Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for October 22nd, 2003

Posted by taxguru on October 22, 2003

Stars not feeling charitable toward fund-raiser – Ah, the benefits of great wealth. Big celebrities are just too busy to check out the people they give their money to; so they end up being ripped off.

Can the Dems Win on Taxes? – Unfortunately, hating the rich (defined as anyone with more than anyone else) is a very popular theme in this country. They’re as unpopular in our society as smokers, and thus easy targets. There is also no shortage of politicians willing to exploit this hatred.

What Alabama’s Low-Tax Mania Can Teach the Rest of the Country

Social Security: Where Do the Candidates Stand? – Anyone who is holding his breath waiting for any of our rulers to repair a system as structurally flawed as SS is a fool. There are plenty of very easy legal methods available, especially for the self employed, to avoid having to pour the thousands of dollars down the SS toilet that most people do. The sooner a person starts holding onto that money for himself, the larger the amount of wealth can be saved for future years.

Boomers Unprepared For Retirement – Defining exactly what constitutes being prepared for retirement is as subjective as the defnintions of poverty in this country. Most such studies base their conclusions on the amount of cash in an official retirement account (pension or IRA). I’ve even had clients tell me they are all worried because they don’t have any such cash accounts. I have to explain to them that their multiple business and real estate investments will be more than adequate to provide for their retirement years. I’ve seen it hundreds of times with real life people. They buy around one rental or investment property each year until they are about 60 or 65. They then sell off a property each year and carry back most of the sales price. The monthly payments they receive from those carryback notes are far and away much larger than anything they receive from the SSA. The notes are also tangible assets that can be sold for lump sums if needed. They can also be left to their heirs, something that is not possible with the Social Security Ponzi scheme.

Plan seeks to double Illinois state income tax on wealthy – And they expect those people to just sit back and let their bank accounts be drained by the tax vampires in Springfield. There are already some town here in Northern Arkansas that are referred to as “Little Chicago” due to all of the immigrants from Illinois. This kind of attack on the rich will just motivate more refugees.

Estate Debate. Taking the wealth of rich men is neither moral nor efficient. – Amen to that.

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