Money is in short supply. A recent survey shows that nearly 75% of Americans made sacrifices last year to make ends meet, and a third worry that their jobs are in danger. The following survey results from 5 thousand Americans being interviewed by “Insight Express” from March 14, through the end of May, 2008:
1. What is your largest financial concern?
The Price of fuel………………….. 39%
Saving for retirement……………. 16%
Cost of Health Insurance………... 14%
Mortgage payments……………… 13%
Sending kids to college…………… 04%
2. Have you had to make sacrifices over the last year to make ends meet?
Yes…………………………….. 74%
No…………………………….. 26%
3. What have you had to sacrifice?
Vacation plans…………………… 68%
Dining out………………………... 16%
Home improvements.………........ 52%
Going to the movies……………… 50%
Designer clothes……..…………… 34%
Jewelry……………………………. 32%
4. Do you save money each pay period, or are you living paycheck to paycheck?
I have nothing left for savings…. 43%
I have a small amount……………. 37%
I have a significant amount………..14%
I spend more than I make………… 06%
5. If you receive a tax rebate this year, what are you most likely to do with it?
Pay of debt……………………….. 41%
Save it……………….……………. 19%
Spend it on ordinary expenses… 17%
Treat myself……………………… 07%
Invest it…………………………… 01%
6. Are you concerned that you might lose your job?
Not very concerned……………… 36%
Not at all concerned……………. 30%
Somewhat concerned………... 25%
Very concerned……………… 09%
7. Which of the following professionals most deserve a pay raise?
Teachers…………………………… 41%
Military personnel….……………. 32%
Nurses……………………………... 09%
Social workers……..……………… 04%
Clergy……………………………… 02%
8. Which of the following statements best describes your dream job?
Make a difference in people’s lives 37%
Pays really well………………….. 31%
Fun………………………………… 25%
Easy………………………………… 06%
Glamorous………………………… 01%
9. Do you agree or disagree that the economy should be the Presidential candidate’s top concern?
Agree……………………………… 93%
Disagree………………………….. 07%
10. Within the past year, has your household financial situation improved, gotten worse or stayed the same?
Stayed the same…………………. 40%
Gotten worse…………………….. 40%
Improved…………………………. 20%
THE MAGIC PEN SAYS: NO NEED TO DESPAIR… THERE’S A SOLUTION
The solution to peoples financial problems can be summarized in one word: EDUCATION!....
No! we don’t mean for you to get a PHD! In fact, it seems today that today, the higher someone’s education, the higher the difficulty in getting a well paying Traditional Job (career).
When we say EDUCATION! We mean financial education, with today’s global economy and Tax Reduction Techniques as the center piece to guide people to financial freedom, utilizing real world applications, regardless of economical and or political conditions.
Those who are un-aware, and or unwilling to change the their routines, will more than likely be facing more financial obstacles than ever before.
That’s the main reason, we at The Magic Pen are so passionate about educating people in all financial aspects with current real world application, utilizing all of the tax loopholes in the law, which are normally only afforded and taken advantage by the Rich…. So we urge you to get involved in your own financial freedom plan… letting us support you in all your tax and business endeavors… So, don’t miss any of our classes, readily available, year-round.
PAYING THE CORPORATE TAX
Most Americans filed their tax returns on April 15th., and they may have thought they were paying off their tax obligations for just their own households. However, they were also footing the bill for many American companies (without their knowledge). “Most major corporations have a tax department not just to comply with the tax code, but also as a PROFIT CENTER” says Charles Cray of the Center for Corporate Policy, a Nonprofit watchdog group.
THE FACTS:
A 2004 U.S. Government Accountability Office (GAO) (U.S. Accountants), study found that 61% of American corporations, including 39% of large companies, paid NO CORPORATE INCOME TAXES (no just for one year) but between 1996 and 2000.
Last year (2007), corporations shouldered just 14.4% of the TOTAL U.S. tax burden, compared to 50% in 1940 (meaning that us little taxpayers, have the burden of paying 85.6% of all taxes necessary to keep the U.S. Government going…
……….AND IT GETS WORSE>>>>>>>>>>>>>>
While companies are getting off easy, thanks to loopholes, ordinary wage earners are getting stuck with the tab. The tax burden on individuals is expected to CLIMB (INCREASE) from $1.16 trillion in 2007 to $1.21 trillion this year, according to the Congressional Budget Office, while corporate tax receipts are expected to DECLINE (get lower) from $370 billion to $364 billion in 2009. By 2013, the CBO estimates ordinary taxpayers’ bill may climb to at least $1.86 trillion, while corporate tax bills drop to $327 billion (even lower).
Businesses say that U.S. corporate tax rates are the second highest in the developed world, making our country less competitive. But a study from the nonprofit group Citizens for Tax Justice found that, because of the tax loopholes in the law, (Put there by lobbyists-who purchase politicians as needed) the tax burden in the U.S. is actually the worlds third lowest when measured as a percentage of GDP (Gross Domestic Product).
In February, the House of Representatives passed a bill to end $18 billion in tax breaks for oil companies. Rep. Charles Rangel, head of the House Ways and Means Committee, has introduced legislation to trim corporate tax rates, while reducing loopholes.
YOUR TURN TO GET EVEN:
If you think that you are paying too much tax… getting mad, voting Democrat, Republican, or even Independent is not going to make much difference, unless we did away with our current convoluted tax system, designed to help the Rich….
What will make a difference, is if you get educated, and learn all of the most important tax loopholes in the law, in order for you to also take advantage of them.. and thus ultimately pay little or no tax legally.
For instance, your first step towards financial freedom, is to open your very own home based business (see forms Schedule C and IRS form 8829 in the IRS website www.irs.gov) and see for yourself what you are missing if you do not have a home based business.
With a legitimate home based business you can deduct (among other things)…
Actual auto expenses, plus depreciation (if you are purchasing and not leasing a car, and you are using it 51% of the time or more for business activities, or you have an auto mostly used for business), yielding a net reduction in your tax bill.
Matter of fact, the new tax rates are 58.5 (fifty eight cents) per mile or better, with actual plus depreciation.
You auto and home deductions are a gold mine waiting for you to find… But if you don’t open a home based business, you’ll continue to pay taxes through the nose, and probably continue complaining about how the rich get richer…
Finally, if you get educated, get the right home based business, tell your boss to take a hike, and start to make lots and lots of money (without getting paid on a W-2 or a 1099 basis), you can then incorporate, and finally join American Corporations who pay little or no tax… Then you will finally be able to say…
Yipee!!!!!!!!!!!!
“I’m glad there are tax loopholes in the law… and I hope they never change the laws…..”
Rafael R Chacon
The Magic Pen
1. What is your largest financial concern?
The Price of fuel………………….. 39%
Saving for retirement……………. 16%
Cost of Health Insurance………... 14%
Mortgage payments……………… 13%
Sending kids to college…………… 04%
2. Have you had to make sacrifices over the last year to make ends meet?
Yes…………………………….. 74%
No…………………………….. 26%
3. What have you had to sacrifice?
Vacation plans…………………… 68%
Dining out………………………... 16%
Home improvements.………........ 52%
Going to the movies……………… 50%
Designer clothes……..…………… 34%
Jewelry……………………………. 32%
4. Do you save money each pay period, or are you living paycheck to paycheck?
I have nothing left for savings…. 43%
I have a small amount……………. 37%
I have a significant amount………..14%
I spend more than I make………… 06%
5. If you receive a tax rebate this year, what are you most likely to do with it?
Pay of debt……………………….. 41%
Save it……………….……………. 19%
Spend it on ordinary expenses… 17%
Treat myself……………………… 07%
Invest it…………………………… 01%
6. Are you concerned that you might lose your job?
Not very concerned……………… 36%
Not at all concerned……………. 30%
Somewhat concerned………... 25%
Very concerned……………… 09%
7. Which of the following professionals most deserve a pay raise?
Teachers…………………………… 41%
Military personnel….……………. 32%
Nurses……………………………... 09%
Social workers……..……………… 04%
Clergy……………………………… 02%
8. Which of the following statements best describes your dream job?
Make a difference in people’s lives 37%
Pays really well………………….. 31%
Fun………………………………… 25%
Easy………………………………… 06%
Glamorous………………………… 01%
9. Do you agree or disagree that the economy should be the Presidential candidate’s top concern?
Agree……………………………… 93%
Disagree………………………….. 07%
10. Within the past year, has your household financial situation improved, gotten worse or stayed the same?
Stayed the same…………………. 40%
Gotten worse…………………….. 40%
Improved…………………………. 20%
THE MAGIC PEN SAYS: NO NEED TO DESPAIR… THERE’S A SOLUTION
The solution to peoples financial problems can be summarized in one word: EDUCATION!....
No! we don’t mean for you to get a PHD! In fact, it seems today that today, the higher someone’s education, the higher the difficulty in getting a well paying Traditional Job (career).
When we say EDUCATION! We mean financial education, with today’s global economy and Tax Reduction Techniques as the center piece to guide people to financial freedom, utilizing real world applications, regardless of economical and or political conditions.
Those who are un-aware, and or unwilling to change the their routines, will more than likely be facing more financial obstacles than ever before.
That’s the main reason, we at The Magic Pen are so passionate about educating people in all financial aspects with current real world application, utilizing all of the tax loopholes in the law, which are normally only afforded and taken advantage by the Rich…. So we urge you to get involved in your own financial freedom plan… letting us support you in all your tax and business endeavors… So, don’t miss any of our classes, readily available, year-round.
PAYING THE CORPORATE TAX
Most Americans filed their tax returns on April 15th., and they may have thought they were paying off their tax obligations for just their own households. However, they were also footing the bill for many American companies (without their knowledge). “Most major corporations have a tax department not just to comply with the tax code, but also as a PROFIT CENTER” says Charles Cray of the Center for Corporate Policy, a Nonprofit watchdog group.
THE FACTS:
A 2004 U.S. Government Accountability Office (GAO) (U.S. Accountants), study found that 61% of American corporations, including 39% of large companies, paid NO CORPORATE INCOME TAXES (no just for one year) but between 1996 and 2000.
Last year (2007), corporations shouldered just 14.4% of the TOTAL U.S. tax burden, compared to 50% in 1940 (meaning that us little taxpayers, have the burden of paying 85.6% of all taxes necessary to keep the U.S. Government going…
……….AND IT GETS WORSE>>>>>>>>>>>>>>
While companies are getting off easy, thanks to loopholes, ordinary wage earners are getting stuck with the tab. The tax burden on individuals is expected to CLIMB (INCREASE) from $1.16 trillion in 2007 to $1.21 trillion this year, according to the Congressional Budget Office, while corporate tax receipts are expected to DECLINE (get lower) from $370 billion to $364 billion in 2009. By 2013, the CBO estimates ordinary taxpayers’ bill may climb to at least $1.86 trillion, while corporate tax bills drop to $327 billion (even lower).
Businesses say that U.S. corporate tax rates are the second highest in the developed world, making our country less competitive. But a study from the nonprofit group Citizens for Tax Justice found that, because of the tax loopholes in the law, (Put there by lobbyists-who purchase politicians as needed) the tax burden in the U.S. is actually the worlds third lowest when measured as a percentage of GDP (Gross Domestic Product).
In February, the House of Representatives passed a bill to end $18 billion in tax breaks for oil companies. Rep. Charles Rangel, head of the House Ways and Means Committee, has introduced legislation to trim corporate tax rates, while reducing loopholes.
YOUR TURN TO GET EVEN:
If you think that you are paying too much tax… getting mad, voting Democrat, Republican, or even Independent is not going to make much difference, unless we did away with our current convoluted tax system, designed to help the Rich….
What will make a difference, is if you get educated, and learn all of the most important tax loopholes in the law, in order for you to also take advantage of them.. and thus ultimately pay little or no tax legally.
For instance, your first step towards financial freedom, is to open your very own home based business (see forms Schedule C and IRS form 8829 in the IRS website www.irs.gov) and see for yourself what you are missing if you do not have a home based business.
With a legitimate home based business you can deduct (among other things)…
Actual auto expenses, plus depreciation (if you are purchasing and not leasing a car, and you are using it 51% of the time or more for business activities, or you have an auto mostly used for business), yielding a net reduction in your tax bill.
Matter of fact, the new tax rates are 58.5 (fifty eight cents) per mile or better, with actual plus depreciation.
You auto and home deductions are a gold mine waiting for you to find… But if you don’t open a home based business, you’ll continue to pay taxes through the nose, and probably continue complaining about how the rich get richer…
Finally, if you get educated, get the right home based business, tell your boss to take a hike, and start to make lots and lots of money (without getting paid on a W-2 or a 1099 basis), you can then incorporate, and finally join American Corporations who pay little or no tax… Then you will finally be able to say…
Yipee!!!!!!!!!!!!
“I’m glad there are tax loopholes in the law… and I hope they never change the laws…..”
Rafael R Chacon
The Magic Pen
