EPI Economists Argue That Financial Transaction Tax Is Win Win For Economy
The latter observation reminds me of a game I used to play. You were the ruler of a country and you decided how much seed to plant and how much to feed people. You could also buy and sell land and grain. After playing the game for a while I concluded that planting and harvesting were a waste of time. You could win by focusing on land and grain speculation. And I just let my peasants eat cake.
Saga Of An Entrepreneurial Family Catching A Tough IRS Audit
The core of the McMinn empire was the embroidery machine business. They find embroidery machines, buy them, refurbish them and sell them. Quite a few go to Mexico. They also capitalize on their expertise in knowing how to move these machines around. It is a profitable business. There is more than one entity involved and I am going to gloss over those details. Read the case if you are interested.
Then there was the cattle business, which did not do too well, so they were converting that to deer ranching. And the resort. Not to mention the juice business. Juice Plus. a multi-level marketing operation. The McMinns ended up getting hammered on three issues, Section 183, the so-called hobby loss rules, wages that they paid their numerous children, and substantiation. The substantiation piece is the most important lesson that the decision holds for us. If you have mixed personal and business use of expensive assets, keep logs.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.