How to Rob the IRS
Before I get into the subject matter at hand, I have to ask the question:
Are you starting to get it?
Populism, that is. How can people not be pissed when GE doesn't pay a dollar of federal corporate income tax? This not even three months after General Electric CEO Jeffrey Immelt was appointed by Obama to head the President’s Council on Jobs and Competitiveness. Taking a direct quote from Obama's State of the Union stand-up comedy routine...we get the following punchline:
Over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries. Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense. It has to change.
Yep, change came, change saw, change conquered. But alas, if you are like me you are not reading anything new here. If you are like me, you are rather more interested in how you too, can beat the IRS at their game.
Like everything else in life, tax revenue is a numbers game. The IRS goes out with the intent of collecting. They will use any unscrupulous tactic to collect, so why shouldn' t you do your best to avoid their advances?
Your best defense, as always... work for yourself. Though the unsteady paychecks at the start, may deter many...the satisfaction come April is greater than words can explain.
America was built on entrepreneurship. It doesn't mean that you have to take part in it. Just be aware that the tax man comes for his pound of flesh every season. It doesn't matter if you live under dictators, communists or capitalists...they will all sell you on needing them and funding their existence.
This is a friendly reminder that 99% of us are in the same boat. Don't let your dreams of wealth cloud your vision to the clarity of reality. Income taxes are bullshit. Find a way to avoid them.
Their tax return is 26,000 pages. And their tax team is coveted near and far.
We def need tax code simplification. Not just at the corporate level. Has anyone seen the list of deductions on a 1040? It’s ridiculous.
Midas is dead on. You can work MAGIC on your taxes by being an entrepreneur of any sort. Most of your expenses can be deducted.
The populism isn't aiming at "Big Business" with the exception of firms receiving a bailout.
It isn't aimed at "the Rich" with the exception of fraudsters like Madoff.
It isn't aiming at Obama or Pelosi or Boehner in particular.
The populists are upset with THE SYSTEM that is completely out of control. It is controlled by unelected bureaucrats and regulators. It is anti-democratic and people could have made peace with it when times were prosperous (like a tapeworm when you're healthy). But now too much blood has been drawn. The debt load is too much. The regulations are too onerous. The tax system is too confusing.
Slash spending across the board. End entitlements for anyone not approaching retirement. Simplify the tax code. End interminable wars. Cut red-tape.
The Reagan Revolution added 19 million jobs and it never came close to reaching its potential. We have the chance to restart the engine of growth.
But if the government doesn't get our income taxes, who's going to waste it on stealing peoples' basketball hoops?
http://www.ebaumsworld.com/video/watch/81410384/
but seriously... what the hell?
I would go out and dig a big ass hole in the middle of the street and put in a moat, with a draw bridge on the culdesac side and put a basketball hoop back in and then laugh at the bimbo when she came back to take the hoop out and couldnt cross the street. Shit I would anomously tip them off that I had put up a hoop. I wouldnt give a shit how much it costs it would be epic to see her get all pissed off that she cant do her so called "job" and you wonder why people despise government employees.
Everyone is pissed off at GE. I say kudos to them. If you want to get pissed, hate on the tax code.
Don't hate the player, hate the game baby
there are ways to "solve" all these tax loopholes, but as long as we have policy freaks espousing the benefits of keeping mortgage interest deductible to inflate the housing industry, there will always be exceptions. I always find it amusing when people comment that the rich dont pay their "fair" share cause they get tax accountants/lawyers to reduce their taxes, yet the poor merely vote for politicians who promise tax deductions to them. One persons loophole is another persons legitimate deduction. the IRS could tax people a flat rate on GAAP income, but that would eliminate the need for thousands of IRS agents/auditors/tax accountants/lawyers etc.
the Koch brothers were right, more regulation = more professional services out there to get corporations/high net worth individuals out of them, at a reasonable billable rate of course.
and those damn deferred assets/liabilities. God I hate those
GE essentially bribed a politician (Charlie Rangel) on the house Ways and Means Committee to help ensure that these tax loopholes exist. Technically legal but morally wrong.
Isn’t Immelt on Obama’s Advisory Board? Guess these loopholes won’t be changing…
Also: Where is the MSNBC diatribe about this story? GE pays no taxes, they bribed a US Rep and their CEO has the ear of the president. If that president and US Rep were republicans, Rachel Maddow would be on fire. I’m sure she criticized GE but left those two unscathed.
Stay tuned for next week's topic: How to bribe juries in tax conspiracy trials
followed by
How to avoid dropping the soap: time tested ways to avoid the prison plunge!
So how do I beat the IRS? I'm fucking tired of giving 1/3 of what I make. The GE thing pisses me off, and since they're paying zero, how do I?
Good article, been thinking about the inadequacies in policy recently
Aso, corporate taxes are essentially a myth. If someone increases taxes by 10% to all companies, all products' prices will increase by approximately 10%. Taxpayers will fot the bill, not the company in 99% of situations.
Ever heard of elasticity?
I remember for the longest time that the only contestant on Who Wants to be a Millionaire to make it all the way to the top without using a single lifeline was John Carpenter, who worked for the IRS. Wonder if that's a coincidence?
Working for yourself does offer you certain tax advantages. However, you can't just have a side "business" generating you no income that you expense shit to. The IRS will view that as a hobby and negate your deductions (not to mention if you are offsetting a ton of income, your chances of being audited go up).
Also, working for yourself is really hard at first while you build your business. Imagine working 90hr weeks for a few months and getting no (or very little) income...
In my view, small business owners deserve all the tax credits; it's hard enough to start your own business as is, and they are the growth drivers for society; if it was easy (or even equally difficult to just working for someone else), everyone would be a small business owner (if for no other reason than the tax breaks), but that is not the case...
Companies are smart about which states they choose to do business in too. Many states are much more advantageous for production because of their tax structure.
Similique officiis neque provident qui. Natus voluptas dolor qui porro quasi ut ea quibusdam. Et sunt corrupti et explicabo pariatur sint unde. Et adipisci nihil sed quasi. Odio asperiores iure consequatur consequatur delectus maiores dolores.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Sunt architecto aliquid adipisci et nihil neque. Quidem ex inventore consequuntur cupiditate qui. Facilis temporibus autem molestiae. Voluptatem iusto et et maxime quia minus laudantium et.
Corrupti occaecati incidunt quia optio culpa quia sint. Totam molestias quo et voluptatibus. Reprehenderit nisi aliquid porro voluptates sapiente architecto. Consectetur aspernatur voluptatum rem soluta. Ducimus eaque eius dolorum perspiciatis suscipit molestiae iure aut.
Vel ipsa voluptatum voluptates ut enim. Earum commodi nesciunt tempore harum optio nobis ut cum. Nisi earum vel ipsa ut excepturi fugiat fuga.