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kraft-t
Senior Advisor

Re: When you taxes go up on January one 2011

I believe thatdepreciation of equipment isa legitimate expense. Hower, the equipment does not depreciate 100% in the yeatr it is acquired. Therefore it should be depreciated over the life of the machine which would be at least a decade on most equipment.

 

Sec 179 gives business the ability to shelter vast amounts of income year after year.

4wd
Senior Contributor

Re: When you taxes go up on January one 2011

Oh Milly, Milly, Milly!!!!!!

 I can't wait to see you eat your words when the biggest proven RINO in Iowa, Terry Bumstead, re-establishes his home in Terrace Hill in Des Moines  as our new RINO governator with your and most other Iowa republican support.. You guys are so two faced when it comes to kicking the RINOs out of govermnent./

Milligan Hay - Iowa d:^)
Veteran Advisor

Re: When you taxes go up on January one 2011


@4wd wrote:

Oh Milly, Milly, Milly!!!!!!

 I can't wait to see you eat your words when the biggest proven RINO in Iowa, Terry Bumstead, re-establishes his home in Terrace Hill in Des Moines  as our new RINO governator with your and most other Iowa republican support.. You guys are so two faced when it comes to kicking the RINOs out of govermnent./


There isn't too much that can be done about Bumstead, but that means we have to work, EVEN HARDER to elect the down ballot candidates to the Statehouse.  If we have a full crew of real Conservatives sending Terry passed Conservative bills to sign..... he will sign them, as he always wants to go along to get along.   That is why I am having to work my guts out to see Conservative Victories on election night.  Things are looking very good in my areas of effort and the time is just about prime to bring out the big spotlights to shine on the Leftists records in the next few weeks.  We have some new websites ready to go that will target news reporters to expose their past voting records.....they won't know what hit them.

What happened in Missouri only underscores the mood of the Midwest that dems are liked about as much as Osama bin Laden.

4wd
Senior Contributor

Re: When you taxes go up on January one 2011

Sorry to disagree Oh Great Kraft-t, but, as you know when you have your going out of business sale, in comes the IRS and any value the depreciated assets bring at the sale are subject to capitol gains taxes. So, you see, the gov is still there clawing back money from your sucessful business investments well after they are depreciated, unless you just dig a hole and burry them in the ground.

 

Sec 179 should be messaged as I said, so as to eliminate the abuses in overage options speced in equipment and motor vehicle purchases, but not allow it to expire. It really does stimulate new business with all manufactures as most farmers will buy now and take the tax deduction to reduce income tax.

Milligan Hay - Iowa d:^)
Veteran Advisor

Re: Those Silly Liberals....


@4wd wrote:

It never fails to escape me. Whenever there is budget shortfalls in DC, first thing discussed is raise taxes.

When are they going to look at the spending side? Fighting those two wars in the mid east cost $$Billions$$. How about ending them, bringing the troups home, and maybe deploying some in Arizona to patrol the border, and dismissing all the rest. How much would that save in spending? Maybe a tax hike wouldn't be necessary? Why not discuss this as an option? Is the military a sacred cow  forever untouchable while they employ  troups, purchase war material and fuel, shooting gazillion of rounds of lead in unending supply of guns of all types. I really have to ask. Who will cut out the wars and get back to defending our immediate borders?


Perhaps not a bad idea, but those terrorist type folks will still be up to their old habits of attacking our civilians here in the states...... How about a cheap compromise?  Pack up all of our military folks and all those who have shown (proven) their help over there, ship them out, then drop.....oh, I dunno, a couple dozen nuclear bombs over the areas of worst terrorist activities......with the warning that we will be back if we even suspect that they are rising again.... and drop some more nukes on them.    Or perhaps, use Sarin nerve gas if the radioactive fallout poses too much of a problem for neighboring areas....or a combo of both.

Remember, dead terrorists never cause problems, ever again.

tomtoolbag
Veteran Advisor

Re: When you taxes go up on January one 2011

When the enemy is busy putting the noose around their neck, the best thing to do (at least before election day) is to quietly tie the other end onto something immovable, (like the Constitution of the United States) and let them snap their own necks. 

  You must not have got the memo, Milligan....................you guys want to REPEAL part of the Constitution.

  Did you sleep through part of the Teapublican caucus meeting??????

tomtoolbag
Veteran Advisor

Re: When you taxes go up on January one 2011

  4wd, that sure sounds like ole Milligan is voting for him to me.

 

  But, he gave a disclaimer, even though it was half-assed, so I guess that makes it OK.

kraft-t
Senior Advisor

Re: When you taxes go up on January one 2011

Just a minor counterpoint. When a businesman buys new equipment, it does indeed stimulate business. As it does when Joe Six pack buys pack buys a new car or truck or an appliance. Which I think is one more pitiful excuse to give business a tax advantage over the other consumers in our economy. THere is no question about the legitimacy of deducting business expense but as it occurs but not before.

 

Howevber, I do not think a business buying equipment stimulates the economy any more than an employee buying a consumer product. Both are stimulating the economy with their purchase.

4wd
Senior Contributor

Re: When you taxes go up on January one 2011

Yep, Milly and his cohorts will scream bloody murder when a RINO gets elected, but when it is in their own back yard they weasel word all sorts of reasons why they support him.

 

I am sure the current honorable Chet Culver and co. is scouring Bumstead's past voting records and speeches he made while he was governorator the last time and will shove it down his republican supporters throats.

tomtoolbag
Veteran Advisor

Re: When you taxes go up on January one 2011

  That's true kraft-t, and the equipment involved only has to be used for the business MORE THAN 50% of the time to qualify. A pickup truck is very seldom used 100% of the time, mine included(which is coming close to 300,000 miles). The deduction doesn't need to be done away with, just tweaked.

  Equipment yes, luxury pickups, no. Maybe, they could tighten up the usage time from just over 50% to say....75 %.