Oldtimer - Tax Loopholes

[Texan]

I guess "tax loopholes" are only a problem for Oldtimer if it's Mitt Romney taking advantage of them. This is what he had to say a few years ago concerning an increase in estate taxes and the impact it would have on the future of his own ranch:

Its already handled--anyone with $250 in their pockets, a little common sense and prior thinking, and a half hour to sit down with their attorney can get around estate taxes on business's/ranch's.....

http://ranchers.net/forum/viewtopic.php?p=294431#294431

"Get around estate taxes..."

Isn't that a tax loophole, Oldtimer? But it's okay because that's your loophole, right?

 

[gmacbeef]

Oldtimers "selective response" reflex will kick in & you will never get a response........... :? He's a lot like Oblamea that way........he HATES being proved WRONG !!!

 

[Larrry]

Liberals are so predictable

 

[hypocritexposer]

"loopholes" are synonomous with tax credits, are they not?

I wonder if OT has ever claimed a tax credit for fuel?

I wonder if he has also ever claimed he used "farm fuel" for personal usage?

 

[Mike]

"loopholes" are synonomous with tax credits, are they not?

They could be as simple as tax "deductions.

 

[hypocritexposer]

"loopholes" are synonomous with tax credits, are they not?

They could be as simple as tax "deductions.

You say potato, Quayle says patatoe. :lol:

 

[Mike]

"loopholes" are synonomous with tax credits, are they not?

They could be as simple as tax "deductions.

You say potato, Quayle says patatoe. :lol:

There is a big difference between a Tax "Credit" and a Tax "Deduction".

A tax credit is an amount subtracted from the total tax owed.

A deduction is subtracted from the gross income. An expense.

 

[hypocritexposer]

They could be as simple as tax "deductions.

You say potato, Quayle says patatoe. :lol:

There is a big difference between a Tax "Credit" and a Tax "Deduction".

A tax credit is an amount subtracted from the total tax owed.

A deduction is subtracted from the gross income. An expense.

Yes, you are correct and and I did know that.

It works the same here in Canuckistan. :wink:

 

[TSR]

"loopholes" are synonomous with tax credits, are they not?

I wonder if OT has ever claimed a tax credit for fuel?

I wonder if he has also ever claimed he used "farm fuel" for personal usage?

I'm glad you only asked OT that question and not all the ranchers here. Of course you wouldn't want to ask your buddies though would you?? BTW I'm sure you meant tax deduction and not credit. Have a good one.

 

[hypocritexposer]

"loopholes" are synonomous with tax credits, are they not?

I wonder if OT has ever claimed a tax credit for fuel?

I wonder if he has also ever claimed he used "farm fuel" for personal usage?

I'm glad you only asked OT that question and not all the ranchers here. Of course you wouldn't want to ask your buddies though would you?? BTW I'm sure you meant tax deduction and not credit. Have a good one.

Most of my "buddies" here will take advantage of every legal tax deduction/credit that is allowed.

But most won't criticize only Republicans for doing the same.

If you disagree with "tax loopholes", including botth, tax credits and deductions, then vote for a President that will keep his promises when stating that he will decrease them.


Let's wait and see if Romney/Ryan, keep their promise, unlike obama did.

"Lower tax rates 20 percent. We raised about $1.2 trillion through income taxes. We forgo about $1.1 trillion in loopholes and deductions. And so what we're saying is, deny those loopholes and deductions to higher-income taxpayers so that more of their income is taxed."

 

[Mike]

"loopholes" are synonomous with tax credits, are they not?

I wonder if OT has ever claimed a tax credit for fuel?

I wonder if he has also ever claimed he used "farm fuel" for personal usage?

I'm glad you only asked OT that question and not all the ranchers here. Of course you wouldn't want to ask your buddies though would you?? BTW I'm sure you meant tax deduction and not credit. Have a good one.

We all even try to use tax loopholes for estate taxes too. Just like the Fat Azz does. :lol: :lol:

 

[Larrry]

"loopholes" are synonomous with tax credits, are they not?

I wonder if OT has ever claimed a tax credit for fuel?

I wonder if he has also ever claimed he used "farm fuel" for personal usage?

I'm glad you only asked OT that question and not all the ranchers here. Of course you wouldn't want to ask your buddies though would you?? BTW I'm sure you meant tax deduction and not credit. Have a good one.

Now you are a smart man. A smart man would see ot was being a hypocrite. You did see that ot was being a hypocrite didn't you?

 

[Steve]

Of course you wouldn't want to ask your buddies though would you??

I have followed the law.. that law sometimes gives a few an advantage.. and should be changed..

Obama campaigned on the promise to close corporate tax loopholes..

something I agreed with in principle.. yet he handed out tax credits like candy on Halloween to his donors ...