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Thread: The Fiscal Cliff

  1. #61
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by murral stark View Post
    On a w-4 you can choose to have more money witheld from your check by claiming "0" so you don't have to pay in at the end of the year because you overpaid on your taxable income. Or, you can claim all of your dependants and get more take home money and probably owe taxes at the end of the year. Let's just go to a flat tax with no deductions or credits. that way everybody pays the same effective tax rate.
    I know all about w-4's and how they impact witholdings. A was a payroll manager for many years.
    This has nothing to do with how much the person has witheld from their check.
    Witholding has nothing to do with the actual federal tax liability but rather how close the amount witheld comes to that liability either under or over.
    WHen someone ends up with a credit kicking over to refundable they will get anything witheld back plus a nice little redistributive bonus added on courtesy of the actual federal payers.
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

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    I did not mention anything about rep. or dem. However, I am not 100% positive, but it is likely not the only horse they own.

    The vet employees a vet tech, secretary and possibly others vets if he works with the Romney's.

    He Purchases medicine, medical supplies, medical equipment, heat for his building, a special vet vehicle and who knows how many other items which directly or indirectly employes thousands of people

    Now I am not even getting into the farrier, trainers, farmers providing the grain and hay, airplane crew flying the horses to and from Europe, truckers moving them around the United States, people involve putting on events like Rolex and there are multiple other levels.

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    Quote Originally Posted by Dan Storts View Post
    I did not mention anything about rep. or dem. However, I am not 100% positive, but it is likely not the only horse they own.

    The vet employees a vet tech, secretary and possibly others vets if he works with the Romney's.

    He Purchases medicine, medical supplies, medical equipment, heat for his building, a special vet vehicle and who knows how many other items which directly or indirectly employes thousands of people

    Now I am not even getting into the farrier, trainers, farmers providing the grain and hay, airplane crew flying the horses to and from Europe, truckers moving them around the United States, people involve putting on events like Rolex and there are multiple other levels.
    One Horse one

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    Quote Originally Posted by luvmylabs23139 View Post
    I know all about w-4's and how they impact witholdings. A was a payroll manager for many years.
    This has nothing to do with how much the person has witheld from their check.
    Witholding has nothing to do with the actual federal tax liability but rather how close the amount witheld comes to that liability either under or over.
    WHen someone ends up with a credit kicking over to refundable they will get anything witheld back plus a nice little redistributive bonus added on courtesy of the actual federal payers.

    Did I read sometime back that you immigrated here? If I am correct, is it any better in your home land? If I am mistaken about you immigrating here, disregard?

  5. #65
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    Passive Activity

    Ann Romney incurred $77,731 of expenses related to Rob Rom in 2012. The Romneys did not deduct $77,731 of horse-related expenses. The passive loss rules don't let them do that. They deducted $49, the proportionate amount covered by passive income.
    The publicity given the matter so far makes it appear that the LLC owns only one horse. We don't know how large Ann Romney's equity interest is, but the partnership agreement requires her to pay for two-thirds of Rafalca's expenses.

    That would imply that Rafalca costs nearly $10,000 per month for upkeep, training, and flying around the world to shows. Sounds like a lot, but it is within the usual range of expenses for such a horse. Rafalca went to London on a chartered jet.

    This is from a summary of the tax return. As you can see she deduct 49 dollars and the 77k was though the LLC ownership. I can give you much more information if you wish. My wife has these hay burners.

    BTW she has 6 to 8 horses.

  6. #66
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by murral stark View Post
    Did I read sometime back that you immigrated here? If I am correct, is it any better in your home land? If I am mistaken about you immigrating here, disregard?
    It varies as to which is better. Overall here but with Obama and his crew its debatable and it gets worse by the minute here. Obama is destroying this country.
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

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    Quote Originally Posted by Dan Storts View Post
    Passive Activity

    Ann Romney incurred $77,731 of expenses related to Rob Rom in 2012. The Romneys did not deduct $77,731 of horse-related expenses. The passive loss rules don't let them do that. They deducted $49, the proportionate amount covered by passive income.
    The publicity given the matter so far makes it appear that the LLC owns only one horse. We don't know how large Ann Romney's equity interest is, but the partnership agreement requires her to pay for two-thirds of Rafalca's expenses.

    That would imply that Rafalca costs nearly $10,000 per month for upkeep, training, and flying around the world to shows. Sounds like a lot, but it is within the usual range of expenses for such a horse. Rafalca went to London on a chartered jet.

    This is from a summary of the tax return. As you can see she deduct 49 dollars and the 77k was though the LLC ownership. I can give you much more information if you wish. My wife has these hay burners.

    BTW she has 6 to 8 horses.
    From the New York Times
    In 2010, the Romneys reported a $77,000 loss on their tax returns for their share of Rafalca, which is owned by a partnership that includes Ebeling’s wife, Amy, Ann Romney and Beth Meyer.
    This was on ONE HORSE

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    Quote Originally Posted by luvmylabs23139 View Post
    It varies as to which is better. Overall here but with Obama and his crew its debatable and it gets worse by the minute here. Obama is destroying this country.
    Well, we all have options. I just choose to look at what I have and be happy. I just get angry when people don't appreciate what they have and be happy, they would rather focus on the negative things and be miserable.

  9. #69
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    Quote Originally Posted by mngundog View Post
    From the New York Times

    This was on ONE HORSE
    Actually that is not where I got the information but they probably did a article. if they are not able to show a income 1 of every 5 years there could be a issue. Thus, it could be considered a hobby. That is the likely reason for becoming a partner in the stable.

  10. #70
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    Obama's plan to raise taxes on those making over $250k a year is nothing more than Class Warfare and his way of appeasing the poor and uneducted. It won't solve anything. The Top 2% already pay a huge sum in taxes. The Repubs plan of reforming the tax code and closing loopholes makes much more sense but it doesn't appease the socialist.

    Increasing taxes on Capital Gains will only ensure that Americans will invest less. Just look at the big money sitting on the sidelines. No investor in their right mind is going to risk thier capital when the rewards are so slim. Better to just sit on it than pay it to the government in additional taxes. The big players, the big investors are going offshore with their money where they can get a better ROI. How can anyone blame them when it is so obvious that Obama is anti-independent businesses. Just look at his actions today in Michigan. Here is a cash strapped state that is trying to attract investors and businesses by becoming a Right To Work state and Obama spoke out against it! With the demonstations of the last several days, no buisness in their right mind would want to move there.

    Obama and the socialtist can kill the wealth and before we know it we will all be poor. He has never had to balance a budget or live within his means. He is bad for business! Companies that will expand in this country will do so in the Right To Works states or they will take their buisness offshore. That is a fact of life!

    It is clear that Obama is too weak to make the tough choices and prefers to play Class Warfare which much of the media loves. Just like Ann's horse. The really big monied folks are fast giving up thier citizenship and moving to places that welcome their wealth. Not because they want to take it away but because they know it will be good for their economy.
    Last edited by Franco; 12-11-2012 at 09:32 PM.
    I believe we are seeing a major turning point in history. Keynesianism has failed, foreign intervention has failed, war has produced poverty and misery worldwide. The current model does not work, and our Empire does not work. This total failure has to change, and we need to present the alternative. Peace and prosperity. Ron Paul



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