Thursday, April 16, 2009

"Going Galt" continues...

Tom Blumer at PJM: Tax receipts plummet as Americans "go Galt:"

But then in mid to late June, along came the POR (Pelosi-Obama-Reid) economy. The Democratic triumvirate’s intent to starve the nation of energy, regardless of the consequences, and newly minted presidential nominee Barack Obama’s designs on punitively taxing 5% of the nation’s most productive in the name of redistributing money to everyone else, both became crystal clear. As a result, paraphrasing what I wrote at the time, businesses, investors, and entrepreneurs responded to the trio’s total lack of seriousness by battening down the hatches and preparing for the worst.

Yes, lower tax receipts might be a result of the economy but they are just as much psychological. No one knows what to expect from this administration. Why invest and risk growing a buisiness if much of it might be taxed or regulated away?

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Blogger pdwalker said...

at this stage, it should be every loyal Americans duty to starve the rapacious Federal Government of Federal taxes through whatever legal means they have at hand.

11:02 AM, April 16, 2009  
Blogger Doom said...

Keep it liquid and prepare to run. I wonder how many of the ultra rich, the ones who supported O, are now realizing they were delusional. That socialists do not accept a simple taste, when wealth is seen to be easily taken. Only blood will come of this, the question is, whose blood.

I wonder if the new chant on the left will be blood for money? If so, this time, they will be for it. Let them eat tofu.

11:42 AM, April 16, 2009  
Blogger Cham said...

Just to let you know, the IRS is on the warpath. They did a rather thorough audit of me for 2006 and another for 2007. After the dust settled, they got zip, nada, nothing. They're auditing many of my friends as well. The government is broke and they are going to get some revenue from somewhere, it might be you. So anyone filing anything more than a 1040EZ please keep good records and your receipts, and be prepared to make lots of phone calls (the IRS people seem very nice), and slave away on documentation of everything once you receive your bills from the IRS for more money, because that is the way it works.

Press 1 to find out how much you owe, press 2 to find set up a payment plan, press 3 to set up direct debit from your checking account, press 4 if you can't make a 8 if you would like to speak to an IRS representative.

11:49 AM, April 16, 2009  
Anonymous Anonymous said...

Since the beginning of August, through the end of March, I have "banked" an additional 5K over what I normally have scheduled for savings on an annual basis. I am simply not spending any money. I am going out of my way to see how long I can make a tank of gas last. My personal best has been 18 days between fill ups, also since August. That is with driving my car six days a week.

As I work on becoming "Galt" I have learned so far that I can truly live on less than I have been living on for many years. So far, I'm not even using store coupons. That should improve my average savings even more.

1:12 PM, April 16, 2009  
Blogger Verbosity Dogood said...

The IRS is adding Revenue Agents (a.k.a. auditors) like crazy, and has been for a few years.

1:20 PM, April 16, 2009  
Blogger Cham said...

The people I got letters from in the IRS call themselves, "Operations Manager". I guess they are managing an operation, an operation to extract revenue.

1:35 PM, April 16, 2009  
Blogger Verbosity Dogood said...

Haha... Think of them as dispatchers, sending out the cabbies (auditors) to pick up your return & audit it.

1:40 PM, April 16, 2009  
Blogger Todd said...

Or delivery boys, sent by the grocery clerk (the big O) to collect the bill.

2:22 PM, April 16, 2009  
Blogger Unknown said...

why not bank offshore the way so many thousands of corporations do in order to avoid taxes and to have you pay taxes to make up for them?

3:32 PM, April 16, 2009  
Anonymous Anonymous said...

Yup, regulatory uncertainy is far worse than taxes at destroying wealth and preventing its creation.

5:33 PM, April 16, 2009  
Blogger Cham said...

I have a few friends that have gone beneath the radar, getting all their earnings in cash and leaving just enough in the bank to fool the welfare office, the food stamp people and rent board. Years ago I thought that they were being kind of sleezy, but now, after my little 6 month jaunt with the IRS I'm not so sure. I haven't even got upset yet about the bail-out, I'm still working out my anger about Iraq.

6:33 PM, April 16, 2009  
Blogger Verbosity Dogood said...


That's not really how it works for corporations. Most US corps (the large ones) don't do their primary banking overseas. And they are pretty good about disclosing their overseas income, for they don't need the hassles.

As for the notion of the smaller, privately held corps doing their banking overseas - you (as the business owner or individual) are required to disclose to the IRS what you actually make every year. In particular, the US has increased the assets & manpower it uses to go after such non-reporting. In fact, recently, it got several Swiss banks to agree to disclose information about how some of their US clients did 'evade' US taxes. I bet the deal was to pay some of the banks' losses (and who knows what else) in return for the banks to violate their now once-vaunted secrecy.

The big picture is that for the last several years, the gov't has been putting more resources towards auditing, and collecting taxes, for it's been well known that its expenses far outstrip its revenues. That means squeezing you and I.

6:34 PM, April 16, 2009  
Blogger Verbosity Dogood said...

This comment has been removed by the author.

6:34 PM, April 16, 2009  
Blogger Cham said...

I'm getting better and better at knowing how the IRS works. Let's take Geitner, Daschle and that HHS lady who all got caught trying not to pay taxes that were owed.

Geitner tried to ignore a 1099 and keep all the income without paying taxes. Currently, the only way to get away with this is not to file a return at all, own no property and not have a fixed address. This might be a good plan for someone who is here illegally or a person with a drug problem, but I wouldn't suggest it for anyone else. All 1099 information goes straight to the IRS from the payer. The IRS computers match that information with those that earned money on a 1099. Anything that doesn't match up gets flagged. I have no idea what Tim Geitner was thinking, but that was year 2001 when the big IRS computers started getting good at the matching process.

Daschle received services, services that were reported on a company's tax return. The company obviously gave enough information about the value of the services (most likely as an itemized business expense) so that the big IRS computers went straight to Daschle's return looking for the report. It wasn't there. He got caught. This also was a no brainer on behalf of the IRS.

HHS lady took a big chunk of charitable donations against a rather sizeable income. She was politely asked by the IRS for some documentation for this deduction, which was well within the IRS's right, and it says right on the return that documentation will be required for amounts over $500. She couldn't provide it.

I can see not wanting to pay taxes, but for cripes sakes, these cheats weren't even creative and were easily caught. These were/are appointed high-level government officials. Where does the government get off telling the rest of us to be honest and pay promptly when their own employees can't do it?

6:56 PM, April 16, 2009  
Blogger Tonto said...

The Democrap plan that I see is, pretty transparently, to bankrupt this country so it will fit more seamlessly into "The New World Order" ruled from the UN. Doesn't look like the best case scenario to me, but what do I know. I went to the Knoxville Tea Party so now I'm a dangerous radical right wing extremest. I wonder if the Feeb has my picture from my good side.

1:42 AM, April 18, 2009  
Anonymous Anonymous said...

Sorry about your tax troubles, cham.
But as you can see, being a Hillary fan and voting for Obama doesn't even save you from the wrath of the IRS.

The government HAS to have money. They WILL get it. Individuals, well there is no group smaller than a group of one. And it is an "individual tax return."

9:37 AM, April 18, 2009  
Blogger Cham said...

Actually, my IRS audit was initiated in October when shrub was the final desperate throes of his reign. I watched the poll results of the election with a keen eye, I had a gut feeling that the IRS at that time might be also zeroing in on party registration of its potential targets. I decided that I was going to do whatever it took to prolong the audit process. When Obama was elected I jumped for joy. When Obama chose our boy, Geitner, to head the Treasury Department I knew my ship had come in.

Watch out Republicans, your turn has come. ;)

8:23 PM, April 18, 2009  
Anonymous Anonymous said...

Not so much political affiliation, cham. But there is trouble a-brewin'. I too, had tax troubles this time around, dating back to the 2006 return. I gathered up everything and went straight to the local IRS office in town.

I wanted to see a rep and get things rolling, take my lumps, whatever was coming. I was turned away because I make over 42K per year (Like 100+ million others do). My guess is that's the real number - not 250K like they are saying in the Obama administration.

Basically, the government wouldn't help me straighten things out because I make too much money. I recommend everyone bank all the extra they may see in their paychecks now. The government is going to take it all back, and then some, come next tax season.

6:28 AM, April 20, 2009  
Blogger Cham said...

I'm with you Br549, until you said the word "bank". I'm wondering whether the IRS can see what is in our bank accounts. They need money, we have money and the know it from the bank records. For them it's just a matter of creating a bill from us to them, and then we can simply take the money we have and give it to them through direct debit (which they so easily will set up for us at no charge). Just sign on the line at the bottom of the page.

The government isn't interested in helping us with our audits. I went to a private accountant who is so annoyed with the IRS he helped me for free. He gave me some great guidance and the rest I figured out from multiple calls to the IRS offices. The IRS phone people were very nice to me and gave me honest answers, but I suspect that will end soon. They spoke freely which means the IRS will probably have them reading from a script in no time, just like the credit card companies do.

Good luck, Br549, because you are going to need it.

7:51 AM, April 20, 2009  
Anonymous Anonymous said...

cham, I hear ya.

11:04 AM, April 20, 2009  
Anonymous Anonymous said...

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9:48 AM, May 01, 2009  

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