Tax Rant - Please help me rationalize

[OLDSPUD]

Re: Tax Rant - Please help me rationalize

Sorry Pw, I am an "S" corp, and It's called a K-1, in other words, if I want to keep any operating capital in the company, say $200,000. I would do this for payroll, possible loss due to law suits, stabiity or whatever. Which we try to keep $200k liquid. It is reported on my K-1, and I pay 43%.

A k-1 is reported on owners of any S-corp. Any profit form my little company creates my K-1, less any expenses or (write-offs). Belive me we try and write off as much as possible, (probably 1 mil in '06). Any thing left is profit cash or not. If i leave $ in the company to operate into January, I am taxed at the end of the year for it.

At the end of the year I took a 300K bonus to cover my tax liability, which was estimated at 297K fed and so much for State. The bonus created my inflated w-2.

I put so much into IRA's, I contibuted about 30K to charities, and so forth. Believe me we have looked for all those tax loop-holes you libs think exist for the rich (which I'm not) I am a middle class small business owner who pays through the nose.

Thank you very much.

 

[POINTER94]

Re: Tax Rant - Please help me rationalize

Bend over, here comes chunky....vvv:%

 

[rodbolt]

Re: Tax Rant - Please help me rationalize

yep our tax code mostly benifits the top republican and democratic party families, the rest get whats left over.
however there are some legal ways to move the cash overseas anddraw better intrests without having to declare anything unless you bring it back into the US, and there are legal ways around that as well.
the Bush family since the 40's used it and I use it today. god bless Presscott Bush

 

[technostingray]

Re: Tax Rant - Please help me rationalize

It is not fair, Roger. It was never intended to be fair.

SIX percent of US taxpayers pay 90% of the personal income taxes collected. Hillary wants them to pay all of it.

I can't even thank "the rich" for my Social Security benefits, Medicare or prescription drug benefits, because 98% of those taxes are paid by the "middle" class taxpayer (what I was before retirement). So, I thank you for that.

(in willie the lump lump tones) dat jest don' nook right to me, I teen a lot of tings, but dat jest dont nook right to me, it jest don't look right. I nook and I nook and I nook and I nook an' it jest don' nook right to me, it jest don' nook right to me. I nook and I nook again and it jest don' seem right to me. I say sumpin' jest ain't right, it jest don' nook righ to me, it jest don' nook right to me.....

 

[Plainsman]

Re: Tax Rant - Please help me rationalize

I know I might get pummeled for this, but what is wrong with a flat tax? Isn't that more "fair" to us regular folks (under 75k a year)?