Forum: HoseHeads Sprint Car General Forum (go)
Moderators: dirtonly  /  dmantx  /  hosehead

This reminds me of a few years back, when the Dems staged a protest of a tax cut bill by placing a Lexus and a muffler together. They said that the rich were going to save the equivlent of the Lexus, and the middle class would only save the equivlent of the muffler. This was obviously staged to create annimosity and jealousy towards the "rich" to generate negative feelings towards the tax cuts. Lost in all of that is that a) people are willing to spend MORE in taxes to ensure that those more financially fortunate then them also pay more and b) that it is insane that ANYBODY has to pay so much in taxes, that a tax cut capable of being passed by Congress would save the equivlent of a Lexus.

I'm guessing no one would really care if the Bush and Reagan tax cuts actually did what they were supposed to do, which was spur growth. The opposite seemed true however, all they seem to do is run up the deficit and crash the dollar and the economy. If they would ever get a Ron Paul type in there to cut government spending then it might be another story. Fair should be fair under the current system however. If a person making $100k has to pay $30 grand in income tax, I'll be damned if someone bringing home a million shouldn't pay $300 thousand. The more wealthy person is always going to have more ways of investing to be get out of paying anyway. We have a consumer driven economy, the more different people have money to burn, the better. That's why the economy seems to boom when the Dems are in office trying to actually pay down the deficit with a more equitable tax system, instead of just running it sky high trying to favor the upper 1%.

 
 
 
They don't even know how to spell sprint car 
much less chromoly...http://www.ycmco.com

Speaking of Government spending, how much exactly are all of Obama's new programs going to cost?

Quoted For Truth!!!

...

So, the Governement knows better how to spend that $270,000 (diff between the $30K and $300K in your example) to spur the economy than the "rich" guy that actually EARNED it?

I'm confused. You are contradicting yourself...... You say that the more money people have to burn, the better for the economy, but you're also advocating for higher taxes, which of course take the money out of the consumerist economy and puts it at the whim of your Congress. And, ironically enough, via spending programs, this often puts it into the hands of the same big business types that you wish to raise taxes on......

How about another approach....... Most of your car owners and sponsors are businessmen making above the median income levels. If their taxes are raised, they will have less disposable cash available to put into their cars. When car counts fall, are you gonna complain about that, too?

For starters here are some real numbers:

A married couple with two minor dependents that make 2,000,000 a year

Income 2,000,000

Itemized deductions 398,000 (limited due to high AGI by 36,872) = 361,128

(Taxes, interest, contributions)

4 Exemptions @ 3,400 = 13,600 (reduced by phae out of high AGI) = 0

Taxable Income 1,634,340

Tax = 544,225 - NEWS FLASH this is 27% of 2,000,000

Now lets take a similar family of 4 that makes 120,000

Income 120,000

Itemized deductions 18,280 (no limitations)

Exemptions 13,600 (no limitations)

Taxable Income 88,120

Tax = 14,879

Child tax Credits 2000(limited by agi by 500) = 1500 credit

Net tax 13,379 which is 11% of 120,000

Now it gets even better!!!!!!

Same family of four with income of 60,000

Income 60,000

Itemized deductions 10,872

Exemptions 13,600

Taxable Income 35,528

Tax 4,546

Child tax credits -2000

Net Tax 2546 which is 4% of 60,000

Finally and last but not least we cannot exclude the following group:

Income 30,000

Standard Deduction $10,700

4 exemptions 13,600

Taxable Income 5700

Tax 573

Child Tax Credits - 2000

Earned Income Credit -2055

REFUND -3,482 Pay in Zero get 3,842 in government assistance.

Look, I do not mean to offend anyone with this post. There seems to be a wide misconception that people who make lots of money pay less tax. That is so far from the facts it isn't even funny. The fact is, the more you make the more you pay and the less you make the less you pay. If fact, if you make very little, the government will actually pay you! Where do you think that money comes from???

I am a firm believer that the key to more tax revenues is enconomic growth. We need more taxpayers paying less taxes individually, but more taxes collected as a whole. In my opinion higher taxes, especially higher capital gain taxes are not going to spark the economy.

Mark Burch, EA

Lincoln NE

Rome wasn't built in a day......but they sure didn't
waste any time burning it down!

Or is the write-off just going to be that more attractive by getting to spend the money on something you enjoy like racing instead of just sending 30% straight to Uncle Sam?

 
 
 
They don't even know how to spell sprint car 
much less chromoly...http://www.ycmco.com

To add a little to Mark's info:

"Tax Foundation economists estimate that in 2004, some 42.5 million Americans (one-third of all filers) filed a tax return but had no tax liability after taking advantage of their credits and deductions."

In 2006, the top 25% of taxpayers ($64,207 AGI) contributed 86.27% of tax revenues, and the top 50% ($31,987) contributed 97.01%.  For those that can't do math, that means that HALF of this country's taxpayers are only contributing 3%!!!  This REALLY doesn't bother anybody else? 

I agree with you about the bottom, but Warren Buffett and I both disagree with you about the top. The middle class is the one who has been getting squeezed during the Bush administration. Payroll tax is especially killing everyone.

Tom Brokaw: Are you surprised there's not more talk in this presidential campaign about economic fairness and economic justice?

Warren Buffett: Yeah. I-- I-- I am surprised-- it may be that everybody wants to be cautious-- while they're looking to get nominated, but-- but the degree to which the-- economic-- well, the taxation system has tilted toward the rich and away from the middle class in the last ten years is-- is dramatic, and I don't think it's appreciated. And I think it should be addressed.

Tom Brokaw: You've gone very public with this.

Warren Buffett: Right.

Tom Brokaw: You've talked about in your office, for example, you pay a much lower tax rate with all of your wealth than, say, a receptionist does.

Warren Buffett: That's exactly right, Tom. And I-- I think the only way to do it is with specifics, and-- and - and in our office, 15 people cooperated in a survey out of 18. I didn't make anybody do it. And my total taxes paid-- payroll taxes plus income tax-- and the payroll tax is an income tax. It's based on income.

Tom Brokaw: Yeah.

Warren Buffett: Mine came to-- 17.7 percent. That-- that was the-- that was line 61 I think-- or, no, line 43-- is the percent of taxable income, plus payroll taxes, 17.7 percent. The average for the office was 32.9 percent. There wasn't anybody in the office from the receptionist on that paid as low a tax rate. And I have no tax planning. I don't have an-- I don't have a-- an accountant. I don't have tax shelters. I just follow what the U.S. Congress tells me to do.

Tom Brokaw: Why do you think that there's not more outrage about that?

Warren Buffett: I-- I don't think people understand it. For one thing, you'll see a lot of surveys that say the rich, the top one percent pay this much of the income tax. Now I think what people don't realize is that almost one third of the entire budget comes from payroll taxes. And payroll taxes on income, just like income taxes are taxes on income.

And the payroll tax is over $800 billion out of two and a trillion, or something like that. And people don't understand-- they-- they-- that the rich pay practically no payroll tax. I mean, I paid payroll tax last year on $90 odd thousand, whatever the number is. I paid income tax on $66 million. But my double income tax, one of 'em quits at $90,000. And the remaining $66 million does not get taxed with payroll tax. So, the person who makes $60,000 in our office gets ta-- taxed in full on the payroll tax, and taxed in full on the income tax. And-- and all the statistics you read, particularly the one don't like taxes, well now, they totally ignore the payroll tax. And it's huge now.

Tom Brokaw: Of all the tax lines that you've seen proposed over the years, a flat tax, a consumption tax, a more progressive income tax, which is the one that appeals to you the most?

Warren Buffett: Well, in theory a progressive consumption tax makes the most sense. I mean, if you tax the people who use the resources of society rather than ones who-- who-- who provide the resources of society, that makes more sense. And a consumption tax can be very progressive.

You can have just an unlimited IRA. As long as you invest money, and don't actually spend it for yourself, or your kids don't spend it, or whatever-- you don't get taxed. As soon as you start making withdrawals from society's bank, start using the resources, the-- the sweat of other people to-- benefit yourself, you would pay on that. That-- that's the one that makes the most sense. I don't-- it isn't gonna happen-- in all likelihood.

Certainly the worst taxes-- is something like a sales tax. I would say that we've got a pretty bad system, when we tax the person who-- who cleans out my office, the receptionist. They are paying 15-- payroll taxes, over 15 percent now, just for openers.

Most of my income is taxed at 15 percent, and-- and doesn't pay a payroll. Mainly it’s dividends and capital gains. And if you look at the For-- Forbes 400, a bunch of my fellow rich guys-- they will-- their tax rate overall to the federal government will be less than that of their receptionist. And I challenge anybody. If they want to make me a bet on that, and I've urged Congress, both the Senate and the House, to get the figures anonymously from the IRS. Just look at that Forbes 400. Takes a billion three to get on the Forbes 400 this year. And the aggregate wealth is just staggering. And those people are paying less percentage of their total income to the federal government than their receptionists are.

http://www.cnbc.com/id/21553857

 
 
 
They don't even know how to spell sprint car 
much less chromoly...http://www.ycmco.com

Back to the pole, sorta. I have and am surprised that others haven't received some very interesting shots of the babe from Alaska. I never have learned how to post pics and have no desire to learn now but I would gladly email the half dozen pics to someone who can have some fun with 'em. Drop me an email at [email protected] and I will send them to you to post on here if ya' like. Take It Easy......

Any nip slips? lol...........

It's pretty easy to post pics in this forum. Just click the image icon thats at the top of the box that you type in when you're writing your message, upload it then insert it into the message.

...

I 2nd.

!!SUPPORT YOUR LOCAL TRACKS!!
!!Get Well Shane!! 

For the Americans on here, the elections may decide the very existence of our sport!

Save your butt, get a colon screening TODAY

For complete line of Sponsor Awards check out 
MarshallTownLaser.com

Duane Davis

Laser Engraving 
641-751-7777
101 N Center
Marshalltown, Iowa 

Isn't that a little dramatic. And hey, we can always go to Australia!! (easy turbo, that is just a joke.)

Sean, Tucson, AZ. USA

!!SUPPORT YOUR LOCAL TRACKS!!
!!Get Well Shane!! 

Ask Terry McCarl about the elected officials gone wrong.

Ask the smokers in Iowa about the NO smoking even outdoors at any resturant.

Knoxville raceway gets by with a smoking area because of beer sales, IF they didn't sell beer you couldn't smnoke anyplace after you go in the gates.

I guess politics is un-important.

Save your butt, get a colon screening TODAY

For complete line of Sponsor Awards check out 
MarshallTownLaser.com

Duane Davis

Laser Engraving 
641-751-7777
101 N Center
Marshalltown, Iowa 

No man thinks more highly than I do of the patriotism, as well as abilities, of the very worthy gentlemen who have just addressed the House. But different men often see the same subject in different lights; and, therefore, I hope it will not be thought disrespectful to those gentlemen if, entertaining as I do opinions of a character very opposite to theirs, I shall speak forth my sentiments freely and without reserve. This is no time for ceremony. The questing before the House is one of awful moment to this country. For my own part, I consider it as nothing less than a question of freedom or slavery; and in proportion to the magnitude of the subject ought to be the freedom of the debate. It is only in this way that we can hope to arrive at truth, and fulfill the great responsibility which we hold to God and our country. Should I keep back my opinions at such a time, through fear of giving offense, I should consider myself as guilty of treason towards my country, and of an act of disloyalty toward the Majesty of Heaven, which I revere above all earthly kings.

Mr. President, it is natural to man to indulge in the illusions of hope. We are apt to shut our eyes against a painful truth, and listen to the song of that siren till she transforms us into beasts. Is this the part of wise men, engaged in a great and arduous struggle for liberty? Are we disposed to be of the number of those who, having eyes, see not, and, having ears, hear not, the things which so nearly concern their temporal salvation? For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth; to know the worst, and to provide for it.

I have but one lamp by which my feet are guided, and that is the lamp of experience. I know of no way of judging of the future but by the past. And judging by the past, I wish to know what there has been in the conduct of the British ministry for the last ten years to justify those hopes with which gentlemen have been pleased to solace themselves and the House. Is it that insidious smile with which our petition has been lately received? Trust it not, sir; it will prove a snare to your feet. Suffer not yourselves to be betrayed with a kiss. Ask yourselves how this gracious reception of our petition comports with those warlike preparations which cover our waters and darken our land. Are fleets and armies necessary to a work of love and reconciliation? Have we shown ourselves so unwilling to be reconciled that force must be called in to win back our love? Let us not deceive ourselves, sir. These are the implements of war and subjugation; the last arguments to which kings resort. I ask gentlemen, sir, what means this martial array, if its purpose be not to force us to submission? Can gentlemen assign any other possible motive for it? Has Great Britain any enemy, in this quarter of the world, to call for all this accumulation of navies and armies? No, sir, she has none. They are meant for us: they can be meant for no other. They are sent over to bind and rivet upon us those chains which the British ministry have been so long forging. And what have we to oppose to them? Shall we try argument? Sir, we have been trying that for the last ten years. Have we anything new to offer upon the subject? Nothing. We have held the subject up in every light of which it is capable; but it has been all in vain. Shall we resort to entreaty and humble supplication? What terms shall we find which have not been already exhausted? Let us not, I beseech you, sir, deceive ourselves. Sir, we have done everything that could be done to avert the storm which is now coming on. We have petitioned; we have remonstrated; we have supplicated; we have prostrated ourselves before the throne, and have implored its interposition to arrest the tyrannical hands of the ministry and Parliament. Our petitions have been slighted; our remonstrances have produced additional violence and insult; our supplications have been disregarded; and we have been spurned, with contempt, from the foot of the throne! In vain, after these things, may we indulge the fond hope of peace and reconciliation. There is no longer any room for hope. If we wish to be free-- if we mean to preserve inviolate those inestimable privileges for which we have been so long contending--if we mean not basely to abandon the noble struggle in which we have been so long engaged, and which we have pledged ourselves never to abandon until the glorious object of our contest shall be obtained--we must fight! I repeat it, sir, we must fight! An appeal to arms and to the God of hosts is all that is left us!

They tell us, sir, that we are weak; unable to cope with so formidable an adversary. But when shall we be stronger? Will it be the next week, or the next year? Will it be when we are totally disarmed, and when a British guard shall be stationed in every house? Shall we gather strength by irresolution and inaction? Shall we acquire the means of effectual resistance by lying supinely on our backs and hugging the delusive phantom of hope, until our enemies shall have bound us hand and foot? Sir, we are not weak if we make a proper use of those means which the God of nature hath placed in our power. The millions of people, armed in the holy cause of liberty, and in such a country as that which we possess, are invincible by any force which our enemy can send against us. Besides, sir, we shall not fight our battles alone. There is a just God who presides over the destinies of nations, and who will raise up friends to fight our battles for us. The battle, sir, is not to the strong alone; it is to the vigilant, the active, the brave. Besides, sir, we have no election. If we were base enough to desire it, it is now too late to retire from the contest. There is no retreat but in submission and slavery! Our chains are forged! Their clanking may be heard on the plains of Boston! The war is inevitable--and let it come! I repeat it, sir, let it come.

It is in vain, sir, to extenuate the matter. Gentlemen may cry, Peace, Peace-- but there is no peace. The war is actually begun! The next gale that sweeps from the north will bring to our ears the clash of resounding arms! Our brethren are already in the field! Why stand we here idle? What is it that gentlemen wish? What would they have? Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me,

give me liberty or give me death!

"As long as I can have a fast boat, a margarita 
machine and can light my hair on fire, I'll be just 
fine."

Jason Giambi

Drano, post some of those pics I sent ya', lol. The wholesome family stuff, hot Mom and party girl partying, come on they're not that bad, unless you're the family values party. Take It Easy.....