Ferrari Mailing List: Re: Fwd: How Chickens*t Is The IRS?

[LarryT (l02turner]

Hi Dennis,
Very good information - as usual..

You wrote <<FDR for enacting the New Deal with its punitive tax rates
> on the "rich".>>

I read recently how the original income tax was written to make the wealthy 
pay their share - and *only* the wealthy!  In 1913 IIRC the 16th Amendment 
(?) gave the govt the authority to collect income taxes by having employers 
withhold the funds - afterall, it wouldn;t work any other way.  Can you 
imagine Billy-Bob writing a monthly check to Unc Sam?  Anyway - the original 
tax laws were written so the Carnegie's, and other ultra rich of the period 
could pay their fair share.  Ha!  Didn;t take long for the Ultra Rich 
definition to be lowered to something in the 5 figures - say, $75k?  or even 
less.

Of course Dennis is right about all winnings or "givings" be taxable - it's 
the only equitable way to treat this stuff,  For all the people who would 
say, "Ahhh, poor Sally Sue needs a new $500k for a home - lets make it tax 
free!"  there is an equally large number who would say, Bull$hit!  Make *my* 
$500 k house tax free!

And they would be right to do so. No matter how I made my money it 
undoubtedly came from working long hard hours for years and years - as 
opposed to having a TV program decide someone is more worthwhile than I?

As for FDR and his giant Ponzi scheme called Social Security  - there are 
many who say he's the best president of the 20th C.  I have a much lower 
opinion.  There should have been a lock put on the money to keep congress 
from raiding the funds and replacing them with IOUs.  I do give him high 
marks for selecting some very qualified leaders to get us thru WW2 - and to 
win - and leaving those leaders alone to do their job.

Larry T (67 MGB, 74 911, 78 240D, 91 300D)
www.youroil.net for Oil Analysis and Weber Parts
Test Results http://members.rennlist.com/oil
PORSCHE POSTERS!  youroil.net
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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 11:36 AM
Subject: Re: [Ferrari] Fwd: How Chickens*t Is The IRS?


> Willi wrote:
>
> > 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.
>
> =================
>
> Dunno what Bud Greenspan said or didn't say on his documentary.  But, as
> Paul Harvey would say, "for the rest of the story...."
>
>
> Joe Louis (*not* "Lewis") is, by any measure, a true American hero.
>
> But let's get the rest of the facts straight:
>
> The IRS went after him NOT because he owed taxes on the purses he would 
> have
> earned in the exhibition matches during the war.  Rather, the IRS wanted 
> to
> collect taxes on the money that Joe *did* earn and keep for fights BEFORE
> the war started.
>
> He didn't pay what was due.  That debt grew, and accrued interest.  Louis
> tried to *deduct* the prizes he donated during the war, but tax law did 
> not
> (and does not) work that way.
>
> http://www.mackinac.org/article.aspx?ID=22
>
> Lastly, don't forget, as much as the IRS has policies in place that are
> insane and terrible, the underlying problem is the TAX LAW created by
> CONGRESS and signed by the PRESIDENT.  And all the money goes into the US
> TREASURY, which pays for soldiers salaries and Willi's social security
> benefits (and $700 toilets and health care for illegal immigrants too).
>
> If you want to bitch about Joe Louis' treatment, take it out on either his
> accountants or on FDR for enacting the New Deal with its punitive tax 
> rates
> on the "rich".
>
> Vty,
>
> --Dennis
>
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