IRS to "STEAL" almost 1/2 of 10 million dollar gold coin found on couples own land!

reply to post by Crakeur


Some form I think almost everyone is fine with.

This case shows just how insane the Govt appetite for the people's money hos gotten.

They get taxed on the find, on the sale and on an income of it.

A flat tax or consumption tax is the only fair way to go about taxing.

reply to post by Crakeur


The government 'used' to support itself by tariffs on imported goods.
It also 'used' to pay gov employees less than private sector.
Boy have times changed.

Guys.. dont you think this would be a story in a paper. and not som aneqdote copy and pasted?

Where the links this even happened?

Wheres the damned proof?


the IRS has no jurisdiction over land thats not federally owned. Treasure is not defined anywhere under income. the entire irs law and usc is searchable folks grow a brain.

5 Million!? I'd take it and be happy they didn't take all of it.

macman
They get taxed on the find, on the sale and on an income of it.

they get taxed on the value of the find. I agree this is unfair but it is what it is. They get taxed on any profit from the sale. there won't be a profit because their basis, the "cost" of the asset sold, will be the reported found value. In other words, assuming the gold appraises at 10 million, they'll pay tax on the ten million (less the cost of appraisal and other expenses incurred with the find). They sell the coins for ten million, subtract the basis, 10 million, and wind up with no taxable gain.

That's the tax situation. half for the find, the sale should be tax free.

macman
A flat tax or consumption tax is the only fair way to go about taxing.

a flat tax is not going to work. I imagine everyone in the upper brackets would prefer a flat tax but the folks in the bottom half would be up in arms.

say they impose a flat 15% tax.

the guy making a million dollars is paying less than before and he's thrilled.

the guy making $35,000 is paying a higher rate and is furious.

15% of 35k hurts more than 15% of 300k.

consumption taxes result in higher costs for everything which are already tagged for state and, at times, local sales taxes. Things will become too expensive for people and it will crush businesses who will need to lower their profit margins to ensure survival.

reply to post by EA006


Yep.I myself might have taken it out-of-the-area/state, and waiting to announce I found something. This is one of those times where someone tried doing what they thought was the right thing in reporting their find....and its come around to bite them in the ass.
Thanks

Crakeur


a flat tax is not going to work. I imagine everyone in the upper brackets would prefer a flat tax but the folks in the bottom half would be up in arms.

say they impose a flat 15% tax.

the guy making a million dollars is paying less than before and he's thrilled.

the guy making $35,000 is paying a higher rate and is furious.

15% of 35k hurts more than 15% of 300k.

I don't see a problem here.

The Progressive tax is the biggest form of theft we have ever encountered. It punishes those that earn more then others.

If taxes are to be "fair", and we are all "equal" in the eyes of Govt, then we all should pay the same percentage.

And I find it odd that you or any other person gets to decide what "hurts" someone in a higher tax bracket. I don't get to define such things for anyone else. Neither does anyone get to define this for me.

As for the consumption tax not working????
Take away income tax, property tax and every other tax on people, there should be no reason this would not work.
In fact, it would equalize the whole thing. Those that consume more, pay more taxes. Those that consume more are typically labeled as "rich".

Huggiesunrise
Guys.. dont you think this would be a story in a paper. and not som aneqdote copy and pasted?

Where the links this even happened?

Wheres the damned proof?


the IRS has no jurisdiction over land thats not federally owned. Treasure is not defined anywhere under income. the entire irs law and usc is searchable folks grow a brain.

From the tax code, a few of the items the IRS expects you to pay your share on:
www.irs.gov...

Found property. If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession.

and some other choice income items:

Bribes. If you receive a bribe, include it in your income

Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year, you return it to its rightful owner.

Kickbacks. You must include kickbacks, side commissions, push money, or similar payments you receive in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.

Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.

Crakeur


and some other choice income items:

Bribes. If you receive a bribe, include it in your income

Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year, you return it to its rightful owner.

Kickbacks. You must include kickbacks, side commissions, push money, or similar payments you receive in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.

Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.

These statements are a shining example of just how corrupt the Govt is.

reply to post by macman


what would be a fair rate for a flat tax? Should everyone pay 39.6%? does a guy making $40k paying $15,840 to the feds sound like something that won't hurt?

The guy making $500,000 is paying $198,000 already so nothing changes for him but the other guy is paying about 4 times what he was paying.

sounds fair to me.


What about a lower flat tax, say 15%. The guy making $40,000 pays $6,000 and the guy making $500,000 now pays $75,000. That's a $123,000 savings for him.

You think this sounds fair? Run for office and I'll back you. As will half the country's citizens.

reply to post by Crakeur

and how will roads be cared for?

Gas tax,lotteries,toll road taxes, what states use to do when they issued bonds to pay for that stuff.

how will we defend ourselves from potential invasion?

Other taxes.

The income tax was created so government could pay it's bills, not ours..

how will the ever growing population of welfare recipients live?

Taken a good look at welfare recipients today?

They aren't starving. Lots of fraud and abuse using their EBTS for 'medicinal' herbs', and strippers.

how will our children get educations? how will public transportation operate?

Property taxes are currently paying for those.

There are states in the union that don't have property taxes.

Don't see anyone starving there.

reply to post by macman


not corrupt. stupid. they expect you to pay taxes on illegal earnings. They also expect people to be up front about their illegal activity. It's moronic but it's also how the gov't finally put Al Capone in jail.

Oddly enough, the IRS gets returns each year with professions declared that are illegal. A small number of drug dealers, prostitutes etc actually list their profession and report their income.

reply to post by Crakeur

what would be a fair rate for a flat tax? Should everyone pay 39.6%? does a guy making $40k paying $15,840 to the feds sound like something that won't hurt?

The only fair tax is none at all.

Income wise.

We have all seen 'taxes' used to political wedge issues to keep the masses fighting between themselves for nothing more than the power of the vote.

If there is no income tax it can't be used to divide and conquer the people.

reply to post by neo96


federal roads are cared for using federal tax dollars.

state and local schools get handouts from the gov't to aid in the costs.


states with low taxes/no taxes often have higher property taxes. they also tend to have higher sales taxes, spend less on things like schools etc.

reply to post by Crakeur


Hey, if we are all equal and we should pay our fair share, all should pay the exact same percentage.

Regardless if is "hurts" someone, it is what it is.

The sliding scale is punitive in nature.


I think everyone paying 12% of their yearly income is fair. No right offs, no credits, no anything.

Companies will pay 12%, unless it is an LLC which is more or less considered a DBA to the person who is taxed at 12%.

What we have now is double, triple and quadruple taxation. It is wrong and is theft in any other walk of life.

Take away the tax credits, and Gay Marriage becomes a non issue.

Take away the sliding scale, and more people will work harder to earn more money.

Take away the tax credits and then the issue of the wealthy evading taxes becomes a non issue.

Take away credits and tax write offs for business, and the whole issue of companies not paying taxes (GE and such) becomes a non issue.

Take away the above, and the lobbying efforts for taxation gets cut in half.



The main thing comes down to if it is fair for one, it is fair for all.
If I can carry a gun, then you have the same right.
If I am taxed at 12% regardless of my income, then you are as well.


As for running?? Not just no but hell no.

reply to post by Crakeur


I stand by my corrupt statement.

For a Govt to allow taxes to be pulled from any activity they will then in turn prosecute on and make laws against, is corrupt.

reply to post by Crakeur

federal roads are cared for using federal tax dollars.

That is the theory behind that, but as everyone well knows 'infrastructure' has fallen by the way side.

Because that money is being transferred else where that has been deemed more 'needy'.

state and local schools get handouts from the gov't to aid in the costs.

Same with schools.

It is not about the money.

For what we spend on roads, and bridges, and education.

We should have the best the world has ever seen.

We don't.

states with low taxes/no taxes often have higher property taxes. they also tend to have higher sales taxes, spend less on things like schools etc.

The biggest problem I have is mandatory taxation.

Voluntary not so much since no one is forcing people like lotteries.

If people want them new fangled roads they cry so much about.

The federal government needs to emulate what the states have done is create an voluntary income stream like a federal lottery to supplement it's asinine spending sprees.

reply to post by macman


like I said, you'll find many who love the idea.

the corporate tax rate is 15% for the first $50k and then it jumps to $35%. nobody will complain about a flat 15% but the gov't loses money there.

a large part of the population pays well more than 12% income tax. lower their rates and implement a flat rate and they'll all be dancing in the streets. The folks paying 11% or less will be up in arms and many will struggle to make ends meet.

I keep saying I'm all for it. I'd be out of work (tax prep is my bread and butter) but I'd still vote for it because I want lower taxes. As it stands, I'd see a sizeable bump in my after tax income.

reply to post by Destinyone


I wonder what the law says about boxing them up into several shipments and sending them overseas to be deposited in a foreign bank?

I mean, the wealthy have been sending their money overseas for years to avoid taxes.

reply to post by neo96


the country is broken. we overspend on nonessential things, we divert money to the wrong things and we overpay the people who make the bad decisions.

I've said this before so forgive me for repeating myself but the best way to get better minds into our government (all levels) is to offer performance based salaries.

balance the budget, get a bonus. no wars, bonus.


as it stands, we get failed lawyers, con men and wealthy power hungry people running instead of qualified minds. The pay is low, who else is going to want those jobs? Make it worth someone's while and you'll get better people running. Make it performance based and you'll have bright minds trying to accomplish the things we need.