PS Even by the words of the Amendment, income was deemed by our Courts to refer only to profit/gain, not to mere wages. Wages aren't income. If wages were meant to be taxable, so would a business owner's gross earnings, but only a business owner's net earnings are taxable as income. Since a wage earner's salary always exactly equals his gross earnings, with zero net (the value of one's wages equals exactly the value of one's labor investment), none of his salary is taxable as income, and this was the ruling of the US Supreme Court.
At a certain point, the Federal Government just decided to ignore these accepted definitions so as to implement the Marxist system we have today, where one's wages belong to the government , ab initio, and then the government determines how much of it you will need to support yourself, similar to the system in the Old South where black slaves were put to work on jobs in town ... his owner received the salary form the employer, and then paid the slave enough from it only to support himself (so he could pay for rent, food, etc..).
I guess I'm not smart enough to understand your post. My gross profits are figured before expenses. So I need to be taxed on my gross? You've never been in business, I can tell.
Cost me over $200 a month to live in a house that's fully paid for. Then there's the 50 cents per gallon fuel tax, Between taxes and insurance there's not much in discretionary funds left.
Try $24.66 a DAY in property taxes alone. When I do retire we will have no choice but to sell if I can't get out of this state before then.
Not far behind you here in TX... sucks.
We can keep Larry Root and all his idiotic blabber and user names on here, but we can't get Ralph back..... Whiskey Tango Foxtrot, over....
I guess I'm not smart enough to understand your post. My gross profits are figured before expenses. So I need to be taxed on my gross? You've never been in business, I can tell.
You aren't taxed based on total sales, but only on profits. You deduct the wholesale price that you paid for your inventory, plus other business expenses (salaries paid to employees, rent, etc.). After all that, you arrive at your net income, based on which you calculate income taxes due.
"Income" is only that which is received above your investment in labor, money, and/or materials. Under traditionally accepted definitions (upheld by the US Supreme Court), wage earners have no "income," since they are paid a salary exactly equal to the value of their labor (one's wages are mere compensation, not income), thus wages are not taxable. The Feds believed that the Sixteenth Amendment altered this state of US law such that they could begin to tax wages, but there is no basis for this belief, since the amendment still only refers to "income," which the Supreme Court already defined in previous decisions to exclude wages.
All valid points and apparently we agree the IRA sucks. My beef stems from the IRS taxing my SS after I took money from my investments, that BTW I worked hard and saved over 41 yrs., and this put us in a higher tax bracket. Now, I took some funds to purchase a new truck to avoid having to finance. Our money, not the governments. This put us n a higher tax bracket that essentially made us pay $$$$ over and above our normal tax liability. We will cope, be just fine, but very aggravated to have to continue paying taxes upon taxes upon taxes. My rant. MTG
I guess I'm not smart enough to understand your post. My gross profits are figured before expenses. So I need to be taxed on my gross? You've never been in business, I can tell.
You aren't taxed based on total sales, but only on profits. You deduct the wholesale price that you paid for your inventory, plus other business expenses (salaries paid to employees, rent, etc.). After all that, you arrive at your net income, based on which you calculate income taxes due.
"Income" is only that which is received above your investment in labor, money, and/or materials. Under traditionally accepted definitions (upheld by the US Supreme Court), wage earners have no "income," since they are paid a salary exactly equal to the value of their labor, thus their wages are not taxable. The Feds believed that the Sixteenth Amendment altered this such that they could indeed tax wages, but there is no basis for this belief, since it still only refers to income, which the Supreme Court already defined in previous decisions to exclude wages.
I do understand my "business" income. What the "ell the difference of wages. My corp. taxes are much higher than wage taxes.
I do understand my "business" income. What the "ell the difference of wages. My corp. taxes are much higher than wage taxes.
Wage taxes should be zero, since they constitute mere compensation, not income as income has been repeatedly defined by the US Supreme Court. Income is defined as gain above cost. A wage earner only has gain above cost if he takes excess wages (above what he uses to sustain himself and family) and invests it, earning a profit on his investment. That profit is taxable income.
If wage earners were courageous, they would report zero income from their wages on their tax returns. Sadly, they'd likely be arrested and sent to prison for doing that, even though they'd have the law on their side.
PS Earned wages are precisely corollary to a business owner who has reported zero income on his tax return due to a bad year where the sum of his receipts exactly equaled his business expenses for the year.
If it's not too late, just don't let your parents pass away in one of the states that has a state inheritance tax, what a PITA! In Washington it takes up to 16 months to process the return of the estate....
MTGunner: Be careful, VERY CAREFUL who you vote for! You are learning a valuable lesson - remember that in the good ole U.S. of A. that NOTHING is inevitable except death and taxes. If the demonrats and liberal Republicans kept getting re-elected to office then we are going to be taxed to the maximum on everything we do, buy, sell and bequeath! Sad. Friggin liberals never tire of spending other peoples money! Hold into the wind VarmintGuy
PropertyTax pisses me off to no end, along with inheritance tax, but property even more.
Inheritance taxes angers me more. There is no good reason to tax that. At least property tax pays for things that are related to property, like school systems, medical and fire, police protections etc. I can see a tie to property from that. Inheritance does not cause any additional costs to the government and has already been taxed once, or will be taxed when withdrawn from the account, etc. It should not be taxed again, that is just redistribution.
Contrary to popular propagandized opinion, taxes are NOT inevitable. What is inevitable, though, is that there will be dumb asses who believe that taxes are inevitable, and there will be other dumb asses who think that it is right and good to collect those taxes at gunpoint through threat of violence. Many here on the fire hold that second group in high esteem. I revile them. Governments can write whatever edicts they want. It is the POS order-following enforcers who ensure we are either slaves or dead.
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