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Obama To Double IRS Budget (The Big Squeeze Begins)

Discussions about the economic and financial ramifications of PEAK OIL

Re: The IRS on Steroids

Unread postby JJ » Fri 08 May 2009, 15:33:21

$this->bbcode_second_pass_quote('smallpoxgirl', '')$this->bbcode_second_pass_quote('JJ', 'I') took the liberty of printing what you just wrote, and will give it to him tomorrow. (I didn't know any of that). Thanks. PS he has no assets except a cat.


Yeah. So a chapter 7 bankruptcy would be one quick way to get rid of them. If he really has that few assets he could probably file the forms himself. If you're really poor, there's even a program where the courts may wave the filing fee. There are certain time limits about what's dischargable WRT taxes which he would need to look into. Apparently the limits of how much the IRS can garnish are kinda complicated. Internet sources are conflicting, but it looks like IRS is not bound by the normal federal garnishment laws. Another little tidbit to investigate is federal tax liens. They do not go away in a bankruptcy. I don't know how they're affected by the time limit provisions. If he's thinking about doing a bankruptcy, it's probably worthwhile to keep paying the IRS until he files so that they don't file a tax lien. If the taxes are of the right vintage for discharge and the IRS hasn't filed a lien then a bankruptcy should make them go away.


SPG, took that one paragraph up to work this morning (he wasn't there yet). I'm going to print the rest that yourself and Ludi have written and take that also; Glenns not dumb but he's not computer/book learned. Walking into a rain dance at work so I didn't want to hang around, but I'll see him tomorrow. Thanks in advance for the info everyone. (I'm thinking I may need it soon.)
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Re: The IRS on Steroids

Unread postby odegaard » Fri 08 May 2009, 16:48:57

$this->bbcode_second_pass_quote('Ludi', '.')..

What a bunch of whining babies, who can't take a 3% increase on the amount they earn over $250,000. :roll:
I don't agree with Obama's tax increases for the wealthy but by no means am I saying it's all his fault.

This may be off topic but I believe the reason why the rich are packing their bags and leaving is because the USA is simply just NO longer a good place to make a profit. If you have capital you can get more bang for the buck investing elsewhere and pay less taxes too, so financially speaking it's a no-brainer. I can't think of anything worth investing in the USA:
real estate --> NO - still overpriced. the rent to mortgage ratio doesn't justify it
stock market --> NO - what is the true worth of US corporations? who knows? the books keep on getting cooked
small business --> NO - over-saturated.

A 50% tax rate (all taxes) and no means of generating future wealth, who can blame the rich for searching for greener pastures?
Obama's 3% increase in taxes is just some icing on the cake to give them extra encouragement.
"They're not too big to fail, they're too big to bail out!" Peter Schiff
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Re: The IRS on Steroids

Unread postby Ludi » Fri 08 May 2009, 17:48:34

$this->bbcode_second_pass_quote('odegaard', '
')This may be off topic but I believe the reason why the rich are packing their bags and leaving is because the USA is simply just NO longer a good place to make a profit.



Hmmm. My business is still making a profit. 8O Guess I better tell it to stop that, it's being unAmerican!
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Re: The IRS on Steroids

Unread postby odegaard » Fri 08 May 2009, 21:11:23

$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('odegaard', '
')This may be off topic but I believe the reason why the rich are packing their bags and leaving is because the USA is simply just NO longer a good place to make a profit.



Hmmm. My business is still making a profit. 8O Guess I better tell it to stop that, it's being unAmerican!
you have a business that's actually producing a profit???
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Re: The IRS on Steroids

Unread postby Homesteader » Sat 09 May 2009, 06:31:00

$this->bbcode_second_pass_quote('odegaard', '')$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('odegaard', '
')This may be off topic but I believe the reason why the rich are packing their bags and leaving is because the USA is simply just NO longer a good place to make a profit.



Hmmm. My business is still making a profit. 8O Guess I better tell it to stop that, it's being unAmerican!
you have a business that's actually producing a profit???
Image


Yeah Ludi,

If you have a business and it is making a profit you need a new accountant. 8)
"The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
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Beliefs are what people fall back on when the facts make them uncomfortable.
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Re: The IRS on Steroids

Unread postby Ludi » Sat 09 May 2009, 08:52:27

$this->bbcode_second_pass_quote('Homesteader', '
')Yeah Ludi,

If you have a business and it is making a profit you need a new accountant. 8)



Maybe the problem is, I'm my own accountant - we've always operated in the black! Now that is unAmerican! 8O
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Re: The IRS on Steroids

Unread postby vision-master » Sat 09 May 2009, 10:34:08

$this->bbcode_second_pass_quote('Ludi', 'P')eople need to remember that just because the IRS is nominally in a position of authority (actually not - they are our employees) doesn't mean they are not in error when they show up and say "give us your money." But most folks are scared and just cave, or don't have the resources to fight back.
:-x


I heard, do not allow them into your house? Meet them at their office!

Something about you giving up certain rights once they enter your house?
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Re: The IRS on Steroids

Unread postby vision-master » Sat 09 May 2009, 10:36:22

$this->bbcode_second_pass_quote('odegaard', '')$this->bbcode_second_pass_quote('AlexdeLarge', '.')..Well, if you are going raise taxes, you got to collect em !! So bend over America. You wanted change and you are going to get it straight up your arse!! LOL
"In a Democracy, The People Get the Government They Deserve"

$this->bbcode_second_pass_quote('AlexdeLarge', 'Y')ou will see a huge exodus from America in the next year as those who can leave. The rest of us will be poor and serfs on the collective........................................
It's already happening.
source
"Fact: The top-earning 1% of US taxpayers are Leaving the USA at the highest rate in history."


They are getting taxed to death by leaving now. :lol:
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Re: The IRS on Steroids

Unread postby bratticus » Sat 09 May 2009, 15:01:12

$this->bbcode_second_pass_quote('', '[')b]Unpaid taxes hit 17-year high (in Anne Arundel County Maryland)

... 2,634 residential and commercial properties in the county with delinquent tax bills, a 33 percent jump from last year, according to the county Office of Finance. That's the highest number since 1992, when the country also was in a deep recession.

... In addition to the inability to sell a house and move into a more affordable home, homeowners are pushed by layoffs and higher energy bills, Tolliver said. Delinquent commercial owners include builders stuck with lots and houses they can't sell in a down real estate market.

... The difficult situation for some taxpayers, however, provides an investment opportunity for others.

Investors can buy tax liens the county imposes on the delinquent properties, and collect 1.5 percent interest compounded monthly on the debts.

This year, the county has put bidding for the liens online for the first time in hopes of getting more people involved in the process. Last year, the liens were packaged in groups and bought through sealed bids by three large investors.


So put your money on somebody's tax problem:
http://www.tlcol.com/tlcol/md/aacounty.nsf
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Re: The IRS on Steroids

Unread postby smallpoxgirl » Sat 09 May 2009, 15:20:15

If I understand that correctly, it's definitely the craziest thing I ever saw. They're basically selling tax lien derivatives right? You buy the tax lien from the county. If the owner pays off the lien, you get the return.
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Re: The IRS on Steroids

Unread postby bratticus » Sat 09 May 2009, 16:42:03

$this->bbcode_second_pass_quote('smallpoxgirl', 'I')f I understand that correctly, it's definitely the craziest thing I ever saw. They're basically selling tax lien derivatives right? You buy the tax lien from the county. If the owner pays off the lien, you get the return.


Did you read the FAQ section? #18 and 19 are sumpin' else too.

$this->bbcode_second_pass_quote('', '[')b]GENERAL QUESTIONS ASKED ABOUT TAX SALE

... skip ...

18. What if the owner does not redeem the property?

IF AN OWNER FAILS TO REDEEM HIS PROPERTY FROM TAX SALE, THE BIDDER MAY FILE A CIVIL ACTION CASE IN COURT TO FORECLOSE THE OWNER’S RIGHT OF REDEMPTION. THE ACTION TO FORECLOSE THE OWNER’S RIGHT OF REDEMPTION MUST BE FILED NO LESS THAN SIX MONTHS FROM THE DATE OF SALE AND NO MORE THAN TWO YEARS FROM THE DATE OF THE SALE. IF JUDGMENT IS GRANTED IN FAVOR OF THE BIDDER, THE BIDDER MAY GAIN FULL TITLE TO THE PROPERTY BY PAYING THE BALANCE OF THEIR BID, IF ANY, AND ANY TAXES THAT ACCRUE AFTER THE DATE OF SALE, AFTER WHICH A DEED CAN BE DRAWN.

19. What will happen if a bidder does not file a civil action case within two years?

IF THE OWNER DOES NOT REDEEM AND NO CIVIL CASE IS FILED WITHIN TWO YEARS FROM THE DATE OF THE CERTIFICATE OF SALE, THE CERTIFICATE OF SALE IS VOID AND THE BIDDER LOSES ALL RIGHTS TO THE PROPERTY AND TO ANY MONETARY REIMBURSEMENT.
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Re: The IRS on Steroids

Unread postby AlexdeLarge » Sun 10 May 2009, 09:19:13

$this->bbcode_second_pass_quote('Ludi', '
')Hmmm. My business is still making a profit. Guess I better tell it to stop that, it's being unAmerican!


Awesome............ so your business is the kind of engine of economic growth that is going to save the economy and payoff our trillion dollar deficit. The taxes paid by your concern are going to pay for universal health care for how many of your fellow citizens and how much of the "Dear Leaders" plans for our future??

Curious. What was your line of work again. How many employees do you have? What was the appoximate dollar amount of your annual sales? What is your coporate tax rate? Do you offer health Insurance? How bout a retirement plan? Do you offer sick leave and paid vacation? Are you required to carry workers comp and general liability for your enterprise? Are you bonded? What license's does your State require you to have to operate? Is it green?????
Viddy well, little brother. Viddy well.
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Obama To Double IRS Budget (The Big Squeeze Begins)

Unread postby deMolay » Sun 10 May 2009, 09:27:14

Somebodies got to pay and it looks like it will be the little guy. http://www.reuters.com/article/pressReleasesMolt/idUSTRE5464DP20090507
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Re: Obama To Double IRS Budget (The Big Squeeze Begins)

Unread postby Ludi » Sun 10 May 2009, 09:40:08

So don't cheat on your taxes and you should be fine. (sort of) :| It's quite possible to reduce your taxes legally, and/or organize your life to depend less on income.

Pay fewer taxes - reduce the need to earn!
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Re: Obama To Double IRS Budget (The Big Squeeze Begins)

Unread postby Ludi » Sun 10 May 2009, 09:43:15

Federal tax credits for energy improvements:

http://www.energystar.gov/index.cfm?c=p ... credits#c7
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Re: Obama To Double IRS Budget (The Big Squeeze Begins)

Unread postby vision-master » Sun 10 May 2009, 09:55:32

Become poor and you don't pay hardly any income taxes. :)
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Re: Obama To Double IRS Budget (The Big Squeeze Begins)

Unread postby AlexdeLarge » Sun 10 May 2009, 10:32:04

$this->bbcode_second_pass_quote('Ludi', 'P')ay fewer taxes - reduce the need to earn!


Ahhhhh grasshopper...........you are learning! LOL

But how will "The One" fund his five year plan and take us into our glorious socialist future if we all follow your lead and go John Galt? Who will pay for the universal health care and housing subsidies for the illegally detained and misunderstood gitmo revolutionaries? Who will pay for our green future??

Somehow I do not think the messiah is a divinity that will take such heresey lightly. I suspect Lord Obama will find ways to make you pay! ;)
Last edited by AlexdeLarge on Sun 10 May 2009, 17:02:57, edited 1 time in total.
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Re: Obama To Double IRS Budget (The Big Squeeze Begins)

Unread postby frankthetank » Sun 10 May 2009, 10:35:22

I'm with Vision here... We don't make that much and end up getting everything back minus SS and MC...although if you quailify for EIC you can get back money you didn't even pay in.

Even a person was smart they would figure out how to make decent money in cash only, but most of those jobs come with prison sentences!!!!!!!
lawns should be outlawed.
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Re: Obama To Double IRS Budget (The Big Squeeze Begins)

Unread postby vision-master » Sun 10 May 2009, 10:46:20

$this->bbcode_second_pass_quote('AlexdeLarge', '')$this->bbcode_second_pass_quote('Ludi', 'P')ay fewer taxes - reduce the need to earn!


Ahhhhh grasshopper...........you are learning! LOL

Be how will "The One" fund his five year plan and take us into our glorious socialist future if we all follow your lead and go John Galt? Who will pay for the universal health care and housing subsidies for the illegally detained and misunderstood gitmo revolutionaries? Who will pay for our green future??

Somehow I do not think the messiah is a divinity that will take such heresey lightly. I suspect Lord Obama will find ways to make you pay! ;)


Look at what Scandinavian and European countries have been doing.
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Re: Obama To Double IRS Budget (The Big Squeeze Begins)

Unread postby shortonsense » Sun 10 May 2009, 10:47:17

$this->bbcode_second_pass_quote('deMolay', 'S')omebodies got to pay and it looks like it will be the little guy. http://www.reuters.com/article/pressReleasesMolt/idUSTRE5464DP20090507


Your article doesn't say they are squeezing the little guy, your article says they are going to make as certain as possible that people who are SUPPOSED to pay their taxes DO pay their taxes. Considering that the "little guy" DOES NOT pay a majority of tax dollars in our system, he isn't the logical guy to chase down anyway.
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