pierinifitness
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I do burpees, then I drink slurpees
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Post by pierinifitness on Jun 9, 2021 20:21:06 GMT
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denis
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Post by denis on Jun 9, 2021 23:19:03 GMT
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macky
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Post by macky on Jun 10, 2021 0:40:02 GMT
It's only a bit more evidence than what I've been saying for a long time. The 1% etc. Making China great again. America, not so much. Govt-sanctioned treason. Dems or Reps, it's the same. Yes Mr Pierini is good at egging me on, and mostly I'll rise to the occasion. His link actually contradicts what he's said some time ago about how the ultra-rich pay their fair share. I'm glad he's learning, even at his advanced stage of life Burpee's certainly do have some value after all, and I admire his training, as always. I wouldn't bother with all this if I wasn't a Caneguru with American partners-in-crime that I have the highest regard for. It's become obvious to me over the years that many (I certainly won't say all ) have no idea of how they are viewed throughout the world, and in their own geo-centric ways don't give a damn either. A pity really, since the World often knows more about America than Americans do.
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pierinifitness
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I do burpees, then I drink slurpees
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Post by pierinifitness on Jun 10, 2021 0:59:52 GMT
Macky, I stand by what I've previously said here. Those at the top pay the largest share of total income tax collected by the federal government. The Tax Foundation publishes some good information and doesn't have the agenda or bias of Pro Publica. taxfoundation.org/publications/latest-federal-income-tax-data/I knew I'd catch macky.
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macky
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Post by macky on Jun 10, 2021 2:08:13 GMT
I don't wear a suit.
Key words "..total income tax collected by the federal government." Technically correct, but.......
The SRich don't pay tax on money earned outside America, and therefore their investments are "outsourced" as well. So the SRich effectively keep a large part of their total earnings out of the American economy except for what is earned inside the homeland.
It's perfectly simple. Their total income is not counted for by the US tax dept. The SRich shift their money around the world for the lowest country's tax rate they can find. The US govt can't tax it because it was earned in another country that the US govt has no jurisdiction over.
In addition, a CEO who picks up 17 million per year should be paying 50% + in tax. Why not ? If 8.5 million a year is not enough, then his lifestyle is far too much.
America wasn't built on Wall Street and the SRich. The Middle Class and the Workers at the front-end built it.
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pierinifitness
Caneguru
I do burpees, then I drink slurpees
Posts: 2,709
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Post by pierinifitness on Jun 10, 2021 2:34:46 GMT
I don't wear a suit. Key words "..total income tax collected by the federal government." Technically correct, but....... The SRich don't pay tax on money earned outside America, and therefore their investments are "outsourced" as well. So the SRich effectively keep a large part of their total earnings out of the American economy except for what is earned inside the homeland. It's perfectly simple. Their total income is not counted for by the US tax dept. The SRich shift their money around the world for the lowest country's tax rate they can find. The US govt can't tax it because it was earned in another country that the US govt has no jurisdiction over. In addition, a CEO who picks up 17 million per year should be paying 50% + in tax. Why not ? If 8.5 million a year is not enough, then his lifestyle is far too much. America wasn't built on Wall Street and the SRich. The Middle Class and the Workers at the front-end built it. Macky, you're misinformed. U.S. citizens pay income tax on their worldwide income. Depending on the laws of the countries where they earn income, they may have to file and pay income tax in that country. Since they have to report their total worldwide income with the federal government, they get a foreign tax credit for taxes paid in other countries on that same income. Additionally, the federal government has various tax treaties with other countries and those treaties determine how income is taxed or excluded depending on the character of the income. This treatment may differ from the Internal Revenue Code which governs taxation of U.S. citizens. I remember talking once to my wife's uncle who at the time was a Dumbocrat (he voted for Trump when he ran against Hillary). Anyway, he thought similarly to you about making the rich pay more tax. He was also a guy who purchased lottery tickets yearning for that million dollar payday. I asked him what he thought about winning a million dollar lottery and having to pay half of it to Uncle Sam. He thought that was terrible. 'Nuff said.
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Post by Bruce Tackett on Jun 10, 2021 3:05:14 GMT
I wouldn't bother with all this if I wasn't a Caneguru with American partners-in-crime that I have the highest regard for. It's become obvious to me over the years that many (I certainly won't say all ) have no idea of how they are viewed throughout the world, and in their own geo-centric ways don't give a damn either. What?? There's a world outside of America??!
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MBS
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Post by MBS on Jun 10, 2021 3:19:28 GMT
I think taxes, and the laws that govern them, are pierini’s wheelhouse.
I've heard the 1% pay the highest amount of taxes, but through complex, completely legal strategies, pay a lower percentage of their income than the rest of us.
We can’t blame them for taking full advantage of the laws.
Maybe blame the laws and change them..
If I was uber wealthy, I’d hire the sharpest guys available to minimize my tax exposure. Why not?
Demonizing the wealthy will not help poor people ascend in life.
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macky
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Post by macky on Jun 10, 2021 3:28:06 GMT
I wouldn't bother with all this if I wasn't a Caneguru with American partners-in-crime that I have the highest regard for. It's become obvious to me over the years that many (I certainly won't say all ) have no idea of how they are viewed throughout the world, and in their own geo-centric ways don't give a damn either. What?? There's a world outside of America??! Not since the second WW at least. Everywhere is America, thanks to the CIA's efforts and multi-national corporates. Surely you don't honestly think the Iraq invasion was because of WMD, do you ?
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Post by mr potatohead on Jun 10, 2021 3:39:51 GMT
I think taxes, and the laws that govern them, is pierini’s wheelhouse. ........ Indeed.
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macky
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Post by macky on Jun 10, 2021 4:07:51 GMT
Macky, you're misinformed. U.S. citizens pay income tax on their worldwide income. Depending on the laws of the countries where they earn income, they may have to file and pay income tax in that country. Since they have to report their total worldwide income with the federal government, they get a foreign tax credit for taxes paid in other countries on that same income. Additionally, the federal government has various tax treaties with other countries and those treaties determine how income is taxed or excluded depending on the character of the income. This treatment may differ from the Internal Revenue Code which governs taxation of U.S. citizens. I remember talking once to my wife's uncle who at the time was a Dumbocrat (he voted for Trump when he ran against Hillary). Anyway, he thought similarly to you about making the rich pay more tax. He was also a guy who purchased lottery tickets yearning for that million dollar payday. I asked him what he thought about winning a million dollar lottery and having to pay half of it to Uncle Sam. He thought that was terrible. 'Nuff said. You're talking about the tax on income. SRich's wealth isn't in yearly income to any great extent. Their wealth is in assets, and the billions are held in Trusts etc, and "safe" havens that are essentially tax-free. As the forum's numbers-man, you know that, or should. Have a look at South Dakota's system and tell me that's incorrect. That's WITHIN the US. That's why the SRich seek out tax havens around the world and/or places where Trusts are favorably managed to their advantage. Btw, I buy a lottery ticket every week for fun. I'm told that 100% of said ticket income is paid out to charity. And if I was to win the million, I would regard that as a great responsibility to support the Red White and Blue watches. Buy an ambulance, some first-response units, start a fund for firemen and police injured on duty etc. At the last, is the link you sent all wrong ? Do you not agree with the figures, and you posted that link knowing that ?
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macky
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Post by macky on Jun 10, 2021 4:25:19 GMT
I think taxes, and the laws that govern them, is pierini’s wheelhouse. Taxes certainly, but not finance in general, necessarily. I mean he might well be, but you don't have to be an accountant to get someone to find you a safe place to store your billions. A lawyer might come up with a haven that an accountant knows nothing about, because the accountant is used to having clients with businesses that are millions-asset rich, but never having any experience to deal with someone who needs to place 5 billion in a safe haven somewhere in the world. I'm not saying that's the case with our pierini, but you get the drift, don't you ? Is a competent and experienced Cessna 172 pilot qualified to pilot a B757 ? I'm not demonizing rich people. But the wealth gap is ever-increasing, and already democracy is largely meaningless when the PTB / SRich own the govt. Dem or Rep means nothing, because it hasn't changed one bit, and is growing worse. America (and other countries will follow) is turning into a Feudal near-autocracy where the Haves dictate more and more of the play. And grow ever richer while the poor grow worse-off.
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pierinifitness
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I do burpees, then I drink slurpees
Posts: 2,709
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Post by pierinifitness on Jun 10, 2021 15:01:24 GMT
I think taxes, and the laws that govern them, is pierini’s wheelhouse. Taxes certainly, but not finance in general, necessarily. I mean he might well be, but you don't have to be an accountant to get someone to find you a safe place to store your billions. A lawyer might come up with a haven that an accountant knows nothing about, because the accountant is used to having clients with businesses that are millions-asset rich, but never having any experience to deal with someone who needs to place 5 billion in a safe haven somewhere in the world. I'm not saying that's the case with our pierini, but you get the drift, don't you ? Is a competent and experienced Cessna 172 pilot qualified to pilot a B757 ? I'm not demonizing rich people. But the wealth gap is ever-increasing, and already democracy is largely meaningless when the PTB / SRich own the govt. Dem or Rep means nothing, because it hasn't changed one bit, and is growing worse. America (and other countries will follow) is turning into a Feudal near-autocracy where the Haves dictate more and more of the play. And grow ever richer while the poor grow worse-off. Macky, South Dakota doesn't have an income tax on trusts, nothing wrong with that. Just like Texas and Florida don't have an income tax. There are other states that don't have an income tax too. What I've learned is that they have to get their tax dollars somewhere else and you often see higher property taxes or in the case of Nevada, gaming taxes on casino activities. Now there are exceptions like New York and other east coast states that seem to have high taxes for everything. Ask Michael about property taxes in New Jersey which makes what I pay in Arizona pocket change. So even though a rich fellow sets up a trust in South Dakota, for example, and parks his wealth there in the trust, the trust doesn't pay an income tax on trust income and the rich fellow doesn't pay any income taxes on trust income provided the trust makes no distributions to him/her. But once distributions are made to him/her or any other beneficiary except a charitable tax-exempt organization, income tax is paid by that recipient. Ditto for beneficiaries of foreign trusts in tax haven countries. If a U.S. citizen receives a distribution from a trust with a situs in a tax-friendly foreign country, that is U.S. income subject to U.S. income tax and state income tax if there is one in the state in which he/she resides. Obviously, cheaters can cheat on income taxes and I'm talking about evasion which is a crime compared to avoidance with isn't a crime but smart tax planning. The rich fellow who evades taxes is no different than the working stiff who does side work on the weekend for cash and doesn't report the income. Have you ever done that? Most people do. Due to my profession, I never did. Now so what if wealth accrues by holding assets rather than selling them. Are you saying that wealth increases should be currently taxed? If so, if your home goes up in value by $20,000 in one year, are you suggesting that this increase be subject to tax? Ask most people here what they think about that idea. You'd never make it as a U.S. politician macky. I did a couple transactions in 2020 and 2021 and was able to apply my knowledge to structure property sales to defer (not eliminate) income that would otherwise be taxable. The key word is defer, not eliminate, unless, under current law, I die in which case the deferred income is eliminated. But this fellow named Joe who some call their President wants to change all that. I'm keeping my knowledge and license in tip top condition to be able to serve my needs as my only client. A famous U.S. judge, Learned Hand once wrote in a court case, "Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes. Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934). I agree with the Judge. en.wikiquote.org/wiki/Learned_Hand
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Post by gruntbrain on Jun 10, 2021 21:25:30 GMT
During the Biden tax plan years I'll probably test my power of deductions . Deduct Dominatrix expenses? During the Trump years I just used the standard deduction .
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Post by mr potatohead on Jun 10, 2021 21:28:09 GMT
Here you go, macky. Check it out. Interview with James Sullivan, brother of John Sullivan who stormed the Capitol with his antifa buddies begins @ about 5:00 minutes in.
Yesterday, June 9, 2021:
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