Would I Owe Federal Taxes?

[oldc6]

The IRS i think would like to consider any income taxable. The tax system is so complex that even the auditors dont fully understand it.

That is the idea behind the FAIR TAX idea. It appears to be a sales tax. So, the more you can buy the more tax you would pay. Probably would be a lot more fair than the present income tax system.

Dusty, the system is so full of loopholes depending what you occupation, or bussines is. Example in Minnesota farmers do not pay sales tax on anything for the farm other than vehicles .. parts, and all machinery. etx.
When i go to the fleet farm store to buy anything they ask, do you have a farm account. If you do no sales tax....... So, they buy a new lawnmower, etc. etc. of course it is for farm use. The working man like myself pay sales tax.....If you go to another state and buy a t/v , etc. etc. when you get home you are supposed to send the state the difference in sales tax if it is less than it would be in your state......

I have bought two shopsmiths , fixed up, and sold for a profit of $200.00.. Did i report that as income?

You can see it this week in DC. They are debating the fiscal cliff. All they talk about is raise taxes... Should we cut back on waste and spending???
Remember we are talking about politicians...........

JPG, will attach picture of fairtax book....

A little physics problem.... You are at the top of the Empire State Building
You have a lawyer and a politcian with you.. You push them both off the building at the same time.. Who would hit the ground first??scroll down..











WHO CARE[ATTACH]19219[/ATTACH]S!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[charlese]

Well, you can always count the Medicare monthly deductions as taxes paid, and then deduct them. Might offset your garage sale income.

After all - they ARE taxes!

[tenbears]

Dusty, Paper Trail, excuse me. Cut up the CC cards, Close the checking accounts and the last time I looked the Greenback still has for Legal Tender printed on it although the paper is worth more than the money. Oh and some organizations and businesses no longer accept cash. Our society needs to go back to the cash based economy and quit borrowing for everything we want, NOT NEED.

[dlbristol]

Dusty provided the site I would have reccomended, there are others.
As I understand the proposal, everyone you made a purchase would pay the tax, Citizen or not. It would tax the purchase, so if I made $1,000,000 selling drugs and spent it on bling, I get taxed.
I think it is worth looking at.
Not about the rabbits, My wife raises mostly mini-lops for show. She sells many to 4-H kids and other breeders. She also sells some for pets with a pretty strict interview before hand. We eat a few as well. She also has Mini- satins, polish and Dutch. In Colorado, they are not livestock, so she has to collect and pay sales tax, unless she sells at a show, then there is no tax. We have taken a " safe " route here and we pay sales tax on any income from her business, which included cage and accessory sales. may not be totally right, but they have never compalined about us overpaying!:)

[skou]

What is in the bill that we will not understand until after it is passed (something taught to me by a Senator from California).

Opps! Now we've gone political.

Right. Youy stepped in it!

But seriously, she is only a congress-critter,
not a Senator.

On a different note, I prefer a fair tax, or a sales tax.
Income tax only taxes income. (Duh!)

The "Buffett" rule is "interesting." Warren doesn't
work. His money does. (Jimmy works, though.)
Warren (as well as Mitt) pays Capital Gains tax, not income
tax. Were there a sales tax, Warren (as well as Mitt and Jimmy
Buffett) would pay tax, when they spent it, not when they earn it.

(Funny, when I first heard of the Buffett rule, I thought it would be,
BUY MARGARITAS, at Margaritaville!)

steve

[skou]

It would tax the purchase, so if I made $1,000,000 selling drugs and spent it on bling, I get taxed.

Not quite. If you bought the "bling" from a private seller, (one of your drug buyers) it wouldn't be reported.

Seriously, I think we NEED to get to a real solution. And, we NEED to be able to "read the bill" BEFORE we "pass the bill." (Kin ya hear me, Nancy!?):(

steve

[heathicus]

[quote="fredsheldon"]So, that means that if I buy a used $30,000 car for $5,000 and drive it until the fenders rust off and buy used parts from a junk yard and perform all repairs myself and grow my own food and generate my own power with a solar panel and make all my Christmas presents with my SS I just might be able to pay the equivalent of 3% income taxes because I would be avoiding paying high sales taxes by not buying new goods or services. So, where will the Government and State get their money to pay for all the services they currently provide since the Sales Taxes from people like me would be much lower than any revenues received if I was paying my usual 27% income tax. What would be the incentive for me to buy a new car every 4 years or so knowing that by avoiding that purchase my cash in hand will be greater at the end of the year.

Just asking ]

You're free to send the government a check for as much money as you want to if it bothers you that much.

[JPG]

. . .





WHO CARE[ATTACH]19219[/ATTACH]S!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The poor SOB who has to clean up the humongous mess.

[dusty]

Right. Youy stepped in it!

But seriously, she is only a congress-critter,
not a Senator.

On a different note, I prefer a fair tax, or a sales tax.
Income tax only taxes income. (Duh!)

The "Buffett" rule is "interesting." Warren doesn't
work. His money does. (Jimmy works, though.)
Warren (as well as Mitt) pays Capital Gains tax, not income
tax. Were there a sales tax, Warren (as well as Mitt and Jimmy
Buffett) would pay tax, when they spent it, not when they earn it.

(Funny, when I first heard of the Buffett rule, I thought it would be,
BUY MARGARITAS, at Margaritaville!)

steve

Thankfully you knew who I was referring to. I wonder why. Yes, House Minority Leader, Nancy. Then there is the soft spoken Senate Majority Leader.

[robinson46176]

I like the lottery (largely because I don't participate ). Here is a quote from a news article this morning...
"In the days leading up to Wednesday night's drawing, people in the 42 states that participate in Powerball went on a ticket-buying frenzy, purchasing an estimated 130,000 tickets per minute."...

I really hate property taxes. My wife and I were married (50 years next June) for several years before my gross income was as much as I now pay in property taxes per year.

BTW, one primary national sales tax proposed has a voucher provision that sends taxpayers a check at the first of each month for enough to cover any taxes that they would pay on normally exempt items instead of them being exempt. The amount of that check would be high enough (based on each household) that I (based on my spending patterns) would have money left over most months. They claim that it would work???

The biggest problem I see is the likelihood of all of the taxes it is "supposed" to replace not actually going away due to "constant emergencies".


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