[Leica] PESO: America, from Occupy Philadelphia

[jhnichols at lighttube.net (Jim Nichols)]

Ken,

Thanks for the rant!  You make several very good points.  As a retired 
engineer, it pleases me to find that a tax professional sees the world as I 
do.

Jim Nichols
Tullahoma, TN USA
----- Original Message ----- 
From: "Ken Carney" <kcarney1 at cox.net>
To: "Leica Users Group" <lug at leica-users.org>
Sent: Sunday, October 16, 2011 7:16 PM
Subject: Re: [Leica] PESO: America, from Occupy Philadelphia


> On 10/16/2011 6:33 PM, George Lottermoser wrote:
>> On Oct 16, 2011, at 6:07 PM, Ken Carney<kcarney1 at cox.net>  wrote:
>>
>>> Wonder how all these occupiers were able to get off work for so long?
>> Many of the Milwaukee "Occupiers" (a one Saturday event) were "laid off" 
>> or otherwise unemployed; part of that 9.1% as well as the 99%. I spoke 
>> with quite a few degreed professionals with 20 plus year professional 
>> careers who have been unable to find "any" work for 4 to 12 months. 
>> Others have been forced into early retirement. Others are serious 
>> students who can no longer finance their educations; or find employment. 
>> The stories are many and sad. Minorities in Milwaukee have more than 4 
>> times that 9% unemployment rate. And those rates do not include the 
>> people who have simply given up on the prospect of finding work.
>>
>> Regards, George
>>
>> _______________________________________________
>> Leica Users Group.
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>>
> I hear you.  It also relates to Richard's comments about corporations 
> hoarding cash and banks not lending...the reason is that there aren't as 
> many opportunities for investment now.  The reverse, actually.  The 
> question is, what can our government do about it?   The government doesn't 
> create jobs, except in a temporary and largely wasteful sense.  Large CEO 
> salaries and taxes on the rich are irrelevant - the most draconian 
> measures would not put a small dent in the debt.  What is needed, IMHO, is 
> competent fiscal administration, something not present now (IMHO).  I have 
> now escalated into a rant, which needs at least a couple of constructive 
> suggestions.  As a tax adviser, I will probably be excommunicated for this 
> one, but I think the current policies regarding transfer of intangible 
> assets offshore should be revisited (Google, Cisco et al.).  All that is 
> happening there is that the income escaping U.S. tax must be reinvested in 
> another offshore business, else it will become income subject to U.S. tax. 
> So, the U.S. tax break is building industries and infrastructure in other 
> countries.   A U.S. citizen is taxable on worldwide income, now matter 
> where earned.  Why should it be different for a corporate business?  A 
> second suggestion is to stop U.S. military intervention in hopeless 
> causes, e.g., Afghanistan.  OK, a third bonus suggestion would be some way 
> to eliminate federal pork spending, a lost cause I know.
>
> Lastly, I have numerous clients who have taxable income in excess of $1 
> million.  They all pay taxes at the highest rate.  They are also usually 
> high charitable givers.  Who pays taxes at a lower rate?  Two instances 
> come to mind.  One is the risk taker who is able to take a deduction for 
> intangible drilling costs in the exploration for oil and natural gas, and 
> that is a temporary thing.  The other is someone who has bitten on a tax 
> shelter, with blowback potential that will greatly exceed the temporary 
> tax savings.  EOR!
>
> Ken
>
>
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>