vania-janet/multiturn-rag-retrieval-data huggingface dataset:
What is never mention was that even though top marginal taxes were high, even extreme, nobody paid them. Reagan lowered taxes but also made lots of people pay taxes that had never had to pay them before. You could essentially write off losses from a business indefinitely. Failing to earn money on an investment was also a loss. My dad, on the advice of an IRS tax auditor, built a greenhouse and we started selling flowers. But it was intended to never make any money. It's sole purpose was to reduce tax liability.  These tax shelters were geared as personal tax shelters. So what was done to service bigger business was to create what was called holding corporations. These corporations would take investors money and basically just sit on it. Which could then be claimed as a loss. But if these spread between bank interest CDs) paid on the holdings of this corporation and the interest cost of borrowing against those holdings hit a sweet spot they would build a strip mall or something similar. This was the trigger to the boom bust when the Feds raised/lowered the interest rates, and had a lot to do with stagflation at the time. They would turn key the project and reinvest in holdings. People could essentially bring their taxes down as much as they wanted, even to zero. It just meant that they had to put more money into holding corporations.  When Reagan changed the tax code to disallow these tax write offs he put lots of very wealthy people in the poor house overnight. They went to bed one night and woke up with all their investors wanting their money. I know a guy that operated a holding corporation that still cries about it to this day. Of course he has never really financially recovered either.   ***  The point is that what the tax code listed as your top marginal tax had no bearing on what you paid in tax prior to Reagan. 34% tax was WAY more than most of these people ever dreamed of paying in taxes prior to Reagan.
Yeah but that's my point it's irrational and frankly foolish. I'm pointing out the logical flaw when Floyd talks about how he makes smart investments. He wants a good return on his strip club but will burn millions by not investing in the market?
"&gt;The Port Authority receives no tax money and funds itself through tolls, rents, surcharges on airline tickets and other fees.  It collects taxes, but they are not called ""taxes.""  What the fuck do you think a surcharge is?  How about alcohol tax?  Why not just call it alcohol surcharge?  Same shit, different wrapper.  Point again -- if we call the person a cop, then we talk about a public servant.  If it's a private employee, it's called a guard, a security specialist or any number of terms."
&gt;In the economic sense, investments really has nothing to do with capital or business investments then does it?   Congratulations, you just figured out why monetarists and Keynesians are wrong.  What actually matters is the quality of the investments that the money is making. An excess of currency won't create growth if the currency is invested in a derivative contract, since this is a zero-growth investment. A shortfall in currency won't always kill the economy, if rational investments are made (2nd half of the 19th century in the United States).  On the other hand, [infrastructure](https://www.fhwa.dot.gov/policy/otps/060320a/forum.cfm) generally offers a much higher return on invested capital than the private market. So you see China's economy growing quickly for several decades due to investing in the right class of assets.  This is the same thing the United States did to become an economic superpower:  https://www.quora.com/What-is-the-American-school-of-economics  https://en.wikipedia.org/wiki/American_School_(economics)  https://en.wikipedia.org/wiki/American_System_(economic_plan)
For most people, the longer you have until retirement, the more beneficial a Roth IRA becomes.   As you get closer to retirement, your income should be higher than what you earn now, pushing you to pay a higher tax rate than what you are currently at, even if tax rates don't change.    You said you were fairly young.   Let's assume you've got 35 years until retirement. Assume you make $50K right now, and earn a 4% raise each year.  When you retire, a common goal is to live off of 80% of your pre-retirement income.   80% of your pre-retirement income will be $157K/year based on 4% raises and 35 years until retirement.  I can't predict future tax rates, but it is likely to be a higher tax rate than what you are paying now. Say you invest $300.00 per month for 35 years at 9% interest (S&P 500 lifetime average is 10.5%).   In 35 years, you'll have contributed $126,000.   The account will be worth about $890,000.  That means that you'll have $764,000 of gain. If you invested in a 401k, you'll pay taxes on every withdrawal from your $890,000 account, at your retirement rate.  If you invested in a Roth, you'll pay taxes on your contributions of $126,000 and not pay taxes on the gains. This grants you some immunity from tax law changes or even large withdrawals to buy a house, boat, etc. during retirement.  All of the taxes paid will be at your rate when investing.
"Penny stocks are for the real gambler.  Don't even think about holding them long.  Buy a lot of shares and profit from a penny uptick.  Rake a hundred dollars here and there a few times a week if you can.  Don't fall in love with it.  Trade for profit.  Don't bet the farm.  Only play what you can afford to lose at the Great Casino in the sky (the stock market).  Sure, you will pick some losers, but you are not married to it, you don't have to keep it.  A couple of good winners will erase some loses.  Having lost thousands on the Blue Chips, and feeling I have wasted time waiting for an annual $100 gain on an ETF or mutual if I get lucky, has made me more risk tolerant for these ""BAD"" investments.  The ""GOOD"" investments should do so well."
"Sadly, most jurisdictions don't think this way when they assign property taxes.  ""You have X acres, our standard for this county is $Y per acre, so you owe $XY property taxes.""    And if you tax by dwelling size and features, you are saying a poor person cannot live in a nice house.  Lets say Joe Millionaire buys a fancy $2M house with a fancy pool and all the trimmings.  Sure, Joe Millionaire can afford the high taxes of, say, $20K/year.  But what if Jim Garbageman, who makes only $35K/year spends 10 years and about $100k building a similar nice house out of scrap materials he finds, purchases on sale or on craigslist, etc.  He rents a backhoe and  a gunite gun and builds himself a fancy pool, landscapes it really nice...and the county comes in and says ""Well Jim, that's a $2M house, you owe us $20K/year in taxes for it.""  Jim can't afford it, and the county takes his house for unpaid taxes.  Screw you and your efforts, poor person!  And before you say ""he can just sell it for $2M"" Well, what if he made it unique to his tastes, and no one wants to buy it?  Or the market is bad right now?    And yes, this has happened to someone I know, though the house was valued at $500K, he still couldn't afford the taxes.  And since it was not yet fully finished, he had to sell it for only about $100k, after working on it for several years.  So yes, as long as you want to make sure poor people cannot live in nice places, property tax is the way to go."
Had they had a plan, almost any consistent plan, they'd have done better. Another genre of issues is just doing stupid things. Don't buy that penny stock. Don't trade like crazy. Don't pay 5$ commission on a 200$ stock order. Don't fail to file your taxes. Another mistake, and this burdens a lot of people, is that your long-term investments are for long-term investing. What a novel idea. You're 401K doesn't exist for you to get a loan for a home. Many people do liquidate their long-term savings. Don't. Especially since people who do make these loans or say ""I'll pay myself back later"" don't."
"An emergency fund is very well defined, both on this site and across the web.  An emergency fund is a cash account where you keep money for emergencies so you don't need to take on debt like a loan or credit cards. Car breaks down? emergency fund can help pay that. Lose your job? The emergency fund is there to pay rent and for groceries until you're back up an running. There are several schools of thought on how much money should be in your emergency fund, but it boils down to how high your risk assessment is. Typically, the average is to have 3 months in cash available at all times (like in a savings account). It'd be better to have more, but that's a typical goal. You're also asking about investments in the comments. An emergency fund should be readily available. If you already have $10K in savings, set aside what you would need to cover a few months of bills into a cash-ready savings account, then invest the rest. Investments sometimes take time, or have penalties, if you withdraw them. Additionally, as @JoeTaxpayer so correctly pointed out, getting into the habit of maintaining a separate emergency fund helps protect your other investments from becoming a crutch and instead used to save up for larger things like a house or, especially, retirement.  See also: What expenses should be covered by an emergency fund What should I reserve ""emergency savings"" for? What expenses do most people not prepare for that turn into ""emergencies"" but are not covered by an Emergency Fund? Less than a year at my first job out of college, what do I save for first?"
Depends on if the investment options are changing. If the investments don't change then you will still receive your dividend. If they are changing, your company is legally obligated to inform you what new investment your money will be transferred to.
Here is a list of threads in other subreddits about the same content:   * [Pigouvian taxes - What to do when the interests of individuals and society do not coincide?](https://www.reddit.com/r/Economics/comments/71jgz0/pigouvian_taxes_what_to_do_when_the_interests_of/) on /r/Economics with 3 karma (created at 2017-09-21 18:27:21 by /u/William_Morris)  * [Pigouvian taxes | The Economist](https://www.reddit.com/r/carbontax/comments/6uk6gg/pigouvian_taxes_the_economist/) on /r/carbontax with 1 karma (created at 2017-08-18 23:27:35 by /u/ILikeNeurons)  ----   ^^I ^^am ^^a ^^bot  ^^[FAQ](https://www.reddit.com/r/DuplicatesBot/wiki/index)-[Code](https://github.com/PokestarFan/DuplicateBot)-[Bugs](https://www.reddit.com/r/DuplicatesBot/comments/6ypgmx/bugs_and_problems/)-[Suggestions](https://www.reddit.com/r/DuplicatesBot/comments/6ypg85/suggestion_for_duplicatesbot/)-[Block](https://www.reddit.com/r/DuplicatesBot/wiki/index#wiki_block_bot_from_tagging_on_your_posts)  ^^Now ^^you ^^can ^^remove ^^the ^^comment ^^by ^^replying ^^delete!
"A financial panic is in my mind would be the opposite of a bubble. A bubble is irrational exuberance -- uncontrolled exhilaration. People will ignore anything negative and exclusively focus on the positive. People are focused on investments that offer huge returns in a short timeframe. If you recall 1999, there were books published about the Dow being at 30,000 by 2010. A panic is the direct opposite -- people are irrationally fearful. Any negative news is focused on exclusively, and positive things ignored. People are focused on preserving wealth and by pursing ""safety"". Today, you turn on the radio and people are advertising canned food and gold coins."
That may become complicated depending on the State laws. In some States (California for example), LLCs are taxed on gross receipts, so you'll be paying taxes on paying money to yourself. In other States this would be a no-op since the LLC is disregarded. So you need to check your State law. I assume the LLC is not taxed as a corporation since that would be really stupid of course, but if it is then it adds the complexity of the Federal taxes on top as well (corporate entity will pay taxes on your rent, and you'll pay taxes on your dividends to get the money back). The best option would be to take that property out of the LLC (since there's no point in it anyway, if you're the tenant).
if the deposit earned interest, you could be liable for taxes on the interest earned. If it ended up in a checking account, then you will not be liable for any taxes since checking accounts do not earn interest anyway. Your bank may inquire about where these transfers are coming from and question the legality of it.
I'm using iBank on my Mac here and that definitely supports different currencies and is also supposed to be able to track investments (I haven't used it to track investments yet, hence the 'supposed to' caveat).
I am a registered S-corp but for alot of industries that threshold is too low (I'm in housing) &gt;Do you have any insight on average *effective* rates paid by SE owners? &gt; &gt;As a counterpoint to your (very valid) links, filing as S-corp allows for taxes on distributions to be exempt from payroll tax and taxed at much lower rates. Also, being SE allows for various deductions not possible for wage earners. There's probably other examples not immediately coming to mind. &gt; &gt;Also, SE taxes equal taxes otherwise paid by employer + employee. It's just that those employer taxes don't appear on the employee's paystub so not everyone realizes this.   The article I posted also doesn't take into account state taxes, do example non deductible B&amp;O, end user Sales tax or  impact fees... That Employees don't pay or often even know about, yet some of us small business owners are also employees, so we get double taxed...
"Seems pretty shady. From what I could guess, your dad ""hid"" or ""lost"" the money, so as to not pay capital gains on it. Even though he'd use the money to build houses or whatever, he'd have to pay taxes on it (as income). To get out of paying said taxes, the money would essentially have to disappear. This isn't super common, but it sort of is possible to move funds to other places around the world, or to keep cash that no one knows about (watch the Swiss bank part of Wolf of Wall Street or just read up about illegal money laundering, like gangs and such do). So possibly, your dad could launder the money over the next several years. If I were you, I'd just stay quiet and mind my own business."
Stop accepting new investments and wait to show a profit on your K-1.
As far as I know theres no single tool that does all that well. You'll have to keep your investments separate from your daily expenses and money goals.   There are a few tools everyone uses. I'm partial to budgeting apps. You can try ynab, everydollar, goodbudget. I wouldn't recommend mint as I personally don't trust my login info with a third party. I don't care who owns them. Just my opinion.  I'm working on my own budgeting app. Ideally I'd like to include investments. But thats V2. If you'd like to keep updated on that let me know. Oh, what type of phone do you use?
According to the Illinois Department of Revenue, you don't have to file any taxes that are specific to a LLC, only your personal taxes. LLC on Federal level is disregarded, instead you submit all your business income/expenses on Schedule C. On the state level - it seems to be the same (only individual tax return). Consult your state certified tax specialist. That is not the case in other states, for example in California LLC has to file its own tax return and pay its own taxes, in additional to the individual taxes.
There's no tax on wire transfer, but it would be easier on everyone if he would wire himself from his own account. Withdrawing money, depositing to your account and then wiring back to him may raise some flags with FinCEN and IRS with questions about money laundering or gift taxes. Why do you want to complicate things?
&gt; Essentially what the author is saying, I think, is that wages have been replaced in part by provided services, whether we want or need them, or not.  The report mentioned in the article finds wages stagnated when adjusted for inflation, not cost of living.  This means the increased costs of Internet, cable, and cell service are not accounted for in the stagnant wages and people have to pay for them on top of not getting paid more.  &gt; ...we should ignore what we are being paid, and just be happy with all the gadgets we can get on the cheap, and the services that are provided for us.  Funny how that attitude doesn't apply when we talk about raising taxes on the wealthy.
Your goal should be to withhold enough from your paycheck that you don't owe any taxes at the end of the year on your total married income.  If you owe, that's where you'll run into trouble.  However, there is some caveat about if you withhold more 110% of what you withheld last year or something similar, but I can't find it online.
This is a lie. He owed back taxes and his lawyers filed a petition to postpone the due date on the back taxes saying he was not liquid, was coming up on a large liquidity event, and the taxes would be paid immoderately after.  So I doubt the IRS is just waiting around so he can look super rich.
"Obama is a piece of shit, who is nothing more than a puppet. You will get no arguement from me on that. What piece of shit would you like to see in his place? These horrid anti-competition agreements are not possible without govenment's supporting them. You wonder why governments and corporations are so friendly with one another? Think about it. Who collects the taxes for the government? And do you think the government could get those taxes without those corporations doing the job for them? They would have to come to your house and force it out of your hands face to face. By getting your boss to do it they make him the bad guy who doesn't ""pay"" you what you feel you are worth. You ignore the fact that if he didn't steal from your cheque he would be shut down.  You think the Mafia has a monopoly on extortion?   What part in your own words do I have ""COMPLETELY"" backwards?"
"So you're basically saying that average market fluctuations have an affect on individual stocks, because individual stocks are often priced in relation to the growth of the market as a whole?  Also, what kinds of investments would be considered ""risk free"" in this nomenclature?"
"To claim medical expenses on your taxes they need to exceed 7.5% of your AGI, and then only the amount over 7.5% is deductible.  That's not much.  There is no ""floor"" if you use an FSA as it's all pre-tax. If you're concerned about use or lose, then allot less next year.  It's all what you're comfortable with."
* 2007 Accountant communicate with bosses about the ethical problem and possible illegal practices * Next years, Accountant work in complicated work environment ending with superiors retaliated against him for speaking out * 2012 Accountant hand over to IRS, and OSHA, a 137 pages of document proving how Cat swift billions in profit to Switzerland to avoid U.S. taxes * 2012 Accountant quits company * 2013 IRS concluded on abusive tax and demanded $ 2 billion * 2014 a U.S. Senate investigative committee, grilled executives and concluded the company had avoided taxes on more than $8 billion in revenue. * February 2017,  “I love Caterpillar,” President Orange Donald Clown says. * March , 2017, the IRS, Department of Commerce, and Federal Deposit Insurance Corp. raid Caterpillar headquarters, warehouses and datacenter.  * IRS standards payment is 15% to 30% of what it collects.
You seem to have a grasp of the basic principles involved, but your estimation of the risk you are taking seems a bit low. Your non-investment reserves are unlikely to cover your expenses for more than a month, so the chance that you would need to sell investments to cover additional expenses is high. You mention that I am flexible with the 'cash on hand' amount. For instance, for about three months I put a very tight spending/investing freeze on my life because I knew I'd be leaving jobs and moving (I already had the other job lined up). Those savings presumably went toward moving expenses, as your usual savings were insufficient. In the event that you are laid off suddenly, you might find yourself in the same position again, with added unplanned expenses like fees for breaking a lease. Your current plan involves selling investments to cover the gap. Based on your age you have probably only invested in a predominantly positive market, so the chance that you might need to sell investments for cash seems like a reasonable trade-off for the added potential gains. Your perception might change if the markets go south and you are forced to sell into a down market, possibly at a significant loss. You also don't indicate if your investments are currently sufficient to cover an extended period of unemployment. You are taking on a lot of risk under your current plan. Essentially you are trading possible investment gains for flexibility and time. By making small changes like saving at least enough to move as you did previously, you can give yourself time to react to job loss or other unexpected financial need. Rather than give the traditional emergency funds advice, I suggest you look at the broader picture. The total amount of savings/risk is up to you, but you should consider your current savings as insufficient to rely on as a safety net.
Put simply, the advice to never sell a home in CA is based on  Note that #2 is unusual:  property taxes that do not change as the home value rises came about because of a voter ballot measure,  CA Prop 13.  So in California, selling your home will expose the buyer of your home to more property taxes than you had to pay.   This has some odd consequences: This is all fairly unique.  I know property taxes in Tennnessee change as the home increases in value.
Hold on a moment - you were getting 5-7.5% commission on a product that only had a 40% gross margin?  That's.... amazingly high.  Really.  Considering that you are saying that the cost of goods sold for a typical TV is 60% (which sounds close enough to be realistic - my business is typically about 56% COGS), and then add to that the overhead of base salary, utilities, leasehold and leasehold improvements, taxes, operating costs...  Sears was probably making a final total of about 2% net margin on that TV sale, which isn't particular great.    Getting paid a commission that high on commodity goods is really quite good.
You're not being over taxed, the withholding is just aggressive.  Employer's don't know your whole tax situation, all they can go on is the amount they pay you minus deductions then extrapolate that to an annual number and withhold according to your W4. You could ratchet up your W4 exemptions and this will help your current withholding.  When you do your taxes next April this will all shake out and you will likely receive a large refund.   It's also worth noting that your federal withholding, given the numbers above, is just about 19% not 27%; which does match the federal tax table if your annual income was $72,000 as your semi-monthly paycheck indicates.  That should be closer to 14% at an annual income of $36,000.  The medicare related taxes are flat amounts.  So really you're talking about an approximately 5% discrepancy on the $18,000 you'll earn during this internship; or about $900. If you feel like you're being overtaxed, welcome to paying taxes.
Agreed.  The number of capable people who are either unemployed and/or willing to work for less in the world is a few multiples of the entire USA population.    The USA really doesn't need more workers because they cannot compete with the rest of the world.  Unfettered world wide trade might be good for the world, but it is not so good for the bottom 50%-30% of the USA.    Something about concentrated costs and diffuse benefits.
For income tax, you can expect to pay (see here for the rates): For class 4 NICs, it should be (see here for the rates): So expected take-home is £36667. You can avoid the income tax - but not the NICs - by putting money into a pension. For example you might put £7525 in to eliminate the entire 40% part of the bill, which would only cost you £4515 from your take-home pay because it would reduce the tax bill by the £3010.