Ferrari Mailing List: Re: Fwd: How Chickenshit Is The IRS?

I wonder how this stuff would work in a US with a Natl Sales Tax or a Flat 
Tax?  Well, I guess I answered my own question.   It would work the same 
way - with the "income" being taxed as it's income or as it;s spent as Sales 
Tax.  Seems fair/
The problem of property values goes way back and is really affecting lower 
income families in the rural south.  Many live on land given to them 
(there's that "Free" thing again)  after the civil war as plantations were 
broken up and given away.  Much of the land was not very valuable but it was 
free and it was theirs so they and their ancestors lived there for 
generations.  Now, as areas around these get built into Gated Communities 
and Resorts, the property value raises and they face the probability of 
needing to relocate.
True, they'll end up with money going into their bank acct - until they find 
a new home and pay for it - then they're back where they were.
I'm in a similar situation - went from a 6 figure income to SS Disability. 
While our house has increased in value so has the price of all the places 
we'd like to move to.  This neighborhood was 14 years old when we bought 20 
years ago and now, newer, sometimes "more affordable" housing has gone in 
not too far away.  Sure, we'd like to move to someplace with more land 
father in the country but the increase in value of this house is about 
enough to pay for the *land* in other locations.  Which means my wife must 
commit to working for more years than we'd hoped - or stay put.
I know, "Boo hoo, Poor Larry" - life is tough.  Damn right life's tough - or 
maybe I'll get lucky and find a nice property that is affordable in a nice 
area.  Hmmmm.... Or, I could always win the MegaLottery! ;-D
Ya'll have a nice weekend -- 
;-)

Larry T (67 MGB, 74 911, 78 240D, 91 300D)

www.youroil.net for Oil Analysis and Weber Parts

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.
----- Original Message ----- 
From: "Dennis Liu" <bigheaddennis [at] gmail.com>

To: "Larry Turner" <l02turner [at] comcast.net>

Cc: "'The FerrariList'" <ferrari [at] ferrarilist.com>

Sent: Friday, September 28, 2007 11:18 AM

Subject: Re: [Ferrari] Fwd: How Chickenshit Is The IRS?
Hey, since we're apparently going completely off-topic today...

Willi, I'm easily among the more extreme in terms of criticizing our tax
policies, but don't lose that tenuous grip on reality, ok?  :-)
Of course the house is taxable.  Why the heck not?  It's attributable as
income to the recipients.
Ah, but one might protest, "it's not fair!  This is a worthy family, why
should they get taxed on something really nice?"
Because tax codes (and laws in general) have to be written so that they 
have

utility and broad application.
1.  Single mother of four kids, in desperate circumstances, receives free
house.  Pay tax on it?  No?  Ok.
2.  Middle-class family, not on food stamps but working two jobs each,
receives free house.  Pay tax on it?  No?  Ok.
3.  Upper-middle class family, husband is a doctor, wife is an accountant,
receives free house.  Pay tax on it?  Yes?  Ok.
How do you distinguish between these scenarios?  Do you want to put 
together

a panel of judges to decide if a case is worthy enough to avoid taxation?
Don't forget - if a recipient is "poor" enough, her tax bracket is much
lower than "wealthier" recipients, so she's ALREADY paying much less tax!
And don't forget too that, as ever, "money is fungible."
If instead of getting the house, the family in question got $500k in cash 
to

pay for a new house.  Should that be taxable?  No?  Apply the same test

above.
Bottom line, the family may indeed not be able to afford to pay the tax
bill.  While it may suck that they will have to sell the house and use the
proceeds to pay the IRS, they are STILL WAY AHEAD!
I'd LOVE it if someone tore down my shack, built one worth a lot more in 
its

place, and I sold it, paid the taxes, and bought another house elsewhere

that, while not as nice as the new one, is still much better than my old

shack.
Yeesh.
Vty,
--Dennis

-----Original Message-----
From: red5hilser [at] aol.com [mailto:red5hilser [at] aol.com]
Sent: Friday, September 28, 2007 11:08 AM
To: Dennis Liu
Cc: The FerrariList
Subject: [Ferrari] Fwd: How Chickenshit Is The IRS?

Hey Todd: You wonder if the family that got the 'Extreme Makeover' will 
have

to pay taxes to the IRS for the value of the upgrade? LMFAO! Does the old

song, 'Tax Man' ring a bell?

Yer pal, Ferrari Bubba

Subject: How Chickenshit Is The IRS?

I watched?the Bud Greenspan documentary' "Kings of the Ring: The 
Heavyweight

Champions' on Sundance today.?Bud brought up the story of Joe Lewis and 
how

he was shafted by the IRS during WW2. After Pearl Harbor, Joe enlisted in

the U.S. Army as a private. Not like most of the 'fairy' Hollywood types 
who

went in a captians, majors, etc. and never left Hollywood.?In his off-duty

time he held boxing exhibitions to help raise money for our fighting men.

Although he donated every dime of the money to the War Relief Fund, the 
IRS

said it was 'taxable income' and took what money he had saved during his

career before the war. Joe ended up penniless as a greeter for some casino

in Las Vegas before dying broke. Later, my 1st wife and I were in a joint 
in

'Vegas one night and met Sonny Liston, working the same kind of gig. The

'Little Lady' went over to him and asked, "Hey, mister, aren't you 
Mohammed

Ali?" Sonny took a long, hard look at her and said, "lady, where's your

husband, I want to knock him out" as I slowly backed away, complimentary

drink in hand.. Knowing Greenspan's rep as a stright shooter and our 
beloved

government, I believe it's a true story.
Yer pal, Ferrari Bubba
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Re: Fwd: How Chickenshit Is The IRS?	<– Date –> <– Thread –>
From: LarryT (l02turnercomcast.net)
Date: Fri, 28 Sep 2007 08:40:34 -0700 (PDT)