Biden speach

SStockDart · 05-03-2021, 01:52 PM

[QUOTE=Dan Fahey;639766]Our Government is not a BUSINESS...
It does not make a profit.

I didn't say it was/is a business.....I said most legislators could not run a business because they do not understand the tax laws that they establish. They couldn't explain I.B.I.T.A. or double declining amortization if they had to. The speech the other night, Biden referred to companies making millions of dollars and not paying any taxes. That is way misleading and intended to pizz off the voters.

Superpro · 05-03-2021, 03:54 PM

[QUOTE=SStockDart;639769][QUOTE=Dan Fahey;639766]Our Government is not a BUSINESS...
It does not make a profit.

They couldn't explain I.B.I.T.A. or double declining amortization if they had to.

I believe you are referring to EBITDA? Earnings before Interest Taxes Depreciation and Amortization. Indicator in financial circles as to profitibility of a company's core operations. In Governments' defense, I don't think most smaller business owners are aware of what this is either. They likely care more about what they take home after servicing their debt, Uncle Sam and whether or not their investment in expensive land, building and machinery provided a sound return.
.

SStockDart · 05-03-2021, 04:31 PM

Thank you and you are correct. I've been retired 15 years. It can either be EBITDA or IBITDA. Earnings or income. Also called gross profit. Polititions often take this number to make the statement that companies don't pay taxes. As an example, if a company makes $1,000,000 IBITDA and they don't have interest payments, taxes due, depreciation, or amortization...... then the company would owe taxes on the $1,000,000. In elementary terms, if this same company bought $5,000,000 worth of capitalized equipment, and depreciated it over 5 years (equals $1,000,000 depreciation each of 5 years) the company has zero tax obligation for the year. Taxes are like this to provide incentives for companies to buy equipment and keep economy moving.
If you have set up your racing operation as a business, be sure you depreciate/amortize your truck, trailer, part of an office, garage. If you generate winnings, you can use it to pay for such.
Whew.....oh, and see an accountant.

John Kissel · 05-04-2021, 03:29 PM

I learned many years ago, the best way for me was to work for good people, and leave the problems of running of a business to others.Wealthy people bought the boats I helped build, the parts I sold,and the trucks I drove. I had "the jones" to buy a Peterbilt for years, and was educated by trucking co. owners, it is best to drive a truck with someone elses name on the door, and they were for the most part not white.How would you feel if a family member you had to hire, took a new Freightliner and a new 53' reefer with a load of peppers up to Campbell Soup in Camden and proceeded to rip off the top of the trailer going under a bridge Honest wealthy people provide jobs for other people, and I could care less about the taxes they honestly work around to not pay so they can stay in business..

SStockDart · 05-13-2021, 01:07 AM

Animal House is one of my favorite, all time movies. Near the end, Kevin Bacon is playing a ROTC cadet screaming "Remain Calm, all is Well" during the parade scene.

I can't help but place his words on our President's lips during a speech..... What did you say Mr. President????? Remain calm all is well...
Over 1,100 missiles fired at Isreal
Southern border letting illegals in at record numbers
Illegals staying at Holiday Inn while veterans sleep on the streets
Out of gas in the southern states. Trump would have bombed the perps.
Days ago
Gasoline/diesel is over a dollars a gallon more this year.
Keystone pipeline employees still looking for jobs.
Harris has not been to the border yet after 2 months.
Record murders in Chicago and NYC, yet White Supremacy is blamed.
Unemployment is crazy because "some" groups can make more money
selling drugs and collecting Unemployment.
The list goes on and on. For my friends, the best hedge against the inflation we are facing is REAL ESTATE. The best hedge against democrats is ammunition.. Good luck

Eddies66 · 05-13-2021, 09:57 AM

Quote:

Originally Posted by SStockDart

Animal House is one of my favorite, all time movies. Near the end, Kevin Bacon is playing a ROTC cadet screaming "Remain Calm, all is Well" during the parade scene.

I can't help but place his words on our President's lips during a speech..... What did you say Mr. President????? Remain calm all is well...
Over 1,100 missiles fired at Isreal
Southern border letting illegals in at record numbers
Illegals staying at Holiday Inn while veterans sleep on the streets
Out of gas in the southern states. Trump would have bombed the perps.
Days ago
Gasoline/diesel is over a dollars a gallon more this year.
Keystone pipeline employees still looking for jobs.
Harris has not been to the border yet after 2 months.
Record murders in Chicago and NYC, yet White Supremacy is blamed.
Unemployment is crazy because "some" groups can make more money
selling drugs and collecting Unemployment.
The list goes on and on. For my friends, the best hedge against the inflation we are facing is REAL ESTATE. The best hedge against democrats is ammunition.. Good luck

How about we vote out the do-nothing Congressmen and obstructionist that continue to “kick the can down the road”. With regards tothe Vet issue, this has been going on far too long. I have dealt with Vets from WW2 that can’t get the VA to take action on their claims.

Eddies66 · 05-13-2021, 12:58 PM

I thought about the idea of placing homeless Vets in hotel rooms. You would isolate them and then the demons start to be heard. A dorm situation would be the ideal place. A good example would be the dorm at Fort Whipple VAMC Prescott, Az. Medical staff, mental health staff and fellow Vets to interact with. Makes for a more workable environment. Just my two cents.

chris ok · 05-13-2021, 04:06 PM

Quote:

Originally Posted by Eddies66

How about we vote out the do-nothing Congressmen and obstructionist that continue to “kick the can down the road”. With regards tothe Vet issue, this has been going on far too long. I have dealt with Vets from WW2 that can’t get the VA to take action on their claims.

You do a good job for Veterans Ed. WWII family you helped for me. Was a conversation w the son the other day how grateful he is.

What’s going on here now tho is a travesty.

I wish all you here the very best. I really enjoy this site and always remember to respect my elders.

Grey Ghost · 05-13-2021, 07:06 PM

Quote:

Originally Posted by Eddies66

How about we vote out the do-nothing Congressmen and obstructionist that continue to “kick the can down the road”. With regards tothe Vet issue, this has been going on far too long. I have dealt with Vets from WW2 that can’t get the VA to take action on their claims.

Term limits and a recall mechanism to get rid of congressional reps/senators who do not keep their campaign promises...romney, cheny, insert your reps name here __________

05-03-2021, 01:52 PM	#1
SStockDart VIP Member Join Date: Dec 2007 Location: Arizona, Texan forever Posts: 1,176 Likes: 879 Liked 574 Times in 212 Posts	Re: Biden speach [QUOTE=Dan Fahey;639766]Our Government is not a BUSINESS... It does not make a profit. I didn't say it was/is a business.....I said most legislators could not run a business because they do not understand the tax laws that they establish. They couldn't explain I.B.I.T.A. or double declining amortization if they had to. The speech the other night, Biden referred to companies making millions of dollars and not paying any taxes. That is way misleading and intended to pizz off the voters. __________________ Gary Hansen - SS/FA 4911, B/SA 4911

05-03-2021, 03:54 PM	#2
Superpro Member Join Date: Jan 2013 Posts: 115 Likes: 79 Liked 105 Times in 38 Posts	Re: Biden speach [QUOTE=SStockDart;639769][QUOTE=Dan Fahey;639766]Our Government is not a BUSINESS... It does not make a profit. They couldn't explain I.B.I.T.A. or double declining amortization if they had to. I believe you are referring to EBITDA? Earnings before Interest Taxes Depreciation and Amortization. Indicator in financial circles as to profitibility of a company's core operations. In Governments' defense, I don't think most smaller business owners are aware of what this is either. They likely care more about what they take home after servicing their debt, Uncle Sam and whether or not their investment in expensive land, building and machinery provided a sound return. . Last edited by Superpro; 05-03-2021 at 04:02 PM.

05-03-2021, 04:31 PM	#3
SStockDart VIP Member Join Date: Dec 2007 Location: Arizona, Texan forever Posts: 1,176 Likes: 879 Liked 574 Times in 212 Posts	Re: Biden speach Thank you and you are correct. I've been retired 15 years. It can either be EBITDA or IBITDA. Earnings or income. Also called gross profit. Polititions often take this number to make the statement that companies don't pay taxes. As an example, if a company makes $1,000,000 IBITDA and they don't have interest payments, taxes due, depreciation, or amortization...... then the company would owe taxes on the $1,000,000. In elementary terms, if this same company bought $5,000,000 worth of capitalized equipment, and depreciated it over 5 years (equals $1,000,000 depreciation each of 5 years) the company has zero tax obligation for the year. Taxes are like this to provide incentives for companies to buy equipment and keep economy moving. If you have set up your racing operation as a business, be sure you depreciate/amortize your truck, trailer, part of an office, garage. If you generate winnings, you can use it to pay for such. Whew.....oh, and see an accountant. __________________ Gary Hansen - SS/FA 4911, B/SA 4911

05-04-2021, 03:29 PM	#4
John Kissel Member Join Date: Sep 2012 Location: Colt's Neck, n.j. Posts: 349 Likes: 766 Liked 230 Times in 94 Posts	Re: Biden speach I learned many years ago, the best way for me was to work for good people, and leave the problems of running of a business to others.Wealthy people bought the boats I helped build, the parts I sold,and the trucks I drove. I had "the jones" to buy a Peterbilt for years, and was educated by trucking co. owners, it is best to drive a truck with someone elses name on the door, and they were for the most part not white.How would you feel if a family member you had to hire, took a new Freightliner and a new 53' reefer with a load of peppers up to Campbell Soup in Camden and proceeded to rip off the top of the trailer going under a bridge Honest wealthy people provide jobs for other people, and I could care less about the taxes they honestly work around to not pay so they can stay in business..

05-13-2021, 01:07 AM	#5
SStockDart VIP Member Join Date: Dec 2007 Location: Arizona, Texan forever Posts: 1,176 Likes: 879 Liked 574 Times in 212 Posts	Re: Biden speach Animal House is one of my favorite, all time movies. Near the end, Kevin Bacon is playing a ROTC cadet screaming "Remain Calm, all is Well" during the parade scene. I can't help but place his words on our President's lips during a speech..... What did you say Mr. President????? Remain calm all is well... Over 1,100 missiles fired at Isreal Southern border letting illegals in at record numbers Illegals staying at Holiday Inn while veterans sleep on the streets Out of gas in the southern states. Trump would have bombed the perps. Days ago Gasoline/diesel is over a dollars a gallon more this year. Keystone pipeline employees still looking for jobs. Harris has not been to the border yet after 2 months. Record murders in Chicago and NYC, yet White Supremacy is blamed. Unemployment is crazy because "some" groups can make more money selling drugs and collecting Unemployment. The list goes on and on. For my friends, the best hedge against the inflation we are facing is REAL ESTATE. The best hedge against democrats is ammunition.. Good luck __________________ Gary Hansen - SS/FA 4911, B/SA 4911 Last edited by SStockDart; 05-13-2021 at 01:17 AM.

05-13-2021, 12:58 PM	#7
Eddies66 VIP Member Join Date: Feb 2010 Location: Rancho Mirage, CA Posts: 1,308 Likes: 300 Liked 881 Times in 452 Posts	Re: Biden speach I thought about the idea of placing homeless Vets in hotel rooms. You would isolate them and then the demons start to be heard. A dorm situation would be the ideal place. A good example would be the dorm at Fort Whipple VAMC Prescott, Az. Medical staff, mental health staff and fellow Vets to interact with. Makes for a more workable environment. Just my two cents.