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Work quantity

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Terrel L. Shields said:
They are enforcing what exists and congress created every single one of those tax breaks because without many of them they were economy killers. I mean are you going to not allow deductions for business expenses? Everyone likes to pick on the oil business, and one thing they pick on is the depletion allowance. The depletion allowance is exactly what it says it is. As your reserves are produced (depleted) it is just like depreciation, like you get to take on any business item. And at the end of the well's life, there is no more reserves. Big oil actually calculates what the depletion is and what their reserves are so it is exactly like depreciation. You get depreciation and every farmer depreciates their buildings, tractors, and cattle as the cow ages. If we raise our own replacement heifers, we don't get to depreciate them as an investment. For individuals who own mineral rights, a reserves calculation would require a petroleum engineer, would cost in the thousands of dollars even if it only produced a couple thousand a year, so for individuals, the government allows a set 15% of the income as "depreciation". It is the sole expense against income a mineral owner is allowed. You pay taxes on 85% unless your CPA is a oil biz moron and cannot figure out how to calculate it correctly (I ran into that.) And a rapidly depleting well (with a life less than 7 years) will therefore not let the owner depreciate the entire 100%. It is just a short cut that keeps the mineral owner from paying on 100% of the well or paying unreasonable engineering expenses.

This is why much of the tax code is so complex. It wants to tax things without damaging the economy behind those taxes. When debating Hillary, she claimed Trump was an example of how rich people game the system, and he replied that she (a senator) had to power to change those tax laws, not him. And that is the issue. If politicians are funded by Buffet, Icahn, Musk, Bezos, Gates, and their ilk, do you think those solons will be passing aggressive tax burdens on their own benefactors? And if they were to do what Newsom is doing in California, then what? Well, you know what? Rich people are moving to where taxes are cheaper. So then who pays those taxes? The ever-shrinking middle class. The poor don't pay taxes much and mostly as consumption taxes. It is a choice. Abolish income taxes nationwide and install a VAT - value-added tax. And that hits the poor even worse. I believe Elon Musk paid in some $11 billion in taxes. What do you pay to support the government?
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Exactly, screw the government. They don’t deserve us. 34 trillion! Wow
 
Not wanting to live in a high crime area is not racist.
 
I may be wrong, but I think DIS might have a tinge of anger and animosity in her. She must have had a really bad day.
 
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