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Politics : PRESIDENT GEORGE W. BUSH
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To: Mr. Whist who wrote (55491)11/1/2000 6:51:03 AM
From: Joseph F. Hubel  Read Replies (1) of 769670
 
Flap,

I am far from being a big entrepreneur and over the years have been reluctant to form the usual entities under the tax code in order to keep my life simple. I do not take a salary and was exempt from SS tax. As a matter of fact under my current setup, the government denies me the right to pay into SS or to even set up an IRA. From the governments stand point I have been unemployed for more than thirty years and am considered to derive my income from investments. As such there is no avenue available to me unless I were to make myself an employee. The tax code does not like people like myself. They would prefer all of us to be "employees" be it as a CEO or common laborer, it allows taxation from your first dollar earned and to keep perfect tabs on your income. I choose to take the path I did purposely to get out from under the burden of the 15% SS tax and to allow more flexibility. Regardless, I end up with a tax return of more than 45 pages and several days of preparation.

Over the years this has worked well for me with the exception of the last two where I found myself paying no tax and had deductions of more than $18,000 I could not use or carry over and were simply lost. The point is, don't be so alarmed because some corporations seem to pay no tax from time to time. You have no way of knowing if it could be from loss carryovers or tax credits for capital upgrades, R&D, depletion or any number of such things. Sometimes we see a number and immediately become judgmental. Always keep in mind corporations do not write the tax code and I am sure you and most on this board try to pay no more than the law requires.

JFH
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