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Thread: Why I pay taxes ...

  1. #1
    Featured Member Lizette's Avatar
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    Default Why I pay taxes ...

    Other than benefiting from the police, good roads, and financial aid, I pay taxes because I like having good credit. If you don't pay taxes, there is no way you can establish income. Why do you need to establish income? To get loans, to finance a car, to mortgage a home, to rent an apartment, to do pretty much anything that relies on YOU being TRUSTWORTHY.

    I was turned down for a loan today, despite having a credit score of 700 and tons of cash in the bank. Why? Because I paid no taxes last year. I didn't pay taxes because I didn't work. The loan officer said that I need about 2 years of steady self-employment (with proof) before I get an underwriter's approval.

    Argh. I wanted this loan to pay off my credit card, the one that went from 7.99% to 18.49% APR. Magically.

    I opened a new card (I hated doing it.) and am getting a 0% APR on balance transfers so it all worked out.

  2. #2
    madmaxine
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    Default Re: Why I pay taxes ...

    Another reason to pay taxes: remember, "millions on welfare are depending on you!"

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    God/dess Emily's Avatar
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    Default Re: Why I pay taxes ...

    you make more money by paying taxes too

    imagine $100
    pay taxes...left with $70
    put in mutual fund paying 10%
    you have $140 in 7 years

    I would rather have $140 in 7 years than $100 now, and an unreported $100 can only be spent on crap that has no value in 7 years...

    and true about the good credit, but realistically, there is always someone to loan you money if you have good credit and collateral. You can buy a house with no income verification, right? Right.

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    Banned Melonie's Avatar
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    Default Re: Why I pay taxes ...

    Quote Originally Posted by madmaxine
    Another reason to pay taxes: remember, "millions on welfare are depending on you!"
    Ain't that the truth !

    Besides the ability to make investments and/or buy nice things like cars and houses without having to look over your shoulder, paying taxes also has another benefit. While there's a lot of controversy about Social Security and medicare at the moment, paying self-employment tax does make you eligible for these benefits.

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    Default Re: Why I pay taxes ...

    With regards to not filing tax returns and getting loans, you can sometimes obtai a mortgage via the no income, no asset verification process. Costs more in interest but it is doable. The real reason you should pay taxes though, is because getting caught hiding income is a major issue with the IRS. Penalties can be very steep, depending on the amount of income you left off your tax return.

  6. #6
    Featured Member Lizette's Avatar
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    Default Re: Why I pay taxes ...

    Quote Originally Posted by madmaxine
    Another reason to pay taxes: remember, "millions on welfare are depending on you!"
    And some of them work in my club, inlcuding top-earners. I hate listening to them talk about food stamps.

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    Banned Melonie's Avatar
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    Default Re: Why I pay taxes ...

    With regards to not filing tax returns and getting loans, you can sometimes obtai a mortgage via the no income, no asset verification process. Costs more in interest but it is doable.
    This may be do-able, but not without consequences. For example, the first thing which will happen after the sale of every house is that the state/local 'commissioner of deeds' will register the new owner of the property in state/local property tax files. The second thing that will happen is that the info regarding the real estate transfer i.e. the name of the new buyer, the sale price of the house, the amount of down payment, the name of the mortgage holder, the amount of the mortgage, will be forwarded to the state tax agency. In the forty states which participate in an info sharing agreement with the federal gov't, the same info will be forwarded to the IRS.

    The next thing that will happen is that the state tax agency and the IRS will cross check the buyer of the property against previously filed tax returns. If that person's tax returns typically showed 'food stamp eligible' levels of income, but that person has just ponied up say $20,000 for a down payment plus that person has just assumed a $1,000 a month mortgage payment, it's a virtual guarantee that the IRS and/or state tax authority will be knocking on the door very quickly !

    When they do show up and start poking around in the buyer's financial affairs, it will probably not take long to ascertain that the buyer has been working 'under the table'. The IRS and state tax authority will then attempt to 'reconstruct' the buyer's actual income for the past 3 years based on local costs of living, their own assessment of earnings potential at a local strip club, any schedules or other records they can obtain from the club, cash flow records of local bank savings/checking account transactions, local bank safety deposit box contents, average local cost of living etc as well as the amount of income they 'stated' on their unconventional mortgage application.

    The IRS and state tax authority will then calculate taxes due on at least three years worth of 'reconstructed' income and present the buyer with that bill, plus penalties and interest. Odds are that it will add up to considerably more money than the buyer's new house equity is worth, forcing her to sell the house plus still owe the IRS back taxes on top of normal taxes out of future earnings - unless of course the buyer happens to also have another say $60,000 in cash stashed in her mattress or safety deposit box which the IRS can sieze to satisfy their back tax assessment !

    In today's interconnected information age, even if you have the cash to buy a house or car or anything else which costs over $10,000 (down to $3,000 in some states), if you do so today it won't take very long before your state tax agency and the IRS cross-check the fact that you have previously reported that money as income on a tax return and paid income taxes on it. If you haven't, stand by for fireworks !

    ~
    Last edited by Melonie; 04-02-2005 at 04:58 AM.

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    Default Re: Why I pay taxes ...

    there's no doubt that making large purchases can result in the federales getting wind of your potentialy hidden income. I tend to leave out the obvious. I figure the girls here are smart enough to know this much.

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    Banned Melonie's Avatar
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    Default Re: Why I pay taxes ...

    Quote Originally Posted by Crakeur
    there's no doubt that making large purchases can result in the federales getting wind of your potentialy hidden income. I tend to leave out the obvious. I figure the girls here are smart enough to know this much.
    If you're referring to girls who post here at SW, you're probably right. However I'm sure that there are lots of young dancers who surf SW who have never had other jobs thus never had the disgusting necessity of filing income taxes before. Since our wonderful school systems don't teach these sort of IRS/financial things outside of a college accounting program either, it's worth specifically mentioning the 'obvious' once in a while.

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    Default Re: Why I pay taxes ...

    I pay 'em because, yes, it's the only way to have verifiable income.

    Re: food stamp taking strippers: I couldn't believe that the first time I heard a dancer talking about it. I wanted to slap the fuck out of her and ask her if she thought about the fact that she was potentially screwing over someone who really needed food.

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    Banned Melonie's Avatar
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    Default Re: Why I pay taxes ...

    Re: food stamp taking strippers: I couldn't believe that the first time I heard a dancer talking about it. I wanted to slap the fuck out of her and ask her if she thought about the fact that she was potentially screwing over someone who really needed food.
    Well, in truth, nobody who really needs food is going to be denied benefits. The people that food stamp dancers are screwing over are the legitimate taxpayers i.e you and me, who wind up paying higher taxes to cover the cost of those food stamps, plus the subsidized rent payments, subsidized utility payments, and free medicaid health coverage which usually goes along with the benefits package !

    However, food stamp dancers should be aware that on top of tax evasion they are in fact commiting 'welfare fraud' - such that if they or their club should ever wind up being audited and the state tax people discover their 'under the table' income at the same time they are collecting state social welfare benefits, it will be the cops and not an auditor who comes knocking ! This is just plain stooooooopid !

  12. #12
    Featured Member Lizette's Avatar
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    Default Re: Why I pay taxes ...

    Quote Originally Posted by Crakeur
    there's no doubt that making large purchases can result in the federales getting wind of your potentialy hidden income. I tend to leave out the obvious. I figure the girls here are smart enough to know this much.
    I was audited immediately after I bought a new car. I came up clean.

    That's another reason I pay taxes: I've been audited. It is a pain in the ass.

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    Senior Member mystery's Avatar
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    Default Re: Why I pay taxes ...

    Quote Originally Posted by Lizette
    And some of them work in my club, inlcuding top-earners. I hate listening to them talk about food stamps.
    Yeah my GF tells me how some of the girls get free food, and food stamps while they work at the strip club. I guess they can buy more clothes that way LOL

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    Default Re: Why I pay taxes ...

    Quote Originally Posted by mystery
    Yeah my GF tells me how some of the girls get free food, and food stamps while they work at the strip club. I guess they can buy more clothes that way LOL
    ... plus medicaid free 100% medical insurance, plus subsidized rent, plus subsidized utility bills (in my state at least). These bennies are actually worth about $500-$600 or more per month if they had to be paid for out of pocket. Of course, claiming these bennies requires that the girls do not report their dancing incomes, which potentially makes them guilty of both tax evasion and welfare fraud if and when the gov't ever catches up with what they are actually doing. The IRS is usually reluctant to file tax evasion charges (they'd rather keep the person working and paying back taxes), but the states are another matter entirely in regard to making a highly publicized example of welfare cheats by pressing charges !

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    Default Re: Why I pay taxes ...

    Quote Originally Posted by madmaxine
    Another reason to pay taxes: remember, "millions on welfare are depending on you!"

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    Default Re: Why I pay taxes ...

    Quote Originally Posted by madmaxine
    Another reason to pay taxes: remember, "millions on welfare are depending on you!"
    Yeah, and don't forget the illegal welfare recipients that we are paying for. They need nice homes and good food, too. And we have to pay for illegal immigrants to keep having children and increasing the population, which increases traffic, which increases wear and tear on our roads, which increases wear and tear on our cars, which increases more money we have to shell out to fix our cars and the roads which usually never end up getting fixed because our tax dollars end up supporting yet more growing families. So I can't buy my own child the absolute nicest things or put more money in his account because I'm too busy busting my a** to pay for everyone ELES'S kids.

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    Default Re: Why I pay taxes ...

    Quote Originally Posted by exotica17
    Yeah, and don't forget the illegal welfare recipients that we are paying for. They need nice homes and good food, too. And we have to pay for illegal immigrants to keep having children and increasing the population, which increases traffic, which increases wear and tear on our roads, which increases wear and tear on our cars, which increases more money we have to shell out to fix our cars and the roads which usually never end up getting fixed because our tax dollars end up supporting yet more growing families. So I can't buy my own child the absolute nicest things or put more money in his account because I'm too busy busting my a** to pay for everyone ELES'S kids.

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    Banned Melonie's Avatar
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    Default Re: Why I pay taxes ...

    So I can't buy my own child the absolute nicest things or put more money in his account because I'm too busy busting my a** to pay for everyone ELSES'S kids.
    All that I can say is 'don't feel like the Lone Ranger'. And you didn't even touch on the subjects of school tax/spending, subsidized 'public' housing, 'emergency' medical services, or the fact that some local gov'ts actually want to give illegal immigrants the right to vote themselves benefit increases in local elections !

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    Default Re: Why I pay taxes ...

    Quote Originally Posted by Melonie
    All that I can say is 'don't feel like the Lone Ranger'. And you didn't even touch on the subjects of school tax/spending, subsidized 'public' housing, 'emergency' medical services, or the fact that some local gov'ts actually want to give illegal immigrants the right to vote themselves benefit increases in local elections !
    Oh, yes, this I know! I meant to write that my example was only a tiny inkling of an example. It is nice to know that I am not alone in this, but I get a bit...mmmm...infuriated when I hear that some dancers who are making 5 times more than I am aren't paying a dime! Or are only paying so little that they can make all their tax payments in like, 1 hour.

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    Banned Katrine's Avatar
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    Default Re: Why I pay taxes ...

    Ugh, I just tried to do my taxes and they told me I owe them over 7k! Fuck that I'm getting an extention and getting me accountant to fix that, bleh.. (

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    Default Re: Why I pay taxes ...

    It is nice to know that I am not alone in this, but I get a bit...mmmm...infuriated when I hear that some dancers who are making 5 times more than I am aren't paying a dime! Or are only paying so little that they can make all their tax payments in like, 1 hour.
    Again, not that I wish the evils of income tax on anyone, but with every year that goes by the ability of the gov't to track expenditures grows bigger and better. Yes I'm also infuriated when other people evade taxes which causes my own taxes to be higher than they need to be. However, I take consolation in the fact that 'food stamp' dancers are dooming themselves to a life of fancy clothes and partying, but they're also giving up ever owning a nice car or a house or a retirement fund or investments, or even depositing $10,000 in a bank savings account. Unless of course the 'food stamp' dancers are actually so ignorant that they don't realize the risks they are taking once they do try to buy a nice car or a house, or start an IRA or open a brokerage account, or even allow a lot of money through a bank checking account or credit card, or even pay for college tuition.

    Or looking at it another way, having $50,000 in cash stuffed in your mattress which you can only spend a few thousand dollars at a time on 'toys' and 'junk' which has no lasting value does not build a stable future. Neither does the risk that a random IRS audit, a club investigation, an irate ex-boyfriend, an angry club customer, or a host of other possibilities, could result not only in that $50,000 in cash being confiscated to pay back taxes and restitution for social welfare benefits, but also could result in doing some 'time' for committing 'welfare fraud'

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    Banned Melonie's Avatar
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    Default Re: Why I pay taxes ...

    Quote Originally Posted by Katrine
    Ugh, I just tried to do my taxes and they told me I owe them over 7k! Fuck that I'm getting an extention and getting me accountant to fix that, bleh.. (
    Katrine I sympathize. However, paying $7,000 in federal income tax is actually pretty low in the grand scheme of things.

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