Bang, Locked Down

[Kid Cid]

Perhaps this is just a sneaky way of expanding the government dole my making the IRS larger.

[SEC=UGA]

Its OK to hate change. My dad still uses a wired telephone for fear someone will hear his conversation.

 

Yep, I still use a pay phone down the road from Tony's Bar for "certain" conversations.

[Azazello1313]

The recipient of the 1099's generally just toss them in the trash. Their internal record keeping should back up their tax filings.

 

maybe it's different for big businesses, but don't you have to enter 1099 income differently than like your general schedule C records? and doesn't each 1099 have to recorded separately? I think that's how it is just based on my limited experience reporting my wife's income (as a freelance musician) on our taxes. it's already kind of a headache, because you have to find and back out any income you get a w2 or 1099 on from your general schedule C records so you don't count it twice. right now, that's only a few 1099s per year, so it's not really worth buying some accounting software or something to deal with it.

[Azazello1313]

In theory though, I agree that the government is putting too much of their responsibility on to businesses. What's your alternative though to capture people hiding income?

 

stop taxing income

[CaP'N GRuNGe]

maybe it's different for big businesses, but don't you have to enter 1099 income differently than like your general schedule C records? and doesn't each 1099 have to recorded separately? I think that's how it is just based on my limited experience reporting my wife's income (as a freelance musician) on our taxes. it's already kind of a headache, because you have to find and back out any income you get a w2 or 1099 on from your general schedule C records so you don't count it twice. right now, that's only a few 1099s per year, so it's not really worth buying some accounting software or something to deal with it.

 

Could be. Also I work for a non-profit so we don't care about no stinking taxes (for the most part).

[CaP'N GRuNGe]

stop taxing income

 

True. But I don't see anything that big happening any time soon.

[wiegie]

stop taxing income

if you tax consumption instead, you could open up a bigger can of worms because assumingly you would not tax business purchases, therefore you will be left to audit whether the truck that Perch bought is used 100% for business purposes or if it also used for personal reasons (in which case you would have to figure out how much of that consumption tax he needs to pay)

[Perchoutofwater]

if you tax consumption instead, you could open up a bigger can of worms because assumingly you would not tax business purchases, therefore you will be left to audit whether the truck that Perch bought is used 100% for business purposes or if it also used for personal reasons (in which case you would have to figure out how much of that consumption tax he needs to pay)

 

I think you would tax business purchases, they do here with the state sales tax.

[Azazello1313]

if you tax consumption instead, you could open up a bigger can of worms because assumingly you would not tax business purchases, therefore you will be left to audit whether the truck that Perch bought is used 100% for business purposes or if it also used for personal reasons (in which case you would have to figure out how much of that consumption tax he needs to pay)

 

that, as far as I can tell, is not a new can of worms. or at least the worms are the same, just in a slightly different can. people write off questionable business expenses all the time, and the only real check on that is an audit.

 

in any case, I'm not entirely sure that business purchases would need to be exempt in the first place.

[Ursa Majoris]

in any case, I'm not entirely sure that business purchases would need to be exempt in the first place.

+1.

 

If the intent is to simplify the tax code, then tax everything under a sales tax / VAT, no exemptions for anyone or anything. Exemptions are one of the reasons our tax code is such a mess in the first place.

[westvirginia]

+1.

 

If the intent is to simplify the tax code, then tax everything under a sales tax / VAT, no exemptions for anyone or anything. Exemptions are one of the reasons our tax code is such a mess in the first place.

 

+2 Wiegie it's the end user that is taxed. Perch would pay the sales tax on that truck whether it's business, personal or mixed. Ford won't pay the tax to International for the engine, or Cummings for the transmission.

[muck]

FWIW, BANG! works fine for me. I don't think it's locked down at all.

[Clubfoothead]

do we really think dell and amazon and sams club are lying about their sales?

 

We all know why BP lied about the extent of the leak and kept the HD feed under lock and key. Fines per gallon. The whole financial meltdown of 2008 was due to banks and Wall Street profiteers lying about derivatives. Drug companies lie all the time about the efficacy or side effects of their products. Car companies hold off on recalls until after stautes of limitations run or cars have been scrapped for salvage.

 

Will the program be cost effective? I don't know but wether it is or not, that's no excuse for small businesses not paying their fair share simply because it is a burden to track. I think the one thing we can agree on is that the current system, without reporting is begging to be defrauded. Look at the number of 1099's you all are whining about. Right now, each and every one of those transactions represent the opportunity for the government to be defrauded by its citizenry. Everybody loves banging on the pentagon for paying $900.00 for a hammer but somebody invoiced a $900.00 hammer.

 

I'll never support a sales tax system. When the economy takes a $hit, sales plummet. When the government is most needed, it has the least money. That's completely backwards.

[Azazello1313]

I'll never support a sales tax system. When the economy takes a $hit, sales plummet. When the government is most needed, it has the least money. That's completely backwards.

 

if that's the real reason, then you've got it backwards. because income (what we currently tax) is a lot more volatile in response to the business cycle than consumption is.

[SEC=UGA]

We all know why BP lied about the extent of the leak and kept the HD feed under lock and key. Fines per gallon. The whole financial meltdown of 2008 was due to banks and Wall Street profiteers lying about derivatives. Drug companies lie all the time about the efficacy or side effects of their products. Car companies hold off on recalls until after stautes of limitations run or cars have been scrapped for salvage.

 

Will the program be cost effective? I don't know but wether it is or not, that's no excuse for small businesses not paying their fair share simply because it is a burden to track. I think the one thing we can agree on is that the current system, without reporting is begging to be defrauded. Look at the number of 1099's you all are whining about. Right now, each and every one of those transactions represent the opportunity for the government to be defrauded by its citizenry. Everybody loves banging on the pentagon for paying $900.00 for a hammer but somebody invoiced a $900.00 hammer.

 

I'll never support a sales tax system. When the economy takes a $hit, sales plummet. When the government is most needed, it has the least money. That's completely backwards.

 

Actually, when the economy tanks governemnt revenues, via the income tax, plummet as well. At least with the sales tax the evil rich people that are buying stuff will be paying taxes.

[Clubfoothead]

if that's the real reason, then you've got it backwards. because income (what we currently tax) is a lot more volatile in response to the business cycle than consumption is.

 

Raise the sales tax in Texas to get our republican deficit of $3,000,000,000.00 to $15,000,000,000.00 down to zero? That should really stimulate small businesses. They've been slashing budgets for a decade now and are still billions short, with sales tax. I have no degree in economirifics but to me, its all 6 of one 1/2 dozen of the other. I don't have enough discretionary spending for it to matter either way. What are we going to increase the sales tax on to make up for this deficit?

[Perchoutofwater]

Raise the sales tax in Texas to get our republican deficit of $3,000,000,000.00 to $15,000,000,000.00 down to zero? That should really stimulate small businesses. They've been slashing budgets for a decade now and are still billions short, with sales tax. I have no degree in economirifics but to me, its all 6 of one 1/2 dozen of the other. I don't have enough discretionary spending for it to matter either way. What are we going to increase the sales tax on to make up for this deficit?

 

Your just wrong here. Texas was in the black until the recent economic down turn, and is still in much better shape than the majority of the states. While Texas has cut some areas of the budget, the state government is still spending significantly more in inflation adjusted dollars then we did ten years ago. Yes, Texas like just about everyone else is running a deficit this year, but as late as December of 2008 we were running a surplus.

[Azazello1313]

Your just wrong here. Texas was in the black until the recent economic down turn, and is still in much better shape than the majority of the states.

 

exactly. texas revenues are down, just like every other state. but they are down LESS than states that rely primarily on income tax. because consumption tax revenues are less cyclical than income tax revenues.

 

so club, you're going to have to come up with another excuse for opposing a consumption tax, because the one you offered argues strongly in its favor.

[Clubfoothead]

Your just wrong here. Texas was in the black until the recent economic down turn, and is still in much better shape than the majority of the states. While Texas has cut some areas of the budget, the state government is still spending significantly more in inflation adjusted dollars then we did ten years ago. Yes, Texas like just about everyone else is running a deficit this year, but as late as December of 2008 we were running a surplus.

 

So in other words, we currently have a $3,000,000,000.00 to $15,000,000,000.00 deficit like I said. If it were late 2008 today you would certainly have the numbers in your favor but in 2010, Texas is running a multi-billion deficit. You are just wrong.

 

exactly. texas revenues are down, just like every other state. but they are down LESS than states that rely primarily on income tax. because consumption tax revenues are less cyclical than income tax revenues.

 

so club, you're going to have to come up with another excuse for opposing a consumption tax, because the one you offered argues strongly in its favor.

 

Revenues? We are talking about deficits. Texas has one of the highest sales tax rates in the nation and localities get to add on to that rate. Yet we still have a $3,000,000,000.00 to $15,000,000,000.00 deficit. In glancing at the census bureau data, it appears impossible to support your opinion that states with only sales tax are any better off than those with an income tax. There are 4 states not facing budget shortfalls in 2010. 3 of the 4 have state income tax.