Curious about Colonel Sanders

[Polaris Racer]

So you are all for inflating your income by over pricing grain so you can pay some of it to taxes. Kind of looks to me like you still come out the winner and the rest of the world takes it up the ars.

[OKdon]

Aw baloney! do you think I have paid 8 million $$ in property taxes since 1986? Even at my highest rates I would only have paid $725 per acre

[OKdon]

No I appreciate all of us making a good income and paying the tax on it. I would rather pay more tax than you because that indicates I'm a better manager and more prosperous. What I don't like isthe tax code giving most favored status to the uber rich. Not about taxing their wealth but taxing thei income, both ordinary income and accrued capital gains. Every time we give those jokers a tax incentive , it increases the nations debt. While those jackasses are getting a huge advantage they want to cut social benefits to pay for their tax deficits. 

Really is it taxes that is the culprit that is keeping you from getting ahead? Some of us managed to accumulate a  good deal of wealth in spite of the tax code. too bad i'm not young and healthy. I would love to play the game with the accumulated assets we have today. Low grain prices are merely A  BUMP IN THE ROAD IFYOU ARE SOMEWHAT PREPARED. lIKE A SQUIRREL SAVING NUTS FOR  TOMORROWS MEAL.

[Polaris Racer]

$725 per acre per year for how many years. Add up all the taxes and that big wind fall turns into dinner at McDonalds.

[gurly3801539]

Well Don, I guess we will have to agree to disagree.  As I said I am not against taxes, I just don't think the tax should be triggered by death.  In your case with your Mother's death if you received the farm you will pay more tax because of the extra income, and that will probably be in a higher bracket than where you are now, and continue to pay property tax.  But that extra income is the only gain you have until you sell it, and it is being taxed.  The money you suggest be put away to pay the taxes should be taxed right away as that is a gain immediately.  A hard asset has no gain other than the profit it generates until it is sold.  Maybe we should just report to the IRS the amount of bushels we sell and let the IRS figure our income tax at bushels times highest price of the year no matter what you sold for because that is what those bushels were worth for the year.  I know that is probably  not a good comparison but it is along the same line.  As Dennis Miller would say," that's my opinion, I could be wrong>"

[Polaris Racer]

A flat tax rate for everone and then you would bitch the rich guy still isn't paying enough and the poor guy doesn't have enough for beer.

Admit it, you can't stand the uber rich are better managers and more prosperous than you.

[schnurrbart]

You sound like someone with a couple of billion dollars trying to convince someone that taxing billionaires a little more is a sin!  But we know that isn't true so why do you act like you are wanting to protect your money?  Those guys a playing guys Ike you like a well worn drum and you keep asking for more?

[gurly3801539]

You seem to be assuming that you know something about me.  It seems simple and clear enough I am not against taxes.  I just don't think the tax should be assessed before the gain is realized.  I' not a drum, nor am I asking for anything.

[schnurrbart]

Not sure what you are talking about as I was responding to someone else's post.  And what is about taxes being assessed before the gain.  Don't think I understand.

[gurly3801539]

Sorry about that schnurrbart.  In the order of posts it looked like you were responding to me.  My other posts in this thread explain my opinion about taxes being assessed before the actual gain.