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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Srexley who wrote (358406)	2/12/2003 7:13:00 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 769670

Pretty funny! No wonder you're so pissed about taxes... you couldn't find a loophole with two hands in the dark! But remember: just because YOU can't find or utilize a loophole, doesn't mean others (presumably smarter or richer than you... or with better tax advisors) can't. The LARGE difference between nominal tax rates at the top, and the true effective tax rate paid proves that many are BETTER THAN YOU AT THIS GAME. Re: " "have you ever availed yourself of the oil depletion allowance?" --- No. Explain how this is available to an individual's Federal Income tax. Is this oil that is depleted in my car? I would like to get in on this one. >>> Gee Cy, this is easy... no, it's not 'oil for your car', it's a tax deduction for those investing in oil drilling partnerships. Re: "Written off a 'business lunch?" --- My business has. And it is 25% of the amount that is deductable. How does an individual write this off without breaking the law? Keep the 2% rule in mind when you answer. >>> Got me there... guess you haven't incorporated yourself... all those nice deductions going to waste. Well, never said EVERY SINGLE loophole or tax preference listed would be appropriate for YOU personally. Content yourself to know that others can benefit. Re: "Do you domicile yourself on a nice sunny island so all your earned interest and dividends are tax-free" --- I am an individual citizen in the United States. Please explain how I can legally avoid paying my Federal income tax with this feature. It sounds nice, and I like sunny islands. >>> Gee, this one's going to involve (if you want to stay honest) incorporating again... A trust structured for the ownership and locale might be advisable as well... consult your legal advisors (I could recommend some down in B.V.I., or Panama if you'd like). Re: "Do you do (like Microsoft)" --- I'm not a corporation (although I have one). Sounds like you may be confusing Federal Income tax with corporate tax. >>> Nah, not confused. A truly GREAT WAY to retain more money in the corporation ('cause of the immediate tax deduction) and thus pay out more to employees... financed by the U.S. taxpayers, of course! Balmer was a genius! >>> You also left out that really cool technique of locating your income-generating intellectual property in tax shelters? What? You don't own any royalty generating patents or film or book titles? Too bad.... Re your last statement: "NONE OF IT explains how the top 10% of income earners pay the lions share of the taxes." >>> I've asked you, and asked you to please substantiate your claims. Can you post facts (actual numbers would be GREAT here) to make your point? >>> If someone has 'the lion's share of income' and they then pay proportionally 'the lion's share of taxes'... is there anything wrong with that? >>> Please back up your claims! (Without straining yourself, please. Your may consult advisors. It's 'open book'. Just back it up.)