basketkase543
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VP Dick Cheney to Receive $1.94 Million Tax Refund!
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PittsburghAfterDark
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Cheney should fire his idiot accountant and tax planners.
The government just got a $2 million loan for 0% interest.
The government just got a $2 million loan for 0% interest.
PittsburghAfterDark
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He should fire his tax planners and accountants.
He gave the goverment a $2,000,000 loan for 0% interest. That's some of the most inept tax consequence planning I've ever seen.
He gave the goverment a $2,000,000 loan for 0% interest. That's some of the most inept tax consequence planning I've ever seen.
elprincipe
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[quote name='PittsburghAfterDark']He should fire his tax planners and accountants.
He gave the goverment a $2,000,000 loan for 0% interest. That's some of the most inept tax consequence planning I've ever seen.[/QUOTE]
+1. The funny thing is most people who get refunds act like it's a good thing. Hello there, you just lent the government the amount of your refund all year!
He gave the goverment a $2,000,000 loan for 0% interest. That's some of the most inept tax consequence planning I've ever seen.[/QUOTE]
+1. The funny thing is most people who get refunds act like it's a good thing. Hello there, you just lent the government the amount of your refund all year!
Kayden
Banned
I'd rather have them get to hold a bit of my money each check and then get a big lump at the end than piss it away on Subway without even realizing it.
Its not enough money for me to miss per check, but its nice to get back at the end... And I'd prefer that they take it and give it back instead of keeping it or not taking enough...
Its not enough money for me to miss per check, but its nice to get back at the end... And I'd prefer that they take it and give it back instead of keeping it or not taking enough...
elprincipe
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[quote name='Kayden']I'd rather have them get to hold a bit of my money each check and then get a big lump at the end than piss it away on Subway without even realizing it.
Its not enough money for me to miss per check, but its nice to get back at the end... And I'd prefer that they take it and give it back instead of keeping it or not taking enough...[/QUOTE]
Well, as long as you don't care about the government taking even more of your money, I'm sure that's no problem.
Its not enough money for me to miss per check, but its nice to get back at the end... And I'd prefer that they take it and give it back instead of keeping it or not taking enough...[/QUOTE]
Well, as long as you don't care about the government taking even more of your money, I'm sure that's no problem.
Drocket
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[quote name='PittsburghAfterDark']He should fire his tax planners and accountants.
He gave the goverment a $2,000,000 loan for 0% interest. That's some of the most inept tax consequence planning I've ever seen.[/QUOTE]
Actually, that sounds like it qualifies as Presidential Medal of Honor material right there, considering how the Bush administration works...
I'm willing to bet that we're going to be hearing a lot more about Cheney's tax refund, because bloggers are already digging up some interesting information. For one thing, he's clearly abused a bill that was passed last year to help Katrina victims: normally, there's a limit to how much you can write off as a charitable donation, but in 2005, that was lifted to encourage donations after Katrina. NONE of Cheney's contributions went to help Katrina victims. Not actually illegal, but clearly in violation of the spirit of the law.
When you look at where the money actually went, an interesting pattern emerges: nearly all the money went to organizations headed by people who also have controlling interests in companies with contracts in Iraq. Just Cheney not being able to look outside his circle of friends, or something deeper?
There's also the fact that, since most of the money that went to charity came from sales of Halliburton stock, Cheney wouldn't normally be able to touch it until he leaves office (conflict of interests laws - it would have to go into a blind trust.) The $2M refund, though, is his free and clear. So he gave away $6M that he couldn't touch until 2008, and got back $2M now. A bad deal, in a way, but still a tad suspicions, especially considering that the money went to his friends.
He gave the goverment a $2,000,000 loan for 0% interest. That's some of the most inept tax consequence planning I've ever seen.[/QUOTE]
Actually, that sounds like it qualifies as Presidential Medal of Honor material right there, considering how the Bush administration works...
I'm willing to bet that we're going to be hearing a lot more about Cheney's tax refund, because bloggers are already digging up some interesting information. For one thing, he's clearly abused a bill that was passed last year to help Katrina victims: normally, there's a limit to how much you can write off as a charitable donation, but in 2005, that was lifted to encourage donations after Katrina. NONE of Cheney's contributions went to help Katrina victims. Not actually illegal, but clearly in violation of the spirit of the law.
When you look at where the money actually went, an interesting pattern emerges: nearly all the money went to organizations headed by people who also have controlling interests in companies with contracts in Iraq. Just Cheney not being able to look outside his circle of friends, or something deeper?
There's also the fact that, since most of the money that went to charity came from sales of Halliburton stock, Cheney wouldn't normally be able to touch it until he leaves office (conflict of interests laws - it would have to go into a blind trust.) The $2M refund, though, is his free and clear. So he gave away $6M that he couldn't touch until 2008, and got back $2M now. A bad deal, in a way, but still a tad suspicions, especially considering that the money went to his friends.
elprincipe
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[quote name='Kayden']I wouldn't say I like it, but its the lesser of two evils. Its the government, what am I going to do-- Not pay?[/QUOTE]
No, no, you're misunderstanding. You have to pay, obviously. What I'm saying is that letting the government hold your money for the entire year (more than you are required to pay at least) is detrimental to you because you don't have the use of that money.
Let's say you got a tax refund of $500 this year. If you had gotten that money all year in bits and pieces and invested it, you'd have more than $500, possibly a lot more than $500. As it is, you've let the government have the opportunity to hold the money instead of you having the opportunity to invest it or use it as you see fit, to your benefit.
And that is why getting a refund is like you finding out you've been stolen from all year long, but at least you're getting some of your stuff back now.
No, no, you're misunderstanding. You have to pay, obviously. What I'm saying is that letting the government hold your money for the entire year (more than you are required to pay at least) is detrimental to you because you don't have the use of that money.
Let's say you got a tax refund of $500 this year. If you had gotten that money all year in bits and pieces and invested it, you'd have more than $500, possibly a lot more than $500. As it is, you've let the government have the opportunity to hold the money instead of you having the opportunity to invest it or use it as you see fit, to your benefit.
And that is why getting a refund is like you finding out you've been stolen from all year long, but at least you're getting some of your stuff back now.
alonzomourning23
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[quote name='elprincipe']No, no, you're misunderstanding. You have to pay, obviously. What I'm saying is that letting the government hold your money for the entire year (more than you are required to pay at least) is detrimental to you because you don't have the use of that money.
Let's say you got a tax refund of $500 this year. If you had gotten that money all year in bits and pieces and invested it, you'd have more than $500, possibly a lot more than $500. As it is, you've let the government have the opportunity to hold the money instead of you having the opportunity to invest it or use it as you see fit, to your benefit.
And that is why getting a refund is like you finding out you've been stolen from all year long, but at least you're getting some of your stuff back now.[/quote]
First off, you assume that people are going to invest that money. Many won't, either due to financial need (ie. they need every penny) or simply because they choose not to.
Second, having an extra 2 dollars a day or so (or whatever it comes out to based on the refund) won't make any real difference for most people, and they won't notice it. It will be treated as if it doesn't exist. But give it in a lump sum and it's actually useable, that lump sum is a sizeable and noticeable amount.
Let's say you got a tax refund of $500 this year. If you had gotten that money all year in bits and pieces and invested it, you'd have more than $500, possibly a lot more than $500. As it is, you've let the government have the opportunity to hold the money instead of you having the opportunity to invest it or use it as you see fit, to your benefit.
And that is why getting a refund is like you finding out you've been stolen from all year long, but at least you're getting some of your stuff back now.[/quote]
First off, you assume that people are going to invest that money. Many won't, either due to financial need (ie. they need every penny) or simply because they choose not to.
Second, having an extra 2 dollars a day or so (or whatever it comes out to based on the refund) won't make any real difference for most people, and they won't notice it. It will be treated as if it doesn't exist. But give it in a lump sum and it's actually useable, that lump sum is a sizeable and noticeable amount.
[quote name='alonzomourning23']First off, you assume that people are going to invest that money. Many won't, either due to financial need (ie. they need every penny) or simply because they choose not to.
Second, having an extra 2 dollars a day or so (or whatever it comes out to based on the refund) won't make any real difference for most people, and they won't notice it. It will be treated as if it doesn't exist. But give it in a lump sum and it's actually useable, that lump sum is a sizeable and noticeable amount.[/QUOTE]
Yeah, el principe, what the hell is wrong with you ?
Letting the government have an interest free loan for an entire year is just part of your patriotic duty, especially when it helps people who are to dumb to save for things on their own.
And Alonzo's rationale actually has merit, albiet purely unintentional, I'm sure. Tax refunds stimulates the economy at the beginning of summer. Your savng for the future by investing your money only delays the econimic harvest. And, if you do it in an IRA, they can't even tax you on that money. Shame on you for not wanting the government to get their fair share !
Second, having an extra 2 dollars a day or so (or whatever it comes out to based on the refund) won't make any real difference for most people, and they won't notice it. It will be treated as if it doesn't exist. But give it in a lump sum and it's actually useable, that lump sum is a sizeable and noticeable amount.[/QUOTE]
Yeah, el principe, what the hell is wrong with you ?
Letting the government have an interest free loan for an entire year is just part of your patriotic duty, especially when it helps people who are to dumb to save for things on their own.
And Alonzo's rationale actually has merit, albiet purely unintentional, I'm sure. Tax refunds stimulates the economy at the beginning of summer. Your savng for the future by investing your money only delays the econimic harvest. And, if you do it in an IRA, they can't even tax you on that money. Shame on you for not wanting the government to get their fair share !
elprincipe
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[quote name='alonzomourning23']First off, you assume that people are going to invest that money. Many won't, either due to financial need (ie. they need every penny) or simply because they choose not to.[/quote]
It doesn't matter whether you invest it or not. The fact of the matter is whatever you do with it (invest it, buy a hamburger, hire a hooker, whatever) will bring more benefit to you personally than letting the government have it for the entire year, which brings you ZERO benefit personally.
[quote name='alonzomourning23']Second, having an extra 2 dollars a day or so (or whatever it comes out to based on the refund) won't make any real difference for most people, and they won't notice it. It will be treated as if it doesn't exist. But give it in a lump sum and it's actually useable, that lump sum is a sizeable and noticeable amount.[/QUOTE]
So having $10 or $20 a week doesn't make any real difference for people? I'm sure you haven't ever lived paycheck to paycheck. What about all these people who are too poor to afford things like health insurance that people of your political persuasion are always bringing up? Shouldn't they use this extra money towards things like that?
It doesn't matter whether you invest it or not. The fact of the matter is whatever you do with it (invest it, buy a hamburger, hire a hooker, whatever) will bring more benefit to you personally than letting the government have it for the entire year, which brings you ZERO benefit personally.
[quote name='alonzomourning23']Second, having an extra 2 dollars a day or so (or whatever it comes out to based on the refund) won't make any real difference for most people, and they won't notice it. It will be treated as if it doesn't exist. But give it in a lump sum and it's actually useable, that lump sum is a sizeable and noticeable amount.[/QUOTE]
So having $10 or $20 a week doesn't make any real difference for people? I'm sure you haven't ever lived paycheck to paycheck. What about all these people who are too poor to afford things like health insurance that people of your political persuasion are always bringing up? Shouldn't they use this extra money towards things like that?
Kayden
Banned
[quote name='elprincipe']It doesn't matter whether you invest it or not. The fact of the matter is whatever you do with it (invest it, buy a hamburger, hire a hooker, whatever) will bring more benefit to you personally than letting the government have it for the entire year, which brings you ZERO benefit personally. [/quote]
Thats not neccisarily true. Whos to say they wouldn't raise other taxes to compensate not getting more from income taxes?
Thats not neccisarily true. Whos to say they wouldn't raise other taxes to compensate not getting more from income taxes?
alonzomourning23
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[quote name='elprincipe']
So having $10 or $20 a week doesn't make any real difference for people? I'm sure you haven't ever lived paycheck to paycheck. What about all these people who are too poor to afford things like health insurance that people of your political persuasion are always bringing up? Shouldn't they use this extra money towards things like that?[/quote]
Honestly, for the past year or so, my family has been coming up in the red every month. The paychecks aren't enough.
My point is the difference isn't very noticeable, and definately is not as noticeable as the lump sum they get at the end.
So having $10 or $20 a week doesn't make any real difference for people? I'm sure you haven't ever lived paycheck to paycheck. What about all these people who are too poor to afford things like health insurance that people of your political persuasion are always bringing up? Shouldn't they use this extra money towards things like that?[/quote]
Honestly, for the past year or so, my family has been coming up in the red every month. The paychecks aren't enough.
My point is the difference isn't very noticeable, and definately is not as noticeable as the lump sum they get at the end.
elprincipe
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[quote name='encendido5']He should have done what I did one year and put down 99 dependents. My paychecks came with little if any tax taken out, but I had to pay a shitload of money at the end of the year. I thought of it as an interest free loan from the government.[/QUOTE]
Actually I wouldn't recommend that, as they can assess a penalty for you knowingly underwithholding. But lucky you if you got away with it I guess.
Actually I wouldn't recommend that, as they can assess a penalty for you knowingly underwithholding. But lucky you if you got away with it I guess.
[quote name='elprincipe']
So having $10 or $20 a week doesn't make any real difference for people? I'm sure you haven't ever lived paycheck to paycheck. What about all these people who are too poor to afford things like health insurance that people of your political persuasion are always bringing up? Shouldn't they use this extra money towards things like that?[/QUOTE]
Silly principe, heathcare should be as free as the air we breathe, not something that should be paid for. Especially not something that should be saved for. They need that money for Hennessy and cigarettes.
So having $10 or $20 a week doesn't make any real difference for people? I'm sure you haven't ever lived paycheck to paycheck. What about all these people who are too poor to afford things like health insurance that people of your political persuasion are always bringing up? Shouldn't they use this extra money towards things like that?[/QUOTE]
Silly principe, heathcare should be as free as the air we breathe, not something that should be paid for. Especially not something that should be saved for. They need that money for Hennessy and cigarettes.
bread's done