STATE TAX aircraft

[jetdriven]

RJ, I guess you are missing the whole industrial revolution. Thats what transitioned our economy from agrarian to industrial. it was before 1920 also.

Consider what happened in 1929 and compare it to what happened in 2008.  It is exactly the same.  The laws enacted after the 1929 crash were repealed during the early 2000s and allowed banks to also act as investment and brokerage houses.  They made huge bets and collapsed the entire financial system.  As a result, we all pay.

Let me ask you a question, were you in favor of the bank bailout, or what should REALLY have been done with that situation?  How about to prevent it? I would like to know.

Quote: RJBrown

#3 Prior to 1935 we were primarily a agrarian society. Families stayed together and each generation took care of their own. They raised their own children without food stamps and took care of their parents if needed. Once settled we generally stayed in one place if not one home for life. Abandoning family responsibility was not done. There was no Big Brother to do it for us. The children and the aged would not make it without families. Social programs of today have allowed the families to rescind this responsibility. There is no longer any social stigma associated with failing to support family. We have turned it over to the state. Do you really see this a progress?

[Parker_Woodruff]

Don't confuse "refund" with "didn't pay any taxes".  Depending on my income, I might send in a quarterly payment to the IRS so I don't get penalized if I pay too little during the year.  After I pay too much (as I do every year), I get a refund.  I, too, don't like how Whirlpool and GE don't pay any taxes.  Guess which administration is paying them off for their "energy star" or whatever appliances.  Look at the relationship between GM, GE, and Chevy Volt purchases.

Quote: jetdriven

Don't you find it obscene we are trying to find a way to extract more money out of people who make a household income of less than 35K PER YEAR? (this is the cutoff, many make far less) (bottom 40% of households)

Meanwhile the biggest corporations pay no income tax at all?  WTFO?  Is that fair?

Cant anyone see the ridiculousness of the situation?

 

source:  http://sanders.senate.gov/newsroom/news/?id=67562604-8280-4d56-8af4-a27f59d70de5

 

1)      Exxon Mobil made $19 billion in profits in 2009.  Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.  (Source: Exxon Mobil's 2009 shareholder report filed with the SEC here.)

2)      Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion. (Source: Forbes.com here, ProPublica here and Treasury here.)

3)      Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS. (Source: Citizens for Tax Justice here and The New York Times here.  Note: despite rumors to the contrary, the Times has stood by its story.)

4)      Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.  (Source: See 2009 Chevron annual report here.  Note 15 on page FS-46 of this report shows a U.S. federal income tax liability of $128 million, but that it was able to defer $147 million for a U.S. federal income tax liability of $-19 million)

5)      Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year. .  (Source: Paul Buchheit, professor, DePaul University, here and Citizens for Tax Justice here.)

6)      Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction. (Source: the company's 2009 annual report, pg. 112, here.)

7)      Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.  (Source: Bloomberg News here, ProPublica here, Treasury Department here.)

8)      Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury. (Source: Paul Buchheit, professor, DePaul University, here, ProPublica here, Treasury Department here.)

9)      ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2006 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.  (Sources: Profits can be found here.  The deduction can be found on the company's 2010 SEC 10-K report to shareholders on 2009 finances, pg. 127, here)

10)  Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.  (Source: The New York Times here)

Meanwhile these large corporations paid:

 

[KSMooniac]

Funny that you cite from the only admitted socialist in the Senate!  

Corporate tax avoidance is a problem, certainly, but all taxes "paid" by corporations are passed thru to the end consumer anyway so penalizing them just ends up costing all of us more.  One thing the socialist Sanders doesn't mention is profit MARGIN, which must be kept in perspective when pointing at "billions" in profits and crying foul.  Many of those evil corporations in the list had profit margins of just a few percent, making them slightly more attractive than a savings account for investment.  The government makes more on a gallon of gas than ExxonMobil or Valero...  If you want to cry about "excessive" profits then look at one of the left's favorites, Apple!  Their margins are extremely high, they have a ton of cash that they're not spreading around, and their business practices are far worse than anything that Microsoft ever did when it was getting sued by governmental entities in the last decade...

What is absolutely nuts is the current tax code and it's tens of thousands of pages that require us to spend countless hours (or pay someone else) to understand and comply with it, and keep up with changes.  The entire system should be SCRAPPED (not reformed) and the Fair Tax should be implemented.  It would free up so much pent-up capital (like those trillions sitting overseas and in banks) that economic growth would explode in the country.  One would have to hide under a rock to keep from finding a job.  The compliance difficulties would go completely away, and all of those accountants and lawyers that do nothing but work to minimize taxes (ie not producing anything useful) could be redeployed into productive work.  The poor would be completely un-burdened as well, so the liberals should really like that as well.  It is the most equitable tax plan ever studied...

I'm 38 by the way, and bought my plane when I was 33.  There are many of us here under the age of 50.

[aerobat95]

Quote: jetdriven

I would like to point out it is Scott who hijacked this thread with his political rant.  Of course since I have a differing opinion then I must be a "nazi" "socialist" "sick" or some other name you saw on Fox News.

No wonder GA is going away with some of the attitudes I see on here.  As it is, my wife and I must be the only under 50 somethings who own an airplane on this board.  Probably a reason for that as well given some of the sentiment diplayed here.   Perhaps we are all hopelessly divided.  Everyone heil to the Republican Party, Fox News, Drudge Report!   Give everything away to serve your corporate masters! Anyone who doesn't agree with that should be marched out and shot!

[jetdriven]

OK we are up 5 !

 

[FAST FLIGHT OPTIONS LLC]

I'm 36. My "K" is about 6 years my junior!

[jetdriven]

6 !  maybe some hope yet!

[FAST FLIGHT OPTIONS LLC]

I might be 36 and the sole owner of a M20K But l like Fox News and think Glenn Beck would make a great president. Not sure where that puts me in your standing

[Parker_Woodruff]

I have done more than one Mooney checkout for a new owner in their 20s...One, in fact, had the cleanest MSE I have ever seen.

scott mccray is one just a bit older than me...chalk up #7.  At least 1/1000th of the owners of the operating Mooney fleet are under 50 and reported so far, right on this board!

[MARZ]

"Don't you find it obscene we are trying to find a way to extract more money out of people who make a household income of less than 35K PER YEAR?"

No - what I find obscene are the people that are earning less than 35K paying NOTHING into the system that they enjoy, and in cases actually getting a refund back over and above the zero dollars put in.  - Where does that money come from???? 

These same people bitch about society keeping them down when they get

Food subsidies, Housing subsidies, Their children get a free education, free transportation to the school, free breakfast when they get there, free lunch while they are there and OH seeing that it is a bother to go to school and learn..... we figure we can bribe them to actually show up by giving them an Ipod.

Contrary to the brainwashed populous belief - Government doesn't MAKE money.  If my wage doesn't support my spending I can't buy the things I want - I can't just get another credit increase or take out a loan. 

Creating jobs by improving infrastructure or creating a government sector job (new IRS employees to make sure Obama care is complied with for example) will not create new tax revenue, but it sure will spend it.   You spend tax dollars to employ someone to improve a road or work for the government - they in turn pay back into the system (if they make more than 35K) at percentage of the tax dollars you've just given them.  Government jobs DO NOT sustain or increase tax revenue - they erode it.

 

[RJBrown]

Quote

: jetdriven

[smccray]

Quote: Parker_Woodruff

 

scott mccray is one just a bit older than me...chalk up #7.  At least 1/1000th of the owners of the operating Mooney fleet are under 50 and reported so far, right on this board!

[fantom]

Quote: jetdriven

....since I have a differing opinion then I must be a "nazi" "socialist" "sick" or some other name you saw on Fox News.

No wonder GA is going away with some of the attitudes I see on here.  As it is, my wife and I must be the only under 50 somethings who own an airplane on this board.  Probably a reason for that as well given some of the sentiment diplayed here.   Perhaps we are all hopelessly divided.  Everyone heil to the Republican Party, Fox News, Drudge Report!  

[John Pleisse]

Quote: fantom

 

[jetdriven]

redacted

 

 

[Shadrach]

Quote: jetdriven

[KSMooniac]

Very well written, Ross!  

I too remember the heydays of the early 80's when a Saturday at the airport was a beehive of activity because there were so many more owners and pilots active, and yes, they weren't all rich folks!  

My hometown had an "underclass" of sorts centered around the housing projects, and there was a Job Corps campus that was nothing more than a glaring example of liberal good intentions implemented in such a fashion that it was an abject failure.  The "students" lived on the campus and went to class, presumably to learn job skills, and were also paid a wage of some sort while they were there.  I worked at Wal-Mart while in high school, and every two weeks on Wednesdays when they got paid, they walked to Wal-Mart to shop, and without fail, steal.  I hope some of those people learned something useful and later became productive members of society, but many of them worked in teams and shoplifted on a grand scale, and it was no secret.  Wal-Mart would bring all of the security folks from the region to our store on those days, but it was impossible to stop it completely.

We had a whole lot of kids from single-parent households because the welfare system was setup to reward having kids out of wedlock.  Siblings with different fathers was all too common.  

There are so many more examples of how all of these good intentions have done nothing to solve the problems they intended to tackle, and instead of just wastefully transferred wealth and enabled poor behavior endlessly.  The poverty rates today are really no different (perhaps worse after the last 2 years) than they were in the 60s when all of this crap really started.  Trillions of dollars in transfers over the last 4+ decades and all we have to show for it is broken promises and shattered families (and cities).

[jetdriven]

Can anybody comment on the amount of corporate welfare in this country compared to welfare paid to individuals?  Im not talking government pensions or social security, but real live poor people on welfare.

[rbridges]

anyway, got my property tax in the mail today for the mooney. 

[Parker_Woodruff]

Quote: jetdriven

Can anybody comment on the amount of corporate welfare in this country compared to welfare paid to individuals?  Im not talking government pensions or social security, but real live poor people on welfare.

[jetdriven]

We have farm subsidies, ethanol subsidies, tax credits.  Not even counting the billions in the NASA budget which go to Boeing, Lockheed etc.      Where is the talk of cutting that?

[Parker_Woodruff]

Quote: jetdriven

We have farm subsidies, ethanol subsidies, tax credits.  Not even counting the billions in the NASA budget which go to Boeing, Lockheed etc.      Where is the talk of cutting that?

[gregwatts]

I say ROP is better..........just sayin

[MARZ]

Quote: gregwatts

I say ROP is better..........just sayin

[KSMooniac]

Quote: jetdriven

We have farm subsidies, ethanol subsidies, tax credits.  Not even counting the billions in the NASA budget which go to Boeing, Lockheed etc.      Where is the talk of cutting that?