Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction -- Ignore unavailable to you. Want to Upgrade?

To: Alan Smithee who wrote (32479)	4/16/2005 12:04:01 PM
From: Lazarus_Long	Read Replies (2) \| Respond to of 90947

Do you have to turn the little pins periodically? No. I get a neighbor and I hold the pins and he turns her around them. :-) My wife had surgery for a separated shoulder (the result of a particularly nasty bike accident). She had two pins that extended from the shoulder, and I was tasked with turning them daily. I bet she hated the sight of you! :-)

To: Alan Smithee who wrote (32479)	4/16/2005 2:21:53 PM
From: Lazarus_Long	Read Replies (1) \| Respond to of 90947

In case you want to be one of those the liberals complain about.... Earn $1 Million and Pay No Tax The Wall Street Journal Online By Tom Herman A Small but Growing Club Of High-Income Filers Legally Avoids IRS's Grasp, Despite the AMT It is a very small club -- but one that has expanded rapidly in recent years. Its members: people earning $200,000 or more a year who manage, through perfectly legal means, to pay no federal income taxes. The key to admission into this exclusive group is eluding not only the regular income tax but also the alternative minimum tax, or AMT, which was designed several decades ago to prevent just this sort of thing from happening. It is possible despite the fact that the AMT's reach has been expanding rapidly. This year, nearly four million people will owe additional taxes because of the AMT. Next year, if Congress does nothing to change the rules, more than 20 million people will owe more. The Internal Revenue Service says that of the 2.6 million individual tax returns that reported income of $200,000 or more, there were 4,119 taxpayers who owed zero federal and foreign income taxes for 2001, the latest available year. That was up from 2,320 in 2000 and only 1,562 as recently as 1997. Typically, there is no one explanation for achieving tax-free status. It usually is a combination of factors, such as large amounts of tax-exempt bond interest, medical bills, charitable contributions, casualty losses (such as from a fire or earthquake), business losses and investment losses. The possibility of getting to zero highlights the disparate treatment of various deductions under the AMT. Under the AMT, you lose certain deductions, exclusions and other items that are available for regular tax purposes -- among them deductions for state and local taxes. That is why so many people in high-tax areas, such as New York and California, are complaining bitterly about the tax. What Triggers the AMT? Some deductions, exclusions and other items that millions of people claim under the regular tax system are treated differently under the alternative minimum tax, or AMT. Some items that aren't allowed under the AMT: • State and local income taxes and sales taxes • Real estate and personal property taxes • Deductions for personal exemptions • Unreimbursed employee business expenses and certain other miscellaneous itemized deductions Some items the AMT doesn't affect: • Most municipal bond interest income • Casualty or theft losses • Charitable contributions • Gambling losses Source: Ernst & Young biz.yahoo.com