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4wd
Senior Contributor

Re: When you taxes go up on January one 2011

I'm sorry to be on the other side of the fence with you Mr Kraft-t.

 

When Joe 6-pack buys a new F-350 to better pull his boat to the docks on weekends, yes it helps Ford make a sale and is a plus for FoMoCo, but, how does that F-350 generate joe anymore business or create any more profits/income for him? His tax liability isn't reduced, and if anything his costs to operate a new pick-up (TTL) have gone up.

 

Whereas, when Farmer Roy buys the F-350, Ford still gets a boost, but also Roy will get an added business boost with a better more reliable truck, and maybe be able to pull a larger traliler, more hay bales, more livestock, or just plain doesn't break down as often as his old rust bucket. All the above improves Roy's bottom profit line, again creating more income for his business. Perhaps his business will pay less total tax in the year he purchases it (sec 179 depreciation allowance), but in the next and subsequent years he will be more profitable because of the purchase.

tomtoolbag
Veteran Advisor

Re: Those Silly Liberals....

  How ironic........a die-hard republican advocating the use of a WMD....................maybe we could use the ones that they found in IRAQ.

Milligan Hay - Iowa d:^)
Veteran Advisor

Re: When you taxes go up on January one 2011


@4wd wrote:

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.


Chester the Budget Molester and his Leftist cronies are already doing that.....and I usually chuckle and say, ..... if Vander Plaats were still in the game, none of this would be going on.

Personally..... I don't give a d@mn about the governor's race......I am totally focused on getting rid of Staci Appe| (the senator that is even more leftist than Gronstal), electing Kent Sorenson to the Senate.....Keeping the seat held by Jodi Tymeson by putting in Julian Garrett, (which will happen) , and keeping the House Seat held by Sorenson, by putting in Constitutionalist Glenn Massie. (former US Marine and Diesel Mechanic, ie.[working man])

The GOP is excited about those races in this area and is out working the socialists by a factor of ten or more.

Just last weekend, Indianola had its Hot Air Balloon Parade.....Staci Appe| had two people and a kid walking with her in the parade......Kent Sorenson had 160 people in his blue tee-shirts from the district walking with Kent.....handing out bottles of cold ice water with his business card rubber banded to the neck of the bottle.  Kent's unit in the parade was nearly 3 blocks long and was warmly welcomed by the thousands of people lining the streets of town.

Things are looking dead on perfect. (polls have Kent at least 14 points ahead as of now, but we are working like we are 14 points behind)

4wd
Senior Contributor

Re: When you taxes go up on January one 2011

I agree the tactics to win the gubernator race this fall would be much different should  your party had the guts to put forth Vanderhoosits as their candidate, but they didn't...... Money talks, and poor 2-time loser Vanderhoosits couldn't begin to touch the money former two time governator Brain dead Bumstead could raise. As crazy as it sounds I kind of liked Vanderhoosits, he was a tried and proven businessman, wasn't a lackey to the gambling interests in Iowa. Couple of good things that neither Culver nor Bumstead can claim.===but you guys can't seem to put it together. The money is just more improtant to you than leadership. 

tomtoolbag
Veteran Advisor

Re: When you taxes go up on January one 2011

  I see both of your points, and agree with you both. The problem lies in the fact that a business owner can go buy a new luxury vehicle and decrease his tax liability by the amount. The Hummers and other various vehicles that were bought using this section of the tax code made it a give-away for the wealthy. I don't want to buy an overly expensive truck just to see it get trashed out by daily use, and I'm not providing a vehicle that's nice to drive outside of work(employee's personal use), but that's where the problems arise. Maybe add some incentive to buy a more efficient vehicle, but the problem with a monetary cap is that with inflation, a "work" truck will soon fall out of the parameters in a few years. Like I posted above, raise the use amount to 75% or more possibly.

tomtoolbag
Veteran Advisor

Re: When you taxes go up on January one 2011

  dagwud, there are various compilations of all the states and the total taxes paid for each category. The majority fall upon the lower economic classes, as designed, maybe to offset the lack of state and federal tax payments. It's just like unemployment, every bit of it goes back out to various entities in the form of payments. The lowest people on the economic scale usually have no or very little savings, so money goes out as quick as it comes in. The effects on the people at the bottom are much more devastating than those above them.

  Check out this website, it has some interesting articles.

 

  http://taxprof.typepad.com/

right as rain
Contributor

Re: When you taxes go up on January one 2011

It occurs to me that those who want to mess with the depreciation schedule are also the ones who are unable to use it to their advantage and are convinced the next guy is'nt paying his share.

tomtoolbag
Veteran Advisor

Re: When you taxes go up on January one 2011

  Drive a Hummer, or just stretch that 50% use part a little???

kraft-t
Senior Advisor

Re: When you taxes go up on January one 2011

That's right. When you can write of $100K one year and $200k the next year and $50k the year after that is quite a bit of income going untaxed. So who is going to make up the difference for the revenue shortfall? the same guys that use every tool of the trade to avoid taxes or postpone taxes batch because taxes are too high. When they aren't really even paying their share.

 

Now if you are making $100k and you take quick write off on $70k you are barely paying any tax. As opposed to the salaried guy knowck down $50K and trying to feed and house hois family. Earned depreciation yes but not advanced depreciation.

 

 

Kraftedbydemocrats
Senior Contributor

Re: When you taxes go up on January one 2011

Kraft, why does "cut spending" never come into your mind? You always want to increase revenue. You never want to decrease spending. Why?