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

To: DuckTapeSunroof who wrote (358418)	2/12/2003 8:40:10 PM
From: Srexley	Read Replies (2) \| Respond to of 769670

"it's a tax deduction for those investing in oil drilling partnerships." I was kidding about the car, but your point is still stupid. If you invest money in something (oil drilling in this case) it is a business investment. You no longer have that money you wrote off until you make income from it (then you pay taxes). You cannot legally write something off that is still in you bank account available to spend as you wish. "guess you haven't incorporated yourself... all those nice deductions going to waste" I have a corporation, as I said. In that corporation (and most any corporation) there are expenses. Business expenses are legitimate things that are needed to run a business. What you make on top of business expenses are called PROFIT, and corporations pay taxes on those. I minimize my corporate profit by taking it as pay, which also is known as INCOME, that ALL OF US have to pay (unless you don't make much money). You are totally confused on this point it seems. Lunches and entertainment are allowed a 25% deduction, and you can't hide a whole lot of money by eating expensive lunches. "I've asked you, and asked you to please substantiate your claims" Do you seriously not believe that the top 10% of income earners pay 50% plus of income tax? One of the posters before gave you some good statistics. I think you know it is true, but that it hurts your bogus argument. If I back it up with IRS statistics will you acknowledge that you are wrong? If so, I will find a credible sourc for you.