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Old 06-15-2008, 03:44 PM
 
Location: Michigan
29,391 posts, read 55,676,754 times
Reputation: 22044

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Death is inevitable, but federal income taxes aren't for an increased number of high-income earners.

New IRS statistics show 7,389 federal tax returns with $200,000 or more in adjusted gross income reported no federal income taxes in 2005.

ABC News: They Earn $200,000 and Pay No Taxes
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Old 06-15-2008, 03:51 PM
 
Location: Texas
5,012 posts, read 7,884,531 times
Reputation: 5698
anyone that still pays income tax is a fool. join the club. there are all sorts of ways to shelter your money, loop holes, ect. Plus, I'm not entirely sure the government has the authority to tax labor anyway. Most people cough it up anyway just because they don't like dealing with the fascist IRS.
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Old 06-15-2008, 05:46 PM
 
Location: Durham, NC
1,232 posts, read 3,785,377 times
Reputation: 604
Quote:
Originally Posted by TexianPatriot View Post
anyone that still pays income tax is a fool. join the club. there are all sorts of ways to shelter your money, loop holes, ect. Plus, I'm not entirely sure the government has the authority to tax labor anyway. Most people cough it up anyway just because they don't like dealing with the fascist IRS.
I pay taxes because I'm one of those taxpayers, or suckers, who believe that there are managers out there that can take my 'contribution' to society and spend it well for all our benefit. Some money is spent well. Some is not. I'd like to stop paying for programs through my taxes that are either self-serving or, more importantly, inefficient, but I continue to do so since I am indeed brainwashed to think that evading taxes would put me in jail (if it were voluntary, I wonder how much, then I would really contribute).

But is it indeed voluntary, TexianPatriot. Not saying this thread is apropos to an explanation (or that I am putting you on the spot), but please use your reply as an opportunity to start a new thread and expand on the evidence that supports your assertion and how you are able to not pay taxes on your income (assuming that you did not include yourself as a fool just like me).

Nonetheless, I wouldn't say that the article is all that insightful or comprehensive. What it does tell me is that those who can afford specialists to manage their financial affairs will often have a better chance of decreasing their tax burden than someone who cannot afford to hire a professional and lacks the knowledge to manage it on their own. The same holds true with both the legal and medical profession. If you cannot afford it, it's tougher to get the best legal and medical advice that a person desires.
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Old 06-15-2008, 05:54 PM
 
1,570 posts, read 2,074,453 times
Reputation: 461
Quote:
Originally Posted by CaliBoy View Post
I pay taxes because I'm one of those taxpayers, or suckers, who believe that there are managers out there that can take my 'contribution' to society and spend it well for all our benefit. Some money is spent well. Some is not.
LOL most of your money goes to pay off the interest of the debt or defense spending. I will start paying income taxes when the gov stops its war against science and humans.
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Old 06-15-2008, 05:56 PM
 
Location: Durham, NC
1,232 posts, read 3,785,377 times
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Quote:
Originally Posted by 60-minutes-II View Post
LOL most of your money goes to pay off the interest of the debt or defense spending. I will start paying income taxes when the gov stops its war against science and humans.
Debt and Defense. Such a bargain these days, too. But how are you avoiding paying taxes... other than not working???
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Old 06-15-2008, 06:01 PM
 
1,570 posts, read 2,074,453 times
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Quote:
Originally Posted by CaliBoy View Post
Debt and Defense. Such a bargain these days, too. But how are you avoiding paying taxes... other than not working???
actually that is my way of not paying taxes well sortof. I made somewhat of a large amount in the stock market. Used turbotax and it said that all the money that was going to taxes had to be rebated back to me. And sure enough two weeks later i got back all the money i had paid.

Last edited by 60-minutes-II; 06-15-2008 at 06:03 PM.. Reason: forgot to explain
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Old 06-15-2008, 06:10 PM
 
Location: Durham, NC
1,232 posts, read 3,785,377 times
Reputation: 604
Quote:
Originally Posted by 60-minutes-II View Post
actually that is my way of not paying taxes
Sorry to hear that. Or should I be? Sometimes it's a grand choice of preference. Either way, I hope the future proves fruitful for you.

Unfortunately, either way, you may not be paying income tax but there are plenty of other taxes to do around that we really cannot avoid.

Though, I will say that I wish my biggest problem was dealing with a tax burden on a 200k+ income.

Quote:
Originally Posted by 60-minutes-II View Post
I made somewhat of a large amount in the stock market. Used turbotax and it said that all the money that was going to taxes had to be rebated back to me. And sure enough two weeks later i got back all the money i had paid.
Wow, I replied faster than your edit. That was weird. Nice to hear you bagged a decent score on your stocks.
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Old 06-15-2008, 06:12 PM
 
24,832 posts, read 37,404,485 times
Reputation: 11539
Our economy is based on what you keep, not what you make. When I claimed well over the $200,000 and then wrote it off on a schedule C, I did just what the IRS wanted me to do. Invest. My tax $0. BTW, they audited my 05 and 06 return, no change.
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Old 06-15-2008, 06:14 PM
 
1,570 posts, read 2,074,453 times
Reputation: 461
Quote:
Originally Posted by CaliBoy View Post
Sorry to hear that. Or should I be? Sometimes it's a grand choice of preference. Either way, I hope the future proves fruitful for you.

Unfortunately, either way, you may not be paying income tax but there are plenty of other taxes to do around that we really cannot avoid.
Yes i agree its hard to avoid property taxes. It is why i still live with my parents. that way I don't pay property tax Sales tax is unavoidable.
Quote:
Though, I will say that I wish my biggest problem was dealing with a tax burden on a 200k+ income.

Wow, I replied faster than your edit. That was weird. Nice to hear you bagged a decent score on your stocks.
Thanks
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Old 06-15-2008, 06:22 PM
 
24,832 posts, read 37,404,485 times
Reputation: 11539
In Michigan as soon as my tax was $0, I got back 85% of my property tax. Plus, a nice home heating credit, $1,200.
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