Tax Tips...

**aaron** · 11-12-2006, 09:09 PM

A rant I just went on gave me the idea for any of us to possably share any tax advise we may be aware of. Not everyone has an accountant and a recent study said as much as %35-%40 of people that prepare taxes couldn't pass simple math tests and were missing money.

Middle of November. Now is the time.

I'll go first. The Alternative Minimum Tax (a scourge on the land) can be minimized or bring you under the cut off if you have charitable donations. These include your church, volunteer work, goodwill etc...

i think election day should be April 15th!!! That would make sure we develope a fair system.

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**PAkev** · 11-22-2006, 03:52 AM

What are taxes

IMHO you aint seen nothing yet. Under new governmental leadership you will probably see an increased min. wage to be followed by double digit inflation and then unfortunately.........more taxes.

**For-Life** · 11-22-2006, 09:51 AM

Originally Posted by PAkev

What are taxes

IMHO you aint seen nothing yet. Under new governmental leadership you will probably see an increased min. wage to be followed by double digit inflation and then unfortunately.........more taxes.

Interesting. Clinton never had double digit inflation. If I am correct, we did have double digit inflation with Reagan.

**Grubendol** · 11-22-2006, 11:11 AM

increased min. wage has always reduced inflation and increased the growth of the economy. Look at the history of it. And if Min. wage had kept pace with the growth of CEO's salary increases just over the past 20 years the min. wage would be $25/hr.

Food for thought.

Oh, and after adjustment for inflation, the min. wage of the 50's and 60's would equte to about $10/hr...(forgive me for not remembering the exact total), and those were the high point years of the middle class in america. Food for though part deux

**HarryChiling** · 11-22-2006, 12:55 PM

If your store has a surfaceing lab in it you can qualify for all kinds of manufacturers tax breaks.

**aaron** · 11-22-2006, 01:53 PM

Economic growth is a tricky term. It depends on what you are looking at. If you just listened to the administration say that there were (however many thousands they claim) of new jobs created, you might say hey! that sounds like economic growth.

Then when you consider that the vast majority of those jobs pay minimum wage and the jobs that can actually support a family are disappearing one by one while 900 BILLION has been allocated for the Iraq escapade, you might say hey! that doesn't sound like economic growth at all!

**MarcE** · 11-23-2006, 07:12 AM

the Reagan-era double-digit inflation was left over from Carter

Regardless of what you think history shows, increasing the minimum wage doesn't lower inflation or stimulate the economy. These small wage earners just don't have a large impact (positive or negative) on the economy. However, raising the minimum wage could have the effect of causing higher unemployment in unqualified workers, like teenagers. France is a good example of this. 30% unemployment among the young, even in an otherwise fair to good economy. Minimum wage is over US$12/hr (don't know the amount in Francs)

Taxes will go up not because of our new leadership. They will go up to pay for the spending orgy that our current leadership sanctioned, but refused to finance.

On that note, this is why all conservatives should be happy that republicans lost control of Congress. Gridlock=good. Congress and the president agreeing=bad.

When congress and the president are in step together (same party), nothing gets vetoed, laws get passed and spending goes up. All that is bad. When laws get passed, a personal freedom was taken. When the government spends a dollar, it has to be paid for some day.

If you are truly a conservative, you should be happy that we are back to gridlock

**hotsauce** · 11-23-2006, 11:39 AM

Originally Posted by MarcE

France is a good example of this. 30% unemployment among the young, even in an otherwise fair to good economy. Minimum wage is over US$12/hr (don't know the amount in Francs)

Given that France switched to the Euro nearly five years ago and you seem to be unaware of it, I have a lot of trouble accepting anything else you just asserted.

**aaron** · 11-24-2006, 10:04 AM

Mark,

More than the minimum wage affecting the "economy" or "inflation", we know for a fact that it will affect many of the poorest people in the US. Hopefully helping them to eek out a better existance. Since you say that the group and the amounts simply aren't large enough to affect the economy as a whole, than it is just one more reason to help them out with another dollar an hour!

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**Grubendol** · 11-24-2006, 10:16 AM

Actually carter's inflation was a leftover from the same thing we're doing now, using borrowed money to fund a war overseas. The loans came due for Vietnman during Carter's administration, thus causing the inflation.

And the simple fact is that those at the bottom of the economic ladder spend their extra income, they do not save it. When you live paycheck to paycheck, the opportunity to spend on something extra provided, is taken. It is not saved. That's why the economic engine is driven by the poor and lower middle class.

As Lincoln said,
Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration." Lincoln's First Annual Message to Congress, December 3, 1861

**For-Life** · 11-24-2006, 10:45 AM

The funny thing here is it was not the Blues or the Reds who had troubles with inflation. It was the federal reserve. Now the reserve knows how to manage it.

**MarcE** · 11-29-2006, 11:30 PM

Originally Posted by aaron

Mark,

More than the minimum wage affecting the "economy" or "inflation", we know for a fact that it will affect many of the poorest people in the US. Hopefully helping them to eek out a better existance. Since you say that the group and the amounts simply aren't large enough to affect the economy as a whole, than it is just one more reason to help them out with another dollar an hour!

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I think some of you got the impression that I am against raising the minimum wage. I'm not. Just wanted to point out some issues.

Raising the minumum could hurt some of people you want to help. If minimum wage is $10/hr, I (and many others) won't be hiring an 18 yo without any experience. Unemployment among the unqualified and young will go up.

I realize my arguments and now nullified because I accused the French of using Francs instead of Euros. The unit of money doesn't change the unemployment rate.

**Jubilee** · 11-30-2006, 08:14 AM

The problem is that the many of our goods for everyday living will go up in cost with a raise in minimum wage. The whole things reminds me of a cat chasing its tail!

We have a group of people who can not live on the current wages.. so the minimum wage goes up.. great!

Then the costs of goods, housing, food goes up in response to increase labor costs...

5 years from now, the cycle is complete and we are in the same spot. People can't make ends meet, and we need to raise the minimum wage.

If the lowest worker earned $22/hr but the cost of gas was $8/gal and a gallon of milk was $10.. we are still in the same place with inflated numbers.

Cassandra
(who is has to run to work!)