bet he'd still be a lot better off than that of someone in the middle class paying the same 50%.
Doer
Well-Known Member
No.... I think the consumer pays the tax. You are talking about value add tax chain, to tax the growers. They will tax the consumers also.
And you paid tax on all your gear, etc.
Lean into self rule, don't shy away. It is not anyone else's problem but our own. We are not to believe that this govt is running out of money.
No Way. We are the Lender to the world. We print, printers to make money to buy printers.
They are quickly, with every passing decade, running out of ways to steal us blind. They are running of of way to hide they truth. The info age will not withstand partisan CNN vs Fox much longer. The Media is the tri-lateral scam of the 21st C.
Obama himself has exposed the weakness. We aren't stupid. No one believes him any more. No Cred. Gone are the day, when these lies are just lies.
He own party just wishes it was over. But, he will be able to bull it through, because the DEMS can do balls out investigates against PUBS for nothing. They can character assassinate faster than spit. The PUBS are idiots these days, that don't even believe in their agenda, since we all smoke pot.
And the Press knows they broke this, and put him in over Hillary, and now they own it. And now they all own one Lie or the other.
If you saw Obama talking to O'Reilly this week, I hope you were sickened by both of them and did not give Obama the Media pass, like everyone else.
But, the PUBs have a hard time not forgetting about no sucking the butt thumb. They fail at hard ass, though they wear the mean spirit tag, like lepers. They fail to do any hard ass on anything. They get riled up on Tea, because the Tea is Real.
And the old Huckadumb PUBs no longer belong in this goat fuck. It is too rough now.
+reppppppppppp