Sequestration - good, bad, or indifferent?

[firstdown]

Originally Posted by CRedskinsRule

so what would you cut from defense? Your knee jerk reaction is no better than when a liberal cries about their programs being cut, or a >$250K person complains that their taxes are being raised. If we are going to somehow solve the govermental bloat, some things have to let go for a while. It's not like they can't reinstate the Thunderbirds and Blue Angels later, but it's also not the end of the world if they never fly again - and again, I loved going to AAFB to watch them.

They should complain. By the time they pay federal and state taxes they are paying around $100,000 a year. Thay are not the people who should get hit. Its the people paying no taxes and the millionairs who can afford to pay more.

[Chico23231]

Originally Posted by firstdown

They should complain. By the time they pay federal and state taxes they are paying around $100,000 a year. Thay are not the people who should get hit. Its the people paying no taxes and the millionairs who can afford to pay more.

As someone who looked at tax returns for several years, they are people who take advantage of the tax system in every single tax bracket. But what I found who took advantage of it the most with stretching things were real estate agents and small business owners. Its really a game, they do everything in their power to show no income to the IRS and then over exagerate income when it comes to personal lending.

[firstdown]

Originally Posted by Chico23231

As someone who looked at tax returns for several years, they are people who take advantage of the tax system in every single tax bracket. But what I found who took advantage of it the most with stretching things were real estate agents and small business owners. Its really a game, they do everything in their power to show no income to the IRS and then over exagerate income when it comes to personal lending.

The first thing that a bank ask for when a self employed person wants a loan is tax returns so you can't have it both ways. It has to be claimed as income on your taxes for a bank to even consider it income. Second as a business owner you can avoid paying taxes on some money but your having to spend money on business things and thats money that could have been actual income. I'm sure you have heard someone say donate you can write it off. Sure I can write it off but it also was money that is no longer income. So do I want to donate $100 to avoid paying taxes on that money. I can put a meal or two on the business credit card or a round of golf but I olny can take a % of those charges off as an expense.