Wednesday, April 2, 2008

Business and Lawyers

I incorporated in Nevada and set up a corporate account with E-Trade in order to avoid paying SEVENTEEN PERCENT SSI taxes. (Thank you FDR and the rest of you damn socialists.)



An S-Corp is a "flow-through" entity. My intent was to recieve my pay from my leasing company as the Corporation, and then, via electronic transfers, pay myself a salary as the driver--and also my SEP IRA if applicable, or 401k if not.



After MONTHS of foot-dragging and red tape, at long last everything is set up. I sent in a notarized letter stating that I'm the sole owner or officer in the Corp. and directing them to link the accounts.



THEY CAN'T. I have a separate tax ID for the corporation, and their software won't even allow it. Thank you lawyers--I know it was you. Somebody somewhere used an S-corp to rip off a feloow shareholder and now I'm all messed up.



So I went hunting for a new Broker. Found one that enables me to trade commodities as well as stocks--cool. I get a debit card and checking--critical. Commissions a little high, but not too bad. Self-directed SEP IRA check.



Finally, at long last, my first paycheck has appeared in the corporate account. For the last three weeks, while it was being set up, it defaulted to my comcheck account (a service set up for us truckers. I leave it there and use my debot card to withdraw from ATMs while my other accounts grow...sometimes...unmolested).



Provided the new broker doesn't for some lawyerly reason prevent it, I will move my SEP IRA and personal accounts to the new broker. This is the vast majority of my assets--I hope it makes E-Trade happy.



The Corporation (Bat Owtahel Inc.) will get my weekly pay. Then, weekly or bi-weekly or whatever, it will send over half of this money to me, the driver, and my SEP IRA or 401k or whatever.



The Corporation will invest less aggressively and pay for hotel rooms, repairs, computer stuff, and all other deductables. It is (so far) taxed at 15% in addition to capital gains, so I won't skimp on the expenses and stuff. for instance, for now I had to use my personal account to buy my new laptop. I went for the best I could get, and paid more for it. I'm going to get a data-transfer, and a lighter/cheaper backup computer with an identical transfer, and the Corp., which is now funded, will pay for it all.

Obama wants to jack me up to 25%, and I can't move overseas. To bad when the pinkos chase everybody else out, the freight will drop. They don't care--they'll blame Bush and tax cuts haha!

...but I digress. Here's the microcosm:

Because of liability (ie lawsuits), E-Trade has gummed up my plans, so I'm moving most of my funds elsewhere. The analogy is excessive regulation and rediculous litigation. The metaphore is Toyota or someone else moving out of the US, along with the jobs, tax revenues, etc.

Because of SSI, I've incorporated, and am doing everything I can to avoid taxes of every kind--and I will succeed. If not for this socialist program, and politicians even TALKING about robbing me some more, I would have preferred to remain an individual and pay REASONABLE taxes. They got too greedy. See "Laffer Curve".

Another reason I want to avoid taxes: I don't want my money used to bail out people who made mistakes in real estate. I was wiped out twice in the markets, and own the responsibility for it. Preposterous things happened, but the only place I aimed my finger was at the mirror. That is being an american. That is what we used to be. Not children needing nurturing by a parent who breaks my more responsible siblings' piggy banks and gives me their pennies because I screwed up.

If you still can't see what's happening to us, and why, you are blind.

PS The oil companies made 8%. In 2004 they made about 618 billion, and paid OVER FIVE BILLION IN TAXES. That's before at-the-pump taxes. 40% of the population is invested in them. They aren't allowed in Alaska or offshore--meanwhile China is drilling off the coast of Cuba.

Was it Lenin, or Lerner? "Blame the burgoise. The ignorant masses will fall for it every time!" (I'm paraphrasing. Came from flyers I read 30 years ago in the intelligence library).

More mud for your brain! Wake up.

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