Good luck with that (not paying tax). For most of us, it's withheld by our employer. For those who are self employed or own a business, in most cases the IRS would come and seize your shit if you protested and refused to pay taxes. I think the only way you could get away with it, as a late friend did. He was self employed, did construction and handyman work, and only accepted payment in cash or check (in small amounts, under $10K). Didn't report any income, so he was below the Radar, but I wonder how long that would have lasted if he didn't pass away? Maybe when he went to file for Social Security or Medicare they would eventually catch him?
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Inflation.......... ?
- Thread starter Hobo Hilton
- Start date
Good luck with that (not paying tax). For most of us, it's withheld by our employer. For those who are self employed or own a business, in most cases the IRS would come and seize your shit if you protested and refused to pay taxes. I think the only way you could get away with it, as a late friend did. He was self employed, did construction and handyman work, and only accepted payment in cash or check (in small amounts, under $10K). Didn't report any income, so he was below the Radar, but I wonder how long that would have lasted if he didn't pass away? Maybe when he went to file for Social Security or Medicare they would eventually catch him?
I've also heard, correct me if I'm wrong, as I haven't researched it much.
Since after 9/11, Banks are required to report any transactions (deposits/withdrawals/credit card purchases) over $3K to the federal government.
Since after 9/11, Banks are required to report any transactions (deposits/withdrawals/credit card purchases) over $3K to the federal government.
I don't know about that. But I do know of a couple people that consistently made deposits just under the 10K threshold. They got an invite to a sit down with the IRS. Their finances were scrutinized and they were given a chance to pay what the government decided that they owed plus penalties and fees.
You don't need good luck, just being willing to live on a lot less & be willing to take lessons from our Mexican heritage friends on how to best work the system to your advantage.
You figure out for your particular marital / family situation, what the maximum amount of money you can make before having to pay taxes is and don't make more than that amount each year, then you figure out how to maximize benefits (including earned income credit and child tax credits) that are available and if you do it right, you can join the many who actually get more money back at the end of the year than they paid in. A bit hard to do when you are single, but if you can get yourself a six pack of kids, you can actually do quite well at it, you might even get the government to pitch in for your grocery bill and give you a cell phone.
The problem is of course, most folks will eventually want to live a better lifestyle and will accept feeding the beast because their kids don't want to wear hand me down clothes and shoes and want their own phone and such.
All perfectly legal and above the board.
Baltasar Gracián (1601 - 1658) summed it up with this quote long ago.
Attachments
Nah, they'll just drop the veneer and show their true colors. And the "good folks" will cheer them on as they do it. Cause "only the groups we don't like will be affected". Already started:
Kentucky state Senate bill 211 just passed in the state senate.
Last week the Fed announced that, retroactive to May 2020, its M1 money stock measure would include savings deposits, which were reclassified as transaction accounts similar to other deposit components of M1 such as demand deposits and other checkable deposits, the reclassifying of savings deposits as transaction accounts caused a retroactive tripling in the quantity of M1, from $4.898 trillion on April 27, 2020, to $15.994 trillion on May 4, 2020.
Hmmmm, the Fed is reclassifying. Beware
Hobo
Hmmmm, the Fed is reclassifying. Beware
Hobo
Inflation: The Art of Moving the Goal Posts | Mises Institute
The relative importance of a category of goods in calculating prices is thoroughly arbitrary. Since it’s impossible to credibly quantify the level of importance
It fucking failed miserably if that was the intention. Unless a vaccine that temporarily causes sterility will cause a lull in breeding. IDK. Shit's crazy.
AAA: Americans paying 14% more at gas pumps compared to February
AAA: Americans paying 14% more at gas pumps compared to February
AAA says Americans are paying 14% more at gas pumps than they did in February.
www.kpax.com
The cost of imported goods jump 1.3% in February and rose sharply for the third month in a row, reflecting a rebound in inflation that’s been driven in large part by higher gasoline prices.
www.marketwatch.com
U.S. import prices jump 1.3% in February as inflation pressures build
The cost of imported goods jump 1.4% in February and rose sharply for the third month in a row, reflecting a rebound in inflation that's been driven in large...
www.marketwatch.com
The damage has been done already. Our gov’t has been taken over. Completely corrupted. Big corporations have had record profits while small business was destroyed in many places and millions were put out of work. Many more will be lost due to the supply chain shortages brought on by the shutdowns. The businesses that aren’t affected by the shortage directly will not escape the higher taxes to cover the increase in costs of operating the city, state, and federal govt along with the increase tax for lost revenue due to the shutdowns. The multiple trillion dollar “relief” bills and the printing of this money will result in massive inflation. This all leads to less operating money, more overhead costs, and the money that is available will be worth much less. Every working class American will be impacted. Poverty will increase. As small businesses fail, large corporations will fill the void. People will have less opportunity to make a living in any place other than one of these larger corporations or government both of which will be used to make you either submit, go to jail, or die. Pick one. You have a choice like many ignorant people like to say. A very shitty choice. The transfer of wealth from the common man to those calling the shots is well on its way.
This is happening right now in a coordinated effort worldwide. And to think it was all made possible because so many foolishly chose to wear a mask and rationalized doing so in one way or another. It was just a mask after all.
Sadly anyone who fights back are considered the problem while those casting stones completely ignore the over reach and the blatant tyranny of our federal, state, and local governments and the actions of many of those that enforce its laws.
This is happening right now in a coordinated effort worldwide. And to think it was all made possible because so many foolishly chose to wear a mask and rationalized doing so in one way or another. It was just a mask after all.
Sadly anyone who fights back are considered the problem while those casting stones completely ignore the over reach and the blatant tyranny of our federal, state, and local governments and the actions of many of those that enforce its laws.
We all witnessed the mass exodus from the mega cities to the suburb / rural areas. The "work from home" is being proven to not work. As you point out, many will be forced to work for large corporations or big government. Eventually, worker's will be forced back to the mega cities that they left. Many left a single family home and due to many factors, they will return to apartment living while paying more for an apartment than they were for a single family residence. The cost for a long commute will increase in the future.
There is some observer bias in this. The post 2008 financial crisis exodus to the cities from rural and suburban areas still dwarfs any repatriation that we have seen yet. You are right that high gas prices could reverse the recent moves, but they were likely temporary to begin with. Gas prices are a big deal, they drive a lot of other prices in the economy, and it is not clear that we have any longer the available increases in productivity to offset these changes.
I think a lot of people are convinced that the last twenty years have seen more inflation than there actually has been, because so many of the drivers of inflation have been in place, but the numbers are far less cooked than the conspiracy theorists would have you believe. That doesn't mean that those chickens aren't about to come home to roost, because they very well could, and a lot of recent policy shifts could likely be the straw that breaks the camels back. But again, it actually hasn't happened yet, due to a variety of factors from overseas manufacturing to increases in productivity at home. Those things have changed the economy, in some ways not for the best, but they have dampened inflation.
Who fucking cares anymore. Stand on your feet or die as a slave. The irony is, most of us are already slaves, just a different kind.
thats low... unfortunately, very low...
rough framing lumber is up over 300% (yes... that’s ‘triple’, didn’t misplace the decimal point...) year over year. Windows and doors up 19 and 18 percent, respectively, since November last year... drywall is headed toward its third increase so far this year... I could go on (and on, and, on... unfortunately...) I’ve wondered, openly, if what we’re seeing is actually the beginnings of full-blown currency devaluation... Can you say “Venezuela” ...?
With the bombardment of propaganda and the never ending "Gas Lighting" I plan on sticking to things I can personally observe to guide my ship through the night. Observer bias has served me well.....
@thestoicmarcusaurelius This is similar to the beef prices, at least in my area cattle is way down per lb. But the packing houses are at peak prices at the grocery stores.
In reading this thread I gather that that steel, aluminum and lumber prices are increasing.
This old thread seems uniquely relevant:
www.snipershide.com
This old thread seems uniquely relevant:
Trump's Steel and Aluminum Tariff Proposal
I'm not getting this guy. Supposedly, less than 250,000 souls are actively engaged in steel production, but millions more depend upon a cheap supply of it for various purposes. Smart money jumped in panicked shock yesterday on Wall Street. Does he really think that we can go back to a 1950s...
www.snipershide.com
Fed signals rates to remain on hold through 2023
The "Feds" must have one hell of a good crystal ball to look two years ahead with that promise.
www.cnbc.com
The "Feds" must have one hell of a good crystal ball to look two years ahead with that promise.
Recap and analysis of Fed Chairman Powell's market-moving comments on rates
Fed Chair Powell spoke to reporters for one hour after the central bank published its March 2021 decision on interest rates.
timber prices link
It is only updated every quarter. The local timber guy confirms the stumpage has not moved even though saw timber has gone up. They are booked out a full year cutting though. I could not figure out why until I realized that if you wait too long on to harvest, the saw timber price of $22 drops to $8 because the logs are too big for the mill and all you get is pulp price. But still, the guys with massive equipment, labor, insurance and repair bills to pay, are getting nothing out of this "boom"
Easy to do when your the one manipulating the market.Fed signals rates to remain on hold through 2023
The "Feds" must have one hell of a good crystal ball to look two years ahead with that promise.
Recap and analysis of Fed Chairman Powell's market-moving comments on rates
Fed Chair Powell spoke to reporters for one hour after the central bank published its March 2021 decision on interest rates.
Put together a shop order for panels, conduit, wire, breakers, devices, couplings connectors and stuff. No small breakers in stock, wire was doubled with a back order. Entire list was an exact order from the month before with a 13% increase
A 5# bag of C&H Cane sugar has become a 4# bag of C&H Cane sugar......... Priced about the same.
This trick has been happening more and more lately, you see it with items in cardboard boxes (cereal, bars, crackers etc.) where they keep the box size the same, just less contents inside, prices stay the same. It's an easy way for manufacturers to increase profits and most never notice, even the few that do pay attention and notice, there's not much option if you want the product. You also see it with large juice/drink bottles, they will keep the same width/height to the bottle, but it will be thinner front to back, most never notice it.
Grocery stories used to be really good about posting the per/qty prices for things, but I've noticed the last couple years most either don't list it, only list it for some things, or list it so small even someone with 20/20 vision has to put their nose up to the tag.
Back when I was a kid, that was pretty much the first lesson taught in grocery shopping by my mother.
Always bring a pencil and paper and figure out what the cost per piece / cost per weight was before deciding what to get.
I'm probably one of the few that actually pays attention to the little notes on the price tags that the local grocery store has that say the price per piece/weight.
Just got word that tubing will be going up another $100 to $125 per ton soon.
The part that made me sick was the representative told me that "we believe prices will go up for the remainder of 2021".
The problem is that I don't understand how the market can bear these increases.
Much of what we are seeing is 2020 work that was shelved/delayed due to COVID. In my business, detailers (the folks who create shop/erection drawings) have zero work. I get multiple calls per day from detailers begging me to give them work.....at any price. These folks are on the front end of projects. If they have nothing to do, that means that once this delayed 2020 work runs its course, there will be a huge gap in "new" work being completed.
My biggest concern is that designers (i.e. architects) currently will steer away from steel if their project(s) can be....just to avoid the uncertainty. The steel market has been chaotic the last 5-ish months and this chaos typically fosters uncertainty. I can see designers simply steering clear from utilizing steel just to save their project from delays and budget issues. These issues (even if they only last 7-8 months) could set my industry back 24+ months.
The part that made me sick was the representative told me that "we believe prices will go up for the remainder of 2021".
The problem is that I don't understand how the market can bear these increases.
Much of what we are seeing is 2020 work that was shelved/delayed due to COVID. In my business, detailers (the folks who create shop/erection drawings) have zero work. I get multiple calls per day from detailers begging me to give them work.....at any price. These folks are on the front end of projects. If they have nothing to do, that means that once this delayed 2020 work runs its course, there will be a huge gap in "new" work being completed.
My biggest concern is that designers (i.e. architects) currently will steer away from steel if their project(s) can be....just to avoid the uncertainty. The steel market has been chaotic the last 5-ish months and this chaos typically fosters uncertainty. I can see designers simply steering clear from utilizing steel just to save their project from delays and budget issues. These issues (even if they only last 7-8 months) could set my industry back 24+ months.
Agreed, but I have no idea what they'd steer toward. I'm my world the increase in the cost of steel products, while troubling, pales in comparison to other materials (please don't tell the steel guys that...
)I received a quote March 15 for 10pcs, 21’ long 1-1/2” schedule 40 galvanized pipe.
Went to the steel supplier today to order, had signs all over about “will not honor quotes”
The salesperson called the supplier to see what my price would be on a 9 day old quote - they did not raise it! I feel lucky, might play a number later…….
Went to the steel supplier today to order, had signs all over about “will not honor quotes”
The salesperson called the supplier to see what my price would be on a 9 day old quote - they did not raise it! I feel lucky, might play a number later…….
This is exactly why I drive an 18 year old dodge. Yeah its a still a pos dodge, but atleast I can fix it. I figure I'm better off spending 20k keeping the one I got on the road over time than losing 20k on a new one the second it leaves the lot.
Needed some 1/4", plated, hex nuts. 20 threads per inch..... Paid 10 cents each, locally. Seems not long ago they were 5 cents each.
Another bright idea from one of our leaders:
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Ms. Yellen said. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
Seems American's can't connect the dots. Big corporations simply pass the taxes charged by the Government on to the consumer. So, on top of inflation, we will be paying more taxes to the Government by way of the major Corporations.
Hobo
Another bright idea from one of our leaders:
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Ms. Yellen said. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
Seems American's can't connect the dots. Big corporations simply pass the taxes charged by the Government on to the consumer. So, on top of inflation, we will be paying more taxes to the Government by way of the major Corporations.
Hobo
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This morning's headline:
Yellen calls for a global minimum corporate tax rate.
If taxes are raised on corporations.... EVERYTHING will cost more. And the consumer will get nothing more for their money, the corporations will pass through the taxes to the consumer. One more thing that will add to inflation.
All this assumes that corporations pay the "headline" rate - which they almost never do. Which then means that the real game is to lobby for various exemptions, and corporations will always play that game to its logical conclusion. Surely Yellen is smart enough to understand this, which means that there is more to the story.
This is one of the dumbest, most cynical moves I've ever seen. They just want to raise US corporate taxes, which they know would be disastrous, and they want everybody's help in doing it. Nobody will help, because there isn't another country in the world dumb enough to believe in a high corporate tax rate. That is why lowering the corporate tax rate was Trump's most successful policy, because we were so fucking out of whack with the rest of the world. We aren't even particularly low now. Fuck me.
That's really only true on a big news headline level. Corporate tax rate shifts accounted for almost the entirety of the onshoring and repatriation during the last four years. They are the most effective tax cut out there. The "corporations don't really pay" headlines are generally not as truthy as people believe.
Anyway, see above, the competitive statutory tax rates for corporations is the biggest driver of the marginal employment gains we, and other countries, see. She needs other countries to neuter themselves into non-competitiveness because the current administration, and Democratic party, is so ideologically beholden to raising corporate tax rates, and she realizes it would be economically disastrous. TLDR version, Democrats and Republicans are different, and it makes a difference.
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Corporate taxes is what makes companies offshore, and they just pass it down to the consumer.
Add on higher capital gains tax, and a per trade tax and Yep, no money for you! Hope the soy boys and feminazis enjoy $5 and women’s sports dominated by chicks with dicks. Totally worth it to have a President that doesn’t make mean tweets.
Add on higher capital gains tax, and a per trade tax and Yep, no money for you! Hope the soy boys and feminazis enjoy $5 and women’s sports dominated by chicks with dicks. Totally worth it to have a President that doesn’t make mean tweets.
Or the US could just get more competitive. The move toward that in '17 worked wonders. Suggesting what you are, is similar to suggesting that kids should be forced into local public schools because the private schools are doing too good a job.Maybe Yellen should ruffle some fathers on Brit overseas tax heavens first
End the day you have a massive hole that multiple admins dug and spending $$ at unprecedented rates. Do you really think another tax break will fix that?
There is pretty much no way that debt will ever get paid back, you couldn't raise taxes high enough even if you took all of everybody's money.
There will never be the political will to make the drastic spending cuts that would be needed to stop borrowing more. Getting the budget low enough to start paying off the debt is a fantasy.
The harsh truth is it's just a matter of how long before it all blows up and the people loose everything, the global elites grab everything the people thought they had and then let the people start over, working as slaves that own nothing to pay for what they used to have.
There isn't much evidence that corporate tax receipts move in concert with corporate tax rates over anything but the very shortest term. Which is, of course, part of the reason for all of this. We are begging other countries to subsidize our policy that isn't based on economics, but on ideology. If I were another country, I would tell us to suck a bag of dicks.
So, there are a lot of issues with this analysis. First, of course, is the assumption of a strong correlation, over any term, between tax rates and tax revenue. It isn't negative, it is just unpredictable. Likewise, spending cuts, which are clearly necessary long term, are going to have negative effects on tax revenue.
The real harsh truth isn't the conspiracy you mention, but it is that we are flying way more blind than we ever thought. Most predictive models have not fared well over the last 20 years or so about the relationships between debt, spending and inflation, or about tax rates, spending and economic activity. That is scary in and of itself, but it doesn't lead to a crazy belief that we are headed to so master slave world.
Used prices are also inflated. I bought a new truck last week. My trade in was two years old and had 35,000 miles on it. They gave me $2,000 less than what I paid out the door for it brand new.
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