I received this link from PayPal about the IRS today.

[JolietJames]

paying a lot in taxes is a good thing. it means you made more than those that didn't usually

I disagree 100% with this.

BTW, the new standard deductions are nearly double what they once were, making it impossible for us to itemize the same amount -let alone more.
Because of this, pool earnings are 100% profit through the eyes of the tax system we have.
My complaint about my money going to Ukraine/FTX/Democratic party are legit, but this isn't the place for that discussion.
I agree the conflict has shown how we were lied to about the strength of the Russian military. However, to say Ukraine is winning, and would even still be in the fight without the west, is laughable. Most knowledgeable people knew Russia has not been the 2nd most powerful military in the world for more than a decade.
That is why it is more than curious for our gov to take such a favorable stance in every aspect of China, the true 2nd most powerful military force on the planet.

 

[SSP]

most need to learn more about how tax works. because almost all have said things that were fully wrong and costly if you listened.

for one thing you can write off 3,000 in losses from your personal wage income if filed properly and carry forward more.


and most here likely pay far less in taxes than they cost the government and the general tax paying public each year. and if that is true with a person then they have no right to complain about fairness or taxes as certainly they don't pay their fair share.

most here likely pay far less in taxes than they cost the government......The Government doesn't make anything, all money received by the Government comes from TAXPAYERS, the problem is not all people actually pay taxes, some have money deducted from their paychecks but receive MORE money back than they paid in, that means someone else had to pay more tax to cover that expense, some in our our government writes laws to keep a welfare class so as to "stay" elected, only when EVERYONE truly has to pay "their fair share" will things change.

 

[maha]

the true fair share tax would be a fixed price sales tax/ (goods and services) of an amount equal to all.
possibly including a fixed rate income tax equal for all.
that is fair.
everyone below in taxes to the higher ones is getting a free subsidy.

you spend more you pay more.

 

[pwd72s]

Orwell was an optimist.

 

[Toxictom]

80k new agents. No surprise here.

I'll take "Things that never happened for $2000"
No surprise that you are posting BS.

 

[maha]

almost everyone on here in the u.s. benefits greatly from the current tax rate and policies.

some more than others which is of course unfair.

they are all very lucky the very rich don't rebel and keep what they got and stop working and innovating, and stop paying as much to just earn more.

 

[JolietJames]

I'll take "Things that never happened for $2000"
No surprise that you are posting BS.

80,000 new ARMED agents was what this administration wanted.
They have since given some ground and allowed some of the money to go to more worthwhile endeavors.
I'll take "Things the dictatorship wanted" for another $2,000.

 

[Chili Palmer]

IRS doesn't want a guy to start a cue business to offset losses from his primary income......if it is not illegal I could care less what the IRS wants me to do, the IRS is an unelected government agency that is SUPPOSED to serve the American people not the other way around.

You might want to do your research.

Understanding Taxes - Activity 2: Formal Tax Legislation Process

apps.irs.gov

And from the link above.

And just so we're clear, a tax bill begins in House of Representatives - i.e. by elected officials.

 

[Chili Palmer]

I started an S corp with only me 25 years ago.

Yeah, he's clearly the last person I would trust in this conversation.

 

[Toxictom]

80,000 new ARMED agents was what this administration wanted.
They have since given some ground and allowed some of the money to go to more worthwhile endeavors.
I'll take "Things the dictatorship wanted" for another $2,000.

Don't worry, the IRS isn't hiring an 'army' of auditors—here's what's really happening

Opponents of the Inflation Reduction Act say 87,000 new IRS agents are coming to audit your taxes. Putting that number in context paints a different picture.

www.cnbc.com

https://www.reuters.com/article/idUSL1N2ZT296/

Why Republicans Keep Spreading the '87,000 IRS Agents' Lie

The Biden administration isn't hiring 87,000 new IRS agents, but the debunked claim continues to serve as grist for GOP fundraising

time.com

IRS special agent job ad misrepresented online

After Senate Democrats this month passed a $740 billion economic package, which includes nearly $80 billion for the IRS, social media users shared the false claim that all new employees in the agency will be required to carry guns.

apnews.com

https://www.reuters.com/world/us/irs-chief-says-agency-will-not-hire-any-armed-auditors-80-bln-investment-plan-2023-04-27/

IRS plans to hire gun-carrying special agents in all 50 states

The Internal Revenue Service's Criminal Investigation division is hiring special agents who carry guns and make arrests, with jobs available at locations in all 50 states.

www.foxbusiness.com

The article from Fox says they were hiring 2-300. All the others ones debunk the 87,000 armed agents. Sorry to hit you with the truth like that.

 

[MitchAlsup]

BTW, the new standard deductions are nearly double what they once were, making it impossible for us to itemize the same amount -let alone more.
Because of this, pool earnings are 100% profit through the eyes of the tax system we have.

Not if you keep meticulous records of every related expense--including things as mundane as measuring how much %-power your computer consumes to allow your business to function as it does.

<snip>
That is why it is more than curious for our gov to take such a favorable stance in every aspect of China, the true 2nd most powerful military force on the planet.

This was set in stone when Nixon went to China--essentially China signed on to global trade which was ensured by US Navy worldwide--and migrated away from being in a very close relationship with USSR (at the time, now Russia).

 

[MitchAlsup]

most here likely pay far less in taxes than they cost the government......The Government doesn't make anything, all money received by the Government comes from TAXPAYERS, the problem is not all people actually pay taxes, some have money deducted from their paychecks but receive MORE money back than they paid in,

Just how much tax should a 50 YO smoking woman making $12,000 per year living in a $600 per month apartment pay ??
Then compare that to how many billionaires pay $0.00 in income taxes !?!
Then compare that to how many companies raking Billions per quarter pay $0 in taxes !?!

In Texas, 50 years ago, you could attend UT at $3.00 per credit hour because state oil taxes paid for it all, now they pay almost nothing.

that means someone else had to pay more tax to cover that expense, some in our our government writes laws to keep a welfare class so as to "stay" elected, only when EVERYONE truly has to pay "their fair share" will things change.

So, your solution is to tax the people who don't have much so the people who do don't pay as much ??

 

[MitchAlsup]

the true fair share tax would be a fixed price sales tax/ (goods and services) of an amount equal to all.
possibly including a fixed rate income tax equal for all.
that is fair.

Really ??

The person who makes $12,000/year needs almost every $1 of income just to survive, while
the person making $12,000,000/year needs about 3% of income to maintain his lifestyle.

In Texas, the person making $12,000/year pays 8% in sales taxes and can't avoid any of it, while
the person making $12,000,000 flies to a tax-free zone to purchase things for which sales taxes applies.

Boeing flies planes out past the US controlled airspace, transacts the sale, changes the Boeing pilot for the company pilot, just to avoid state (Washington) sale taxes. Many super Yachts are sold similarly.....

 

[Chili Palmer]

Really ??

The person who makes $12,000/year needs almost every $1 of income just to survive, while
the person making $12,000,000/year needs about 3% of income to maintain his lifestyle.

In Texas, the person making $12,000/year pays 8% in sales taxes and can't avoid any of it, while
the person making $12,000,000 flies to a tax-free zone to purchase things for which sales taxes applies.

Boeing flies planes out past the US controlled airspace, transacts the sale, changes the Boeing pilot for the company pilot, just to avoid state (Washington) sale taxes. Many super Yachts are sold similarly.....

I can't say I've read too much about yachts having to go offshore for the actual transaction generally, they have to leave the area before a certain date. Some of them, new construction, can built for export only meaning they have X number of days to leave the country before having to pay VAT/TAX/Whatever they call it in that country. U.S. states are similar, some have a 60 day window, some longer, some shorter before you have to pay taxes on the vessel. This is why you'll see some yachts say "not for sale in the US", that's because sometimes even the seller has to pay ridiculous fees just to sell the vessel in the US.

 

[maha]

overall everything adjusts. and more will prosper as tax wont stop from moving up the ladder of success.
the smoking woman may stop smoking and invest that. or fall by the way side.
businesses will pay more and invest more as the economy can absorb it. it doesnt happen over night. it is gradual.

no billionaires pay 0 tax on income. that's what is told to rile up the masses.

no further replies as we strayed far enough for this thread.

 

[JolietJames]

Don't worry, the IRS isn't hiring an 'army' of auditors—here's what's really happening

Opponents of the Inflation Reduction Act say 87,000 new IRS agents are coming to audit your taxes. Putting that number in context paints a different picture.

www.cnbc.com

https://www.reuters.com/article/idUSL1N2ZT296/

Why Republicans Keep Spreading the '87,000 IRS Agents' Lie

The Biden administration isn't hiring 87,000 new IRS agents, but the debunked claim continues to serve as grist for GOP fundraising

time.com

IRS special agent job ad misrepresented online

After Senate Democrats this month passed a $740 billion economic package, which includes nearly $80 billion for the IRS, social media users shared the false claim that all new employees in the agency will be required to carry guns.

apnews.com

https://www.reuters.com/world/us/irs-chief-says-agency-will-not-hire-any-armed-auditors-80-bln-investment-plan-2023-04-27/

IRS plans to hire gun-carrying special agents in all 50 states

The Internal Revenue Service's Criminal Investigation division is hiring special agents who carry guns and make arrests, with jobs available at locations in all 50 states.

www.foxbusiness.com

The article from Fox says they were hiring 2-300. All the others ones debunk the 87,000 armed agents. Sorry to hit you with the truth like that.

Wrong.

The tax agency, in its long-awaited Strategic Operating Plan, said it will obligate about $8.64 billion of the new funding during the 2023 and 2024 fiscal years, and that 7,239 of the new hires during those years will be enforcement staff.
That number ONLY includes the enforcement staff to be added, not the additional operational staff, and ONLY in the first 2 years. The plan was to continue the funding increases over several years.

The US gov needs fewer IRS employees, not more.

 

[MitchAlsup]

no billionaires pay 0 tax on income. that's what is told to rile up the masses.

Consider Elon Musk:: he goes to a bank, shows them how much his stock is worth and asks for a loan of $10M for his yearly expenses, and covers the loan with some of his stock options. Now, he has $10M to spend, but it is not income it is a loan. At the end of the year, he pays off the loan and interest by reassigning stock vested options to the bank. Presto $10M of disposable cash, $0 in income and $0 tax and an effective 2.5% interest rate to the bank.

 

[Chili Palmer]

Consider Elon Musk:: he goes to a bank, shows them how much his stock is worth and asks for a loan of $10M for his yearly expenses, and covers the loan with some of his stock options. Now, he has $10M to spend, but it is not income it is a loan. At the end of the year, he pays off the loan and interest by reassigning stock vested options to the bank. Presto $10M of disposable cash, $0 in income and $0 tax and an effective 2.5% interest rate to the bank.

And he will be paying taxes on the gains from those stock options.

 

[maha]

and eventually he sells stock with a low basis and pays big taxes. which he has done. you can only delay for a couple of years.
in 2021 elon musk paid over 10 billion. yes 10 billion in taxes.

 

[Toxictom]

Wrong.

The tax agency, in its long-awaited Strategic Operating Plan, said it will obligate about $8.64 billion of the new funding during the 2023 and 2024 fiscal years, and that 7,239 of the new hires during those years will be enforcement staff.
That number ONLY includes the enforcement staff to be added, not the additional operational staff, and ONLY in the first 2 years. The plan was to continue the funding increases over several years.

The US gov needs fewer IRS employees, not more.

That is 79,671 short of 87,000. I agree with your sentiment that we need less IRS agents, but don't let yourself get sucked into false narratives.