Tuesday, October 04, 2016
Sunday, October 02, 2016
Why Trump needs to be president
Yesterday, the NY Times released some details of Donald Trump's 1995 state income tax return showing a loss of $916 million.
As a CPA, this is what upsets me about this whole story.
First, the Times totally mischaracterizes what the tax loss means when it suggests "that could have allowed him to legally avoid paying federal income taxes for up to 18 years."
That's akin to saying that you avoided taxes by claiming a charitable donation on your tax return.
See, this is the law as it pertains to losses. The tax law allows you to deduct past losses against the previous two years of income or the next 18 years. That's the law it it makes sense. Why? Imagine that you had a business that made $0.00 for the years 2014 and 2015. You would pay exactly $0.00 in income tax because you earned no income. Now assume, I lost $100,000 in my 2014 but made $100,000 the following year.
In each case, over that two year span our net incomes amount to zero. Why would one person pay taxes for the same economic outcome simply because the timing is different? The is the purpose of the net operating loss laws.
Second, It is clear that if you don't hold the politically correct vision of the world, the government will use each and every one of their resources to take you out.
Releasing tax returns, no problem. Using the Dept of Labor to target political adversaries, sweet.. Using the Justice department to seize assets of a guitar manufacturers for the sin of being owned by conservatives, lovin' it.
If that's the kind of country you want to be a part of.....congratulations....... you've got it and a vote for The Billary means more of the same.
But remember that when your neighbor finds your medical records and spreads the shit around the neighborhood or maybe calls the police for a "swatting" prank or the government seizes the cash you took out of the bank for a motorcycle you saw on Craigslist and decided it was drug money they get to keep.
That's a society where the people are subjects of the government.
Remember this. Nothing changes if nothing changes.
As a CPA, this is what upsets me about this whole story.
First, the Times totally mischaracterizes what the tax loss means when it suggests "that could have allowed him to legally avoid paying federal income taxes for up to 18 years."
That's akin to saying that you avoided taxes by claiming a charitable donation on your tax return.
See, this is the law as it pertains to losses. The tax law allows you to deduct past losses against the previous two years of income or the next 18 years. That's the law it it makes sense. Why? Imagine that you had a business that made $0.00 for the years 2014 and 2015. You would pay exactly $0.00 in income tax because you earned no income. Now assume, I lost $100,000 in my 2014 but made $100,000 the following year.
In each case, over that two year span our net incomes amount to zero. Why would one person pay taxes for the same economic outcome simply because the timing is different? The is the purpose of the net operating loss laws.
Second, It is clear that if you don't hold the politically correct vision of the world, the government will use each and every one of their resources to take you out.
Releasing tax returns, no problem. Using the Dept of Labor to target political adversaries, sweet.. Using the Justice department to seize assets of a guitar manufacturers for the sin of being owned by conservatives, lovin' it.
If that's the kind of country you want to be a part of.....congratulations....... you've got it and a vote for The Billary means more of the same.
But remember that when your neighbor finds your medical records and spreads the shit around the neighborhood or maybe calls the police for a "swatting" prank or the government seizes the cash you took out of the bank for a motorcycle you saw on Craigslist and decided it was drug money they get to keep.
That's a society where the people are subjects of the government.
Remember this. Nothing changes if nothing changes.
Friday, September 23, 2016
Hillary Clinton: ‘'Why aren't I 50 points ahead’ of Trump?''
Why aren't you up by 50 points? Have you watched your own videos?
Geez
Tuesday, September 20, 2016
Friday, September 16, 2016
From the party of the poor
Hillary Clinton’s campaign is stealing from her poorest supporters by purposefully and repeatedly overcharging them after they make what’s supposed to be a one-time small donation through her official campaign website, multiple sources tell the Observer.
The overcharges are occurring so often that the fraud department at one of the nation’s biggest banks receives up to 100 phone calls a day from Clinton’s small donors asking for refunds for unauthorized charges to their bankcards made by Clinton’s campaign. One elderly Clinton donor, who has been a victim of this fraud scheme, has filed a complaint with her state’s attorney general and a representative from the office told her that they had forwarded her case to the Federal Election Commission.
“We get up to a hundred calls a day from Hillary’s low-income supporters complaining about multiple unauthorized charges,” a source, who asked to remain anonymous for fear of job security, from the Wells Fargo fraud department told the Observer. The source claims that the Clinton campaign has been pulling this stunt since Spring of this year. The Hillary for America campaign will overcharge small donors by repeatedly charging small amounts such as $20 to the bankcards of donors who made a one-time donation. However, the Clinton campaign strategically doesn’t overcharge these donors $100 or more because the bank would then be obligated to investigate the fraud.
Monday, September 12, 2016
Saturday, September 10, 2016
Friday, September 09, 2016
Are men being profiled?
How is it that over 90 percent of the US prison population is male when they constitute less than 50% of the population?
Several Democratic members of the Congressional Black Caucus (CBC) agreed Thursday that racism is behind African Americans serving prison sentences at a disproportionate rate, but none of them thought systemic sexism was a factor in men being over 90 percent of federal prisoners.
The disparity between men and women is much larger then the one between whites and blacks when it comes to criminal justice. In 2011, black people in America were 2.5 times more likely to be stopped on the street by the police than white folk. That same year, men were 8.3 times to face a street stop then women.
Sunday, September 04, 2016
Tuesday, August 30, 2016
Friday, August 19, 2016
A precedent for the Trumpster
For those conservatives in the #NeverTrump camp, who are worried about that Trump lacks the leadership and/or rhetorical skills and dislike his lack of experience let me offer some level of precedent for a candidate like Trump.
Arnold Schwarzenegger and Jesse Ventura were both political neophytes who also carried reputations for "girlie man" type of rhetorical skills. Both were considered renegades, one worked in professional wrastlin' for crying out loud.
But both ended up being somewhat milquetoast governors.
The point being that Trump isn't going to be asking for the nuclear football when Angel Merkel insults him and will find himself being "presidential" whether he wants to be or not.
Keep it in mind.
Arnold Schwarzenegger and Jesse Ventura were both political neophytes who also carried reputations for "girlie man" type of rhetorical skills. Both were considered renegades, one worked in professional wrastlin' for crying out loud.
But both ended up being somewhat milquetoast governors.
The point being that Trump isn't going to be asking for the nuclear football when Angel Merkel insults him and will find himself being "presidential" whether he wants to be or not.
Keep it in mind.
Do the rich pay enough?
As a tax professional, I’m often asked by clients whether or not I believe the rich pay enough in taxes.
My response is to consider this…… Consider that the rich have never paid any taxes…. Never have, never will.
The only people who pay taxes on this globe are the people who have no one to pass the cost on to.
When the price of my tax software goes up I have three choices, make less money, cut other expenses to make up the difference or raise my prices. Now I’m damn sure not going to take lower pay for the same work. You can only cut other expenses so far. That leaves increasing my fees for service.
When I increase my fees, my clients have the same dilemma. More often than not they will increase their prices.
That process continues until the last guy on the food chain tries to pass the hot potato to the next guy and guess what? There is no one else. They get to eat it.
Increases in taxes on the rich are no different than increases in utility costs, rent, widgets, etc.
Last year, I did tax returns for four clients who had W-2 wages in excess of one million dollars. In two of those cases, the CEO’s and CFO’s had their compensation adjusted by their corporate boards so that recent tax increases wouldn’t dent their take home pay.
You know who loses? The American worker who’s wages are now squeezed or jobs shipped overseas to afford the increases to those in management.
And if you think there is policy or another way to stop that, you are desperately naive to the point that you probably think there's a cure for gravity.
Consider that.
My response is to consider this…… Consider that the rich have never paid any taxes…. Never have, never will.
The only people who pay taxes on this globe are the people who have no one to pass the cost on to.
When the price of my tax software goes up I have three choices, make less money, cut other expenses to make up the difference or raise my prices. Now I’m damn sure not going to take lower pay for the same work. You can only cut other expenses so far. That leaves increasing my fees for service.
When I increase my fees, my clients have the same dilemma. More often than not they will increase their prices.
That process continues until the last guy on the food chain tries to pass the hot potato to the next guy and guess what? There is no one else. They get to eat it.
Increases in taxes on the rich are no different than increases in utility costs, rent, widgets, etc.
Last year, I did tax returns for four clients who had W-2 wages in excess of one million dollars. In two of those cases, the CEO’s and CFO’s had their compensation adjusted by their corporate boards so that recent tax increases wouldn’t dent their take home pay.
You know who loses? The American worker who’s wages are now squeezed or jobs shipped overseas to afford the increases to those in management.
And if you think there is policy or another way to stop that, you are desperately naive to the point that you probably think there's a cure for gravity.
Consider that.
Who will he vote for?
Meet Michael Henson.
Why is Mike in the news...............
Now in November do you think Mike here is going to vote for the Trunpster or The Billary? Why?
Why is Mike in the news...............
A Dayton, Ohio, man was arrested Tuesday after he tried to have sex with a parked van, police said.
Michael Henson, 35, faces public indecency charges. Police said they believe he was under the influence of narcotics when he was arrested.
According to a Dayton police report, the incident happened around 8 p.m. Tuesday in the 700 block of St. Nicholas Street.
Witnesses told police that Henson, who was only wearing shorts and socks, pulled down his pants and began having sex with the front grill of a vehicle parked on the street.
One witness told police that the act went on for a short time, then Henson passed out in the yard, the police report states.
Now in November do you think Mike here is going to vote for the Trunpster or The Billary? Why?
Sunday, August 14, 2016
Thursday, August 04, 2016
Sunday, July 31, 2016
Nancy Pelosi: Hillary Clinton Struggles With White Men Because Of "Guns,...
Think about what she is saying here.
Give up your God, Give up your guns and accept Gays into your life then we'll provide you with economic security.
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