A Quote by John Fleming
What happens is, in my own case - my own LLCs - the income flows to my personal tax return, whatever is left over after taxes are paid, I feed my family on the one hand, and on the other hand, I reinvest in my business.
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By the standards of honest, if unorthodox, accounting, government workers don't pay taxes, but are paid out of taxes. In other words, they pay taxes out of money confiscated from taxpayers, who, in turn, pay taxes twice: on their own income and on the income of members of the bureaucracy. At the very least, this should disqualify state workers from voting.
If you're a full-time manager of your own property - and full-time, according to Congress, is 15 hours a week - you can take unlimited depreciation and use it to offset your income from other areas and pay little in tax. One of the biggest real estate tax lawyers in New York said to me, if you're a major real estate family and you're paying income taxes, you should sue your tax lawyer for malpractice.
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions.
Texas has no income tax, which is a big draw for corporate executives who do business there. But it's hardly tax-free. The property taxes are high for a Southern state. The sales taxes are high. One study found that the bottom 20 percent of the Texas population pays 12 percent of its income in state and local taxes.
My left hand is my thinking hand. The right is only a motor hand. This holds the hammer. The left hand, the thinking hand, must be relaxed, sensitive. The rhythms of thought pass through the fingers and grip of this hand into the stone.
I have never been able to write with anything more than the left hand of my mind; the right hand has always been engaged in something to do with personal relationships. I don't complain, because I think my left hand's power, as much as it has, is due to its knowledge of what my right hand is doing.
There is the general belief that the corporation income tax is a tax on the "rich" and on the "fat cats." But with pension funds owning 30% of American large business-and soon to own 50%-the corporation income tax, in effect, eases the load on those in top income brackets and penalizes the beneficiaries of pension funds.
It is easier to start taxes than to stop them. A tax an inch long can easily become a yard long. That has been the history of the income tax. Would not the sales tax be likely to have a similar history [in the U.S.]? ... Canadian newspapers report that an increase in the sales tax threatens to drive the Mackenzie King administration out of office. Canada began with a sales tax of 2%.... Starting this month the tax is 6%. The burden, in other words, has already been increased 200% ... What the U.S. needs is not new taxes, is not more taxes, but fewer and lower taxes.
Politicians like to talk about the income tax when they talk about overtaxing the rich, but the income tax is just one part of the total tax system. There are sales taxes, Medicare taxes, social security taxes, unemployment taxes, gasoline taxes, excise taxes - and when you add up all of those taxes [many of which are quite regressive], and then you look at how they affect the rich and the poor, you essentially end up with a system in which the best off 20 percent of Americans pay one percentage point more of their income than the worst off 20 percent of Americans.
Fewer and fewer people are paying larger and larger percentage of the tax burden, as you know, almost half the people pay no income taxes at all. We're going to have more people in the wagon than we got pulling the wagon before long and that's not going to work. Those jobless numbers, you know, go hand-in-hand with those tax numbers.
I think, in effect, in most of the European countries, the total marginal tax rate is over 50 percent; that's to say, add on other taxes like VAT to the income tax.
When you play piano, your left hand and right hand are synced. Your brain basically has a clock, so that the right hand knows that 0.3 seconds after I hit this key, I need to hit that one. And the right hand knows not to hit keys that the left hand is playing, so the hands do not collide.
I can make a firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.
Let me respond with a few points, the first being that all immigrants pay taxes, income taxes, property taxes, sales taxes, gasoline taxes, cigarette taxes, every tax when they make a purchase.
In this country, we have partnerships, we have S corps, we have LLCs, we have a series of entities that do not pay corporate income tax.
I was born left-handed, but I was made to use my other hand. When I was writing 'Famished Road,' which was very long, I got repetitive stress syndrome. My right wrist collapsed, so I started using my left hand. The prose I wrote with my left hand came out denser, so later on I had to change it.
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