$this->bbcode_second_pass_quote('aahala2', '')$this->bbcode_second_pass_quote('DantesPeak', '
')
Previously oil companies were even taxed on windfall profits on oil held outside the US, now its limited just to within the US - for now.
PeakOil is You
Analysts to Congress - 2$ Gas if Spec Controls Implemented
Re: Analysts to Congress - 2$ Gas if Spec Controls Implement
by Cashmere » Wed 25 Jun 2008, 16:07:29
What tax provision are you referring to? I doubt your statement
is accurate.
The government may tax you on something you own, like your
house, but they can hardly tax your "profits" on something you
haven't actually made a profit on yet.
Of course we can say we made a profit on a stock which later
rose in market value, but there's no profit to be taxed until
we have sold the stock.
You're dead wrong and you clearly don't either trade in commodities or own the inflation adjusted Fed notes.
In both cases you are taxes yearly on your "unrealized gains".
Example.
You buy July 08 corn futures on December 1 '07 for 100,000.
On December 31, '07 they have doubled in value to 200,000, but you haven't sold them because you think they're are going to go much higher.
You owe the commodity tax rate (about 22% as I recall) on 100,000 .
In other words, you owe 22,000 in tax by April 15 for that gain, even if you haven't sold them.
TIPS are similar.
The Feds figure out inflation, raise your "principle" at year end, and you pay tax on the increased principle even if you still own the securities.
Fun fun, eh?
By the way, I think the commodity taxing scheme, above, also applies to some index funds.
Massive Human Dieoff <b>must</b> occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where <b>you</b> live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
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Cashmere - Heavy Crude
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- Joined: Thu 27 Mar 2008, 03:00:00
Gas could fall to $2 if Congress acts, analysts say
by AlexdeLarge » Thu 26 Jun 2008, 15:02:09
No Worries....Be Happy!!! 
WASHINGTON (MarketWatch) -- The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.
Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.
http://www.marketwatch.com/news/story/g ... aspx?guid={2673C102-68E0-41D9-
Of course they did not tell you that the analyst's full time job was with the circus! First name was Bozo!! LOL
WASHINGTON (MarketWatch) -- The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.
Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.
http://www.marketwatch.com/news/story/g ... aspx?guid={2673C102-68E0-41D9-
Of course they did not tell you that the analyst's full time job was with the circus! First name was Bozo!! LOL
Viddy well, little brother. Viddy well.
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AlexdeLarge - Heavy Crude
- Posts: 1806
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Re: Analysts to Congress - 2$ Gas if Spec Controls Implement
by aahala2 » Fri 27 Jun 2008, 10:54:09
$this->bbcode_second_pass_quote('Cashmere', '')$this->bbcode_second_pass_quote('aahala2', '')$this->bbcode_second_pass_quote('DantesPeak', '
')
Previously oil companies were even taxed on windfall profits on oil held outside the US, now its limited just to within the US - for now.
')
Previously oil companies were even taxed on windfall profits on oil held outside the US, now its limited just to within the US - for now.
What tax provision are you referring to? I doubt your statement
is accurate.
The government may tax you on something you own, like your
house, but they can hardly tax your "profits" on something you
haven't actually made a profit on yet.
Of course we can say we made a profit on a stock which later
rose in market value, but there's no profit to be taxed until
we have sold the stock.
You're wrong and you clearly don't either trade in commodities or own the inflation adjusted Fed notes.
Did you actually read my post before you typed that?
I clearly stated the government could tax you on something,
but they can't tax you on profits, unless the profit has occurred.
In the future's contract example you gave, no profit had been
made as of Dec 31 -- nothing of value had been added to your
account, nor had you sold a portion of it at a price higher than
your purchase price. The value increased, but no profit and
the government taxed you on the increased value, just like
the county assessor might do in reassessing your home.
In the TIPS matter, you did get something of value, the
inflation kicker. The fact it didn't show up in your mailbox
as a check doesn't mean some account the government keeps
that has your name attached was not credited.
Where or what account a taxable event is credited has no
affect upon WHETHER it's taxable.
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aahala2 - Peat
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