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Not a bad idea either. Also think the size of Government is by far too large. There is a lot of room for cutting back. Too bad neither party has the ability to find the grey area.
I definitely agree with that.
I did it once because I felt the people deserved a chance. They were good folks & I had no problems with them whatsoever in the two years they were there. But they did do some damage mostly their kids, for the record they were white.
Definitely. Problem there though. How will we ever get them to agree to layoff some of themselves?
Give us the people the power to do so. That's the way the men who founded this land wanted it. Too bad it'll never happen. We have already given Government way too much power.
Alabama...and she wasn't technically section 8. Kind of a fringe element I guess. Turns out, she didn't thing public housing or section 8 were good enough for her, and with her income, she almost qualified to buy the house. I got suckered (and the bank almost did). She didn't have a lot of credit either way, but the only judgement on record against her was something she could prove an ex husband caused. She had signed a promisory note to pay it off, and the bank told her that once that was done they'd loan her the money to buy this house. The bank talked to me about renting for 6 months first. She paid 1 months rent and quit. Her monthly income was over $4800. the rent was $850, and she got all kinds of free food and vouchers for her litter. Also found out later that she was parking in the back yard to prevent repo guys from finding her car. She freely told this to her neighbors. The funny part is she pulled the bumper off the car trying to tow it out of the septic tank. Only the back tires settled into it...would have been awesome if she'd gone all the way in. The sewage would have been offended by her presence.
This is not entirely true. At the end of the day, the members of an LLC owe taxes on all profits personally. 1 mil in profit is the same whether it's 1 llc or 50. My experience is that 50 is more expensive b/c all of the liscensing. The reason you do multiple llcs is because you have different partners for each one or because they need to be separate for legal or insurance reasons. There are some tax loopholes that can be used there, but they aren't very big.
Wow thats some breaking news on that youtube clip.
No one heard that video during the 2008 election.
I understand that you are stupid and just trolling, but Egan Jones is the Western Kentucky Football of rating agencies. Not exactly relevant.
Besides ratings agency rated Securities based on loans given to people with no Income as AAA, so what the fcuk do they know?
You probably aren't aware of this, but Obama doesn't run the Federal Reserve, so he has no ability to regulate the Feds policy of Quantitative Easing.
Don't be stupid. Its way too easy.
That sucks. Sounds like they tore that place apart.
He is correct
From 1917 to 1981, the bottom 90% of wage earners in this country (blue) captured 69% of the total wage growth. The richest 10%, meanwhile, got 31% of the wage gains.
Between 1981 and 2008, however, things changed. The richest 10% grabbed 96% of the income gains in those years, leaving only 4% for the bottom 90%.
This country just isn't America anymore.
The focus of Obama and the Dems has been on taxing the wealthy as if it will do anything to the deficit. Entitlements and defense are all going to need cuts.
Steve Spurrier is a God, and Mark Richt worships him
I have no problem cutting defense. But we need to make the cuts like you said and cuts to entitlements as well. No one wants to be the guy that cuts entitlements on either side.
It's funny, I remember a thread a while back where I asked your age and you seemed particularly displeased with the idea of someone using one's age against them. And yet here we are...
...which is still being incredibly dismissive of younger people, students in particular.
Besides, entering the "real world" doesn't magically imbue a person with some sense of how to live their life. There are boatloads of current students more prepared and capable of living lives in the real world than so very many people who have existed in the real world for many years.
The only difference is BLF thinks he is more knowledgeable than Milton Friedman, Peter Schiff, et cetera and the thought of leaning something after he graduates college seems implausible.
If you are a finance major like BML is (I think), then I can assure you your understanding of the economy will change drastically once you graduate and work in this industry everyday.
This post has been edited 2 times, most recently by Clemson 19 months ago
Seems like he simply said that if you do not actually put knowledge to use, it does you no good. Not sure how that is dismissive. Scan the help wanted ads for listings for Professional thinkologists if you think he is wrong.
It all depends on the money. In many cases the income outweighs the liscensing by quite a bit. I used to work at a management company that managed hospitality businesses and we had basically one owner that owned about 23 hotels and 16 restaurant franchises. Each one was a different LLC and while it does protect his assets from lawsuits from one to the rest, it also saved him about a million dollars in taxes, plus or minus a few hundred thousand from year to year. That definitely outweighed the cost of the business liscenses. That's not even digging for loopholes, that's just each LLC being taxed at a lower rate than the whole should have been taxed. I understand protecting your assets, but there has to be regulation as well. We also had an owner that had 4 hotels in Atlanta. Each one was technically owned by a different person in his family for tax reasons as well with one of them being owned by his 17 year old daughter that lived in Seattle with his ex-wife.
I just think that needs to be the first course of action before tax increases. More checks and balanced to make sure that people are paying what they actually owe.
llc's aren't taxed. they are flow through companies. meaning the owner pays taxes on his personal tax return based on the profits (loss) of the llc. the llc itself doesn't pay any taxes (except for something like state licensing, like in alabama).
llc have many tax benefits, but having mroe is of little benefit than having fewer. and as t12 said, most often the licensing is way more expensive than any potential benefit.
this is very basic, btw.
and i'm an accountant.
BLF is correct... However, 'wealth inequality' and how it relates to the state of the economy is a highly, highly complex issue. It matters not a lick how old BLF is, or if he's still in college... You could sit two Nobel prize winning economists at a table to debate the issue and you'd still have two wildly differing opinions as to it's relevance.
There are two realities that I see as being pretty cut and dry though... The "1%" will always, always, always find a way to shelter income from taxes, especially when they perceive they are carrying an disproportionate amount of the tax burden (relative to the 99%). This has been proven over and over again. Lowering the egregiously onerous corporate tax rates are where we need to begin... Do that and you'd see trillions repatriated (and bound for the US Treasury) practically overnight. There's a reason why Google Ireland Limited exists... It's called "foreign rate differential".
No you will, what you have now is arrogant schooling beliefs. You think you are so very smart with everything figured out but you have yet to experience real life and see what it brings. Don't worry it will come in time you are just young but think you are some world traveler with all this knowledge and everyone should just listen to you. Not really surprised with todays society. To be young and naive
It still depends on location. Federal and State tax is handled differently with such companies. There are also tons of loopholes like I mentioned that these people find such as setting up other people as the owner of companies when they are not. It happens all the time and I have seen it. When the owner of these LLCs has many different in different states, then yes, he is getting out of certain taxes based on the fact that he is basing that company in a different state. If that same LLC was not seperate, he would be charged a higher rate in the state that he calls home on that income. Owners can also tie money up in the equity of a company or create a "slush fund" which hides that money up so that it can not be taxed. That is money that he can draw on for personal use at any time and avoided paying taxes as of it was part of an actual salary or income.
I agree with this. If it is money is being "trickled down" as my Republican friends call it, then it works wonderfully. Tax breaks and loopholes are going to need to be tightened though to ensure that this happens on the individual's end though.
i'm not 100% sure about other states, so i'll leave that to you (though i don't think they can tax an llc either). either way, at that point we're talking about state taxes and not fed, which has nothing to do with the fed deficit.
as for the multiple family owners, there are ratios of ownership and situations which will cause them to be taxed as a single family owner.
they aren't taxed on equity. so any money he takes out of it is "tax" free. but there's only 2 ways to get money in as equity. pu it in yourself (in which case you'd already have paid tax on it) or the company makes a profit (which is taxed when flow through to his personal). so he's already paid taxes on anything that's in equity.
i'm not going any further cause it gets messy and i got work to do. just saying that there are very few instances where it's beneficial to have a ton of llc's instead of a few for tax purposes. for legal or other, sure maybe, but i don't know those.
I was simply pointing out that BLF didn't think 4.9% of your net income is an onerous amount. It then occured to me that he hasn't been paying federal income taxes. I have a feeling that when he reaches the 28% tax bracket he'll start to feel the tax burden. Paying taxes all year, and then still owing thousands sucks azz.
Where are they going to go where they can manipulate a government and have it the way they are?
Their tax rates are already near historically low and they are showing they don't give a rats ass about our middle class.
This post has been edited 3 times, most recently by MichRedWingFan7 19 months ago
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