Unamerican, traitor's tax evading people

[Primemuscle]

this is a prime example of some fucking hack liberal journalist trying to make a name for himself among a group of liberal fucking lemmings who only want to read what they want to hear.

this author has ZERO idea of how to read a financial statement and chooses to disseminate misinformation to his following of willfully ignorant and this article has had holes blown in it the size of minivans since it made it to press.

the sad fact is that he saw that GE had a Deferred tax asset on their books for 2010 and some fucking idiot thinks that deferred tax asset means that they got a refund. 

Forbes Media LLC is a privately held publishing and new media company. Its flagship publication is Forbes, a bi-weekly magazine, with a circulation of over 900,000. The company’s website, Forbes.com, is the leading business site on the Web that reaches on average more than 21 million people monthly.

Articles in Forbes cover a wide array of topics from the worlds of industry, finance, international business, marketing, law, taxes, science, technology, communications, investments and entrepreneurship. Steve Forbes is the magazine's Editor-in-Chief and contributes a column in each issue called "Fact and Comment." Randall Lane is Editor and Rich Karlgaard is Publisher.
 
The re-architected Forbes has a greater focus on reporting—investigative, immersive and involved—by journalists operating from the center of the stories they are telling. The magazine is more participatory—with significantly more first-hand accounts from story subjects and the Forbes community at large.

[bears]

Exactly! Mortgage lenders did no force folks to borrow more than they could repay. It was this easy money that drove the housing market up and up. Not to forget that many people's housing expectations have become completely unrealistic considering their income level. The average house is considerably larger with many more amenities than houses of the past had. Just look at post WWII housing verses houses built recently. The difference is amazing. On the other hand, motgage brokers knew they were making bad loans. However, their motivation was the commision. Goverment regulators should have seen the "writing on the wall" since history often repeats itself....remember the Savings and Loan crisis of the 1980's and 1990's.

yup.  and i still see it today with most of the people that I come across in the real estate industry.  especially as a tax preparer.  

"Well my mortgage guy told me to leave off all of my Schedule C expenses so that my income would be higher".

And they think that this is perfectly acceptable behavior.  A lot of them make no bones about the fact that they are there to get you into the most expensive house that you can qualify for.  period.

the customer is usually the typical media baby who wants to live in the most expensive house and the real estate and mortgage guys want the biggest commission.

fact is that the housing bubble was not the fault of the banks.  it was not the fault of the buyers.  it was everyone.  it is a culture of greed and envy like no where else in the world that got the US in the predicament that it is in.

[bears]

Forbes Media LLC is a privately held publishing and new media company. Its flagship publication is Forbes, a bi-weekly magazine, with a circulation of over 900,000. The company’s website, Forbes.com, is the leading business site on the Web that reaches on average more than 21 million people monthly.

Articles in Forbes cover a wide array of topics from the worlds of industry, finance, international business, marketing, law, taxes, science, technology, communications, investments and entrepreneurship. Steve Forbes is the magazine's Editor-in-Chief and contributes a column in each issue called "Fact and Comment." Randall Lane is Editor and Rich Karlgaard is Publisher.
 
The re-architected Forbes has a greater focus on reporting—investigative, immersive and involved—by journalists operating from the center of the stories they are telling. The magazine is more participatory—with significantly more first-hand accounts from story subjects and the Forbes community at large.

journalism is dead

[Primemuscle]

Thirty companies paid no income tax 2008-2010:

(Reuters) - Thirty large and profitable U.S. corporations paid no income taxes in 2008 through 2010, said a study on Thursday that arrives as Congress faces rising demands for tax reform, but seems unable or unwilling to act.
 
Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied.
 
The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world, but over the 2008-2010 period, very few of the companies studied paid it, said the report.
 
The average effective tax rate for the companies over the period was 18.5 percent, said Citizens for Tax Justice and the Institute on Taxation and Economic Policy, both think tanks.
 
Their report also listed General Electric Co, Paccar Inc, PG&E Corp, Computer Sciences Corp and NiSource Inc as among the 30 that paid no taxes. All 280 corporations examined were profitable over the period.
 
Corporations will say rightly that the loopholes that let them slash their taxes were perfectly legal, the report said.

"But that does not mean that low-tax corporations bear no responsibility ... The laws were not enacted in a vacuum; they were adopted in response to relentless corporate lobbying, threats and campaign support," the report said.
 
As Congress and the Obama administration struggle with a sluggish economy and high deficits, corporations are pressing Capitol Hill for more tax breaks, including one that would let them bring home overseas profits at a reduced tax rate.

The congressional "super committee" tasked with finding at least $1.2 trillion in additional budget savings by November 23 is so far deadlocked across a familiar divide -- Republicans refusing any tax hikes, Democrats defending social programs.
 
On Tuesday, a panel of budget experts warned super committee members that they would fail the country if they do not meet their goal. Financial markets have been waiting for many months for signs that Washington can get its financial house in order, but few have been forthcoming.

[Primemuscle]

yup.  and i still see it today with most of the people that I come across in the real estate industry.  especially as a tax preparer.  

"Well my mortgage guy told me to leave off all of my Schedule C expenses so that my income would be higher".

And they think that this is perfectly acceptable behavior.  A lot of them make no bones about the fact that they are there to get you into the most expensive house that you can qualify for.  period.

the customer is usually the typical media baby who wants to live in the most expensive house and the real estate and mortgage guys want the biggest commission.

fact is that the housing bubble was not the fault of the banks.  it was not the fault of the buyers.  it was everyone.  it is a culture of greed and envy like no where else in the world that got the US in the predicament that it is in.

I think we mostly agree on this.

Did you actually mean to say in your last paragraph that the "fact is that the housing bubble was not (only) the fault of the banks.  it was not (only) the fault of the buyers.  it was everyone....."

Because this is correct, the responsibility is shared among mortage lenders, borrowers and the financial regulations or deregulations (government).

I'm surprised and very disappointed to read that you still see evidence of borrowers and lenders manipulating their finances to get into properties they could not otherwise afford. I am surprised because I was under the impression that lenders were really tightening up and that unless someone has an A++ credit rating they were hard pressed to get any loan. I just refinanced my mortgage to lower the interest rate from 5.4% to 4.1% with no upfront costs, such as loan fees, title fees, etc. I was informed that the only people qualifying for these three step loan products were folks with very high credit scores (mine is 830). Additionally, the loan amount is only about 1/3 of my property's current assessed value, which is down about $200,000 from what it was in 2007.

[reppingfor20]

Which goverment polices would those be exactly?

Crazy me, I thought it was deregulation of the banking industry which permitted banks to write and sell all those sub-pime mortgages. The same sub-prime mortgages that created the housing bubble and then the crash.

good post Prime, bringing sanity back to the insane conservatives piggy backing off each others posts

[reppingfor20]

jesus fucking H christ this shit makes me so fucking mad i want to throw my fucking computer out of a fucking window. 

this is a prime example of some fucking hack liberal journalist trying to make a name for himself among a group of liberal fucking lemmings who only want to read what they want to hear.

this author has ZERO idea of how to read a financial statement and chooses to disseminate misinformation to his following of willfully ignorant and this article has had holes blown in it the size of minivans since it made it to press.

the sad fact is that he saw that GE had a Deferred tax asset on their books for 2010 and some fucking idiot thinks that deferred tax asset means that they got a refund. 

Prime made you

[reppingfor20]

Exactly! Mortgage lenders did no force folks to borrow more than they could repay. It was this easy money that drove the housing market up and up. Not to forget that many people's housing expectations have become completely unrealistic considering their income level. The average house is considerably larger with many more amenities than houses of the past had. Just look at post WWII housing verses houses built recently. The difference is amazing. On the other hand, motgage brokers knew they were making bad loans. However, their motivation was the commision. Goverment regulators should have seen the "writing on the wall" since history often repeats itself....remember the Savings and Loan crisis of the 1980's and 1990's.

More regulation to help save the average working American from terrible greedy companies and corporations who don't care if people end up homeless, gov't regulations more more more please, it is good for the people.

[reppingfor20]

yup.  and i still see it today with most of the people that I come across in the real estate industry.  especially as a tax preparer.  

"Well my mortgage guy told me to leave off all of my Schedule C expenses so that my income would be higher".

And they think that this is perfectly acceptable behavior.  A lot of them make no bones about the fact that they are there to get you into the most expensive house that you can qualify for.  period.

the customer is usually the typical media baby who wants to live in the most expensive house and the real estate and mortgage guys want the biggest commission.

fact is that the housing bubble was not the fault of the banks.  it was not the fault of the buyers.  it was everyone.  it is a culture of greed and envy like no where else in the world that got the US in the predicament that it is in.

the housing bubble was the banks fault aka the jews fault, they are greedy beyond belief. 

[bears]

good post Prime, bringing sanity back to the insane conservatives piggy backing off each others posts

what you meant to say is that he is telling you what you WANT to hear.  and you're thanking him for it.  it's actually sad to see the absolute denial from liberals that Congress sticking their nose into the housing industry was the biggest catalyst for the housing bubble.  It's like as long as you don't ever admit that you don't have to accept the fact that we need LESS government, not more.

You liberals play on the word "deregulation" to infer that it was less government that caused the regulations to loosen up in order to allow more people to buy homes.  The fact of the matter is that the Clinton administration and the Bush administration pushed this agenda in order to gain the approval of the lower income families.  Fannie Mae and Freddie Mac were instructed by the federal government to accept these shitty loans so that we could get people into homes.

No one cared when everyone was making money.  So it was a win win for everyone.


Now i will ask you.  What about this don't you get?

[bears]

More regulation to help save the average working American from terrible greedy companies and corporations who don't care if people end up homeless, gov't regulations more more more please, it is good for the people.

this post is bullshit.  no one forced any of these people to buy a house with no money down, a zero interest loan, and a 5 year arm, that was way out of their price range.  These people know what the fuck they're doing and THEY DON'T CARE.  PERIOD.  They want to be like the people on TV.  PERIOD.  And then they blame "greedy companies".  Don't be a fucking liberal lemming and absolve the greedy people that signed on the dotted line from ANY AND ALL responsibility.  Why are liberals so good at that?

[bears]

Prime made you

yes he did.  he set off my stupid bomb.

[240 is Back]

they've created lots of jobs.


overseas.

[bears]

I think we mostly agree on this.

Did you actually mean to say in your last paragraph that the "fact is that the housing bubble was not (only) the fault of the banks.  it was not (only) the fault of the buyers.  it was everyone....."

Because this is correct, the responsibility is shared among mortage lenders, borrowers and the financial regulations or deregulations (government).

I'm surprised and very disappointed to read that you still see evidence of borrowers and lenders manipulating their finances to get into properties they could not otherwise afford. I am surprised because I was under the impression that lenders were really tightening up and that unless someone has an A++ credit rating they were hard pressed to get any loan. I just refinanced my mortgage to lower the interest rate from 5.4% to 4.1% with no upfront costs, such as loan fees, title fees, etc. I was informed that the only people qualifying for these three step loan products were folks with very high credit scores (mine is 830). Additionally, the loan amount is only about 1/3 of my property's current assessed value, which is down about $200,000 from what it was in 2007.

yeah it's a shitstorm.  credit scores matter.  but current income matters too.  there is a big problem with greasy assholes holding themselves out as "professionals" and blatantly instructing their customers to commit tax and bank fraud.  i tell all my clients the same thing.  if it feels like cheating, it probably is.  and if you're doctoring up legal and tax documents to qualify for a good loan package, you're just stupid and you deserve to be put in jail.

[GigantorX]

Yes they are, they know what their tax rate is, they get a lower one by using sneaky techniques.  Terrible people, shame on them, shame on the rich.

Sneaky techniques? Fuck off.

Don't hate the player, hate the game.

[Primemuscle]

the housing bubble was the banks fault aka the jews fault, they are greedy beyond belief. 

You make it sound so simple....blame the Jews. Trust me, it's not that simple. Not all bankers are Jewish and not a Jews are bankers. Look hard enough and you will find some dumb Jew who over mortgaged his/her home, got the mortgage from a Christain mortgage broker and lost their home to foreclosure.

[Primemuscle]

yeah it's a shitstorm.  credit scores matter.  but current income matters too.  there is a big problem with greasy assholes holding themselves out as "professionals" and blatantly instructing their customers to commit tax and bank fraud.  i tell all my clients the same thing.  if it feels like cheating, it probably is.  and if you're doctoring up legal and tax documents to qualify for a good loan package, you're just stupid and you deserve to be put in jail.

I doubt you say those exact words to your clients. If you do, you probably don't have many clients. However, I like your addage regarding cheating. I do my own taxes....only the IRS and I know if I cheat. LOL!

When it comes to income, looking at my own situation, all our household income is derived from retirement. -Can't quit or get fired. Guess that makes my wife and I a better risk.

[Primemuscle]

More regulation to help save the average working American from terrible greedy companies and corporations who don't care if people end up homeless, gov't regulations more more more please, it is good for the people.

Some goverment regulations work out well and others do not.

[bears]

I doubt you say those exact words to your clients. If you do, you probably don't have many clients. However, I like your addage regarding cheating. I do my own taxes....only me and the IRS know if I cheat. LOL!

When it comes to income, looking at my own situation, all our household income is derived from retirement. -Can't quit or get fired. Guess that makes my wife and I a better risk.

if a client walks into my office and asks me to knowingly prepare a return with falsified documents thats exactly what I would tell them.  Thats my livelihood they're fucking with.  I'm not that blunt but I've told a bunch of clients to disregard the advice they receive from their loan officer because "he's a criminal.  plain and simple."

there is also a difference in being aggressive and being fraudulent.  being aggressive you can have deductions disallowed and owe more money.  being fraudulent gets you put in prison. 

[bears]

Sneaky techniques? Fuck off.

Don't hate the player, hate the game.

exactly.  change the rules.  don't make people make a judgement call on what rules are "good" and what rules are "bad". 

and he's arguing like a young liberal nitwit.  which specific tax loophole does he have a problem with?  then and only then can we discuss it like rational adults. 

I'll give him one to start off with.  The offshore money being parked in banks outside the US.  This is something we have to clean up.  We have started to with the 2011 Offshore Voluntary Disclosure Program.  I have already prepared a couple.  So the ball has gotten rolling on it.  Money IS coming in from it. 

So what else?  Or is he just pontificating without knowing any actual facts?

[Grape Ape]

and he's arguing like a young liberal nitwit.  which specific tax loophole does he have a problem with?  then and only then can we discuss it like rational adults.  

The only specifics he has any hands on experience with are other men's scrotums and ball fuzz.   He has no real knowledge of anything else.  You'll never have a real conversation with him.

[reppingfor20]

I am for closing all tax loopholes, if your rate is 35%, you pay 35% or go to prison for 10 years and lose all your money and assets.  No early release nothing, you sit in jail cell 10 years. 

this post is bullshit.  no one forced any of these people to buy a house with no money down, a zero interest loan, and a 5 year arm, that was way out of their price range.  These people know what the fuck they're doing and THEY DON'T CARE.  PERIOD.  They want to be like the people on TV.  PERIOD.  And then they blame "greedy companies".  Don't be a fucking liberal lemming and absolve the greedy people that signed on the dotted line from ANY AND ALL responsibility.  Why are liberals so good at that?

When you dingle a carrot in front of a bunny rabbit what do you think he is going to do?  It is free food basically, does he know that you poisoned it?  No, but that is his problem right?  The people giving out these loans knew the people couldn't pay them back, and the people were lead to believe they could, pure and simple, deception, lying, all for more $$$$ greed.

[bears]

I am for closing all tax loopholes, if your rate is 35%, you pay 35% or go to prison for 10 years and lose all your money and assets.  No early release nothing, you sit in jail cell 10 years. 

When you dingle a carrot in front of a bunny rabbit what do you think he is going to do?  It is free food basically, does he know that you poisoned it?  No, but that is his problem right?  The people giving out these loans knew the people couldn't pay them back, and the people were lead to believe they could, pure and simple, deception, lying, all for more $$$$ greed.

do me a favor.  tell me what you think a tax loophole is.  and i mean specifically a provision in the IRC which you find to be an unfair tax loophole for the rich.  i don;t think you can.  what i see is that you're simply regurgitating what you see on MSNBC yet citing no specific examples and showing me that you have no real knowledge on the subject other than headlines that you read.  prove me wrong.

[reppingfor20]

do me a favor.  tell me what you think a tax loophole is.  and i mean specifically a provision in the IRC which you find to be an unfair tax loophole for the rich.  i don;t think you can.  what i see is that you're simply regurgitating what you see on MSNBC yet citing no specific examples and showing me that you have no real knowledge on the subject other than headlines that you read.  prove me wrong.

I'm not a accountant that does that kind of stuff, your challenging that a tax loophole for the rich and corporations doesn't exist?  Or that I should know the specific ones?  That is like saying I am against street drugs, then a druggie asks you what street drugs explain what ones, what are they made of, and you don't know what crack cocaine and tar herion are, he refutes that you should be against drugs because you don't know what drugs he uses LOL.  

Your a shill for the rich, accept it.  Your a terrible person for defending the rich, trying to slam the poor, and Jesus would love to have a talk with you.

The word loophole is bad in itself and should tell you enough that it shouldn't exist, you just don't understand. 

[Skip8282]

I'm not a accountant that does that kind of stuff, your challenging that a tax loophole for the rich and corporations doesn't exist?  Or that I should know the specific ones?  That is like saying I am against street drugs, then a druggie asks you what street drugs explain what ones, what are they made of, and you don't know what crack cocaine and tar herion are, he refutes that you should be against drugs because you don't know what drugs he uses LOL. 

Your a shill for the rich, accept it.  Your a terrible person for defending the rich, trying to slam the poor, and Jesus would love to have a talk with you.

The word loophole is bad in itself and should tell you enough that it shouldn't exist, you just don't understand. 

lol, way to prove bears right.  Stop now, he's made a complete ass of you.

Now you have to bring up fake religious dieties.