Tax/War question

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Originally Posted by GoldenBoy812

No, the Fed has in theory, an unlimited supply of money at their disposal. It is their purchasing of securities (US debt) that allows them to add to the reserves of member banks. Of course, this does allow them to potentially purchase guaranteed assets (USTC) if reserve deposits get re-appropriated on to the balance sheet.

It has to say something about the overall strength of the dollar relative to other currencies, because when things started to get tough, the entire world began purchasing dollars which has made my trip to Rotterdam much cheaper! Look at how the dollar has killed other currencies these past two months.

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Yes but only because the rest of the worlds economies are in sad shape as well. Enjoy the strength while it lasts. The printing presses will be fired up soon. Its the only way.

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Originally Posted by Mississippi Steve

last year my *NET* income was $26,000 and out of that I have to pay over $10,000 in taxes.

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I think you need to get a better tax advisor.

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Originally Posted by dragonrider

I think you need to get a better tax advisor.

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Taxes as a sole propriator is a BOHICA event. FWIW, that was *AFTER* all the exemptions, deductions, and profit/loss statements.

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Originally Posted by Mississippi Steve

Taxes as a sole propriator is a BOHICA event. FWIW, that was *AFTER* all the exemptions, deductions, and profit/loss statements.

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Ha ha! I thought BOHICA must be some kind of tax statute acronym I had not heard of, like AMT or something. Googled it, and I guess it is not an official acronym...

Do you get business tax advice? And I'm not just talking about someone to do your paperwork --- I mean someone who can advise you on how to avoid taxes and run your business in a tax efficient way.

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Originally Posted by zeitgeist

Maybe someone can answer this for me because everyone avoids it like an STD

Why is it that everyone who supports the war in Iraq/Afghanistan dont want to pay higher taxes? I mean where is all extra this money supposed to come from? It just shows me how all these patriotic people want "victory" but yet dont want to sacrifice anything of themselves.

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Don't tell me you're going to be ignorant enough to use the word "EVERYONE"...:wtf: You shouldn't be so stereotypical. As for the question I don't think anyone wants to pay higher taxes but, we all have to pay some tax. If only people who wanted to pay for the military paid for it we wouldn't do so well. Truth is most people if they could have their way they wouldn't pay taxes at all if that burden could be put on someone else.

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Originally Posted by dragonrider

Ha ha! I thought BOHICA must be some kind of tax statute acronym I had not heard of, like AMT or something. Googled it, and I guess it is not an official acronym...

Do you get business tax advice? And I'm not just talking about someone to do your paperwork --- I mean someone who can advise you on how to avoid taxes and run your business in a tax efficient way.

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Yes, I do have an accountant, and this year he has incorporated my business. Not that its going to do that much good, business is so slow, that so far this year, It has cost more to keep my doors open than I have brought in, and now the IRS is wanting another $6800 for my 2007 taxes, over and above what I have already paid in for quarterly estimated.

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Originally Posted by GoldenBoy812

No, the Fed has in theory, an unlimited supply of money at their disposal. It is their purchasing of securities (US debt) that allows them to add to the reserves of member banks. Of course, this does allow them to potentially purchase guaranteed assets (USTC) if reserve deposits get re-appropriated on to the balance sheet.

It has to say something about the overall strength of the dollar relative to other currencies, because when things started to get tough, the entire world began purchasing dollars which has made my trip to Rotterdam much cheaper! Look at how the dollar has killed other currencies these past two months.

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Of course it has an unlimited supply of currency. However, we all know the only thing that gives our money value is how much of it is in circulation.

I wasn't talking about that practice. I'm talking about the interest we owe for every dollar in circulation (physical or electronic) to the Fed.

You know, the way every dollar is one dollar plus a prescribed percentage of interest.