Debt Ceiling Nonsense

[Governor]

4 minutes ago, Over 29 years of fanhood said:

with all due respect to the Republicans on the board here who tend to be much more pleasant, it’s a disaster. 
 

they have imo 1 talking point right despite their actual behavior, and that is the federal government is to big, expensive, ineffective, corrupt, bloated and overpriced. The problem is they are part of it too. 
 

 

You didn’t even stop by and say hi?

400k? hope They are ok paying more taxes than Bezos… for some reason those ‘wealthy’ aren’t impacted by the proposed tax law. 🤔 

Taxes are the last thing people are worried about. Parts of the country are taking off and leaving many states behind.

 

When ai see young people moving to Florida and Texas, it really upsets me, because they don’t know any better. You can’t really tell someone in their 20’s anything tho. They have to learn the hard way just like I did. I got extremely lucky and had a few big years. Most don’t get that opportunity.

[Backintheday544]

3 minutes ago, Over 29 years of fanhood said:

By the way what is your thought on Biden’s tax evasion. He’s been talking about fair share so much I was shocked to see he evaded taxes 

Id love for you to explain in your own words this evasion.

[Over 29 years of fanhood]

4 minutes ago, Backintheday544 said:

Id love for you to explain in your own words this evasion.

I’m not a tax attorney… so my own words are I saw mr “fair share” apparently didn’t pay his. 

[Governor]

18 minutes ago, Over 29 years of fanhood said:

By the way what is your thought on Biden’s tax evasion. He’s been talking about fair share so much I was shocked to see he evaded taxes 

I’ll never forget what it felt like to be poor. I had rich parents but I struggled in my late teens. I truly believe that if your neighbor is doing well, chances are you’re doing well also.

 

Somehow, we got away from that in the early 90’s. Now it’s your neighbor either looking down their nose at you, or spiteful for what you have and they feel they deserve. Greed took over.

 

I refuse to live that way. 

Edited September 25, 2021 by Governor

[Over 29 years of fanhood]

12 minutes ago, Governor said:

Taxes are the last thing people are worried about. Parts of the country are taking off and leaving many states behind.

 

When ai see young people moving to Florida and Texas, it really upsets me, because they don’t know any better. You can’t really tell someone in their 20’s anything tho. They have to learn the hard way just like I did. I got extremely lucky and had a few big years. Most don’t get that opportunity.

Texas looks really bad right now. What’s with the migrant camps under bridges? This new border policy seems even more in humane than the last one. How could that have gotten worse? I remember AOC got me all salty about kids in cages and now she doesn’t even care. 

[Backintheday544]

1 minute ago, Over 29 years of fanhood said:

I’m not a tax attorney… so my own words are I saw mr “fair share” apparently didn’t pay his. 

Well, I can break it down and tell you why it’s dumb.

 

Basic issue is Biden is running speaking fees through an S Corp. S Corps have a requirement that you need to pay a reasonable wage to the owner for their work.

 

So the issue of evasion (from what I’ve read) is Biden hasn’t paid himself a reasonable wage.

 

TIGTA did an audit of the IRS a couple years ago. For returns the IRS audited for S Corps they found the IRS allowed reasonable comp on average of $3,000 (rounded) and $300,000 of distributions (rounded).

 

So the evasion argument is Biden is saying his S Corp wage is less than reasonable comp and the difference between reasonable comp and what he said was reasonable comp caused unpaid Medicare.

 

In actual practice most people just max out SS on S Corp wages and call that reasonable comp since most jobs don’t pay more than about $150,000.

[Over 29 years of fanhood]

1 minute ago, Governor said:

I’ll never forget what it felt like to be poor. I had rich parents but I struggled in my late teens. I truly believe that if your neighbor is doing well, chances are you’re doing well also.

 

Somehow, we got away from that in the early 90’s. Now it’s your neighbor either looking down their nose at you, or spiteful for what you have and they feel they deserve. Greed took over.

 

I refuse to live that way. 

Sure, because you’re the one taking the subsidy not providing the subsidy. Of course you’d see it that way. 

1 minute ago, Backintheday544 said:

Well, I can break it down and tell you why it’s dumb.

 

Basic issue is Biden is running speaking fees through an S Corp. S Corps have a requirement that you need to pay a reasonable wage to the owner for their work.

 

So the issue of evasion (from what I’ve read) is Biden hasn’t paid himself a reasonable wage.

 

TIGTA did an audit of the IRS a couple years ago. For returns the IRS audited for S Corps they found the IRS allowed reasonable comp on average of $3,000 (rounded) and $300,000 of distributions (rounded).

 

So the evasion argument is Biden is saying his S Corp wage is less than reasonable comp and the difference between reasonable comp and what he said was reasonable comp caused unpaid Medicare.

 

In actual practice most people just max out SS on S Corp wages and call that reasonable comp since most jobs don’t pay more than about $150,000.

So in a lot of words, career politician Joe made a bunch of money talking because he’s a politician and didn’t pay his fair share? 
 

 

ok 

[Backintheday544]

1 minute ago, Over 29 years of fanhood said:

Sure, because you’re the one taking the subsidy not providing the subsidy. Of course you’d see it that way. 

So in a lot of words, career politician Joe made a bunch of money talking because he’s a politician and didn’t pay his fair share? 
 

 

ok 

No not at all. He would have talked to his tax people to set a reasonable comp. he would have relied on them that that’s reasonable comp.

 

Reasonable comp is basically what would someone else pay me to do what I’m doing. No client I have can answer that usually. We have to do studies and such to figure that out. I’d guess he also did.

 

If he did have say and he did chose a small wage to save on Medicare (which you can actually see since he provided his tax returns unlike other presidents). It’s not evasion and no one has ever faced evasion charges for that.

[Over 29 years of fanhood]

1 minute ago, Backintheday544 said:

No not at all. He would have talked to his tax people to set a reasonable comp. he would have relied on them that that’s reasonable comp.

 

Reasonable comp is basically what would someone else pay me to do what I’m doing. No client I have can answer that usually. We have to do studies and such to figure that out. I’d guess he also did.

 

If he did have say and he did chose a small wage to save on Medicare (which you can actually see since he provided his tax returns unlike other presidents). It’s not evasion and no one has ever faced evasion charges for that.

Why didn’t he just pay his fair share instead of pursuing all these loopholes. Isn’t the message just a little confusing? 

[Backintheday544]

Just now, Over 29 years of fanhood said:

Why didn’t he just pay his fair share instead of pursuing all these loopholes. Isn’t the message just a little confusing? 

He’s not pursuing loopholes. Having an S Corp isn’t a loophole. It’s one of the most common business entities out there. 

[Over 29 years of fanhood]

3 minutes ago, Backintheday544 said:

He’s not pursuing loopholes. Having an S Corp isn’t a loophole. It’s one of the most common business entities out there. 

You should check out his 2.7 million dollar beach house he bought as a career politician. It’s sweet. I think it’s his third or fourth home if I’m not mistaken. 

So you are pro s Corp Tex evasion if you like their political party? 

And yeah anything that puts half a million dollars in tax obligation in a state of ambiguity is a loophole question 

Edited September 25, 2021 by Over 29 years of fanhood

[Backintheday544]

1 minute ago, Backintheday544 said:

He’s not pursuing loopholes. Having an S Corp isn’t a loophole. It’s one of the most common business entities out there. 

You do make a good point about accessibility to President Tax returns.

 

here you can go here:

 

https://www.taxnotes.com/presidential-tax-returns

 

You can see a ton of Biden’s returns. Look at Schedule E page 2. That will show you his S Corps he owns.

 

you can reconcile that to his W-2 wages and see what income he brought in from the S Corp vs what he gave himself as a W-2 wage.

 

Thats the cool thing about releasing tax returns.

 

So check those out yourself instead of spewing right wing media and what’s your opinion?

[Governor]

6 minutes ago, Over 29 years of fanhood said:

Why didn’t he just pay his fair share instead of pursuing all these loopholes. Isn’t the message just a little confusing? 

“Smart” when Trump does it.

 

BAD when anyone else does it.

Edited September 25, 2021 by Governor

[Over 29 years of fanhood]

Just now, Governor said:

“Smart” when Trump dies it.

 

BAD when anyone else does it.

I’m shocked you think that egomaniac is smart. I personally don’t see it.

 

what is bad is when you shame people for not paying enough taxes while dodging them yourself, which is most liberal elites. 

[Backintheday544]

2 minutes ago, Over 29 years of fanhood said:

You should check out his 2.7 million dollar beach house he bought as a career politician. It’s sweet. I think it’s his third or fourth home if I’m not mistaken. 

So you are pro s Corp Tex evasion if you like their political party? 

And yeah anything that puts half a million dollars in tax obligation in a state of ambiguity is a loophole 

Dude you have 0 idea what you’re talking about and it’s becoming embarrassing.

 

Yea he has a big house but you can look at his income as see where he earned the income.

 

You have 0 idea what the word

evasion means in taxes. So stop.None of its evasion. If we ever saw trumps return if there wasn’t an S Corp I would be surprised. Plus it’s not like some hidden thing. I have a client that is a dog groomer that has an S Corp. plus a ton of others.

 

Let me break down law for you vs your idiot pages. If this was tax evasion you’d have to show 1) mens rea, there is none because he is probably relying on people to tell him reasonable cause… 2)  well any prosecutor would drop the case there.

 

Just cause you read something and you get angry doesn’t mean you should post about it. If it’s about tax ask me. If it’s about something else I’m sure there is a poster here who can provide proper context.

[Governor]

Just now, Over 29 years of fanhood said:

I’m shocked you think that egomaniac is smart. I personally don’t see it.

 

what is bad is when you shame people for not paying enough taxes while dodging them yourself, which is most liberal elites. 

His taxes are right there for you to see, unlike Mr. Russian bank loan guy that didn’t actually have enough money to buy the Bills.

[Over 29 years of fanhood]

Just now, Governor said:

His taxes are right there for you to see, unlike Mr. Russian bank loan guy that didn’t actually have enough money to buy the Bills.

Ok so Biden is as bad as Trump then? 

[Governor]

1 minute ago, Over 29 years of fanhood said:

Ok so Biden is as bad as Trump then? 

It doesn’t appear so. He doesn’t have multiple bankruptcies, isn’t propped up by Russian money, and didn’t tank the NJ Generals and the entire USFL in the 80’s.

 

Biden is squeaky clean. That’s why ur mad.

[Over 29 years of fanhood]

3 minutes ago, Backintheday544 said:

Dude you have 0 idea what you’re talking about and it’s becoming embarrassing.

 

Yea he has a big house but you can look at his income as see where he earned the income.

 

You have 0 idea what the word

evasion means in taxes. So stop.None of its evasion. If we ever saw trumps return if there wasn’t an S Corp I would be surprised. Plus it’s not like some hidden thing. I have a client that is a dog groomer that has an S Corp. plus a ton of others.

 

Let me break down law for you vs your idiot pages. If this was tax evasion you’d have to show 1) mens rea, there is none because he is probably relying on people to tell him reasonable cause… 2)  well any prosecutor would drop the case there.

 

Just cause you read something and you get angry doesn’t mean you should post about it. If it’s about tax ask me. If it’s about something else I’m sure there is a poster here who can provide proper context.

So you think his handlers committed tax fraud? Honestly I see a lot of words but I gravitate towards more deliberate and concise experts. The ones that bloviate tend to underperform in my experience.

 

joe didnt pay taxes he should have, no?
 

shameful for a wealthy guy saying wage earners aren’t paying their fair share…

3 minutes ago, Governor said:

It doesn’t appear so. He doesn’t have multiple bankruptcies, isn’t propped up by Russian money, and didn’t tank the NJ Generals and the entire USFL in the 80’s.

 

Biden is squeaky clean. That’s why ur mad.

You could probably whisper in his ear he is DJT and he’d say yuge 14 times. 
 

I just am so disappointed your virtuous savior of righteousness and fair share cheats his taxes  😱😱😱😱😱

 

you almost convinced me

[Governor]

Do you ever feel guilty that he wasn’t able to destroy our team, but then destroyed the whole country? I think about that sometimes. Our team wouldn’t exist if he bought them. I would make the ultimate sacrifice to prevent the country from going through that mess again.

Edited September 25, 2021 by Governor

[Backintheday544]

6 minutes ago, Over 29 years of fanhood said:

So you think his handlers committed tax fraud? Honestly I see a lot of words but I gravitate towards more deliberate and concise experts. The ones that bloviate tend to underperform in my experience.

 

joe didnt pay taxes he should have, no?
 

shameful for a wealthy guy saying wage earners aren’t paying their fair share…

I don’t think anyone committed tax fraud.

 

There is nowhere that says Biden hasn’t paid taxes he shouldn’t have. I told you how to prove your case. Go to Biden’s tax return that you can access online. Go to Schedule E and you can see his S Corps. See the statements of the return to see his W-2 wage for each S Corp. Then for each one tell me why what he paid himself isn’t reasonable comp. 

 

That will establish Bide

 didn’t pay his fair share. Still

wont trip tax evasion but it gives you a start. 
 

I’ve provide the link so you can do that.  If you can’t then shut up about this. You don’t know what you’re talking about.

Edited September 25, 2021 by Backintheday544

[Over 29 years of fanhood]

3 minutes ago, Backintheday544 said:

I don’t think anyone committed tax fraud.

 

There is nowhere that says Biden hasn’t paid taxes he shouldn’t have. I told you how to prove your case. Go to Biden’s tax return that you can access online. Go to Schedule E and you can see his S Corps. See the statements of the return to see his W-2 wage for each S Corp. Then for each one tell me why what he paid himself isn’t reasonable comp. 

 

That will establish Bide

 didn’t pay his fair share. Still

wont trip tax evasion but it gives you a start. 
 

I’ve provide the link so you can do that.  If you can’t then shut up about this. You don’t know what you’re talking about.

 

just to confirm you infer you  are a democrat who professionally helps affluent people reduce tax burden? 
😂 

 

[Backintheday544]

2 minutes ago, Over 29 years of fanhood said:

 

just to confirm you infer you  are a democrat who professionally helps affluent people reduce tax burden? 
😂

 

Tax avoidance and tax evasion isn’t the same thing. If you don’t understand that, it says a lot about you.

[Over 29 years of fanhood]

1 minute ago, Backintheday544 said:

Tax avoidance and tax evasion isn’t the same thing. If you don’t understand that, it says a lot about you.

Yes and stressing nuance here says everything about you. 

[Backintheday544]

Just now, Over 29 years of fanhood said:

Yes and stressing nuance here says everything about you. 

There’s no nuance there. One is using the laws presented to you to reduce a tax burden. The other is outright cheating the tax system.

 

Avoidance is using say purchasing assets on 12/30 to use IRC 179.

 

Evasion is paying for employees fringe benefits like school and not calling it a fringe benefit.

 

[Over 29 years of fanhood]

Just now, Backintheday544 said:

There’s no nuance there. One is using the laws presented to you to reduce a tax burden. The other is outright cheating the tax system.

 

Avoidance is using say purchasing assets on 12/30 to use IRC 179.

 

Evasion is paying for employees fringe benefits like school and not calling it a fringe benefit.

 

You may as well work for Trump. Same scum different master. 

You professionally help wealthy people pay less taxes. 

How does one look themselves in the mirror preparing a tax return for a millionaire with minimal tax impact as they pass a homeless person on the way to work?  

[Backintheday544]

Just now, Over 29 years of fanhood said:

You may as well work for Trump. Same scum different master. 

no I would never sign off on the fringe benefit evasion they have.

 

I wouldn’t hire a Manafort that omits income.

 

Plus more. Again, you don’t understand the difference between avoidance and evasion and Thats ok. We can infer what we want about you and why you don’t have that financial literacy.

[Doc]

11 minutes ago, Backintheday544 said:

Tax avoidance and tax evasion isn’t the same thing. If you don’t understand that, it says a lot about you.

LOL. So when Joey talks about the rich and corporations “paying their fair share” while he uses S corps to reduce his tax burden in his speaking fees and book deals…

[Backintheday544]

4 minutes ago, Over 29 years of fanhood said:

You may as well work for Trump. Same scum different master. 

And to address another issue here. Republicans are awesome. Dems are awesome.

 

My client base is intelligent and good business people from both sides. They’re not dumb asses that keep talking about things they don’t know.

 

They have a question about something they don’t know, like avoidance vs evasion they ask me and they rely on my advice. They don’t try to force an opinion on what they don’t know like you’re doing

Just now, Doc said:

LOL. So when Joey talks about the rich and corporations “paying their fair share” while he uses S corps to reduce his tax burden in his speaking fees and book deals…

Way to jump in late. How does he do that?

[Over 29 years of fanhood]

1 minute ago, Backintheday544 said:

no I would never sign off on the fringe benefit evasion they have.

 

I wouldn’t hire a Manafort that omits income.

 

Plus more. Again, you don’t understand the difference between avoidance and evasion and Thats ok. We can infer what we want about you and why you don’t have that financial literacy.

The difference between Avoidance and evasion is a political construct. You’re green on this topic kiddo. I’m quoting fed AG folks from a patio party yesterday. You’re out of your league bud. 

[Backintheday544]

1 minute ago, Over 29 years of fanhood said:

The difference between Avoidance and evasion is a political construct. You’re green on this topic kiddo. I’m quoting fed AG folks from a patio party yesterday. You’re out of your league bud. 

Awww that’s cute. It’s not. It’s a legal construct. When your neighbor under reports $100,000 of income no one gives a sh$t what his political party is.

[Over 29 years of fanhood]

6 minutes ago, Backintheday544 said:

no I would never sign off on the fringe benefit evasion they have.

 

I wouldn’t hire a Manafort that omits income.

 

Plus more. Again, you don’t understand the difference between avoidance and evasion and Thats ok. We can infer what we want about you and why you don’t have that financial literacy.

You’re cute. What your outlook on M2 velocity? 

1 minute ago, Backintheday544 said:

Awww that’s cute. It’s not. It’s a legal construct. When your neighbor under reports $100,000 of income no one gives a sh$t what his political party is.

You live in Tonawanda and think Buffalo is the center of the universe? Am I close? 

[Doc]

6 minutes ago, Backintheday544 said:

Way to jump in late. How does he do that?

Does it matter?  He’s not “paying his fair share,” right?  Which makes him a hypocrite, right?

[Backintheday544]

2 minutes ago, Over 29 years of fanhood said:

You’re cute. What your outlook on M2 velocity? 

You live in Tonawanda and think Buffalo is the center of the universe? Am I close? 

Live in VA outside of DC wouldn’t be caught near that mess of Buffalo.

 

You’ve yet to show you know crap about tax law. So to end this convo, don’t talk about crap you don’t know. If you want to know about it, I’d be glad to give you resources to get the basics down.

Just now, Doc said:

Does it matter?  He’s not “paying his fair share,” right?  Which makes him a hypocrite, right?

Doc: Hey Im mad about this

People: why

Doc: I don’t know!

[Over 29 years of fanhood]

7 minutes ago, Backintheday544 said:

Live in VA outside of DC wouldn’t be caught near that mess of Buffalo.

 

You’ve yet to show you know crap about tax law. So to end this convo, don’t talk about crap you don’t know. If you want to know about it, I’d be glad to give you resources to get the basics down.

Doc: Hey Im mad about this

People: why

Doc: I don’t know!

Talk crap? So Joe fair share paid all the taxes he owed or hasn’t? Seems like a pretty simple question…. For an expert 

 

happy to meet in person to spell it out. I’m not too far away 

Edited September 25, 2021 by Over 29 years of fanhood

[Backintheday544]

Just now, Over 29 years of fanhood said:

Talk crap? So Joe fair share paid all the taxes he owed or hasn’t? Seems like a pretty simple question…. For an expert 

Yea. Unless you can look at his return and show he didn’t pay himself a reasonable comp then yes.

 

If you want to say Biden hasn’t paid his fair share, I’ve said how to prove it. Go to Sch E. Look what S Corps are there. Then look at his Schedules of W-2s. You will match those up. After you do that day which one isn’t reasonable comp.

 

Im telling you how to prove your point and you’re not doing it.

 

So yes unless you do the above you’re talking crap. I’m done talking until you do the above because that would prove or disprove your assertion.

[Over 29 years of fanhood]

5 minutes ago, Backintheday544 said:

Yea. Unless you can look at his return and show he didn’t pay himself a reasonable comp then yes.

 

If you want to say Biden hasn’t paid his fair share, I’ve said how to prove it. Go to Sch E. Look what S Corps are there. Then look at his Schedules of W-2s. You will match those up. After you do that day which one isn’t reasonable comp.

 

Im telling you how to prove your point and you’re not doing it.

 

So yes unless you do the above you’re talking crap. I’m done talking until you do the above because that would prove or disprove your assertion.

https://m.washingtontimes.com/news/2021/sep/24/joe-biden-may-owe-much-500000-back-taxes-report/
 

you’re the tax expert. And have completely dodged the question if you help affluent people dodge taxes…

 

love the principled philanthropists that suggests their ideals are for the others… because they are above

 

yep. Gotcha 

 

 

[Doc]

8 hours ago, Backintheday544 said:

Doc: Hey Im mad about this

People: why

Doc: I don’t know!

LOL. Thanks for proving what I’ve been saying about you guys.

[BillStime]

 

America first, right?

[Tiberius]

Somewhere, out there, people are profiting off of this planned nonsense. This has all got to be a con game where people try and get rich of the emotional dip and bump in the market. 
 

I’ll bet that this is all this is about