View Tax???

[SIKSUKR]

Originally Posted by fatlazyless

Yes, as a new source of income maybe Meredith should hire Judd Gregg to buy Powerball tickets for the town.

It's time to give the powerball thing a rest!

Originally Posted by FLL

For years and years, the local NH property tax system worked well because the prop tax was relatively low. Well, it is not so low anymore and property tax payers are getting stressed. Witness the big Democratic win in the last election.

So the Democrats won because NH has high property taxes?That's laughable.I think it had a lot more to do with a certain war in Iraq.

Originally Posted by FLL

Question of the day. If a municipality like Meredith were to actually play the Powerball with municipal money with their intention to fund their local government, would their winning be exempt from federal taxes? I do not know the answer.

I'm sure it would be exempt just like it would for you FLL.Oh,but that's right,if you won you would rather pay more tax on your winnings to the state right?Please,your arguments start to lose credibility after a while when you beat a dead horse with this lottery thing.

[ITD]

There must be a way, or maybe the new politicians should devise a way for citizens such as FLL who champion new taxes to VOLUNTARILY contribute money to the state coffers. I'm sure Less would willingly contribute 5.3% of his income to New Hampshire. Here in Massachusetts there is a place on the state tax return to pay extra. Not many people do so, although many do complain taxes need to be HIGHER. I call hypocrisy, what these people really mean is higher for other people.

Edit: Upon rereading this I want to make it clear, I'm not calling FLL a hypocrite, I'm talking about the vocal minority here in Mass. that cry for more taxes yet when presented with the opportunity to put their money where their mouth is they disappear.

I just don't know FLL well enough to determine anything other than he is colorful and persistent and perhaps travels a little (lot?) left of the beaten path.

[Skip]

Originally Posted by ITD

There must be a way, or maybe the new politicians should devise a way for citizens such as FLL who champion new taxes to VOLUNTARILY contribute money to the state coffers. I'm sure Less would willingly contribute 5.3% of his income to New Hampshire. Here in Massachusetts there is a place on the state tax return to pay extra. Not many people do so, although many do complain taxes need to be HIGHER. I call hypocrisy, what these people really mean is higher for other people.

Once again FLL's rant on former Governor Gregg reminds me of that old adage...

The only fair tax is the tax the other guy pays!

[vrrooom]

It always amazes me how uninfromed majority of taxpayers are, most of the people with 7 figure incomes pay little or no income tax. I remember a meeting I had in college with a alum from San Marino, Ca. With a 7 figure annual income, his total income tax was under 25K, everything else was diverted or sheltered. Most of the income tax burden falls on the "middle class" those of us who work for wages and don't have the ability to shift income to non taxable streams or sources (I just watched one $38M non taxable perk G-V fly into Laconia. The Chairman of course is not allowed to use commercial transportation for Security reasons HA HA).

Locally we really need a tax cap (limiting spending growth to inflation + new homes added to the tax roles) to control local spending.

My 2 centavos

[ITD]

Originally Posted by vrrooom

It always amazes me how uninfromed majority of taxpayers are, most of the people with 7 figure incomes pay little or no income tax. I remember a meeting I had in college with a alum from San Marino, Ca. With a 7 figure annual income, his total income tax was under 25K, everything else was diverted or sheltered. Most of the income tax burden falls on the "middle class" those of us who work for wages and don't have the ability to shift income to non taxable streams or sources (I just watched one $38M non taxable perk G-V fly into Laconia. The Chairman of course is not allowed to use commercial transportation for Security reasons HA HA).

Locally we really need a tax cap (limiting spending growth to inflation + new homes added to the tax roles) to control local spending.

My 2 centavos

Sorry Vrrooom, but your alum is either a liar or a cheat or both. If he is making a 7 figure income he is in at least the top 10% of earners and he should be paying at least an "effective" tax rate of 28% http://www.cbo.gov/ftpdocs/57xx/doc5...edTaxRates.pdf

which would amount to about $280,000 for $1,000,000 earned. I'm not an accountant but diverted means he hasn't been paid the money yet and will be taxed when he receives the money. This perception that higher income people don't pay taxes is bogus and it is very easy to find the numbers from the IRS if you are not convinced. Of course there are many crooks who think they can get away without paying taxes but eventually they get caught and end up in jail.

[Skip]

Originally Posted by vrrooom

It always amazes me how uninfromed majority of taxpayers are...most of the people with 7 figure incomes pay little or no income tax... Most of the income tax burden falls on the "middle class"...

Wow, you are probably going to take a beating for those statements. Of course there are litterally hundreds of easily accessible websites that will show over & over again that the very top wage earners in the country with extremely high incomes and still unbelievable cash at their fingertips after tax time pay the the bulk of the income tax base.

Take a few minutes and google income tax statistics.

One quick fact, the lower 50% of the income payers in the United States only contribute 3.3% of the total income tax base. I'll let you find the other interesting stats on your own, but I believe it may be a real eye opener for some of those "uninformed taxpayers".

[vrrooom]

Without saying much, lets ponder some points. Many large corporations have tax consutlants and departments, whose sole purpose is to minimimze the taxes paid by the corportation. Why then should we be surprised that very high income/net worth individuals have the same advisors with the same goal. Is their value, and compensation based on how much they get their clients to pay in taxes or how much they avoid using all the legal loop holes. I know how my alum did not pay much in taxes, it was all legal. We have all sorts of loopholes in the tax code. Personally I would prefer a flat tax, everone pays, no filing, no deductions, no tax preparers anon. Some simple examples: if you control a company, you can buy origional art with all your profits to decorate the offices. No profit is shown for taxation, the art is expensed and accumulates to be enjoyed. A very interesting place are the Jersey Isles, If you know about them, you know why.

[Resident 2B]

vrrooom,

With the Alternative Minimum Tax, the myth of those making a lot of money and paying nothing is long past. In addition, if you are a citizen of the US, you have to pay taxes on all your income, whereever it is made. Bermuda has no income tax, but even if you live there, if you are a US citizen, you file in the US.

With the lack of indexing, the AMT is now impacting more and more people. You really need to fill out both tax forms if you earn over $75K now days.

Skip is totally correct. If someone is earning 7 figures and is only paying $25K in taxes, they have to be breaking the law big time. Those in the upper 50% of income and paying over 95% of the nation's taxes.

R2B

[Merrymeeting]

Vrroom, some educational reading material for you.

http://www.taxfoundation.org/files/sr151.pdf

I absolutely agree that it's time to dump this whole mess and go to a simple flat tax system.

[jeffk]

A flat tax is great
1) the rate is set as a constitutional value or at a minimum requires a super majority to be increased
2) the income tax is abolished (revoke the amendment)
3) a balanced federal budget is required
4) pigs are required to have wings

[Resident 2B]

Jeffk,

I agree!

Pigs will have wings and be supersonic, well before any of your items 1, 2 or 3get passed.

No one will push real tax reform. They love to push tax cuts, and they do this while fully realizing the cuts only push more people into the AMT. These folks think they have a cut, when in fact their real taxes will go up every year due to a lack of an AMT index.

I have given up!

R2B

[ITD]

Originally Posted by jeffk

A flat tax is great
1) the rate is set as a constitutional value or at a minimum requires a super majority to be increased
2) the income tax is abolished (revoke the amendment)
3) a balanced federal budget is required
4) pigs are required to have wings

Giving pigs wings is probably possible now, getting them to fly is quite another thing.

[Skip]

Originally Posted by ITD

Giving pigs wings is probably possible now, getting them to fly is quite another thing.

Geesh, you guys want to be very careful about the thought of letting your pigs get airborne!

Remember, this is the NH Legislature that wants to fine you $250 for letting a single balloon getting loose with a $500 fine for second offense.....I would imagine that letting even a single pig loose has the potential of being at least a Class B felony!!!!

[jeffk]

[Resident 2B]

Airborne porcine project puts perpetrators in pen

Easy for you to say!

R2B

[SIKSUKR]

Originally Posted by vrrooom

It always amazes me how uninfromed majority of taxpayers are, most of the people with 7 figure incomes pay little or no income tax. I remember a meeting I had in college with a alum from San Marino, Ca. With a 7 figure annual income, his total income tax was under 25K, everything else was diverted or sheltered. Most of the income tax burden falls on the "middle class" those of us who work for wages and don't have the ability to shift income to non taxable streams or sources (I just watched one $38M non taxable perk G-V fly into Laconia. The Chairman of course is not allowed to use commercial transportation for Security reasons HA HA).

Locally we really need a tax cap (limiting spending growth to inflation + new homes added to the tax roles) to control local spending.

My 2 centavos

WOW,talk about uniformed.I guess I have to talk to my accountant.I'm paying waaay too much tax.Where do people come up with these theories?Most companies are not cheating when sheltering.It's called the tax laws.If you don't take advantage of the shelters,then you are cheating yourself.I'm sure you or your accountant use the simplest of deductions even if your in the lowest tax bracket.
Now as far controlling spending,I'm all with you on that one.