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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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4834 clicks; posted to Main » on 03 Oct 2012 at 12:17 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-10-03 01:44:44 PM  

Bag of Hammers: stupid clueless advice is clueless and stupid


Buy dividend paying stocks? Work for yourself? Be charitable?

It's freakin' outrageous! Let's go break a small business's windows!
 
2012-10-03 01:47:28 PM  

kermit_the_frog: Romney-Style?
Mitt Romney Style :-)


rofl! Has that gone green yet?
 
2012-10-03 01:49:08 PM  
All of this advice boils down to "start a stock/ investment company and get rich".

And those stocks that have accumulated big gains? If you give a charity an appreciated stock, you can deduct the whole gift and you don't have to pay money on the gain. So, shares worth $1,000 that you paid $500 for can be deducted at $1,000 when you give them away to a legitimate nonprofit.

Son of a....
 
2012-10-03 01:52:10 PM  
FTA: "Work for yourself. Romney made his fortune and avoided big taxes by founding his own investment company, Bain Capital. But even small kitchen-table businesses confer tax breaks on their owners."

Yeah, thanks Romney. What you forgot to mention is that in a lot of states, specifically the ones with the largest economies such as California, small businesses get taxed to hell. Tax deductions don't even begin to make up the difference. Just for the privilege of trying to work for myself, I pay %15 straight of the top. NOT off of profits, but off EVERY DOLLAR THAT GOES THROUGH THE STORE. (that's not the %8 sales tax that the customer has to pay.) Most grocery stores make about %2-%4 proffit. Fark Romney. I hope he goes broke and actually has to learn how hard it is to make a buck in this country.
 
2012-10-03 02:08:37 PM  

Ego edo infantia cattus: FTA: "Work for yourself. Romney made his fortune and avoided big taxes by founding his own investment company, Bain Capital. But even small kitchen-table businesses confer tax breaks on their owners."

Yeah, thanks Romney. What you forgot to mention is that in a lot of states, specifically the ones with the largest economies such as California, small businesses get taxed to hell. Tax deductions don't even begin to make up the difference. Just for the privilege of trying to work for myself, I pay %15 straight of the top. NOT off of profits, but off EVERY DOLLAR THAT GOES THROUGH THE STORE. (that's not the %8 sales tax that the customer has to pay.) Most grocery stores make about %2-%4 proffit. Fark Romney. I hope he goes broke and actually has to learn how hard it is to make a buck in this country.


That is unbelievable.
 
2012-10-03 02:12:14 PM  
They forgot the part where you should move money around like a carnival huckster playing a shell game.

And how to plunder companies using other people's money without creating a single bit of value, other than hiding a bunch of cash in your own pocket.
 
2012-10-03 02:23:50 PM  

Rapmaster2000: 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.


Either way he is screwed...
He had just said he never paid less than 13% tax in his life. If he had taken all of the deductions he was allowed to, he would have been well under the 13%. But what's the big deal right? You're allowed to pay more into taxes if you wish. How could Romney paying more than he needed to be a bad thing? Only if he's been quoted saying this on multiple occassions: "I pay all the taxes that are legally required and not a dollar more. I don't think you want someone as the candidate for president who pays more taxes than he owes."
 
2012-10-03 02:38:36 PM  

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

Small business loans/grants?


HAHAHAHAHAHAHA

Oh wait, you're serious, I'll laugh harder.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
 
2012-10-03 02:41:03 PM  

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

Small business loans/grants?

HAHAHAHAHAHAHA

Oh wait, you're serious, I'll laugh harder.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA


Great comeback. You sure got me.
 
2012-10-03 02:44:15 PM  

Oliver Twisted:
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.


It's a good thing you could write off the loss, but it sounds like you'd have been better off without the business altogether - not exactly a ringing endorsement for the advice in the article.
 
2012-10-03 02:45:34 PM  

Joe Blowme: Oh boy, another jealousy thread.


any bites yet?
 
2012-10-03 02:52:52 PM  
Well duh, those who are born rich know how to stay that way, and those born poor get taught what their own parents know. Where's the mystery here?

Oh that's right, how the f*ck a complete douchebag like Romney is even in consideration for the office of president. If I worked at a place with him as my boss, I would've quit. He's a total bastard - you can tell by the way he has lived and the viewpoints he has, and they dismissive way he talks. What a prick.

I hope his health declines after he loses this election and his wife has to spend all her loot on his survivial, until he finally dies painfully and she ends up in a trailer somewhere, caring for one child with aids and no insurance, the other four having been killed in active duty.

Now THAT would make me believe they know what everyone else goes through. Elsewise, they're nothing but elitist coonts with one goal: to perpetuate the financial oligarchy that currently obtains in this country. I honestly hope they die a slow, painful death - away from public view.
 
2012-10-03 03:05:40 PM  

Zearo Kool: Well duh, those who are born rich know how to stay that way, and those born poor get taught what their own parents know. Where's the mystery here?

Oh that's right, how the f*ck a complete douchebag like Romney is even in consideration for the office of president. If I worked at a place with him as my boss, I would've quit. He's a total bastard - you can tell by the way he has lived and the viewpoints he has, and they dismissive way he talks. What a prick.

I hope his health declines after he loses this election and his wife has to spend all her loot on his survivial, until he finally dies painfully and she ends up in a trailer somewhere, caring for one child with aids and no insurance, the other four having been killed in active duty.

Now THAT would make me believe they know what everyone else goes through. Elsewise, they're nothing but elitist coonts with one goal: to perpetuate the financial oligarchy that currently obtains in this country. I honestly hope they die a slow, painful death - away from public view.


Just as I thought.
 
2012-10-03 03:31:48 PM  

DarwiOdrade: Oliver Twisted:
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.

It's a good thing you could write off the loss, but it sounds like you'd have been better off without the business altogether - not exactly a ringing endorsement for the advice in the article.


It is a vacation rental property so at some point, it will be my vacation/retirement home or sell the asset so it does what I want it to do. A loss is not always a bad thing.
 
2012-10-03 03:45:46 PM  
Fox is a place where you can get actual news. Not the spin cover up crap that the rube obamorons fall for.

Without Fox, most libs would still think the Embassy terrorist attack and murder of our Ambassador was the result of an off the cuff frenzy created by a dopey UTube video. Without Fox, most libs wouldn't know that even the VP joe biden is mad that the middle class has been "buried" with the poor economy of the obama failures. Without Fox the looney left would only have the obama White House propaganda to learn what's happening. And if they actually cared, they'd see the lies and failures.

This is what a country gets when the media decides to promote a candidate instead of doing the right thing by doing their jobs.
 
2012-10-03 04:05:00 PM  

Launch Code: Fox is a place where you can get actual news. Not the spin cover up crap that the rube obamorons fall for.

Without Fox, most libs would still think the Embassy terrorist attack and murder of our Ambassador was the result of an off the cuff frenzy created by a dopey UTube video. Without Fox, most libs wouldn't know that even the VP joe biden is mad that the middle class has been "buried" with the poor economy of the obama failures. Without Fox the looney left would only have the obama White House propaganda to learn what's happening. And if they actually cared, they'd see the lies and failures.

This is what a country gets when the media decides to promote a candidate instead of doing the right thing by doing their jobs.


Amen! And without Fox, I never would have known Obama had a sit in with a pirate at the White House last week...
 
2012-10-03 04:13:01 PM  
You can be a millionaire.. and never pay taxes! You say.. "Steve.. how can I be a millionaire.. and never pay taxes?" First.. get a million dollars.

readsq.com
 
2012-10-03 05:11:38 PM  
Every single article that I have ever read regarding deductions for the average Joe have been grossly misleading. One would assume when you read an article like this or one where it hypes being able to deduct $50 for that Raggedy-Ann pair of jeans donated, you can deduct it on top of your standard deduction. Well, you can't get your $10k standard deduction plus your donations or "business" write-off. You choose one or the other. And the the fact of the matter is that for the vast majority of the real middle-class (non of this $250k middle-class BS) the standard deductions will pretty much always win hands down.
 
2012-10-03 05:44:22 PM  

Zeb Hesselgresser: Bag of Hammers: stupid clueless advice is clueless and stupid

Buy dividend paying stocks? Work for yourself? Be charitable?

It's freakin' outrageous! Let's go break a small business's windows!


if any of that advice is news to you, I have an astonishing business opportunity for you involving my good friend the Prince of Nigeria.
 
2012-10-03 05:48:54 PM  

Zearo Kool: Well duh, those who are born rich know how to stay that way, and those born poor get taught what their own parents know. Where's the mystery here?

Oh that's right, how the f*ck a complete douchebag like Romney is even in consideration for the office of president. If I worked at a place with him as my boss, I would've quit. He's a total bastard - you can tell by the way he has lived and the viewpoints he has, and they dismissive way he talks. What a prick.

I hope his health declines after he loses this election and his wife has to spend all her loot on his survivial, until he finally dies painfully and she ends up in a trailer somewhere, caring for one child with aids and no insurance, the other four having been killed in active duty.

Now THAT would make me believe they know what everyone else goes through. Elsewise, they're nothing but elitist coonts with one goal: to perpetuate the financial oligarchy that currently obtains in this country. I honestly hope they die a slow, painful death - away from public view.


Romney may be ignorant,but to wish sickness and pain on someone else is wrong. This is what is really wrong with this country.
 
2012-10-03 05:53:00 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...


I read through the page you linked. Nowhere does it mention church finances. I even clicked on the first six or so links. None of them mentioned church finances. The entire site seems to be about volunteer work. Did you quote the wrong person? If you quoted the right person, can you actually try to give us some account of how the LDS church spends its money? That was, rather clearly, the topic being addressed. That is, how much of Romney's tithes go to actual charity and not, as suggested, gold plated lamps and such? And no, salvation from imagined dangers does not count.
 
2012-10-03 07:28:58 PM  
I recently ran into one of these ways that a business can structure cashflow and save lots of money. I was planning on doing it with about $5,000.00 and could save a couple of hundred bucks.

I talked to a few banks and nobody knew how to do it - even the higher ups in "corporate" banking. Then I found some Private Banks that had the product I wanted - one had a three million dollar minimum deposit to become a customer and another one required the specific transaction I needed to be between $100,000.00 and $30,000,000.00. [I didn't get far enough to find out the fees to set this up.]


According to the rules, I am allowed to do this.
 
2012-10-03 07:38:51 PM  

bhcompy: 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?


HA HA HA HA HA HA

Oh wait, you are serious?
 
2012-10-03 07:43:51 PM  

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

Small business loans/grants?

HAHAHAHAHAHAHA

Oh wait, you're serious, I'll laugh harder.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

Great comeback. You sure got me.


Someone beat me to it, I see.

Have you actually tried to get a small business loan in the last 5 years? And WTF is a small business grant? Is that like a unicorn?
 
2012-10-03 08:12:05 PM  
This is a giant load of shiat. When I was an independent consultant in California, paying my entire FICA and California's extra tax for getting 1099's and having out of state clients made my effective tax rate 49.7%. It was easily the worst thing ever.
 
2012-10-04 12:36:46 PM  

robin goodfellow: I recently ran into one of these ways that a business can structure cashflow and save lots of money. I was planning on doing it with about $5,000.00 and could save a couple of hundred bucks.

I talked to a few banks and nobody knew how to do it - even the higher ups in "corporate" banking. Then I found some Private Banks that had the product I wanted - one had a three million dollar minimum deposit to become a customer and another one required the specific transaction I needed to be between $100,000.00 and $30,000,000.00. [I didn't get far enough to find out the fees to set this up.]


According to the rules, I am allowed to do this.


I've been having similar thoughts about starting a Charitable Trust. As I understand it, charitable trusts are required to spend 5% of their endowment yearly on charitable causes, and they can pay a salary for administration. They also get to invest that endowment.

So I start a charitable trust with my $5,000. I invest the endowment as a mortgage in my house, paying the endowment the same rate my bank currently makes. I pay a salary of $250/year to one of my kids to administer it, and then I spend another $250 on a college scholarship for one my neighbors kids.

They do the same for my kid, and we make the kids mow our lawns. Everybody wins!
 
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