SIRI Monthly Thread October 2015 (with NFL Chat)

[user34615145]

$184,000 ... Day ummmmmm. Great job NJ!!!






DM is the biggest loser on this board. CLOWN!

Wow! I second that opinion. Nice to see the good guys win something every once and a while. Sure hope that wasn't in a taxable acct. Mine was . Almost $470k profit was the tally when I sold the last my core.....but damn that tax bill was a bitch! At 20% LT rate that turned out to be $94k to Uncle Sam!

You'd think I'd have learned my lesson but I'm a slow learner. The little bit I recently purchased is in a taxable account too!

[waldo29]

I also left with a six figure profit 50k @ $.11, do the math

Top notch. A+

[midas360]

Good lord... great job user! I know investors get all upset about paying taxes but that's part of the game. I would take your scenario any day of the week. Again, great job!

Wow! I second that opinion. Nice to see the good guys win something every once and a while. Sure hope that wasn't in a taxable acct. Mine was . Almost $470k profit was the tally when I sold the last my core.....but damn that tax bill was a bitch! At 20% LT rate that turned out to be $94k to Uncle Sam!

You'd think I'd have learned my lesson but I'm a slow learner. The little bit I recently purchased is in a taxable account too!

DM is such a loud mouth prick.

[user34615145]

Good lord... great job user! I know investors get all upset about paying taxes but that's part of the game. I would take your scenario any day of the week. Again, great job!





DM is such a loud mouth prick.

I don't mind paying my fair share, I never have. But....I do have a problem paying taxes twice...three times really. I had already paid income tax on the money I invested. I took a risk with that money. Did the Gov't take any risk? No they did not...I did...and THIS particular time it worked out for me and there they are with their hand out demanding a cut....fine, nothing I can do about it....then I take the rest of the money and let's say I treat myself and I buy myself a big-ass boat....a nice 45 ft Searay with all the trimmings....guess what? I have to pay sales tax on that too! AND an extra "luxury tax" because, well you know, it's "unfair" that I should have that money in the first place and not some 22 year old baby momma with three kids and a fourth on the way.
Just sayin'

[midas360]

HAHAHA... you make some very valid points. If you were running for President, how would you change the tax laws to solve your problem below?

I don't mind paying my fair share, I never have. But....I do have a problem paying taxes twice...three times really. I had already paid income tax on the money I invested. I took a risk with that money. Did the Gov't take any risk? No they did not...I did...and THIS particular time it worked out for me and there they are with their hand out demanding a cut....fine, nothing I can do about it....then I take the rest of the money and let's say I treat myself and I buy myself a big-ass boat....a nice 45 ft Searay with all the trimmings....guess what? I have to pay sales tax on that too! AND an extra "luxury tax" because, well you know, it's "unfair" that I should have that money in the first place and not some 22 year old baby momma with three kids and a fourth on the way.
Just sayin'

DM is a big PUTZ!

[dm_4]

Fasten you chin straps boyz.....were going back to 4 in next few weeks.

[user34615145]

HAHAHA... you make some very valid points. If you were running for President, how would you change the tax laws to solve your problem below?







DM is a big PUTZ!

Well I certainly don't claim to have that solution - at least not all of it in detail. But here's a few thoughts. First, make the cap gains/loss tax treatment equal on both side of the equation. By that I mean this: If I have losses, I can offset gains right?...But I can't claim more than my actual losses against my actual gains in any one year right? If I have more losses than gains, I can carry those forward to next year, but cannot claim more than what? $3000 of those losses against any future year's gains? WTF????? But if I have Gains I have to pay all of those during the year they were realized....even if I don't have any losses to offset those. No carryover permitted. What's with that? Make it equal...if I have gains I can offset those with any losses I might have and then carry forward any gains over that amount up to $3000 per year until those gains are exhausted. Very complicated I know, and only the CPA's would make money keeping track of gains and losses with a tax code like that.
A simpler version would be just to do away with investment tax altogether...no deductions for losses, no tax on gains. Those losses and gains were made with money invested from already taxed dollars....

A flat income tax is the only thing that makes sense to me. I don't know how the numbers work out but let's say it's 10%. Everyone pays that.. No exceptions-no deductions. Comes right out of your paycheck and gets sent into the IRS with every payroll. That way everyone has some skin in the game. If I make $300 I pay $30 and take home $270. If I make $300k I pay $30k and take home $270k Bam! Done!...and if the budget cannot be balanced because the taxes collected are not enough to cover everything, then something needs to be cut...if our elected officials can't get their sh!t together enough to decide what, then raise that flat tax another percent and keep going til that budget is balanced. Then and only then will people start to realize that all these government programs cost money and somebody has to pay for them....it's all well and good when it's someone else's money but when it starts to hit your pocketbook the tune starts to change.

Don't read that the wrong way. I strongly believe that as a modern, developed country, we absolutely need to have a safety net for those who have fallen on hard times, or need an helping hand to get going, get educated or get medical care or to take care of our senior citizen who already spend their lifetimes working jobs grow to this economy and fighting wars to preserve this country. I just don't think that safety net should be so comfortable that people spend their entire lives there. There are 100's of thousands...maybe millions of people that are using some form of gov't assistance who truly need it...but there are also many, many 100's of thousands who abuse the system and have no incentive to move off of it...they are taking $$$ and food away from those that truly need it. So go after them, don't vilify the wealthy and tell them they aren't paying their "fair share" - go after those that are TAKING MORE than their fair share.

I would also cap the real estate taxes that any senior citizen is forced to pay...don't know what the number is but I think it's unconscionable that retired folks that worked all their lives and paid off their mortgages should be forced to sell their houses because the taxes they are assessed are more than they ever paid for their mortgage and they can't afford it.

[midas360]

Amen brotha man... I could sit for hours talking about this stuff.

Well I certainly don't claim to have that solution - at least not all of it in detail. But here's a few thoughts. First, make the cap gains/loss tax treatment equal on both side of the equation. By that I mean this: If I have losses, I can offset gains right?...But I can't claim more than my actual losses against my actual gains in any one year right? If I have more losses than gains, I can carry those forward to next year, but cannot claim more than what? $3000 of those losses against any future year's gains? WTF????? But if I have Gains I have to pay all of those during the year they were realized....even if I don't have any losses to offset those. No carryover permitted. What's with that? Make it equal...if I have gains I can offset those with any losses I might have and then carry forward any gains over that amount up to $3000 per year until those gains are exhausted. Very complicated I know, and only the CPA's would make money keeping track of gains and losses with a tax code like that.
A simpler version would be just to do away with investment tax altogether...no deductions for losses, no tax on gains. Those losses and gains were made with money invested from already taxed dollars....

A flat income tax is the only thing that makes sense to me. I don't know how the numbers work out but let's say it's 10%. Everyone pays that.. No exceptions-no deductions. Comes right out of your paycheck and gets sent into the IRS with every payroll. That way everyone has some skin in the game. If I make $300 I pay $30 and take home $270. If I make $300k I pay $30k and take home $270k Bam! Done!...and if the budget cannot be balanced because the taxes collected are not enough to cover everything, then something needs to be cut...if our elected officials can't get their sh!t together enough to decide what, then raise that flat tax another percent and keep going til that budget is balanced. Then and only then will people start to realize that all these government programs cost money and somebody has to pay for them....it's all well and good when it's someone else's money but when it starts to hit your pocketbook the tune starts to change.

Don't read that the wrong way. I strongly believe that as a modern, developed country, we absolutely need to have a safety net for those who have fallen on hard times, or need an helping hand to get going, get educated or get medical care or to take care of our senior citizen who already spend their lifetimes working jobs grow to this economy and fighting wars to preserve this country. I just don't think that safety net should be so comfortable that people spend their entire lives there. There are 100's of thousands...maybe millions of people that are using some form of gov't assistance who truly need it...but there are also many, many 100's of thousands who abuse the system and have no incentive to move off of it...they are taking $$$ and food away from those that truly need it. So go after them, don't vilify the wealthy and tell them they aren't paying their "fair share" - go after those that are TAKING MORE than their fair share.

I would also cap the real estate taxes that any senior citizen is forced to pay...don't know what the number is but I think it's unconscionable that retired folks that worked all their lives and paid off their mortgages should be forced to sell their houses because the taxes they are assessed are more than they ever paid for their mortgage and they can't afford it.

STFU DM... you add value to this forum. You are a trouble maker. That's why you are single and will always be single.

[Steiny]

Well I certainly don't claim to have that solution - at least not all of it in detail. But here's a few thoughts. First, make the cap gains/loss tax treatment equal on both side of the equation. By that I mean this: If I have losses, I can offset gains right?...But I can't claim more than my actual losses against my actual gains in any one year right? If I have more losses than gains, I can carry those forward to next year, but cannot claim more than what? $3000 of those losses against any future year's gains? WTF????? But if I have Gains I have to pay all of those during the year they were realized....even if I don't have any losses to offset those. No carryover permitted. What's with that? Make it equal...if I have gains I can offset those with any losses I might have and then carry forward any gains over that amount up to $3000 per year until those gains are exhausted. Very complicated I know, and only the CPA's would make money keeping track of gains and losses with a tax code like that.
A simpler version would be just to do away with investment tax altogether...no deductions for losses, no tax on gains. Those losses and gains were made with money invested from already taxed dollars....

A flat income tax is the only thing that makes sense to me. I don't know how the numbers work out but let's say it's 10%. Everyone pays that.. No exceptions-no deductions. Comes right out of your paycheck and gets sent into the IRS with every payroll. That way everyone has some skin in the game. If I make $300 I pay $30 and take home $270. If I make $300k I pay $30k and take home $270k Bam! Done!...and if the budget cannot be balanced because the taxes collected are not enough to cover everything, then something needs to be cut...if our elected officials can't get their sh!t together enough to decide what, then raise that flat tax another percent and keep going til that budget is balanced. Then and only then will people start to realize that all these government programs cost money and somebody has to pay for them....it's all well and good when it's someone else's money but when it starts to hit your pocketbook the tune starts to change.

Don't read that the wrong way. I strongly believe that as a modern, developed country, we absolutely need to have a safety net for those who have fallen on hard times, or need an helping hand to get going, get educated or get medical care or to take care of our senior citizen who already spend their lifetimes working jobs grow to this economy and fighting wars to preserve this country. I just don't think that safety net should be so comfortable that people spend their entire lives there. There are 100's of thousands...maybe millions of people that are using some form of gov't assistance who truly need it...but there are also many, many 100's of thousands who abuse the system and have no incentive to move off of it...they are taking $$$ and food away from those that truly need it. So go after them, don't vilify the wealthy and tell them they aren't paying their "fair share" - go after those that are TAKING MORE than their fair share.

I would also cap the real estate taxes that any senior citizen is forced to pay...don't know what the number is but I think it's unconscionable that retired folks that worked all their lives and paid off their mortgages should be forced to sell their houses because the taxes they are assessed are more than they ever paid for their mortgage and they can't afford it.

I had a thought a while back on this... no one can figure out exactly how to fix all this tax mess. What if the gov't added a 1% Federal sales tax on purchases? Seems like a lot of people end up cheating on their taxes and under-reported income or don't report income at all. People won't be able to stop buying food, water, etc... so instead of taxing income, add a slight 1% sales tax. This way, I think at least, there will be no hiding tax liability. Businesses will have to collect and pay to the government. Yeah, it adds more burden to small and large businesses, but so what? There's more burden to businesses trying to figure out the tax code.

This isn't an end all solution, but I think it would help.

[midas360]

I've actually thought about that too. I think it's a great compromise and would be easy to implement. That way the federal government (like the states) can collect tax revenue from illegals too. I mean everyone pays sales tax, right? I wish we had more of consumption tax though. Don't tax the earnings, tax consumption. The government could then make the tax "dynamic" too. If the economy is heating up too fast, raise the tax. If the economy is slowing, lower it.

I had a thought a while back on this... no one can figure out exactly how to fix all this tax mess. What if the gov't added a 1% Federal sales tax on purchases? Seems like a lot of people end up cheating on their taxes and under-reported income or don't report income at all. People won't be able to stop buying food, water, etc... so instead of taxing income, add a slight 1% sales tax. This way, I think at least, there will be no hiding tax liability. Businesses will have to collect and pay to the government. Yeah, it adds more burden to small and large businesses, but so what? There's more burden to businesses trying to figure out the tax code.

This isn't an end all solution, but I think it would help.