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(Fox Business)   Fox News' suggestions on getting Romney-style tax breaks include mowing laws, giving away your money, and taking dubious home office deductions. You just don't see this kind of good advice from most other sources   (foxbusiness.com) divider line 76
    More: Unlikely, Fox News, itemized deduction, tax breaks, ordinary income, capital gains taxes  
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4831 clicks; posted to Main » on 03 Oct 2012 at 12:17 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-10-03 12:19:32 PM
Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.
 
2012-10-03 12:20:09 PM
mowing laws

I know the Republicans like cutting regulation, but this is ridiculous.
 
Me
2012-10-03 12:21:48 PM

Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.


So fortunate he had the $$ to give away.

Not sure how to legally mow the law though.
 
2012-10-03 12:22:18 PM
That gave me a good chuckle.
 
2012-10-03 12:22:29 PM
 
2012-10-03 12:24:03 PM
Step 1: Start off with a lot of money in offshore accounts.
Step 2: Take deductions
Step 3: Profit
 
2012-10-03 12:24:37 PM

Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.


as required by his church.
 
2012-10-03 12:25:01 PM
Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?
 
2012-10-03 12:27:28 PM

Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.


Troll account; given away to his church so they can buy gold plated lamps for their temples. Yeah, that's a great charitable gift, he's so much better then me and I should never criticize him for anything ever.
 
2012-10-03 12:28:58 PM

DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?




The article was for folks who could do these things. Let's not write any advice ever again because there might be folks out there that don't have the money to do stuff and this type of article might make them, or you, sad.

I'm sure that you don't watch movies, drive a car, or even eat out because you are so upset that there are people somewhere who can't afford these things...
 
2012-10-03 12:29:04 PM
Self-employed people can buy all of their equipment, supplies and services and deduct the costs; they can travel to conferences and clients and write off their trips. They can deduct the cost of their health insurance and the costs of acquiring and maintaining a home office.

Then you can try to collect money from all the rest of the broke-ass farkers that you try to help. You know the other stupid bastards paying 35% of their income in taxes so the "Job Creators" got money to play with. How many lawns you gotta mow to pay health insurance?
 
2012-10-03 12:29:37 PM
Mow lawns and don't pay no stinking taxes? Muy bueno.
 
2012-10-03 12:30:28 PM

DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?


Small business loans/grants?
 
2012-10-03 12:30:29 PM
What do they consider "middle income", $55,000/year?

Most folks in that income range are better off taking the standard deduction over itemizing.
 
Ehh
2012-10-03 12:30:36 PM
Home office? Go for it, Fox viewer, so I can smile at your pain.
 
2012-10-03 12:30:49 PM

DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?


Dude, the article is for MIDDLE income people. You know, those people making $200, $300k and less. The common clay of the American West.

POOR people already don't have any skin in the game - they don't need an article about how to reduce their income tax rate.
 
2012-10-03 12:31:53 PM

DarwiOdrade: How the fark do people with little or no disposable income do any of these things?


With your bootstraps just like Romney did.
 
2012-10-03 12:32:18 PM

xtragrind:
The article was for folks who could do these things. Let's not write any advice ever again because there might be folks out there that don't have the money to do stuff and this type of article might make them, or you, sad.

I'm sure that you don't watch movies, drive a car, or even eat out because you are so upset that there are people somewhere who can't afford these things...


No the article was about middle income people most middle income people do not have the luxury of any of those items.
 
2012-10-03 12:33:21 PM

spelletrader: What do they consider "middle income", $55,000/year?

Most folks in that income range are better off taking the standard deduction over itemizing.


Most folks regardless, unless you start getting deep in to investments, property ownership, charity, etc, and that's not most folks.
 
2012-10-03 12:33:39 PM
Self-employed people can buy all of their equipment, supplies and services and deduct the costs; they can travel to conferences and clients and write off their trips. They can deduct the cost of their health insurance and the costs of acquiring and maintaining a home office.

Conspicuously absent from this suggestion is any mention of the self-employment tax (roughly 13%).
 
2012-10-03 12:35:30 PM

xtragrind: DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?



The article was for folks who could do these things. Let's not write any advice ever again because there might be folks out there that don't have the money to do stuff and this type of article might make them, or you, sad.

I'm sure that you don't watch movies, drive a car, or even eat out because you are so upset that there are people somewhere who can't afford these things...


Um...
Middle-income taxpayers can use a lot of the same write-offs that Romney used

So you didn't read the article, or you're using the Romney $250,000 mark for middle-income. Which is it?
 
2012-10-03 12:36:04 PM
Romney-Style?
Mitt Romney Style :-)
 
2012-10-03 12:40:03 PM

Pantubo: Romney has already given away stashed in off-shore accounts to avoid taxes, ten times more money than you will ever see in your entire life.

/FTFY

 
2012-10-03 12:40:21 PM
what a law mower might look like

images.politico.com
 
2012-10-03 12:40:39 PM

bhcompy: spelletrader: What do they consider "middle income", $55,000/year?

Most folks in that income range are better off taking the standard deduction over itemizing.

Most folks regardless, unless you start getting deep in to investments, property ownership, charity, etc, and that's not most folks.


That's what I figured, I've made an average of $75k/year over the last decade and have never had itemization come out ahead of the standard deduction.
 
2012-10-03 12:40:48 PM
What, no mention of raiding a company, selling off everything that isn't nailed down, then borrowing until the company is in debt up to it's eyeballs - just so you can get your Multi-million dollar bonus as "carried interest"? Carried interest isn't "ordinary income" so no SS taxes (automatic 13.3% savings over a self employed lawn mower). Bonus points that carried interest is treated as Cap Gains for Income tax purposes, so 15% is your rate on those millions, as opposed to the lawn magnate who will pay 35% on his empire earning 388k or more.

Now let's say you want to save for your children the Romney way. Get stock in a company before the IPO, value it at 0 (or close) than gift it to your trust. You pay gift tax on that nearly worthless contribution. After the IPO, have the trust sell the stock at a massive profit, then pay the capital gains on the diffference (15% .vs 35%). Tada, gift tax avoided.

Tune in next week when we discuss setting up a "presence" in a state with no income tax, and a quick discussion of Cayman accounts!
 
2012-10-03 12:41:29 PM

Satanic_Hamster: Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.


Troll account; given away to his church so they can buy gold plated lamps for their temples make sure gays can't get married in California. Yeah, that's a great charitable gift, he's so much better then me and I should never criticize him for anything ever.

ftfy.
 
2012-10-03 12:42:27 PM
So, if I mow my own lawn, I'm a job creator. Yeah. I'm doing it now, but I may want to employ more people if the tax rates are favorable. I should get a tax credit for the hours I work. Takes me 30 hours a week to mow my yeard. It's not really large, but I plan the mow, I research addition mowing options (R&D!) and I may actually mow it (if it's not wet).

Tax credits for the gasoline I burn since it isn't being used on roads or highways. If I decide to drive the mower down to Leroy's EZ Time Bar for a couple, I'll certainly deduct that from the deductions.

Mowing is like agriculture. Can I get farm credits and set asides? They pay farmers not to plant. Could they just pay me not to mow? I'll put a sign in my yard that says "Illinois Prairie Grass Reclamation Plot".

Depreciate the cost of the lawn mower. I bought it for $500 from Lowes but then I leased it to myself for $1 a year and claimed a value of $500,000 which is depreciating slowly (or quickly depending on tax laws)

The wife is a consultant. She gets paid in non tangible but clearly quantitative means. I should be able to carry her as an additional deduction (job creator again!).

All totaled, I should get a couple of grand for either mowing or not mowing my yard. Hey. I'm out there three times a years, busting my hump. When do I get mine?
 
2012-10-03 12:42:40 PM

DarwiOdrade: How the fark do people with little or no disposable income do any of these things?


shiat, I can't afford to buy a new purse right now, and not an expensive one just something from Target. Mine's zipper stopped zipping.
 
2012-10-03 12:44:39 PM
God, I have a friend who used the "mow lawns" thing in an argument about the economy.
I know he's a Fox news guy too. That must be their go-to argument for everyone.
 
2012-10-03 12:44:42 PM

CapeFearCadaver: DarwiOdrade: How the fark do people with little or no disposable income do any of these things?

shiat, I can't afford to buy a new purse right now, and not an expensive one just something from Target. Mine's zipper stopped zipping.


But where will you keep all the money from your new tax breaks?
 
2012-10-03 12:45:06 PM

DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?


If you have no disposable income you likely do not need tax deductions. 

/with my whopping 5-figure salary I take advantage of three of these suggestions.
 
2012-10-03 12:47:18 PM

Harry Freakstorm:
Depreciate the cost of the lawn mower. I bought it for $500 from Lowes but then I leased it to myself for $1 a year and claimed a value of $500,000 which is depreciating slowly (or quickly depending on tax laws)



Good luck with this part, in particular.
 
2012-10-03 12:47:51 PM
You could harvest crops on R-money's farm. You won't have to pay any taxes because you won't have any income.
 
2012-10-03 12:48:45 PM

spelletrader: bhcompy: spelletrader: What do they consider "middle income", $55,000/year?

Most folks in that income range are better off taking the standard deduction over itemizing.

Most folks regardless, unless you start getting deep in to investments, property ownership, charity, etc, and that's not most folks.

That's what I figured, I've made an average of $75k/year over the last decade and have never had itemization come out ahead of the standard deduction.


Though I didn't mention running a sole proprietorship or a partnership. Either of those would be very beneficial to itemize in most cases, since the income and costs fall on the owner(s) rather than the business.
 
2012-10-03 12:49:46 PM

Oliver Twisted: DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?

If you have no disposable income you likely do not need tax deductions. 

/with my whopping 5-figure salary I take advantage of three of these suggestions.


Just out of curiosity, if you're willing to share, approximately how much did those three suggestions save you in taxes in 2011?
 
2012-10-03 12:55:07 PM
fta:

-- Invest in stocks directly. Middle-income people tend to make most of their investments via mutual funds and 401(k) plans. Those retirement funds do give you an immediate write-off of your contribution, but here's what else they do: They turn capital gains, taxed at a maximum rate of 15%, into ordinary income, taxed at a maximum rate of 35%.
And mutual funds that own portfolios full of stocks are required to distribute their taxable gains annually. Average investors who own mutual funds (outside of tax-deferred retirement funds) therefore have to pay taxes on those gains every year, whether they sell shares and withdraw money or not.
Here's the way rich folk do it: They buy shares of solid dividend-paying companies directly. They take the dividend income, also typically taxed at a 15% maximum. They let the stocks roll. When a share price falls, they sell the stock at a loss, and use the loss to offset other gains. When they eventually sell stocks that have long-term gains, they only pay 15% tax on the gain.


Ok, so, Step 1: Become a stock-broker
 
2012-10-03 12:55:58 PM

Sofa King Smart: Satanic_Hamster: Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.

Troll account; given away to his church so they can buy gold plated lamps for their temples make sure gays can't get married in California. Yeah, that's a great charitable gift, he's so much better then me and I should never criticize him for anything ever.

ftfy.


Yeah, All that titihing and offering money goes to keeping the gays in their place and gold plating the temples. Not a dime goes to actually helping anyone in need...
 
2012-10-03 12:56:45 PM
Be charitable. As Mormons who tithe and go beyond that with big gifts to numerous nonprofits, the Romneys have substantial charitable donations that are tax deductible. They didn't even take full advantage of that write-off on their 2011 tax return; perhaps to avoid having to show a return with an effective tax rate near 10%, according to some reports.

I like how "according to Mitt Romney and his accountant themselves" becomes "according to some reports", as if it were the media imputing the ulterior motives. Second, this is and has always been the DUMBEST suggestion for how to lower your taxes that anyone has ever given in these articles. If you're including "donate to charity" in your list of tax tips, then you're looking at the transaction as "How can I give the government as little as possible?" rather than "How can I keep as much as possible?" so you're intentionally looking at the whole thing from an adversarial and stupid perspective.
 
2012-10-03 12:58:07 PM

Oliver Twisted: If you have no disposable income you likely do not need tax deductions.


One could also argue that if you make more money in a few months than most Americans do in a lifetime, you don't really need all of those tax deductions either. That's kind of the point. Not so much that the poor need MORE tax cuts, but that the extremely wealthy can probably manage to just barely stay out of the soup lines even if they paid somewhere close to the actual base rate of their income bracket.
 
2012-10-03 01:03:19 PM

Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.


partly because he HAS more money to give away because he pays tax rates so ridiculously low that he's not paying his fair share of the bill for running America, meaning I have to pick up the slack.

How can you read something like this:


Invest in stocks directly. Middle-income people tend to make most of their investments via mutual funds and 401(k) plans. Those retirement funds do give you an immediate write-off of your contribution, but here's what else they do: They turn capital gains, taxed at a maximum rate of 15%, into ordinary income, taxed at a maximum rate of 35%.And mutual funds that own portfolios full of stocks are required to distribute their taxable gains annually. Average investors who own mutual funds (outside of tax-deferred retirement funds) therefore have to pay taxes on those gains every year, whether they sell shares and withdraw money or not.

Here's the way rich folk do it: They buy shares of solid dividend-paying companies directly. They take the dividend income, also typically taxed at a 15% maximum. They let the stocks roll. When a share price falls, they sell the stock at a loss, and use the loss to offset other gains. When they eventually sell stocks that have long-term gains, they only pay 15% tax on the gain.



and not conclude our tax system isn't wildly unfair and rigged to favor the rich?
 
2012-10-03 01:12:13 PM
Oh boy, another jealousy thread.
 
2012-10-03 01:16:29 PM
In fact, he and his wife, Ann, could have had an even lower tax rate had they not left money on the table, declining to take his full deduction for charitable gifts.

I can't help but feel that this wasn't intentional, and Mitt chewed someone out over this.
 
2012-10-03 01:18:01 PM

DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?


You can start a trash service with little or no money. Just pick up trash from some guys house.

Take your profit and buy a wheelbarrow so you can carry more.

Burn barrel the trash or hold them till yhe next AM. As you see a guy srive off to work. Simply add one of your bags to his pile.
 
2012-10-03 01:18:22 PM

Mr_Crink: Yeah, All that titihing and offering money goes to keeping the gays in their place and gold plating the temples. Not a dime goes to actually helping anyone in need...


What percentage of money given to the Mormon's actually goes to charity? And charity open to everyone, not just other Mormons.
 
2012-10-03 01:19:02 PM

Mr_Crink: Sofa King Smart: Satanic_Hamster: Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.

Troll account; given away to his church so they can buy gold plated lamps for their temples make sure gays can't get married in California. Yeah, that's a great charitable gift, he's so much better then me and I should never criticize him for anything ever.

ftfy.

Yeah, All that titihing and offering money goes to keeping the gays in their place and gold plating the temples. Not a dime goes to actually helping anyone in need...


How DARE you link to something that shows any kind of positive info on Mormons??! Can't you see this thread is for the exclusive use of Mormon and Republican bashers?
 
2012-10-03 01:20:51 PM
Oh yeah, that stock advice is going to work great with the $100 a month I have left over to invest. Dress the kids up, Martha, we made $.25 in dividends this month, we're hitting the town!

THEY CAN DO THIS BECAUSE THEY'RE ALREADY RICH YOU FARKING TARDS! THIS IS THE WHOLE FARKING POINT! RICH PEOPLE ALREADY HAVE COUNTLESS ADVANTAGES/OPPORTUNITIES, THEY DON'T NEED MORE!
 
2012-10-03 01:26:47 PM

DarwiOdrade: Oliver Twisted: DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?

If you have no disposable income you likely do not need tax deductions. 

/with my whopping 5-figure salary I take advantage of three of these suggestions.

Just out of curiosity, if you're willing to share, approximately how much did those three suggestions save you in taxes in 2011?


Business was a loss of about $3,000.00 against taxable income. Charitable contributions about $450.00 direct deduction. Personal dividend stocks don't come into play until sale. Overall probably about $2000.00 more on my refund than without.
 
2012-10-03 01:30:46 PM
stupid clueless advice is clueless and stupid
 
2012-10-03 01:42:39 PM
Can I give away my money to my own charity that I control and get a nice big fat tax break while still retaining control of my money like Romney does?
 
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