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Senior Member
Originally Posted by
njtom
This bill is the GOP's version of "defund the police". Their donors cheat on their taxes and want to continue to do so. The IRS (and SEC, FTC, etc.) are the "financial police", and the GOP (in service to their donors) will do everything in their power to defund these entities.
Wall Street Is A Big Source Of Campaign Cash For Democrats : NPR
Wall Street Is A Big Source Of Campaign Cash For Democrats
ZARROLI: And Wall Street has become a big source of campaign cash for the party. The second biggest Democratic donor is a hedge fund guy, too. He's Donald Sussman of Paloma Partners. In this election, people who work in finance have given $57 million to Biden and just $13 million to Trump. Schaffner says that didn't used to be the case. Until 2008, the industry reliably split its money between the parties.
um actually its the dems that want to defund the SEC .. Just saying
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Senior Member
Originally Posted by
njtom
This bill is the GOP's version of "defund the police". Their donors cheat on their taxes and want to continue to do so. The IRS (and SEC, FTC, etc.) are the "financial police", and the GOP (in service to their donors) will do everything in their power to defund these entities.
Just an honest question - not trying to pick a fight - how do you "cheat on taxes"? Don't you mean taking advantage of the loopholes already in place? And who put those loopholes there?
I'm questioning this "cheat on taxes" thing because we use an accountant, and most wealthy people do as well. Our accountant does not let us do any thing that is even gray. Everything is black and white, and within the law and the tax code. I guess what I hear you saying, really, is that the accountants that are being used by wealthy people are cheating for their clients ????
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Senior Member
Originally Posted by
Highly Favoured
Just an honest question - not trying to pick a fight - how do you "cheat on taxes"? Don't you mean taking advantage of the loopholes already in place? And who put those loopholes there?
I'm questioning this "cheat on taxes" thing because we use an accountant, and most wealthy people do as well. Our accountant does not let us do any thing that is even gray. Everything is black and white, and within the law and the tax code. I guess what I hear you saying, really, is that the accountants that are being used by wealthy people are cheating for their clients ????
No problem; great questions.
In my view, both are problems: Legal tax avoidance using loopholes, and illegal tax avoidance (cheating).
To fix the first, we need honest lawmakers who will vigorously work to identify and close those loopholes, without regard to the impact on their donors (and on themselves).
To fix the second, we need IRS agents who are trained in forensic accounting and who have the necessary resources to identify and prosecute the lawbreakers.
You and your accountant are doing exactly the right thing, and if you were audited by the IRS, there would be absolutely nothing to worry about. If all people were honest like you, we wouldn't need the IRS. (Just as if all people were peaceful, we wouldn't need the actual police.)
But there are those who are dishonest and have no qualms about cheating. These can be rich or poor, but the rich have more opportunity and resources to succeed at it. For example, they can put their assets in offshore accounts and fail to report the income. Or they can undervalue an asset or overvalue a donation. Or they can hide their money in cryptocurrency. A working class person who gets a paycheck has his taxes automatically deducted, so there's less opportunity to hide.
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Senior Member
Originally Posted by
njtom
No problem; great questions.
In my view, both are problems: Legal tax avoidance using loopholes, and illegal tax avoidance (cheating).
To fix the first, we need honest lawmakers who will vigorously work to identify and close those loopholes, without regard to the impact on their donors (and on themselves).
To fix the second, we need IRS agents who are trained in forensic accounting and who have the necessary resources to identify and prosecute the lawbreakers.
You and your accountant are doing exactly the right thing, and if you were audited by the IRS, there would be absolutely nothing to worry about. If all people were honest like you, we wouldn't need the IRS. (Just as if all people were peaceful, we wouldn't need the actual police.)
But there are those who are dishonest and have no qualms about cheating. These can be rich or poor, but the rich have more opportunity and resources to succeed at it. For example, they can put their assets in offshore accounts and fail to report the income. Or they can undervalue an asset or overvalue a donation. Or they can hide their money in cryptocurrency. A working class person who gets a paycheck has his taxes automatically deducted, so there's less opportunity to hide.
Well why don't we simply have a flat tax where everybody simply pays in proportion to what they make ? No Loopholes no nothing ... A progressive tax system is fundamentally immoral and immorality begets immorality
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Senior Member
Originally Posted by
BAP
Well why don't we simply have a flat tax where everybody simply pays in proportion to what they make ? No Loopholes no nothing ... A progressive tax system is fundamentally immoral and immorality begets immorality
No political leverage in that. "Loopholes" or "tax breaks" have put some into office or helped remove others.
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Senior Member
Originally Posted by
BAP
Well why don't we simply have a flat tax where everybody simply pays in proportion to what they make ? No Loopholes no nothing ... A progressive tax system is fundamentally immoral and immorality begets immorality
I have argued in favor of the flat tax for years.
But it's not as simple as one might think: "income" has to be defined. If you get a paycheck every week, it's unambiguous, but in other cases it's not so clear.
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Senior Member
Originally Posted by
njtom
No problem; great questions.
In my view, both are problems: Legal tax avoidance using loopholes, and illegal tax avoidance (cheating).
To fix the first, we need honest lawmakers who will vigorously work to identify and close those loopholes, without regard to the impact on their donors (and on themselves).
To fix the second, we need IRS agents who are trained in forensic accounting and who have the necessary resources to identify and prosecute the lawbreakers.
You and your accountant are doing exactly the right thing, and if you were audited by the IRS, there would be absolutely nothing to worry about. If all people were honest like you, we wouldn't need the IRS. (Just as if all people were peaceful, we wouldn't need the actual police.)
But there are those who are dishonest and have no qualms about cheating. These can be rich or poor, but the rich have more opportunity and resources to succeed at it. For example, they can put their assets in offshore accounts and fail to report the income. Or they can undervalue an asset or overvalue a donation. Or they can hide their money in cryptocurrency. A working class person who gets a paycheck has his taxes automatically deducted, so there's less opportunity to hide.
Thanks! I appreciate your response.
I agree that if everyone did the right thing, it would be a wonderful world.
I agree with persecuting lawbreakers - but not by arming the IRS agents!
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Senior Member
Originally Posted by
njtom
I have argued in favor of the flat tax for years.
But it's not as simple as one might think: "income" has to be defined. If you get a paycheck every week, it's unambiguous, but in other cases it's not so clear.
Income is actually relatively simple to define and in any case it wouldnt be any more difficult to define than it is under our current convoluted system .
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Senior Member
Originally Posted by
BAP
Thats Libs for you ..
Libs who love big government should listen to Prophet Samuel
And Samuel told all the words of the LORD unto the people that asked of him a king.
And he said, This will be the manner of the king that shall reign over you: He will take your sons, and appoint them for himself, for his chariots, and to be his horsemen; and some shall run before his chariots.
And he will appoint him captains over thousands, and captains over fifties; and will set them to ear his ground, and to reap his harvest, and to make his instruments of war, and instruments of his chariots.
And he will take your daughters to be confectionaries, and to be cooks, and to be bakers.
And he will take your fields, and your vineyards, and your oliveyards, even the best of them, and give them to his servants.
And he will take the tenth of your seed, and of your vineyards, and give to his officers, and to his servants.
And he will take your menservants, and your maidservants, and your goodliest young men, and your asses, and put them to his work.
He will take the tenth of your sheep: and ye shall be his servant
I cited those same passages to some of my black Christian friends, Bible school & ORU classmates & associates that voted for Barack Obama.
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