36 Burst results for "Income Tax"
Fresh update on "income tax" discussed on TNCnow
"In three. i'm on being forgotten nicole merge in before he can do that led do our you have your you have your lady. You have your Your your core. If it's if it's a corporation in the you'll have your or art safe services hangar sir. I'm services so okay so you just stop to identify of course which are the. Oh you need to go through Liam business at this new usually union Usually in out of the oh now now when bannu a comically at that. I out of the old eight feet. This a snow. He's is a yan yet to give an only Bingaman tiga selene. And then if if say for example the brokers who are listening our lady registered and have been doing this. I've been issuing the sheets Making money so cool bent on your mom. I mean this happened. I i'm bill owen. Not less in an aloe. Thank you thank you. I less than three million a year. What does that make on on on gross and while gross receipts now for the year. No one does not exceed three mealy on song. Category nina sabih. Snacks is i know none. None vac or britain base. I say but at burson sir waste engaged in business or professional. He is subject to these funding. Max night it out. Nbc stops and the business tax is further classified in which is none vibe or burson page in seoul on gross and while sadist young my i'm signify on vodka or manda three million your three million and above that that the district of ac alcohol. When they started this. I was a bit confused. You're talking about business that spelling. No ma'am when you've been on you've right so if the bid business tax if you're seal grassi it's known if your gross sales is less than thirty million then you're an unbound but it or lady above three million million in one in one three million pallets we million of then you're or lead developer and imam memorable bunga selena about the business axiom on all non Income tax. they did not be discussing sir. Art yeah just just what We will discuss the income taxes and employing they in the minembwe noma. We was discussing income taxes after a month. Don't let's listen the reminders of our sponsors. So hose done ma'am margie. Ellum calling it number way then so disposed on alternate viewers to.
Joe Biden Overhauls Power Across His Administration to Control You
"Now you can imagine the power that Joe Biden wants to give this department And the Treasury Department in the other departments in terms of tracking your checking accounts and savings accounts and you're borrowing habits loans that you might take Or if you sell a pickup truck that's where $12,000 And they want you to pay income taxes on it They want to track it and they want to be able to question you not all of you They want to hire Listen to me 85,000 new auditors 85,000 new IRS auditors 85,000 To track you Mandates with people losing their jobs even though they won't harm anybody because they have natural immunity 85,000 new IRS auditors The FBI Fredo investigate parents at school board meetings The southern border wide open MS 13 Drug cartels fentanyl pouring into the border Americans dying like never before The murder rate through the roof Through that damn roof You want to give these bastards more
"income tax" Discussed on Mornings With Gail - 1310 KFKA
"From the auto collision special studios working from an amazing piece written by the independence institute of ben murray That appeared well in a number of sites in publications this i pulled from a national review online but as he says the effort to chisel away at the state. Income tax has gained steam in colorado. But it begs. the question. can voters and governor police. Pull it off. Now it's kind of interesting. When interviewer recently asked to governor. Jerry paula's a democrat what the state's income tax rates should be. He answered without hesitation. It should be zero well for many of us. This came as no surprise the effort To chisel way income tax has already gained steam in the state last year voters reduced the tax with prop one sixteen that was that ballot initiative that brought the rate from four point. Six three percent. Four point five five percent denver-based independence institute again. That employs ben. Murray led last year's rate reduction campaign through its issue. Committee plans to advocate for another tax cut next year yet. Those i'm complete elimination of the income tax may have to take a different approach. So let's work through this showy if colorado were to adopt the governor's recommendation it would join eight other states with no income tax and become the third state boasting the status alongside washington and nevada. Now eliminating the tax would provide an enormous direct windfall to colorado households. Think about this twenty seventeen. The average colorado family paid two thousand eight hundred and fifty dollars to the state in income tax but the indirect benefits of economic growth and opportunity should not be overlooked nor should they be understated in a recent interview. Governor police added that eliminated the income tax quote would be a very pro growth policy. He went on to explain that. Taxing income discourages productivity and growth governor was joined in the interview by art laffer a conservative economist. Art laffer rockstar. Sorry just my opinion a conservative economist and economic advisor in the reagan administration. Who agreed mr laugher. Did that eliminating the income tax would boost the state's economy and interestingly enough. I know this police grew up working for laugher and they remain good friends to this day. Now while outside observer wouldn't know it from looking at the governor's rather poor track record. Police well understands economic incentives and yes sound tax policy on the one hand under his watch. Colorado has adopted a barrage of anti-jobs policies. Think about it. A minimum wage increase that set the state as the sixth highest in the nation a state payroll tax to fund. America's most generous state mandated paid leave program crushing new regulations on he colorado industries and billions of dollars in new government fees and taxes. Yet on the other hand he championed last year's reduction in the income tax rate and now supports the elimination of the.
The Left Ruins Everything It Touches
"Hello my friends. Dennis prager here. A reminder what the democrats are doing to this country he's ruining it. The democratic party is ruining the united states of america because it's controlled by the left and the left ruins everything touches to deny that is to engage in wishful thinking and it's inexcusable means. You don't have the courage to say the left is is evil. The left is evil. The left everywhere is evil. Not liberals liberals are my eve liberals often lack courage politically. They're often wonderful individuals. I love some of them personally but they won't acknowledge because it's very hard to stare at evil to destroy america. The last best hope of mankind is that's not evil then. I need a definition of evil. So i'm very specific. And what. I mean by evil in this case. They're destroying this country. Intentionally taxpayer payers should understand. The magnitude of the benefits is the wall street journal editorial about the the The new entitlements that they are giving for children basic income for families with children basic income for all families before the expansion the average child credit for a family below one hundred percent of the poverty line was about nine hundred. Seventy five dollars now. It's five thousand. Four hundred twenty one dollars that comes on top of their transfer programs such as food stamps and the earned income tax credit. The child entitlement will reach well into the middle class which is part of the political goal of course at the end of democracy when people understand. They could vote for politicians. Who will give them money. That's it it's over then nobody votes for what's better for the country they vote for. How do i get more money.
AOC's Dress Designer Aurora James Owes Thousands in Unpaid Taxes
"Else. So when you look at that, and it's not ironic, I don't think you need a dictionary to talk about the definition of irony. The irony here is that AOC says she wants to tax the rich and she's for the people. But she's hard knobbing with the rich Now again, this was done to death. I don't want to really redo that. And, like relitigate that on the radio, we know all of that about her. But what's interesting was over the weekend, There was more stories that came out about good old AOC and I thought it was just funny. This is ironic, right that the designer that created this tax the rich dress She owes taxes in the amount of something like 130 K, and she's a Canadian, not American. And this is in the U. K. Daily mail designer clothing brand that devised AOC is tax the rich Met gala dress doesn't even pay its own taxes. Reichard SHOW Aurora James firm failed to pay state and federal taxes totaling 130 K. Now she's 37 year old roller. James. She's the owner and designer. Of this What's it called? I don't want to say a dressmaker. I'm going to see a fashion label right? Called the Brother Valleys and she founded this And she's got three open tax warrants in New York state for failing to withhold income taxes from Employeespaychecks. That's 15 grand. James firm is also the subject of six federal leans legal claims against property for failing to pay a tax that totaling $103,000. And it goes on to say that Canadians also proved she has no problem taking money from taxpayers and her company received over $40,000 in pandemic relief. That's not such a bad thing. I mean, That was a program that was available to business owners. But you should. You should
"income tax" Discussed on SML Planning Minute
"Welcome to security mutual life insurance company of new. York's snl planning minute where we share concise and thought-provoking financial ideas for individuals families and business owners security mutual. The company. that cares. Hello this is bill. Rinaldi with another edition of security mutuals. Snl planning minute in today's episode. The build back better act tax proposals part one. As many of you know the biden administration and democrat controlled. Congress has proposed a sweeping three point five trillion dollar ten year legislative spending plan commonly referred to as the bill back better act the administration and congress are hoping to pass the bill under budget reconciliation rules which will allow the bill to pass the senate and house with a mere majority of votes and bypass republican opposition. Reconciliation rules require revenue raising measures. That will pay for the expenditures. The house version of these measures has recently been released. Remember these are proposals and not yet. Law the senate may or may not adopt the house. Version some proposals will pass others will not and still others will be modified however many tax professionals in washington commentators believed that change is coming and democrats are keen to pass a bill before year end and certainly before the twenty twenty two midterm elections while they still command a majority in the house and senate the only question is to what extent change will happen the general trend however seems quite evident from the proposals whatever ultimately passes will significantly impact our high income high net worth and small business owner clients. We wanted to briefly. Summarize some of the proposals that we believe will impact our clients so you can consider how they affect your financial objectives as start preparing for change while there is still an opportunity to do so your security mutual life insurance advisor stands ready to assist you and coordinate with your tax and legal advisers. Many of these provisions are projected to be effective on january. First twenty twenty to those. That may have a different. Effective date are noted later in this podcast in today's episode which is part one of three we will cover the proposals that affect income taxes in parts to in three we will cover proposed changes to estate and gift taxes retirement plans and corporate taxes income tax rates. The top marginal income tax rate will be thirty nine point six percent for individuals. Earning over four hundred thousand dollars or married couples filing jointly. Earning over four hundred fifty thousand dollars tax payers who are currently in the four hundred thousand to five hundred thousand dollar. Income range will be impacted. The most moving from the current thirty five percents tax bracket to thirty nine point six percent bracket potential action steps if possible accelerate income into twenty twenty one to take advantage of the lower income tax rates consider delaying charitable contributions and other actions that may yield more effective tax deductions in two thousand twenty to consider maximizing contributions to players sponsored. Retirement plans in twenty twenty two. If you're not doing so today explorer establishing a nonqualified deferred compensation plan with your employer both may reduce taxable compensation. Small business owners that offer a qualified retirement plan to employees should review their plans to ensure that they are offering themselves and their executives and high income employees. The best possible income deferral and retirement outcome business owners without a retirement plan should consider implementing one for twenty twenty two so that they can minimize taxable income into the future while building up retirement savings capital gains tax. The top capital gains tax rate will be increased from twenty percent to twenty five percent impacting. Those in the upper income ranges mentioned above four hundred thousand dollars single and four hundred and fifty thousand married filing jointly today singles. Earning up to four hundred forty five thousand dollars and married filing jointly. Earning up to five hundred and one thousand dollars pay only fifteen percent capital gains tax note that the effect of data this provision is proposed to be the date of the announcement which was september thirteenth twenty twenty one thus capital assets sold through the end of the year will not enjoy the lower current rates potential action steps because the effective date of this provision is already upon us even though the proposed bill is not become law. Theoretically it's already too late to take capital gains at the lower twenty twenty one rates however because this is just a proposal taking capital gains through the end of the year. Maybe a bet that the final bill will have an date of january first. Twenty twenty two similar to most of the other provisions other considerations would be implement tax managed investment portfolios to minimize capital gains invest in cash value life insurance and non-qualified annuities to obtain tax deferred growth and potential tax free distributions through loans withdrawals accelerated benefits writers and lifetime income writers net investment income tax. Or an it the it also known as the medicare surtax of three point. Eight percent generally applies to passive investment income. However the proposed bill would expand the it to cover net income derived from ownership in an s. corporation which normally avoids payroll taxes and self employment taxes. The bill creates a new category of specified net income. Ssi such that. The greater of the tax payers net investment income or s. an i will be subject to the surtax. The surtax would apply to tax payers with greater than four hundred thousand dollars in taxable income single or five hundred thousand dollars married filing jointly potential action steps. Work with your tax advisor to determine methods to minimize specified net income which may include a determination of the optimal mix of earned income and qualified retirement plan savings to reduce taxable income and the impact of specified net income ultra high income surcharge. A new three percent surcharge is placed on those tax payers whether single or married filing jointly with modified adjusted gross incomes or maj. Above five million dollars even earned income falls below that threshold. The sale of large capital assets generating capital gains may trigger the surcharge similarly the distribution of large. Ira's may also trigger the surcharge potential action steps manage the sale of highly appreciated and high value assets to avoid excess capital gains. That may drive up your madge. I manage distributions from inherited iras to avoid exceeding madge i- limits explorer measures to reduce madge. I including qualified retirement plans particularly defined benefit pension plans and nonqualified deferred compensation plans qualified business income deduction the tax cuts and jobs. Act of two thousand seventeen dropped the corporate level tax rate to a flat twenty one percent to address apparent inequity towards pass through entity owners such as s. corporations shareholders and limited liability company members this deduction also known as the qb i or section one nine thousand nine eight deduction was enacted to provide a deduction of up to twenty percent of income subject to income limitations president biden campaign for the elimination of this deduction the proposed bill however does not eliminate it but simply caps the maximum amount of the deduction to four hundred thousand dollars for singles and five hundred.
Debunking Joe Biden's Latest Lies on Income Tax
"The top 1% pay 40% of all income taxes. The bottom 50%. That's 50 out of 100. There are Democrats listening. Paid just 3% and I rounded up. It's actually 2.93% of the total federal income tax burden. So 50 out of 100 people pay three cents on every dollar. And one out of 100 pay 40 cents on every dollar. You know, folks, Listen, you want the rich to pay more? Make your case. What bothers me about Griff. There, Loser Joe Biden is corrupt zero Him and Obama and others Hillary Clinton and others career liars without a shred of dignity or character. Stains on this country. Is that they don't make the case. What they do is they manipulate useful lemming liberals. They manipulate them with racial arguments and emotional arguments about class warfare because they're afraid if they tell liberals the truth that even some liberals won't be in their corner. Why not just come out and tell the truth that the majority of the income tax burden in the United States falls on the richest one in 10%? I'll give you that data in a second about the 10% in a minute. But why not? Just say that and we'd like them to pay more? Make your case. I don't agree. We could vote against you. But at least we won't know you're a liar and a man with no dignity. Who's a career grifter? But because you're a loser like Joe Biden, you can't tell people the truth. So you manipulate their emotions and you lie to them and you say no. The middle class are getting worked over in the tax code. They are The bottom 50% of taxpayers pay 3% of income tax. 3%
Democrats Move Fast on Biden's Marxist, Multi-Trillion Spending Bill
"That can unify the party with the White House, swooping in at times to resolve disagreements, two sources Familiar with the emerging bill said. We're at a place where the rubber is hitting the road in terms of shaping the policy and fine tuning everything and really racing toward those deadlines. Said a senior Democratic aide. Adding the Senate hopes to vote on the bill by September. 27. If you ever use your phone to call Capitol Hill now is the time texts, emails, cinnamon and and mansion. If you're in Arizona, you're in West Virginia. You better You better get on this. Get on your toes here. The aide said. Democrats can move rapidly because many of the policies have been developed over the years before they became part of Biden's 2020 campaign. Yeah, Bernie Sanders. That Bernie Sanders. In a memo to congressional offices, White House communications director Kate Bedingfield said. Republican Listen listen to how they lie. These American Marxists. Said Republicans who oppose Biden's build back better. Agenda are fighting to protect the rich. Describing so if you support capitalism, you oppose massive debt. You don't want to bankrupt Medicare. You don't want to give amnesty Total Eagle. Aliens should believe in a diversified voting system, not a centralized system to help the Democrats and on and on and on. Obviously you support the rich. Leveling the playing field to ensure the wealthiest in corporations pay their fair share. Well, why don't you just pass a tax bill then? And by the wealthiest I don't know what they mean. But the top 5% pay like 40, or 50% of the income taxes in this country.
This Is Why the Church Needs To Get Political
"The one thousand nine hundred nineteen sixties early seventies. We saw different form of christianity. Come in america. Talk about that so So chuck smith came on the scene especially for catholic chapel sixty eight and the idea of evangelism and they. They brought in syncopated rhythms. Which probably disappointed you in lives but Autho music and what they didn't california. Interestingly enough is chuck taught the bible verse by verse chapter chapter book by book but he stayed away from politics because in sixty eight when he started it Martin luther king reverend dr martin luther king junior have been shot. Bobby kennedy had been shot. Sixty three jake kidman shot. Then you had the meantime askar the offensive. And all these young people who had been seeking hope and change had checked out of the church and explored eastern religions and drug use and they they came back disillusioned because all their political heroes were dead and chuck avoided politics but he taught he taught the the way to salvation and grew ten thousand percent in fifty. Two years trae There's more coverage apples southbound doughnuts. There's a lot of dunkin's yeah there's a lot of dunkin donuts and and so so. The lion share those churches are in california. Ten thousand percent growth harvest crusades greg. Laurie but but in sixty eight we had the fifth largest gdp and it was a state of the future a trait but he avoids politics because the kids are burned out on it. I am grateful to chuck for my verse by verse. You know systematic study of the scriptures. I do not resent that. I i am who i am because he did what he did. But we miss something. Because we didn't engage in the public square the matthew sixteen we avoided that and now california no longer has a fifth largest gdp. We have the six maybe seven. We have a highest gas sales tax income tax highest debt highest unemployment highest poverty highest homelessness. And we've aborted more children than any other state in the union authors. No fault divorce. The transgender bathroom bills. And that's because the church didn't engage in the public
What the Top 1% Actually Paid Following Trump Tax Cuts
"So Again, you may say, well, the trump tax cuts The Ridge definitely got over. Really because the top 1% of taxpayers the year after the trump tax cuts. You know what they paid in taxes. These are numbers, folks, so liberals you may want to, you know, put your thinking caps on for a minute. The top 1% paid 616 billion in income taxes. That amounts to 40% of all income taxes paid. So you're telling me one out of 100 taxpayers the rich ones? Paid 40 cents of every dollar of taxes. That sounds like a less a matter of fact, it is it's the highest share since 1980. And a larger share of the tax burden that is borne by the bottom 90% of taxpayers combined. Wow, That sounds like a lot of money. Of course, If you're a liberal, more and you're like, Oh, they could pay their fair share. So the one out of every 100 taxpayers, the wealthiest people were granted among us. They pay 40% of all income taxes. And they pay more than the bottom 90% combined. And then the piece goes on to say, Well, I get if you're a liberal, you're probably thinking well, the rich make more so they should pay more well, they do the top 1% of taxpayer's account for 20% of all income. So the 40% of income taxes they pay is twice the share of what they are. Again, Libs. I know this is hard data and facts and stuff like that. I get it. It's tough to process. I know you're foaming at the mouth right now, because again, you're realizing your entire life. And everything you've been told is a lie that you're being led by stupid people like Joe Biden. But again, just try once in a while to think critically. Once in a while. We got Labor day coming up. We're supposed to celebrate the value of hard work. Maybe you should focus more on working and stop stealing other people's money. How does that
Ron DeSantis Has Given Republicans a Blueprint on How To Win
"Rhonda santa's who's phenomenal has given all of us a blueprint on how to win. I know i'm way over time. But i'm just gonna okay. Yeah so a blueprint on how to win rhonda santa's band critical race theory. He has signed an anti rioting bill. He has refused to close down schools. No mass mandates no vaccine mandates and zero percent income tax corporately zero percent and anytime the media comes after him he punches back twice as hard and so rhonda has showed us that there can be a new era of republican leadership that there can be a new type of republican and guess what florida's not a comfortably republican state at least never used to be you know what's amazing with every new measure. He puts in republican florida. Becomes more republican. Here's here's the amazing thing is that people actually want leadership democrats included is that rhonda scientists implement something and two weeks later. Life is actually really nice in florida like this guy. I know that's a weird thing for republicans to here is that people actually can be led to follow republican pilots. Not everything is all of a sudden set in stone and rhonda santa's has the missing ingredient. Which is
The 'Liberal Leaning' Media Has Passed Its Tipping Point
"We're talking about governor cuomo's resignation and i was just mentioning. That governor cuomo has been playing dirty politics for a long time. But i want to be fair and of course some republicans play dirty politics two. I'm not just confining this to the democrats and i know a lot of liberal counterarguments to what i'm saying would be well. Trump had that famous click on the boss a few years ago when that was horrible. But i'm not here to defend donald trump. What i'm here to point out is the disparity between the way that the media hammers and investigates trump. And how the media never hammered and never investigated cuomo and this. We we see this time and time again with conservatives hounded for things that the left gets a pass on how about this whole tax scandal that came out with trump a few months ago when everyone was up in arms saying that he paid only seven hundred fifty dollars and federal income tax. Meanwhile very few people know this. There was an irs report that was leaked that indicated that jeff bezos the richest man in the world elon. Musk the second. Richest man in the world and george soros all had multiple years where they paid zero dollars and federal income tax. The scandal is not that this happens. The scandal is that it's legal and the scandal is again that they will hammer trump and conservative republicans for things that they will not hammer the left for. Because if you are useful to the media they will protect you they were. They will overlook just about anything that you
"income tax" Discussed on SML Planning Minute
"All this has led to a backlog in the processing of tax returns. The mta blog helps to reveal what happens to a tax return once it is filed and to some extent explained some of the delays. Here's a brief summary of the mta. Blog wants a tax return is filed before it is even posted to the irs systems. It is reviewed to ensure that the information on the return is correct. These reviews are generally automated but some must be done manually. If no issues are identified. The return is processed refunds. If any are made either as a direct deposit to the tax payers bank account or issued as a check refund can also be loaded onto a prepaid debit card if a payment is due the irs will mail out a notice and demand payment if errors are discovered then the return must be reviewed. There are generally four reasons why a return may be reviewed they are number one error resolution number two rejected return number three unpotable returns and number four suspected identity theft ever resolution once the errors are identified the return enters the irs error resolution system or e r s which requires the return to be manually reviewed once reviewed the irs can either verify the return or confirmed the error and a request additional information or. Be us it's math. Error authority to correct mathematical or clerical. Mistakes rejected return. If the irs can not use its math error authority to correct an error. Perhaps because a is missing or form was omitted. The irs will reject the return and send a notice to the taxpayer to provide the missing information on postal returns..
"income tax" Discussed on Factually! with Adam Conover
"If i make one more point on this and i'm sorry to harp on it but you know bill gates is doing the same thing today. He got his own netflix series. About how great and charitably is based on doing this. And you know i'll admit some of the work is good. Maybe you know. Bill gates can actually use his money to make a dent malaria in africa. That's that might be a good thing to do. But at the same time bill gates as fortune because of the work of millions of people that fed into it. you know. Microsoft has many employees. All those people drive on public roads they go public schools like there's all of this public resource that is funneling together into microsoft and then into bill gates his hand the the that he has is like made by america as a nation not just him personally and when you're the recipient of that amount of concentrated public good you should have to pay back to the public that he should have to pay for the fucking roads like everybody else you have to pay for your share of the public roads which is your shares a lot higher than everybody else's sorry. I feel like now. I'm sounding like i'm giving a speech. I apologize i. I couldn't see that better myself so sponsor she dropped mike. To what degree is this. The result of lax enforcement on the irs irs has had its budget cut over the over last decades. And you know the to the degree that they're not able to effectively audit. The wealthy anymore is what i have read in my own. Little digging around on the internet you as a journalist is that a component that you've seen the story yes well in fact Keelan i did a series of stories on gutting of the irs. Which is probably possibly why we got this information because people were concerned about Wealthy avoiding taxes and gave it to see information after we wrote that series of stories in that is an extraordinary story that accelerated in two thousand ten when republicans took aim at the irs and slashed..
"income tax" Discussed on Factually! with Adam Conover
"He's making all of this money on all these investments and he's not paying any taxes on it right and so are it's very simple concept of in a fundamental concept of that we tax income not wealth in this country and have done for about one hundred years and in fact when people criticize Our series they say you idiots of we'd tax income not wealth so you're not saying anything particularly insightful. But in fact we did understand that basic concept and re explain why this evolved the way it did and why it's important to think about wealth growth for the ultra wealthy and the reason is that everything stems from their wealth growth. They all their power their economic power their political power and then also their lifestyles on all flow from their wealth growth. None their income they are able to fund their lifestyles. They don't fund it with income. Instead often they funded with bar than so the catchphrase or the way ultra-wealthy were which is completely and this is why we serve say they're outside of the tax system the knicks they occupied different universe. Is they The catchphrase by borrow. Which is you buy your asset or you build it. Like jeff bezos builds amazon or buffet builds berkshire-hathaway. Inherit it like the waltons. Three of the waltons are in the top twenty five american richest americans but their inherited they their wealth from walmart walmart fortune. The mars family is in the top. Wealthiest people have allowed dynastic wealth in this country. So you buy borrow you borrow against your assets and when you're borrowing You're paying very low interest rate. In fact you don't actually often have to pay the interest rate because the bank has the ability to call your stock so it's essentially you're getting it for free or almost for free you don't really have to pay back So you're getting this borrowing to fund your lifestyle and some of these guys have very lapsed. Lifestyles like larry ellison the founder of oracle he at one point had ten billion dollars bank loans and he uses that to.
"income tax" Discussed on Factually! with Adam Conover
"Took a look at the top twenty five richest american taxpayers. You know this is jeff bazo any lon mosque and michael bloomberg these guys in a household names in what we found is there are. They occupy world outside of the texas. They're basically in an entirely different universe in we pay taxes mostly listeners bay taxes because they get a salary and they get paycheck and the texas against extracted from the paycheck. If you make a middle class income like sixty or seventy thousand dollars you're gonna get fourteen percent taken out of that paycheck for federal income tax and these guys. They are outside of the system. They don't really need in. Explain that because that's going to be difficult concept When you first hear it because they don't really need income they don't really pay taxes into what we did. Was we compared the taxes that they paid which no one ever seen. Before to the way their wealth Grew growth in their wealth many billions other wealth through and what we found is from two thousand fourteen to two thousand eighteen. They paid three point. Four percent in taxes compared to their wealth broke so three point four percent for the ultra-wealthy versus fourteen percent. For me. I don't know about you syrup. Rich median fellow. I felt normal. I mean i. I have a pretty standard tax rate as well. I'm a. I'm a contractor in the entertainment industry and so have somewhat of a weird structure. But i know that i'm paying more than three percents taxes. I'm looking at. I'm looking at some of these on your in your piece that like warren buffett one of the richest people in the world one of the most like revered billionaires and the people seem to love warren buffett. He paid what you call it to a true tax rate of point one percent from two thousand fourteen to twenty-eight eighteen that's point one percent. Yeah that's ten cents for every hundred dollars. Their wealth grew his wealth route. So what the reason why. We're calling this. A true tax rate is the traditional rate on taxes. Is you compare. The income tax paid to the incumbent. Kimmy but we're buffet is the perfect example of this the the essence of this because no one has avoided more tax or as long as warren buffet. As you say the sir grandfatherly Guy who is regarded as a narrowly patriotic and Makes perfect sense when you tomorrow. Otherwise people say he's one of the. He's one of the good billionaires. He's he's even made a lot of press. Because i think he famously said what my tax rate should be higher than my secretaries. Tax rate is a quote. I think i remember getting a lot of play from him. He has argued for higher tax rates. He's the one who liberals especially will be like. Oh yeah he's one of the he's one of the good guys soros is one of those two exactly and they appoint to him because it sounds like he's advocating against his own interests By saying that tax rates should be higher. But the really fascinating thing about word is that it's true. He pays a very low tax rate on a traditional tax rate compared to his secretary. But that's not the real story at all. The real story is that he avoids taking income. Almost entire zone took two thousand fourteen. Two thousand eighteen his wales ru by twenty four billion dollars twenty four billion with a b. But he only had one hundred twenty five million of that in income. The rest was appreciated. Stock in most of his stock is in berkshire and he. Let's row and doesn't sell because he took so lynn. Come you paid so little tax. Soy ended up only paying twenty four million dollars in texas and bats where you get the ten cents for every hundred dollars..
"income tax" Discussed on Factually! with Adam Conover
"The show that we're that we're working on that maybe we'll be able to announce very shortly but let's jump into this show. You know if. I told you the rich people. Don't pay their fair share taxes in america. I'd be willing to bet you would not fall out of your chair. I think we all sort of take it for granted. They're rich people are able to get out of paying the same amount that we do and you know maybe that goes to show how fucked up. Our entire economy is the fact that none of us are as angry as maybe we should be. But here's the thing we all know it's happening but until now we haven't really had a sense of to what degree we haven't known the exact figures and now we do because the nonprofit newsroom propublica in recent weeks has blown the lid off the tax secrets of the ultra-wealthy. Here's what happened. They received a trove of documents detailing the tax history of some of the wealthiest individuals in america and they were able to determine that those people in many cases paid literally no federal income taxes. At all four years. We are talking about straight up billionaires who paid nothing to support the roads schools or any other important things that makes civilization function and that helps them earn all their billions in the first place and by the way all of it somehow was entirely legal. Well most of it was. The stories are really bizarre. Let me give you one example. Peter thiel the founder of pay pal a major trump supporter elon. Musk's best buddy this dude. This billionaire abused his roth. Ira this is a consumer retirement savings vehicle. This is something that you know. You're supposed to use to squirrel away..
Trump's Company Could Face Criminal Charges in New York City
"Hi Mike Ross you're reporting former president trump's company could face criminal charges in New York City criminal charges may be evidence against former president Donald trump's company The New York Times citing sources familiar with the matter reports the Manhattan district attorney may file charges as early as next week related to fringe benefits the trump organization gave to top executives trump organization attorney Ron Fischetti told the Associated Press Friday he met virtually with prosecutors Thursday and charges would not be unexpected the Jedi added that looking back over one hundred years of cases they found no case in which a corporation was indicted for fringe benefits perks given by companies to valued employees are not illegal but benefits considered compensation are subject to income tax hi Mike Rossio
Arizona State Rep. Jake Hoffman Says We Need People to Wake up in 2022
"A state income tax. The state has 4% unemployment. Everybody and their mother and their cousin Joey are moving down here. The place is flourishing. You can't even buy a darn house down here. You put a house on the market seven seconds later into house sells for twice the asking, All right. I'm obviously exaggerating a little bit. You can't find a car anywhere in South Florida because he caught me so hot. Everything sold out the place is booming. We Don't have a state income tax. How is it in a state like Arizona? These guys are getting away with this. How? How do they constantly get voted back into office, pushing this crap that they're entitled somehow to Arizona in state money. Look, we need more people to wake up. I mean, that's something you talk about all the time is we've got to wake our neighbors up. We've got to get people off the couch and into the game, And that's something that we need here. I think, Look, they're going to have a heck of a time. Come 2022. Because they have taken over these last two weeks. They've taken a ton of heat from the grassroots and everyday people, Independence Republicans, even the blue Dog Democrat. If you know the few that still exists, they've been taking a beating from those people. Now I have heard justice more. Morning within the last hour and a half that there is a rumor that there's a deal. And so that means that this week is going to be when the rubber meets the road with regards to the this historic tax cuts that we have the opportunity to do. We're gonna find out Do me a favor Guns. Do me a favor. We're talking to state wrap Jake Hoffman from the great State of Arizona. I need a favor. You need to keep me updated on this rumor because if we can't in places like Arizona Arizona. If we can't get Republicans to coalesce behind economic freedom, sound budgeting, economic prosperity and tax cuts, then this I'm sorry, but the movement is going to fall apart. We're not conserving anything. I'm really sorry, Jake. I got to run. I
Supreme Court in 7-2 Ruling Rejects Challenge to Obamacare
"Despite worries by Democrats that it might be overturned. The U. S Supreme Court ruled that the affordable Care act better known as Obamacare remains valid, rejecting a claim by a group of conservative states that a recent change to the law made it unconstitutional by 7 to 2 vote. The court said challengers did not have legal standing to sue because they did not make us strong enough showing that the law harm them in their descent. Justices Samuel Alito and Neil Gorsuch said the court should have taken the case and declared it unconstitutional. The law's challengers 18 Red States, led by Texas Urged the court to rule that Obamacare's requirement for nearly all Americans to obtain health insurance or pay an income tax penalty, known as the individual mandate was unconstitutional. And for that reason, they said, the entire law must be
Biden Tax Proposal Means Your Beneficiaries Will Have to Pay Taxes, Too
"And maybe you've drawn up a will. And you say, you know what? I'm going to leave my home. My kids. When I die, That's what most people do, don't they? Leave it to Freddie. Mohammed Sally, Whatever. And so in the federal tax code, they have a way of Evaluating these things. Take a look at this. So how do they tax this? How do they taxing? Well, if you don't meet a certain threshold, they don't tax it at all. But Joe Biden wants to hugely reduce that threshold. And Joe Biden wants As a as an example a real property that's valued at over a million dollars at the time of your death. To use the value at the time of your death as the basis for the property. For which a capital gains would be paid, But he wants the capital gains to be the same as the regular income tax. So what is he doing here? He's massively increasing the tax rate. So there is no distinction between capital games and personal income tax. He's massively increasing. The value of the property. So you'll be taxed on the higher value of the basis of the property. What does all this mean? Oh, So convoluted. Means that most of you who are in the middle class who are not millionaires when you pass away And your property is passed on to your kids or whomever. They're going to have a massive tax bill.
"income tax" Discussed on Coronavirus Daily
"Stay with us for the news. Happening here in the dc metro region from the w. am. Newsroom that's right after the top story from npr on consider this one of the biggest debates in washington dc right now is about taxing the rich. I don't wanna punish anybody. You entitled to be a millionaire billionaire. Just pay your fair share. Just pay president biden wants to raise taxes on corporations and on wealthy individuals in order to pay for massive infrastructure investments. His plan would increase the top federal income tax rate from thirty seven percent to thirty nine point six percent and that's for the top one percent of americans thirty seven percent is where republicans at the top rate is part of their seventeen tax lawn. That's where they want to stay our red.
Richest Americans Like Bezos, Musk Avoided Income Tax
"A report finds that America's billionaires are good at dodging the tax collector an anonymous source delivered reams of Internal Revenue Service data to ProPublica a nonprofit investigative journalism organization the report found the richest twenty five Americans pay less in taxes than many ordinary workers do an average of fifteen point eight percent of adjusted gross income tactics include the use of charitable donations and benefiting mainly from investment income tax around twenty percent instead of thirty seven percent for wage income among other findings Amazon founder Jeff Basil's paid no income tax in two thousand seven and two thousand eleven and Tesla founder Elon musk paid zero income taxes in twenty eighteen financier George Soros paid no taxes for twenty sixteen to twenty eighteen which is spokesman attributed to the billionaire losing money on his investments IRS commissioner Charles Rettig testifying today before senators on the finance committee said that when it comes to enforcement of tax collection the agency is out gunned as far as the pro publica data he said they are investigating the leak I'm Jennifer king
Biden Offers Tax Deal to Republicans in Infrastructure Talks
"President Biden continues to Dicker with Senate Republicans on how to pay for his one point seven trillion dollar plan to rebuild the nation's infrastructure president Biden meets again Friday with West Virginia Republican senator Shelley Moore capital the GOP's negotiator with the white house on the president's infrastructure bill Biden has proposed a fifteen percent minimum corporate income tax because of Republican opposition to returning corporate taxes to the twenty eight percent level they were before the trump tax cut press secretary Jen Psaki that certainly doesn't violate anything about the twenty seventeen taxes so that's what he's putting forward as as an idea that he's asking them where their point of view as sucky as one thing is certain no user fee increases as proposed by the GOP we're not going to go down the road if user fees or other areas that would raise taxes on the American people it's not certain if Friday's meeting between Biden and capital will be in person Tim acquire Washington
"income tax" Discussed on Elder Law Issues Podcast
"So i sell it right after you die. I'm gonna pay the capital gains tax on fifty thousand dollars. Wow so i can still transfer some wealth that way you can and if you think about it you've transferred transferred all of your wealth to me the other half interest that doesn't get stepped up basis. I already had because we were joint tenants. Now what if. I had put down twenty thousand dollars and you had put down eighty thousand dollars in that original purchase price. Well the answer is going to be a little bit different. And i don't want to bog this down and in too many calculations and the opportunity for me to get the numbers wrong on the fly. But let's assume in most of our conversations that both members of a joint tenancy or multiple members. It might be that. Jackie mingle art third partner. She might have contributed thirty three thousand dollars to that purchase and now she and i own it. Because you've died. I like the way that i get to kill off my partners in the sequence that i want to That that that we each get a stepped up basis for your one third interest in the property under that scenario because you can have multiple joint tenants. You're gonna have fifty five joint tenants if you want so then robert. I'm an add one more wrinkle. This wrinkle is gonna make rhonda fleming and doug freeman very unhappy. But let's just pretend you and i are married. Couple that changes everything and and particularly changes everything in arizona or any of the other community property states so the basic rule and a non community property state is the one that i described the four. If you and i were married we bought the property together as a marital property. We contributed equally to it. And you die. I receive it by joint tenancy or by operation of law because i'm a surviving spouse. We get a fifty percent. I get fifty. Percents stepped up base in just basis in it..
"income tax" Discussed on Elder Law Issues Podcast
"It's now worth five million dollars if you sell it. You're going to have a capital gain on that sale and you're going to pay the income tax on the on that game robert in this particular scenario what would happen if instead of selling the property. I decided to make a gift of the property to you during my lifetime. Thank you very much except but remember that. This concept of basis is a purely tax driven concept it is what is my basis in the property is a is a calculation of what i paid for it or if you give it to me what you're basis was when you gave it to me so you bought this hundred thousand dollar a piece of real estate you give it to me. It's now worth two hundred thousand dollars. My basis is a hundred thousand dollars. So if i immediately sell that would be ungrateful of me but if i did immediately sell it. I'm the one who's going to pay the capital gains tax on that increase in the value. So robert does this. Scenario change if i die and my trust. Leave this piece of property to you. Does dramatically and that's the core question in calculating basis current. Us income tax law says if the property is included in your estate when you die and i received it from your estate or from your trust and that's a key point by the way. If i get it from your trust but your trust is included in your state for state taxes. Even if you're a state doesn't pay any estate taxes because you're a state is less than the eleven plus million dollar exemption amount this year even though it doesn't pay any estate taxes i get the what we call a stepped up basis not your purchase price but the value on the date of your death. Another couple of when that number gets changed a little bit but to keep it. Simple as to say i get the value. I get a basis of the value as of the date of your death..
"income tax" Discussed on Elder Law Issues Podcast
"And kirti. Plc you're listening to elderlaw issues and my partner. Elizabeth noble rawlings freeman. And i are going to take on the pretty arcane but terribly important concept of basis particularly for income tax purposes elisabeth. This is something that you you read about. When you're having a hard time getting the sleep at night. I was gonna say well. Robert basis is a topic. That could go so many different directions when i think of basis and i think of some of the work we do as a state planning attorneys. I often think of the discussions that we have about whether or not something has been valued before the date of death and after the date of death consider whether or not something would get a step up in basis for income tax purposes meaning that something might have a value one day when you purchase it different value for tax purposes. The date you die so let's up. Let's explain that one of the reasons we care about basis and we care about basis more than we used to is because of the pretty much elimination of the estate tax now only the very largest estates are subject to a state tax and that allows us to focus instead on the income tax affect. Everybody knows if you inherit property. You don't have any pay any income tax on that inheritance. Anything you get from somebody else on their death is in. oh wait. that's not quite correct. There are some kinds of things that might have an income tax consequence particularly annuities retirement account. Those aren't the things that we're going to talk about today. However we're going to talk about this concept of taxable gain and the tax basis that's attached to a property elizabeth. Can we start with what is basis. Forget death than and estates. Why do we care about tax basis in calculation of income taxes in the ordinary course well basis is something that we have to consider when we're calculating capital gains or a loss so when i think of basis i think of the value of something that i.
The Bidens Reported $600,000 in Income in 2020
"Simon No. One returning to tradition dating back to President Nixon, then broken by President Trump. The Bidens have released their tax returns. President Biden and the first lady earned $607,000 last year and paid a 25.9% federal income tax rate. The Bidens donated more than $30,000 to 10 Charities, the largest donation to the boat. Biden Foundation, named for the
Crypto Investors Face Tax Scrutiny
"The internal revenue service is paying attention pursuing americans who haven't paid taxes on them. Let's discuss this with. Wsj markets calmness rachelle to ploenzke. Hi there pointing mark rachelle. We've seen the irs issue summonses. There are cases in boston and san francisco Just how serious are they about this. Well they're they're the irs. They're pretty serious. Not really much of a sense of humor and there some history really behind it you know in two thousand fourteen. They declared that cryptocurrencies where assets rather than currencies which means they're kind of like stocks and so buying selling and even some crypto payments are subject to income tax. So this story is that the irs has asked crack in and circle to give information on. Its customer counts and the transactions their circle says they will work with the irs while cracking hopes to do it in a way that protects clients interests. There seemed to be concerned about government intrusion but the irs did something similar with coin based global in two thousand sixteen and they ended up getting information on about thirteen thousand accounts that seems to have led it collecting about thirteen million more taxes. And what about. Penalties rachelle heartless crypto fall into this. Yeah just like other forms of income tax any failure to report transactions and income can lead to both back texas payables penalties and even criminal prosecution so the irs is serious and people should take it seriously but they can file amended tax returns or even apply for the irs is voluntary disclosure program
Down to Brash Tax: Colombias Protests Grow
"Protests in columbia continued overnight after more than a week of clashes rioters looted shops burned buses and police stations and blocked major roads leading to shortages of medicines and groceries in cali colombia's third largest city. The government has responded violently. Deploying the army against them. Dozens of people are dead or missing. Hundreds more have been injured president. Yvonne duquet has said he will listen to the protesters concerns but their fury with him seems only to be growing and gustavo. Petro a hard left senator. Who's leading polls to be mr duquet successor. In next year's election is encouraging people to demonstrate. Thousands have come up to the streets in opposition to tax reform. Bill that the government to congress and mid april that's what triggered the protests. Mariana polo about for the economist. But as of last few days they've come to include a broader set of shoes mostly about the economy. But there's also a lot of resentment against president of on duke will. Let's start with tax reform. That kicked things off what was in that. Legislation sought to increase tax revenue for the government. So what would have done a lot of things that economists have long pleaded the government to do for example it would remove many vat exemptions which mostly benefit the rich it would increase the number of people paying income tax. It would have even taxed pensions which aren't tax right now. In columbia
"income tax" Discussed on News 96.5 WDBO
"Income tax and if you are a small business owner but you don't have a crazy complicated situation you can look at hiring an enrolled agent if you have a CPA who does work for you for your business and they do taxes well having a CPA you does tax do your returns is great if you are a high income earner have unusual situations in your life you want to use a human being a qualified tax professional which brings me to the next thing I need to make sure your clued in to and that is unfortunately there's been a steady increase in the number of I'm qualified people doing tax returns there's nothing that somebody has to have any kind of certification whatever the taxes I can go out today and say Clark's tax prep and people can have me doing their taxes well unfortunately a lot of people who've been offering to do taxes for people in claiming they'll get to the strike refunds and all that or actually con artists are thieves and they don't sign your return is a prepare but they put a lot of fall stuff on their deductions you don't really qualify for kids you don't really have all kinds of stuff to generate a big refined and in a lot of cases there directing the refund direct deposited into their account not yours so you filed a false return it with your signature and the money does even go to you so please know that there are a lot of people out there are pulling games and if somebody is paid to do your return you need their signature on that return they prepare the return you should look through and see what the return says you're claiming and if you see things that clearly are not true do not sign your name to that return Nancy is with us on the Clark Howard show hi Nancy you have a gallon great thank you Nancy you got a couple of kids there yes what my husband and I we have a nine and a nine year old and a thirteen year old daughters and thirteen are all talk back yeah still respectful they both talk back okay we anyway we have monthly a girl at all in terms of college education fine and I've been I've been listening to you more recently later I just discovered podcast whose goal and a lot of time in the car one of the missing here and my question is well what do you do when you haven't done all right and how do you mean should we just put in a big chunk of money that kind of catch up how does that work okay so first of all stop with the whole thing I just heard from you okay yeah because you know your first responsibility is to provide for current wife expenses and to save for your own retirement those things have got to come first and if after that you still are in a position to save for your kids college then great save for your kids college but that has to follow not lead you know where you make sure you've taken care of those things first so he went with you said thirteen and nine is that what you said yes you're not too late to put money aside specially for the nine year old you think about when college would be done thirteen fourteen years from now yeah you got a lot of time for money to grow tax free and five twenty nine college savings plan where the money grows tax free and spent for eligible college expenses is spent tax free thirteen year old you still have up to nine or ten years so there's plenty of time for money to grow tax free and be used for that purpose okay what can hurting him whatever you save is what you're able to say yeah what can you tell me what state you live in homa okay so I have I don't know if you've seen it on Clark dot com I have a guide where I've read the the legal filings for all the state sponsored college savings plans and I thank them based on quality and the one in Oklahoma is good enough to put money on as a state resident it's not one of the elite plans in the country but it's good enough if you go in one particular investment in Oklahoma was known as the direct plan and the only things that have decent fees what's known as the age based portfolios where based on your kid's age the investments in them are automatically the mix is automatically changes your kids get closer and closer to college age okay I gotcha so it would be fine to go in Oklahoma as planned but only the very narrow part of it that I can tell you is okay so if you go to my five twenty nine plan guide and you go to your say you'll be able to see exactly what you should look for in the plan and how to link to it okay I'll do that and again no more guilt trips okay I'll turn on then forward okay because no guilt is just part of our lives as parents but I can tell you on the college thing is important as it may be on a family's culture for kids to go to college it is not the end close the highest priority in terms of the savings you do as a parent Scott's with us on the car carriage oh hi Scott hi Clark all right great thank you Scott you got a question for you about some is become very popular again the former borrowing that nobody was really doing for about ten years what is.
"income tax" Discussed on Real talk at up at night studios podcast
"<Music> <Speech_Male> <SpeakerChange> <Speech_Male> <Speech_Male> Well folks <Speech_Male> if <Speech_Male> you didn't get that <Music> <SpeakerChange> <Speech_Music_Male> <Music> <Speech_Music_Male> <Music> <Speech_Music_Male> <Speech_Music_Male> intelligent <Speech_Music_Male> human beings <Music> <Music> kid <Music> <Speech_Music_Male> you know what <Speech_Music_Male> <Speech_Music_Male> he wants to. <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> He wants <Speech_Music_Male> you to walk by faith. <Speech_Music_Male> <Advertisement> Not by <Speech_Music_Male> <Speech_Music_Male> <Advertisement> and the only <Speech_Music_Male> <Advertisement> way you can do <Music> that here <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> is always <Music> <Speech_Music_Male> <Speech_Music_Female> <Music> <Music> <Music> <Music> <Music> a <Music> <Music> <SpeakerChange> <Speech_Music_Male> <Speech_Music_Male> <Music> <Speech_Music_Male> <Speech_Music_Male> sounds <Speech_Music_Female> <Speech_Music_Male> <Music> <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Music> <Music> <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Female> <Music> <Music> <Music> <Music> <Music> <Music> <Speech_Music_Male> <Speech_Male> mean <Speech_Music_Male> <Speech_Music_Male> <Music> <Music> <Music> <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> burnett <Speech_Music_Male> <Music> <Music> <Music> <Music> <Speech_Music_Male> <Speech_Music_Male> along. <Speech_Music_Male> <Speech_Music_Male> Don't <Speech_Music_Male> be afraid <Music> <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> ams <Speech_Music_Female> <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> can be <Speech_Music_Male> <Music> <Speech_Music_Male> <Speech_Music_Male> <SpeakerChange> <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> listening again to <Speech_Music_Male> hillary <Speech_Music_Male> your host at <Speech_Music_Male> night <Speech_Music_Male> studios. <Speech_Music_Male> <Speech_Music_Male> I'm <Speech_Music_Male> <Advertisement> glad that you tune <Speech_Music_Male> <Advertisement> in and we <Speech_Music_Male> <Advertisement> will soon <Speech_Male> <Advertisement> again <Speech_Male> <Advertisement> and listen and subscribed <Speech_Music_Male> <Speech_Music_Male> to my <Speech_Male> chin. Subscribe <Speech_Music_Male> to my <Speech_Music_Male> podcasts. <Speech_Male> <Speech_Music_Male> So that <Speech_Music_Male> you could get more <Speech_Music_Male> information <Speech_Music_Male> <Speech_Music_Male> about <Speech_Music_Male> real talk. <Music> <SpeakerChange> <Speech_Music_Male> <Speech_Male> Show man <Speech_Male> henry <Speech_Male> at up at night <Speech_Male> studio. Thanks <Speech_Male> again <Speech_Male> have a wonderful day by now.
"income tax" Discussed on Real talk at up at night studios podcast
"Way. You're going to do you pay it off the first part of that that you owe the irs. It's just a vicious circle folks vicious. It always depends on your consent to do these things a lot of people just assume and they never ask questions and they just take the irs were form. And i can understand what you said because they intimidate you right. Because that's what they do. They intimidate you into believing that you had to jump through hoops and do things regardless of what's going on in your life you've got to conduct you gotta pay you got food you gotta back. You still got feed your family. You still gotta do. Although go to school. You still got to have money to buy large. You gotta have money to Put gas you'll take and their control in your life. Maybe you should just turn around and start asking questions like this. Iras out really want to pay these taxes. I don't disagree with what you're saying. Can you show me the statutes and implementing regulations that. Make me liable to do this sir. Or man.
"income tax" Discussed on Real talk at up at night studios podcast
"It simply means is simply call or a mold. It is the cancelling of an recall a grant or privilege or the making boy awesome. D previously existing. All you know. It's called a suspension of whatever. The act was so let's just get this straight every year you found Ten forty form and you file your taxes and you. You said to me by april fifteenth Every year because you feel that you felt that was the thing that you needed to do. And so you wait. Every year at the end of the year or somewhere between january on january you would expect a form to come to you by mail or your employer to give you what they call a w. so far right that's what most of us did and when we got that. W4 most of us. Well a lot of people you know where they get before they just hurry up and get the taxes done and They turn around. And take that. W four and i think it had like four sheets of paper to divide the the forms to attach to this these ten forties. You know. i really forget how they did that. And because it had the number of what you paid in taxes on it and it had The union is called the end of the year statement. Which shows how much money you made at the end of the year. Whether it'd be thirty thousand forty thousand fifty thousand. You would attach that to that form and send it to the irs. After you feel it out or whatever you feel honored and You had to do by april fifteen. You guys remember right. I know you do because people are still doing it so anyway. Excuse me Revocation just means you know you are changing your status what you used to do. You're not going do anymore And that's what it means Let me see law. Let's look at it from a look at it from a different standpoint And let's see if. I can come up with something else for you okay. So revocation is a term They see. I'm just trying to give you the best if mation With the were revocation. But it's an act or recall in other words you decide you wanna do something anymore and you. You cancel it out You revoke it. In other words Your signature is revoked and from that day. Four when you revoke it. You're never have to do the same thing again. You you put them on notice Termination of of suspended act. I'm just trying to see here. I'm looking at some things here. online while i'm talking to you to just give you the meter the potatoes If you do like Let me see what else that revocation beat. Let me do this. I want to try to do it. In a way that Could give you a little bit more meat and potatoes and i think that once i do that if it will make sense even more because i would preferred to make sure that you had everything that you needed as far as What to really look for when you go to do your own research. And i know when apple up Revocation of face. Oh let's go with I just wanna see something here actually means to revoke okay or cancel that particularly a statement document or promise as if it no longer exists thus a person can revoke a will or revoke offer You know that's also straight. They say you can revoke offer okay so you offered to pay a tax and now you can revoke that offer. They got so used. Use the net money and give away your money to you. You didn't even know that you can quit doing that. That's so funny. Now that i look at it you those kinda funny but maybe they funded you because you guys have paid thousands of dollars every year and we go to follett to forty four. You trying to get some of that money back. Because that's when you go buy your car or buy sub them because you felt like that's the best time for you to really spend some money 'cause you got some money coming back and so far that same kind of backwards to be you know when i think about it you know. I'm giving away a certain portion of my salary or the money that i made on to them unknowingly but yet they're not for me to get my money back on some of my money back or any money back. I had to file these crazy forms. Ya think about that why you need on if you did you need a. I don't know did you in all started with you but why you gotta add an extra long. They already know how much money you pay it in. Why why do you have to have the extra formenting in a year. I've got this is why.
"income tax" Discussed on KTTH 770AM
"Income tax at Seattle's income taxes graduated to the court of appeals said Gail this violates our constitution religion the state Supreme Court therefore we're going to invalidate it the next thing though that the court of appeals did I don't think anybody expected and it actually wasn't even an argument to Seattle made it was an argument made by a private third party groups it in intervene in this lawsuit and that was to say that the thirty five year old state law passed in nineteen eighty four by the legislature overwhelmingly being a local income tax was unconstitutional it may be the same that it had this little one page bill passed in nineteen eighty four violated the single subject requirement and therefore this local income tax prohibition was unconstitutional and really what that means now is that the income taxes on the table in the city of Seattle in the city of Spokane in the city of Everett all across the state local municipalities could now pass an income tax let's say unlike the Seattle one which was focused on high earners but you could pass that say a one percent income tax on all residents of the city of Seattle and my kind of understanding that really correctly where we stand with this ruling absent any appeals to the state Supreme Court which is expected because even Seattle is planning to appeal saying that they still think they can impose their graduated income tax even though the constitution prohibits at where we stand right now absent the Supreme Court reinstating that local income tax band.
"income tax" Discussed on Biz Talk Radio
"I forgot he was black tonight for our we've already donated to Haiti it's called the income tax. Trail every other Friday. All right. So. Let me give you a glimpse into these gubernatorial races across the country because the reality of it is is that it doesn't matter. Sante saying in know, whether you believe he's racism that they really don't matter to be honest with you. And the reason why it's not gonna matter in play out is because of really if you look at the numbers if you go look at the numbers right now. If everybody voted the exact same way, they voted in these primaries the Republican would win. Now, you have a huge independent block in Florida. They could not vote in the democratic or Republican primaries because they registered as independents in some states is independent. You're locked out of the primaries. You can vote in general, but you lock at the primaries. Now that's going to be the key to that state. Now, the problem is going to have right? The huge problem. He has an NC. Let me let me say this. The Democrats are really turning into the socialist party. Oh. They're going so far left the independence, and the the moderates aren't going to be able to vote for them. And let me explain to you. Why I'm saying right in the state of mortar alone two hundred and fifty thousand black business owners. He wants to raise corporate taxes on these businesses up to seven percent now. That's just the black businesses. That's going to be affected include everybody else who's a business owner. So what do you think these black on businesses going to do they not go vote for him? If they're going to be hit with with a four and a half percent or three and a half percent tax. He gonna vote for. Then that. This is the reason Trump get the vote that he got what blacks and Latinos because they they looked at. It was like, well, he can get me a job people vote with their wallets in everything that he's proposing. Everything that he's proposing. He has to pay for it. Now. In order has another problem that he's hit with it doesn't have a state tax. The reason people were tired of Florida is because there's no state tax. If he's given free education more money to teachers free healthcare how you pay for this. You gotta pay for it. Right. So you you pay for what he wanted to as you raise the state tax or you raise the corporate tax or you raise gas tax cigarette. Tax food tech. You gotta tax something to pay for all this stuff. That's the problem. He's gonna have. That's the problem is gonna have then that's going to be the biggest problem. He's going to have because those independent business owners. I'm gonna be like, wait a minute. If he hit us with a state tax. People are going to be lit. I mean, people are down if they say tax on them because they've they've never had a state like Texas, just like just like Delaware people go to those states because it's tax free when it comes to the state level. If you raise the tax on the corporations that makes small business owners and big corporations not do business in the state..