The Tax Man took My Porsche Money

[ed bates]

Well as most of you know, I have been in the market for a SC or Carrera.. I just got my taxes back from tax guy and I owe more than I anticipated!!!!So, the way I look at it, Uncle Sam got my porsche!! So, if anyone feels bad for me and would like to give me theirs, drop me a line...........

Sincerely,

Pissed Off Wantabe Porsche Owner

[Beethoven]

Same happened to me, ed: wanted to do some serious maintenance on the '88 with my tax money, turns out I owe! Makes me wonder who the ** gets these tax cuts??

[cegerer]

I feel bad for ya, but I'm not giving you anything .... Look on the bright side though - I'm sure your money will be wisely spent by some government bureaucrat who knows much more than you do about how to spend your money ......

[slope-nz]

Ed, step up to the plate.Find a car you like with a good PPI.If it doesn't float your boat you can always sell to get your money back.I don't think many of us here don't give up something to have our P cars.One thing for sure,you'll never know by looking in from the outside. Good hunting, Randy

[fintstone]

Who Knows, maybe we can elect Kerry. He intends to raise taxes so much that a lot of folks who already have nice P-cars will have to sell them...we can buy them on the cheap!

[widebody911]

Originally posted by fintstone
Who Knows, maybe we can elect Kerry. He intends to raise taxes so much that a lot of folks who already have nice P-cars will have to sell them...we can buy them on the cheap!

As opposed to GW, who wants to cut taxes for his rich friends, while continuing to spend $1B/week in Iraq. Someone will have to raise taxes; GW simply set up the house of cards so it doesn't happen on his watch.

[89911]

Should of bought a Cayenne and wrote off the purchase!

[qikcpa]

ed, Strategic tax planning is the way to go. If you work with your tax preparer chances are you'll be better off. Just using someone to report history is never as good. Thats my story and Im sticking with it. Plus every time i help someone save taxes I get to buy some porsche parts. So Ive got a vested interest.

[Randy Webb]

Well, some of your taxes will go to road repairs so you can drive.

Wayne, it sounds like you are dfining middle class as very upper middle. Anyone at or below the median income will not be getting any more tax cuts (tho they will get a lot of service cuts). That check you got last year was it -- an that was something Democrats added to the bill in order to pass it.

Or look at it this way -- if you make your $$ from sotcks and other investments, you pay 10% or 15% or so. If you get apid a salary -- well, guess what your bracket is. Now -- who in general gets all their income from investments? And who in general is a wage slave?

Of course, if you are a top exec. at a large co. you have had your lawyers figure out all sorts of ways to tax shelter your salary + you have a gold-plated benfits package -- your dogs and cats get better dental care than the avg. American and it isn't taxed.

[Moneyguy1]

Wayne.....

THe AMT comment is spot on. Financial analysts think that, unless the AMT is indexed better or at least adjusted upward re: where it "kicks in", the effect will be to eradicate any benefits the tax cut made to 50% or more of middle/upper earners within five years. So, even with the so-called tax cut, a lot of folks can say "Thanks for Nothing".

I am VERY fiscally conservative; my personal philosophy being "If I can't, pay for it, I probably don't need it". Disasters excluded, of course.

I do not see the current administration giving me any particulars about how the deficit will be reduced, only that line "Trust us, the deficit will be reduced". And, after the Medicare debacle and the comments that information was withheld from the legislative branch on purpose, I cannot trust this administration to properly handle money. And, it is as true today as it was in 1992: "It's the economy, Stupid..." Most people vote with their purse strings. Those that are satisfied, have a job, lots of money, tend to wear the label "conservative", desiring little or no change (Hey, I got mine, to Hell with the rest of you). Those who have suffered financial loss, tend to want the situation "improved" and tend to be that dirty word, "liberal". (Hey, I want a piece of the pie, too!!)

OTOH, I haven't made up my mind about the loyal opposition as to their fiscal plans and the rationale therein. My vote will, in all likeliness, hinge on fiscal responsibility and not "Voodoo Economics" (to drege up an oldie)

[fintstone]

As opposed to GW, who wants to cut taxes for his rich friends, while continuing to spend $1B/week in Iraq. Someone will have to raise taxes; GW simply set up the house of cards so it doesn't happen on his watch.

I don't know....I have been unemployed for over six months and still fit within Kerry's definition of "rich". I suspect that most folks with Porsches...unless they are old ones and their only car ...either are in that "rich" catagory or pretty darn close. I believe that the broad tax cuts are the only thing that kept the economy from totally tanking.

I am certainly glad that we are spending money to fight terrorists in Iraq and Afganistan than having them attack us here and throughout the rest of the world as they did before we took the fight to them.

[beepbeep]

Originally posted by fintstone


I am certainly glad that we are spending money to fight terrorists in Iraq and Afganistan than having them attack us here and throughout the rest of the world as they did before we took the fight to them.

1. You cannot "fight terrorists in Iraq". They don't wear T-shirts with "terrorist" on. I really hope you don't believe that main reason of invading Iraq is "to fight terrorists".

2. War costs money. That money can either come from raised taxes or by printing more money, which in turn turns up inflation. Good things with paying with raised taxes is that they hit everyone proportionally and you pay according to your means. Bad thing is that it immediatly indicates that someone messed up (and politicians don't want people noticing that). Inflation, on the other hand, is less obvious way of covering raised (war) costs but it's unfortunately unfair as it burdens loan-givers and helps loan-takers.

[Porsche-O-Phile]

Oh, so you must work for a living then. If you were rich under the Bush administration, you'd probably pay no taxes at all - or certainly a lesser percentage than those that actually work for their income.

[lendaddy]

Yea, the rich get off scott free man, I mean with all their tax breaks they basically don't pay any ......right?

By the way I am faaaaaaaaaar from rich, and I can still see who's towing the line from way back here

[Moses]

Originally posted by lendaddy

And I think 90% of all taxes are collected from the top 5% of earners. Yet we still hear "tax cuts for the rich!" Drivel.

[350HP930]

Originally posted by fintstone
I don't know....I have been unemployed for over six months and still fit within Kerry's definition of "rich". I suspect that most folks with Porsches...unless they are old ones and their only car ...either are in that "rich" catagory or pretty darn close.

I guess you must the the beneficiary of bush's new 50% tax reduction for selected taxpayers.

I got several thousand dollars saved up right now that would nicely wrap up my porsche project. Instead it will mostly go towards things like interest payments on the national debt, garrisons in iraq and billions of dollars in new aid to our 'ally' pakistan.

I used to be rich even by my own standards a few years ago. Now I'm just getting by. Bush kicking back a few bucks out of the thousands I pay in taxes don't amount to a hill of beans in my budget.

What is that old campaign saying that reagan used back in the 80s?

Are you better off today than you were four years ago?

Can anyone here honestly say yes? I know that I can't.

I think the following political cartoon puts it best . . .

[cegerer]

Actually, the top 1% of taxpayers pay an incredible 1/3 of all taxes collected in the United States. But yet we've got people complaining that they either don't pay anything or don't pay enough ..... incredible. Oh, and BTW, you only need to make $293,000 per year to fit into this "super-rich" 1% category. ($293k is decent money ..... but it sure doesn't fit my definition of "rich"!! )

The top 5% of taxpayers pay 55% of all taxes in the United States.

How about the bottom 50% of taxpayers???? They pay a paltry 4% of the taxes!!!!!!!!!

[lendaddy]

"($293k is decent money ..... but it sure doesn't fit my definition of "rich"!! )"

Although I agree with every principle you state, the above number would be rich to me

[cegerer]

Am I better off now than 4 years ago? Hmmm ..... lemme see ...... I've slightly more than doubled my income ...... doubled my living space with a new house ..... doubled my Porsches with the purchase of a Cayenne (yeah, I know - I'm a stupid rich lemming ....) and doubled the size of my business. My business is currently having another record year. Nah, I liked it better 4 years ago!

[cegerer]

"the above number would be rich to me"

Heck, you'd have to make at least $293k in California just to afford a nice single-wide trailer with an 'ocean view'.