RANT: The four insideous taxes

Sunday, February 3, 2013
‎”“Florida is a state of choice,” said Thalius Hecksher, global development chief for Apex Fund Services, who moved many of his operations to Palm Beach. “It’s organically grown. There’s no need to drag people down here. It’s a zero-income-tax jurisdiction.”” http://buff.ly/WszLB0 Should have done it year ago!!!

‘Wall St.’ flees NY for tax-free Fla.

http://www.nypost.com

The city’s hedge-fund executives are flying south — and it’s not for vacation. An increasing number of financial firms, especially private equity and hedge funds, are fed up with…
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Don’t forget FOUR insidious taxes that you don’t see: (1) the inflation tax — the FED has destroyed 99%of the value of the dollar in the last three or four decades; (2) the gas tax — gets added into every product sold and into every capital good used to make products, or deliver them; (3) the corporate tax — corps don’t pay tax, people do, they just pass it on; and (4) the estate tax — that turns productive assets into legal fees and schemes to avoid it as opposed to capital investment that improves society’s wealth — say goodbye to the family farm or a families’ small business. I’d assert that (a) the true tax rate is incalculable because it’s so well hidden; (B) it crushes the poor and middle class; and (c) some years we pay more than 100% of an annual year’s earnings in taxes! The loss of purchasing power means real savings goes down DESPITE rising account balances!!!!!!!!!

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Posted by reinkefj

MONEY: Don’t think your employer pays anything; you do!

Friday, September 14, 2012

Ignore taxes and benefits and anything other than the value equation.

Assume for a minute that an employee generate $100 of value for an employer.

And, that is the basis of the deal they strike.

Let’s say the employer is generous and give the employee ½ and keeps the other ½.

Employee winds up with $50.

Now lets factor in ONLY social security tax. (12.4% “split” 50/50)

Same value equation.

The $50 “earned” by the employee.

$6.20 split 50/50? 3.60 each.

So the employee gets $46.40, the Gooferment gets $6.20, and the employer retains a value of $46.40.

If to do the deal the employee has to give the employer $50 of value, then the employee has to be willing to take less.

So the employee has to be willing to take $43.80 so that the employer gets $50.

Cut through the illusion that the employer “pays half”!

The employee’s value equation is reduced by the tax that the employer pays.

Each deduction from your pay obviously you pay. But, every dollar your employer puts out on your behalf, ALSO, comes out of YOUR pocket.

Benefits are a bigger scam.

Remember that EVERYTHING comes out of your (the employee’s side of the value equation).

So any benefit that the employer “gives” you, you’re paying for.

And, for example, in the case of health benefits, the employer gets a tax deduction.

But, if you buy them, you don’t. (Yeah schedule A maybe after the % take back.)

How about life insurance? Same thing! They get a tax deduction on your money. And, that’s not deductible to you ever.

Argh!

It’s a rigged game and employees think the employer is being “magnanimous”.

Every item is like that: pension, 401k contribution, … everything has an angle that favors the employer.

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Posted by reinkefj

LIBERTY: Gooferment fails to protect property rights

Friday, January 27, 2012

http://lewrockwell.com/napolitano/napolitano37.1.html

How Much Economic Freedom Do We Have in the United States?
by Andrew P. Napolitano

*** begin quote ***

The root of economic freedom is the recognition of the right to own private property. That includes the right to utilize it unmolested, to dispose of it without anyone’s permission and to exclude anyone from it, even the government. Suffice it to say, no American president since the advent of the income tax and the Federal Reserve 100 years ago has fully accepted or meaningfully defended that right. The more the government extracts in taxes and the more it inflates the money supply, the more it rejects and assaults property rights.

*** and ***

There is not a single example in human history of central economic planning producing more prosperity than a free market. The framers understood that. That’s why they wrote a Constitution that prohibited an income tax, forbade the states from interfering with contracts, and prevented the feds from taking life, liberty or property without due process. All those constitutional prohibitions have been nullified by amendment or disregarded by consensus.

*** end quote ***

From the diktats (i.e., what the politicians call “laws” and “regulations”) that deprive folks of their property, to the taxes and inflation to just steal their wealth, we have no property rights.

In New Jersey, the real estate property tax mostly to support the Gooferment Skrules turns owners into defacto “renters.

How can you think we are free?

# – # – # – # – #  2012-Jan-20 @ 09:32

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Posted by reinkefj

POLITICAL: Irish pensioners targets of revenue enhancement

Thursday, January 19, 2012

http://www.irishcentral.com/news/Irish-pensioners-fury-over-new-taxes-137097448.html

Irish pensioners fury over new taxes
Previously “untouchable” state services get cuts
ByPADDY CLANCY,Irish Voice Reporter
Published Thursday, January 12, 2012, 7:57 AMUpdated Thursday, January 12, 2012, 7:57 AM

*** begin quote ***

Savage cuts to a host of previously “untouchable” state services are now being actively considered by the government as a result of Ireland’s dire financial position.

*** end quote ***

In the search for money to feed the Gooferment spending habit, the “pensioners” are a good target. They don’t “move” so quick. But they do vote.

Look for this idea to travel over the pond and get adopted here.

The USA Gooferment is in perpetual deficit, with an incalculable debt, the IRA / 401K total is about 14T$. Look for the politicians and bureaucrats to steal that.

You heard it. Steal it in exchange for an “enhanced social security benefit”.

Argh!

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Posted by reinkefj

MONEY: Capture all your medical or job search deductions NEXT year!

Thursday, January 6, 2011

Here’s an idea of a “new year’s resolution”. First a little background. This year, my wife was diagnosed with a form of pre-leukemia. It’s been a mess in every dimension. As I sit here thinking about it, and tax time, I wish I had captured all the medical expenses. It’s just one more straw breaking my “camel’s back”. But this year, I have a strategy. I have a blank check register. I’m going to contemporaneously log every expense in the “check” register. I should be able to capture EVERY medical expense. I’ll let you know at the end of the year how I make out.

p.s., I think the same strategy would work for Job Seekers who also have deductible expenses. I shudder to think of all the expense deductions I have missed over the years. Argh! But new year, and self-granted amnesty for all mistakes in the prior year. But still, it gripes me to have missed the opportunity.

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Posted by reinkefj

INTERESTING: What’s the rest of the story?

Monday, December 21, 2009

http://www.newsvine.com/_news/2009/12/18/3649762-wash-woman-gets-15-months-for-tax-evasion

Wash. woman gets 15 months for tax evasion
Fri Dec 18, 2009 3:39 PM EST
Associated Press

*** begin quote ***

SEATTLE — As the secretary and treasurer of Falcon Construction, Michelle Bielaski was supposed to turn over to the IRS taxes withheld from employee paychecks.

Instead, the 48-year-old Bellevue, Wash., woman spent the money herself — $2.5 million of it.

Now she’s been sentenced to 15 months in prison and ordered to pay the taxes back in restitution.

*** end quote ***

I’m sure the gooferment doesn’t like a thief stealing its loot!

Serious, was she sentenced for the theft? In which case, the article’s title is wrong.

Where is she going ot get 2.5M$ for restitution?

And, based on what little I know, I bet the construction company has to pay the 2.5M$ to the IRS. So I guess a bankruptcy is in their future.

I just find this “interesting” on so many levels.

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Posted by reinkefj

MONEY: The Roth IRA Conversion Conundrum

Monday, December 14, 2009

http://www.edelmanfinancial.com/galleries/default-file/ipf_12_09.pdf

Ric Edelman in “The Roth IRA Conversion Conundrum” points out while you CAN convert your IRA to a ROTH. Unless the circumstances are just right, you shouldn’t. Why all the BUZZ about doing it? Well guess who makes out if you do it? Yup, the brokers and the gooferment! Paying taxes when it is not needed or wrong is always disastrous

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Posted by reinkefj

RANT: Sorry it’s a duck!

Monday, September 21, 2009

http://online.wsj.com/article/SB10001424052970204488304574425294029138738.html?mod=djemEditorialPage

* REVIEW & OUTLOOK
* SEPTEMBER 21, 2009
Obama’s Nontax Tax
On a Sunday show, the President offers a revealing definition.

*** begin quote ***

“Mr. Obama: “My critics say everything is a tax increase. My critics say that I’m taking over every sector of the economy. You know that. Look, we can have a legitimate debate about whether or not we’re going to have an individual mandate or not, but . . .”"

*** end quote ***

If I can’t avoid it, then it’s a tax. Call it a “mandate”. Call it a “penalty”. Call it the “tooth fairy”. The IRS will ensure you pay it. If that’s not a “tax”, I don’t know what is!

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Posted by reinkefj

POLITICS: Obama’s inflation will break the country

Saturday, June 13, 2009

http://www.ibdeditorials.com/IBDArticles.aspx?id=329091224620125

Obama’s Plan For A Debt-Ridden Future
By ERNEST S. CHRISTIAN AND GARY A. ROBBINS | Posted Friday, June 05, 2009 4:20 PM PT

*** begin quote ***

In effect, American families would over time lose an amount greater than an entire year of GDP — a blow far more severe than the damage being done to them by the current recession.

*** end quote ***

Between debt and unfunded liabilities, we are falling further and further behind. Sad to say, we can’t even guess how much we pay in taxes. The politicians have succeeded in hiding and burying taxes in every conceivable manner.

When Obama’s inflation starts, it’ll be too late to react.

Gold! The ancient store of value.

There’s a reason that Jefferson and Jackson were against “central banks” like the Federal Reserve Bank and paper money. Those allow politicians and bureaucrats to hide the true cost of their evil deals.

Imagine how they’d be on the hook, if they could NOT silent tax every dollar in the world with inflation?

Like withholding and corporate taxes, everything gets hidden from view.

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Posted by reinkefj

POLITICAL: Eliminate the corporate income tax

Sunday, February 22, 2009

http://www.reason.com/news/show/131556.html  

Economic Change We Can Believe In
To improve the economy, eliminate the corporate income tax
Jeffrey A. Miron | February 6, 2009

*** begin quote ***

President Barack Obama’s stimulus proposal entails an awkward tradeoff between spending and efficiency. Fiscal stimulation suggests large, rapid increases in spending, while efficiency means cautious, modest increases. Similarly, Obama’s plan favors tax cuts for low-income families, since they are most likely to spend rather than save, yet the drive for efficiency means cutting marginal tax rates on high-income consumers.

*** and ***

One policy change, however, can stimulate both the economy in the short-run and enhance efficiency in the long-run: repeal of the corporate income tax, which collects up to 35% of the difference between revenues and costs of incorporated businesses.

*** and ***

Corporate income taxation has other negatives. It requires a complicated set of rules and regulations, over and above the personal income tax system, generating compliance costs. Special interests ensure that corporate tax systems favor specific industries or activities, further distorting private investment decisions. Along those lines, corporation taxation reduces financial transparency, making it harder for investors to monitor corporate behavior.

So repeal of the corporate income tax is good policy independent of the state of the economy and would provide short-run stimulus.

*** end quote ***

Corporations don’t pay taxes; they hide them in the final price of goods sold!

Only people pay taxes!

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Posted by reinkefj

POLITICAL: Tax increases in a recession?

Sunday, February 22, 2009

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/21/AR2009022100911_pf.html

Obama’s First Budget Seeks To Trim Deficit
Plan Would Cut War Spending, Increase Taxes on the Wealthy
By Lori Montgomery and Ceci Connolly
Washington Post Staff Writers
Sunday, February 22, 2009; A01

*** begin quote ***

President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on businesses and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.

*** end quote ***

Companies don’t pay taxes; people do. So raising the corporate tax is essentially a tax increase for everyone; poor included.

Rich folks have the ability to defer income and shit it and even “coast”. Watch how revenues “fail to appear”!

Stupidity!

Ignores the lessons of Kennedy and Regan.

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Posted by reinkefj

POLITICAL: the only real way to economically “stimulate”

Monday, January 19, 2009

http://ncc-1776.org/tle2009/tle502-20090118-02.html

Collectivism’s Last Stand
by L. Neil Smith

*** begin quote ***

Politicians must be taught, in no uncertain terms, that the only real way to economically “stimulate” the Productive Class is to stop stealing their fucking money! If the government announced a total tax amnesty, as well as a complete, permanent end to individual and corporate taxes—repealing all unconstitutional economic regulations would help, too—this depression would be over by the end of the week.

*** end quote ***

You have to admire how LNS can “turn a phrase”!

Wonder if it would take all the way to the end of the week?

“Next day” might be a better estimate.

But, we don’t have to worry. It will never occur to the congress critters!

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Posted by reinkefj

MONEY: Ron Paul on Obama’s “Trillion Deficits for years to come”

Friday, January 16, 2009

http://www.youtube.com/watch?v=HUQo5QQSlys&eurl=http://www.lewrockwell.com/blog/lewrw/archives/024759.html&feature=player_embedded

Guess this is the “change” we were promised?

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Posted by reinkefj

RANT: We have an “economic illiterate” as US Senator!

Wednesday, November 5, 2008

http://www.americanthinker.com/blog/2008/11/how_stupid_is_senator_menendez.html

http://www.youtube.com/watch?v=W7FJX5QiCrw

November 04, 2008

How stupid is Senator Menendez?

Larrey Anderson

*** begin quote ***

Either he is stupid or he is intentionally confusing the difference between the income tax and capital gains taxes.

Watch this interview of Senator Robert Menendez, a New Jersey Democrat, by Neil Cavuto on FOX news.

*** end quote ***

Well, we have Lautenberg too.

<Just shaking my head!>

I don’t think we have ANYTHING to worry about. There won’t be any tax cuts period.

Then sheeple have been fooled again.

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Posted by reinkefj

POTUS08: FLASH! Obama calls me “selfish”!

Saturday, November 1, 2008

http://tinyurl.com/6dm767

Political Punch
Power, pop, and probings from ABC News Senior National Correspondent Jake Tapper
October 31, 2008 10:58 AM

*** begin quote ***

“John McCain and Sarah Palin they call this socialistic,” Obama continued. “You know I don’t know when, when they decided they wanted to make a virtue out of selfishness.”

*** end quote ***

Well, that tears it! It’s all out in the open now. His stealth campaign is unmasked.

Think it’s just big gooferment; you’re selfish.

<shaking my head at the hubris of the socialists>

Argh!

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Posted by reinkefj

LIBERTY: Don’t privitize Social Security. It’s too risky!

Thursday, October 2, 2008

http://channel-surfing.blogspot.com/2008/10/market-meltdown-is-best-argument.html

Thursday, October 02, 2008

Market meltdown is best argument against privatizing Social Security

*** begin quote ***

It has always been pretty clear to me that the notion that we could fix our retirement system by handing it over to Wall Street was, well, nuts.

*** and ***

American workers shouldn’t have to face this kind of uncertainty. The cautionary tale is before us — listen to this NPR Morning Edition report on soon-to-be retirees who thought they would live off their savings and investments, but whom the experts now council to “keep on working.”

Posted by Hank Kalet at 3:00 PM

*** end quote ***

Of course, I was enraged and commented:

fjohn said…

Arghhh!

So let me understand this.

It’s OK to rob poor black men to pay off rich white women? (Who designed this one out, the KKK?)

It’s OK to rob the future generations in an intergenerational transfer of wealth. (Like eating your young?)

It’s OK to have a forced savings plan that has an implied interest rate of negative 2 percent. (OK, you may not have enough left from your job, but nanny gooferment will save you some dog food for your retirement.)

It’s OK for a poor person’s largest asset (i.e, “their” social security accrued benefits) to “evaporate” when they die. Absorbed back into the gooferment till for a $225 ‘death benefit’. (Even a passbook savings account can be inherited.)

Argh!

Yes, save us from the Stock Market that earns an average of 8% a year over LONG periods of time.

Save us mommy gooferment from the big bad real world. The fact the the gooferment — specifically the congress critters took payoff from the monsters they created — caused the problem and you seek to save us by MORE gooferment.

Really explain it to me again. Use littler words. Cause I’m getting screwed by all you socialists and I can’t stand it any more.

Explain to me how Chile privitized their social security in 1970 with a population so illiterate they had to use pictures for the investment companies because people could NOT read the names. (Haven’t heard about dying old folks in Chile lately. Maybe everyone died of privitazation there and we have NOT had it reported yet?)

Argh!

It must by the fault of those Liberty loving dead old white guys.

I’m sure they must have mentioned Social Security in the enumerated powers.

Please give me a break with this circular logic on an un-Constitutional un-Liberty disabling disempowering Socialist program.

Karl Marx must be laughing in his beer at us! Him and his cousin Groucho. They couldn’t have made a funnier skit.

4:39 PM

# – # – #

In summation, don’t fix a failed program because of stock market volatility. What caused the volatility, criminal negligence by the ploiltical class.

OK. Lets kill the porgram completely.

Even if one stipulates that a bunch of dead old white guys 200 years ago can bind me to an obligation, let’s see where it says that you Socialists can steal my money “for my own good” of course.

Argh!

Leave me alone. Take your Socialism and keep it to yourself.

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Posted by reinkefj

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