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RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 5:53:24 PM   
tazzygirl


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Feeding his family isnt a business expense.... though it seems according to that video he is making it one.

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RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 5:56:56 PM   
Lucylastic


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Me thinks he should tighten his belt if he cant afford a tax hike

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Profile   Post #: 102
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:03:29 PM   
Aylee


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Joined: 10/14/2007
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quote:

ORIGINAL: tazzygirl

Feeding his family isnt a business expense.... though it seems according to that video he is making it one.


No idea who this guy is and I did not watch the video. However, I will note that if he is employing a full time cook/chef person, it could be a business expense and account for the $200,000 to feed his family.

_____________________________

Ceterum censeo Carthaginem esse delendam

I don’t always wgah’nagl fhtagn. But when I do, I ph’nglui mglw’nafh R’lyeh.

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Profile   Post #: 103
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:08:48 PM   
Masta808


Posts: 591
Joined: 1/6/2011
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quote:

ORIGINAL: Aylee
quote:

ORIGINAL: tazzygirl

Feeding his family isnt a business expense.... though it seems according to that video he is making it one.


No idea who this guy is and I did not watch the video. However, I will note that if he is employing a full time cook/chef person, it could be a business expense and account for the $200,000 to feed his family.


I see your like me, instead of actually reading about the facts, you rather feel facts. It worked out well for the Iraq War where taking out Saddam felt like the right thing.

(in reply to Aylee)
Profile   Post #: 104
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:11:28 PM   
Sanity


Posts: 22039
Joined: 6/14/2006
From: Nampa, Idaho USA
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Very few sensible people can say with a straight face that this is anything but Obama trying desperately to win back his base. Its pure politics because for one thing it has no chance of passing, and for another even if it WERE to pass, Obama has admitted that it would be harmful to the economy overall

Its red meat for his Marxist faithful, and thats all it is

quote:

ORIGINAL: Lucylastic

its a case of blaming everyone but the culprits
its not warfare, its math...
not women, not the poor, not the people living below the poverty level.
going back before civil rights is NOT the answer, how arrogant at all the revisionist history and zero blame taken by those part of the problem.




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Profile   Post #: 105
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:17:55 PM   
Aylee


Posts: 24103
Joined: 10/14/2007
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quote:

ORIGINAL: Masta808

quote:

ORIGINAL: Aylee
quote:

ORIGINAL: tazzygirl

Feeding his family isnt a business expense.... though it seems according to that video he is making it one.


No idea who this guy is and I did not watch the video. However, I will note that if he is employing a full time cook/chef person, it could be a business expense and account for the $200,000 to feed his family.


I see your like me, instead of actually reading about the facts, you rather feel facts. It worked out well for the Iraq War where taking out Saddam felt like the right thing.



No, I am nothing like you. I am sure that Lucy and Tazzy are both smart enough to see that I gave a possible reason for the amount and its classification. I did not claim that it WAS the reason.

Furthermore, Saddam and Iraq have nothing to do with this guys taxes, accounting, or family expenses.

_____________________________

Ceterum censeo Carthaginem esse delendam

I don’t always wgah’nagl fhtagn. But when I do, I ph’nglui mglw’nafh R’lyeh.

(in reply to Masta808)
Profile   Post #: 106
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:18:25 PM   
Lucylastic


Posts: 40310
Status: offline
If Flemming has 6 million bucks profit...does that not include having paid rent and wages and such like, isnt that why its called a profit, once you have removed all your operating expenses?.

Theres so much bullshit out there its not even funny

Mark Cuban, owner of the Dallas Mavericks, said wealthy Americans should pay "lots of taxes" in a post on his blog on Monday.

Titled "The Most Patriotic Thing You Can Do," the post told readers that wealthy Americans should "do something positive" with their money by hiring, training and paying employees and spending money on rent, equipment and services.

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Profile   Post #: 107
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:20:34 PM   
servantforuse


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Democrats in Congress also will not vote for this bill. They also have an election in 2012. Obama won't be able to blame only the republicans for this new trillion dollar debacle.

(in reply to Aylee)
Profile   Post #: 108
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:23:02 PM   
Lucylastic


Posts: 40310
Status: offline

quote:

ORIGINAL: Aylee


quote:

ORIGINAL: Masta808

quote:

ORIGINAL: Aylee
quote:

ORIGINAL: tazzygirl

Feeding his family isnt a business expense.... though it seems according to that video he is making it one.


No idea who this guy is and I did not watch the video. However, I will note that if he is employing a full time cook/chef person, it could be a business expense and account for the $200,000 to feed his family.


I see your like me, instead of actually reading about the facts, you rather feel facts. It worked out well for the Iraq War where taking out Saddam felt like the right thing.



No, I am nothing like you. I am sure that Lucy and Tazzy are both smart enough to see that I gave a possible reason for the amount and its classification. I did not claim that it WAS the reason.

Furthermore, Saddam and Iraq have nothing to do with this guys taxes, accounting, or family expenses.

I might disagree with the reason, but I often agree with Aylee.. but then I do have the new shit stirrer on hide:) IM not even entertaining a single post, unless its quoted:) tis much better to cut the bullshit out of my daily life.

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(in reply to Aylee)
Profile   Post #: 109
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:24:05 PM   
Masta808


Posts: 591
Joined: 1/6/2011
Status: offline
quote:

ORIGINAL: Aylee
quote:

ORIGINAL: Masta808

quote:

ORIGINAL: Aylee
quote:

ORIGINAL: tazzygirl

Feeding his family isnt a business expense.... though it seems according to that video he is making it one.


No idea who this guy is and I did not watch the video. However, I will note that if he is employing a full time cook/chef person, it could be a business expense and account for the $200,000 to feed his family.


I see your like me, instead of actually reading about the facts, you rather feel facts. It worked out well for the Iraq War where taking out Saddam felt like the right thing.



No, I am nothing like you. I am sure that Lucy and Tazzy are both smart enough to see that I gave a possible reason for the amount and its classification. I did not claim that it WAS the reason.

Furthermore, Saddam and Iraq have nothing to do with this guys taxes, accounting, or family expenses.


Really? because you said didnt watch the video but yet are commenting on it, trusting your gut to feel the facts for you, on how it could it be possible to feed his family for $200,000. But I do agree with you, if the guy has a personal chef that could be one way feeding his family would cost $200,000. But thanks to Obama's Tax hikes he doesnt want Flemming to spend $200,000 on a personal chef.

BTW Saddam & Iraq were examples of feeling the facts works in politics.

(in reply to Aylee)
Profile   Post #: 110
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:25:00 PM   
Aylee


Posts: 24103
Joined: 10/14/2007
Status: offline

quote:

ORIGINAL: Lucylastic

If Flemming has 6 million bucks profit...does that not include having paid rent and wages and such like, isnt that why its called a profit, once you have removed all your operating expenses?.



No. That would be operating profit which equals gross profit minus all operating expenses.

Then there is PBT, EBT, EBITDA and NOPAT. Frankly the acronyms are a bit endless. I think that the term you are wanting overall is "retained earnings."





_____________________________

Ceterum censeo Carthaginem esse delendam

I don’t always wgah’nagl fhtagn. But when I do, I ph’nglui mglw’nafh R’lyeh.

(in reply to Lucylastic)
Profile   Post #: 111
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:31:32 PM   
Lucylastic


Posts: 40310
Status: offline
Im so glad Im not in the US....its much easier to run a business in canada...bloody hell, even with lots of regs.
Id need to see it written down rather than spoken.. cos its ripe for bullshit spread. thanks tho:)

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Profile   Post #: 112
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:53:23 PM   
thompsonx


Posts: 23322
Joined: 10/1/2006
Status: offline

quote:

ORIGINAL: Aylee


quote:

ORIGINAL: tazzygirl

Feeding his family isnt a business expense.... though it seems according to that video he is making it one.


No idea who this guy is and I did not watch the video. However, I will note that if he is employing a full time cook/chef person, it could be a business expense and account for the $200,000 to feed his family.



How many qualified cooks do you think could be hired for $200,000?

(in reply to Aylee)
Profile   Post #: 113
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 6:56:02 PM   
Masta808


Posts: 591
Joined: 1/6/2011
Status: offline
quote:

ORIGINAL: Aylee
quote:

ORIGINAL: Lucylastic

If Flemming has 6 million bucks profit...does that not include having paid rent and wages and such like, isnt that why its called a profit, once you have removed all your operating expenses?.



No. That would be operating profit which equals gross profit minus all operating expenses.

Then there is PBT, EBT, EBITDA and NOPAT. Frankly the acronyms are a bit endless. I think that the term you are wanting overall is "retained earnings."



I didnt know that you could write off a Personal Chef as a business expense and possibly the groceries as well. Can you help me out and point to where in the tax code I can write this off? it is a deduction or credit?

(in reply to Aylee)
Profile   Post #: 114
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 7:00:04 PM   
thompsonx


Posts: 23322
Joined: 10/1/2006
Status: offline
fr:
Here is a little something that was written over a hundred years ago.
It is from a book called "looking backward from 2000 to 1887" by Edward Bellamy


By way of attempting to give the reader some general impression of the way people lived together in those days, and especially of the relations of the rich and poor to one another, perhaps I cannot do better than to compare society as it then was to a prodigious coach which the masses of humanity were harnessed to and dragged toilsomely along a very hilly and sandy road. The driver was hunger, and permitted no lagging, though the pace was necessarily very slow. Despite the difficulty of drawing the coach at all along so hard a road, the top was covered with passengers who never got down, even at the steepest ascents. These seats on top were very breezy and comfortable. Well up out of the dust, their occupants could enjoy the scenery at their leisure, or critically discuss the merits of the straining team. Naturally such places were in great demand and the competition for them was keen, every one seeking as the first end in life to secure a seat on the coach for himself and to leave it to his child after him. By the rule of the coach a man could leave his seat to whom he wished, but on the other hand there were many accidents by which it might at any time be wholly lost. For all that they were so easy, the seats were very insecure, and at every sudden jolt of the coach persons were slipping out of them and falling to the ground, where they were instantly compelled to take hold of the rope and help to drag the coach on which they had before ridden so pleasantly. It was naturally regarded as a terrible misfortune to lose one's seat, and the apprehension that this might happen to them or their friends was a constant cloud upon the happiness of those who rode.

But did they think only of themselves? you ask. Was not their very luxury rendered intolerable to them by comparison with the lot of their brothers and sisters in the harness, and the knowledge that their own weight added to their toil? Had they no compassion for fellow beings from whom fortune only distinguished them? Oh, yes; commiseration was frequently expressed by those who rode for those who had to pull the coach, especially when the vehicle came to a bad place in the road, as it was constantly doing, or to a particularly steep hill. At such times, the desperate straining of the team, their agonized leaping and plunging under the pitiless lashing of hunger, the many who fainted at the rope and were trampled in the mire, made a very distressing spectacle, which often called forth highly creditable displays of feeling on the top of the coach. At such times the passengers would call down encouragingly to the toilers of the rope, exhorting them to patience, and holding out hopes of possible compensation in another world for the hardness of their lot, while others contributed to buy salves and liniments for the crippled and injured. It was agreed that it was a great pity that the coach should be so hard to pull, and there was a sense of general relief when the specially bad piece of road was gotten over. This relief was not, indeed, wholly on account of the team, for there was always some danger at these bad places of a general overturn in which all would lose their seats.

It must in truth be admitted that the main effect of the spectacle of the misery of the toilers at the rope was to enhance the passengers' sense of the value of their seats upon the coach, and to cause them to hold on to them more desperately than before. If the passengers could only have felt assured that neither they nor their friends would ever fall from the top, it is probable that, beyond contributing to the funds for liniments and bandages, they would have troubled themselves extremely little about those who dragged the coach.

I am well aware that this will appear to the men and women of the twentieth century an incredible inhumanity, but there are two facts, both very curious, which partly explain it. In the first place, it was firmly and sincerely believed that there was no other way in which Society could get along, except the many pulled at the rope and the few rode, and not only this, but that no very radical improvement even was possible, either in the harness, the coach, the roadway, or the distribution of the toil. It had always been as it was, and it always would be so. It was a pity, but it could not be helped, and philosophy forbade wasting compassion on what was beyond remedy.

The other fact is yet more curious, consisting in a singular hallucination which those on the top of the coach generally shared, that they were not exactly like their brothers and sisters who pulled at the rope, but of finer clay, in some way belonging to a higher order of beings who might justly expect to be drawn. This seems unaccountable, but, as I once rode on this very coach and shared that very hallucination, I ought to be believed. The strangest thing about the hallucination was that those who had but just climbed up from the ground, before they had outgrown the marks of the rope upon their hands, began to fall under its influence. As for those whose parents and grand-parents before them had been so fortunate as to keep their seats on the top, the conviction they cherished of the essential difference between their sort of humanity and the common article was absolute. The effect of such a delusion in moderating fellow feeling for the sufferings of the mass of men into a distant and philosophical compassion is obvious. To it I refer as the only extenuation I can offer for the indifference which, at the period I write of, marked my own attitude toward the misery of my brothers.

(in reply to thompsonx)
Profile   Post #: 115
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 7:00:35 PM   
outhere69


Posts: 1302
Joined: 1/25/2011
Status: offline
quote:

ORIGINAL: Aylee
Something that is ofter overlooked is that many families today could have a higher standard of living (less debt and more disposable income) if one parent would quit working and stay home.

It can make a lot of sense if there's a large disparity in income, but if you have 2 high-wage earners, then it can be advantage to both working, especially in the accumulation of 401k savings, etc.

Alas, lots o' folks immediately assume it's the XX half that needs to leave the workforce.


< Message edited by outhere69 -- 9/19/2011 7:02:25 PM >

(in reply to Aylee)
Profile   Post #: 116
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 7:15:02 PM   
Aylee


Posts: 24103
Joined: 10/14/2007
Status: offline

quote:

ORIGINAL: Masta808

quote:

ORIGINAL: Aylee
quote:

ORIGINAL: Lucylastic

If Flemming has 6 million bucks profit...does that not include having paid rent and wages and such like, isnt that why its called a profit, once you have removed all your operating expenses?.



No. That would be operating profit which equals gross profit minus all operating expenses.

Then there is PBT, EBT, EBITDA and NOPAT. Frankly the acronyms are a bit endless. I think that the term you are wanting overall is "retained earnings."



I didnt know that you could write off a Personal Chef as a business expense and possibly the groceries as well. Can you help me out and point to where in the tax code I can write this off? it is a deduction or credit?



Groceries, I do not think so, except for business expenses like specific dinners. The Chef would receive at least a 1099 form. Look that up and it will explain it to you. Turbo Tax or H&R Block can figure that stuff for you.

But yes, of course a personal chef is a business expense. You are employing someone, you may be covering health insurance and then there are tax issues. You may well be able to write off a portion of your kitchen if you do enough business dinners and such in your home.

If you are really that interested you should speak with an accountant.

_____________________________

Ceterum censeo Carthaginem esse delendam

I don’t always wgah’nagl fhtagn. But when I do, I ph’nglui mglw’nafh R’lyeh.

(in reply to Masta808)
Profile   Post #: 117
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 7:16:29 PM   
Aylee


Posts: 24103
Joined: 10/14/2007
Status: offline

quote:

ORIGINAL: outhere69

quote:

ORIGINAL: Aylee
Something that is ofter overlooked is that many families today could have a higher standard of living (less debt and more disposable income) if one parent would quit working and stay home.

It can make a lot of sense if there's a large disparity in income, but if you have 2 high-wage earners, then it can be advantage to both working, especially in the accumulation of 401k savings, etc.

Alas, lots o' folks immediately assume it's the XX half that needs to leave the workforce.



There are a lot of factors that go into it and a family should really spreadsheet it before making a decision.

_____________________________

Ceterum censeo Carthaginem esse delendam

I don’t always wgah’nagl fhtagn. But when I do, I ph’nglui mglw’nafh R’lyeh.

(in reply to outhere69)
Profile   Post #: 118
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 7:27:29 PM   
tweakabelle


Posts: 7522
Joined: 10/16/2007
From: Sydney Australia
Status: offline
The Bush tax cut to the millionaires was sold on the promise that it would "free the 'wealth-creators' to provide jobs".

So where are the jobs? Try China. Clever economics that - cut taxes for the mega-rich in the US so that job creation in China is subsidised by America's working people (soon to become America's used-to-be-working people as their jobs are exported to China).

The jobs haven't materialised. So why shouldn't those who failed to keep their end of the deal, those who failed so obviously and incontrovertibly to provide the promised jobs, be penalised for their failure here?

The mega-rich already getting away with a lot. Why should working people pay for the mega-rich's failure to keep their promises? Why should anyone be rewarded for failing to keep their commitments?

Yet another glaring failure of neo-liberal ("free market") economics. It's time to dump this discredited failed theory everywhere.

< Message edited by tweakabelle -- 9/19/2011 7:29:32 PM >


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Profile   Post #: 119
RE: Millionaire tax called 'class warfare' but..... - 9/19/2011 7:27:56 PM   
willbeurdaddy


Posts: 11894
Joined: 4/8/2006
Status: offline

quote:

ORIGINAL: Aylee


quote:

ORIGINAL: Masta808

quote:

ORIGINAL: Aylee
quote:

ORIGINAL: Lucylastic

If Flemming has 6 million bucks profit...does that not include having paid rent and wages and such like, isnt that why its called a profit, once you have removed all your operating expenses?.



No. That would be operating profit which equals gross profit minus all operating expenses.

Then there is PBT, EBT, EBITDA and NOPAT. Frankly the acronyms are a bit endless. I think that the term you are wanting overall is "retained earnings."



I didnt know that you could write off a Personal Chef as a business expense and possibly the groceries as well. Can you help me out and point to where in the tax code I can write this off? it is a deduction or credit?



Groceries, I do not think so, except for business expenses like specific dinners. The Chef would receive at least a 1099 form. Look that up and it will explain it to you. Turbo Tax or H&R Block can figure that stuff for you.

But yes, of course a personal chef is a business expense. You are employing someone, you may be covering health insurance and then there are tax issues. You may well be able to write off a portion of your kitchen if you do enough business dinners and such in your home.

If you are really that interested you should speak with an accountant.


Only the portion that was directly related to the business would be deductible. It doesnt matter that youre employing them or what you pay them. And only 50% of the business portion would most likely be deductible since thats the maximum that can be deducted for business meals.

_____________________________

Hear the lark
and harken
to the barking of the dogfox,
gone to ground.

(in reply to Aylee)
Profile   Post #: 120
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