| | | >> You think we're all idiots????
Pretty much, yes. If by "we" you mean liberals?
>> How do billionaires get the tax on their AGI down to 11-12 % .....How did Romney do it, especially after an amended return.....
In Romney's case he received a lot of qualified dividends, had some business losses, and had 4.6 Million in itemized deductions, 1.3M of which were state income taxes paid and 2.25 Million which were charitable contributions, plus other smaller items.
You can do precisely the same.
Tax matters are not such that you can reasonably talk about how "billionaries" do anything. They're all different, they do things differently. Some pay 30+%, others invest in such ways that they accept lower rates of return in exchange for lower tax rates (e.g., municipal bonds).
>> You deny knowing about special "earmarks" for single individuals or things like a special farm or business????
Farms operate under different rules from most businesses, but there is no "earmark" that I know of for particular individuals. During my time in tax practice the only thing like that I saw was Jim Wright trying to get an exemption for an estate of a Ft. Worth friend. It was caught in committee and removed before becoming law.
>> They can give away used equipment using an inflated value as a contribution, individuals do the same thing when they donate a wrecked car to some "charity" like Kars for Kids and claim book value on their tax return
You don't know what you're talking about. The rules on contributions are extremely limiting. In particular, if you contribute depreciable property, you must take as ordinary income the "recapture", i.e., the amount of depreciation allowed or allowable on the property before you deduct (as an Itemized Deduction, subject to the usual limitations) the FMV.
Like so many clients I saw back in the day, you get bits and pieces, don't know enough to have any idea about it, and make assumptions.
......we've had a couple on this thread who admitted doing that....didn't you recommend that to one of your clients.?
You cannot do what you suggested and thus, I would not have recommended it for any client.
Charitable contributions of non-depreciable personal property are deducted at tax basis or FMV, whichever is lower; thus no person can ever deduct more than the cost of such property. Securities that are appreciated can be deducted at FMV, but it is a disposition subject to tax through the normal process.
I think the problem here is that you have an overactive imagination.
>> What are all those highly paid lobbyists doing for their money???
Lobbyists generally are there to provide information and try to persuade congressmen to do what their clients want them to do.
That has relatively little to do with the tax law, since tax law generally has to pass muster with the Staff of the Joint Committee on Taxation, who understand the overall concepts as well as how particular laws fit into the code from a sensibility point of view.
In short, you need to get into another business. Tax work isn't going to be a career for you. |
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