In The News Today...

Quote: JCW09

Per the NYT, evidently you do need to be a CPA to figure it out.

Figure what out?

That reducing your taxable income by the exact value of your “off the books” benefits is a bad idea?

No, you definitely don’t need to be a CPA to know that’s bad. lolololol

Quote: Mission146

You may, but please know that I am not going to even attempt to win...though it's not like the outcome would be in doubt even if I did. I will die from a bullet to the heart with grace---having never even reached for my gun.

I really do appreciate your restraint in not shooting my daughter.

In her leagues they are obviously not shooting at each other. A light comes on and then they draw and shoot a target. It is timed by computer and the lowest time wins. I believe her best time is 0.4 seconds which is fast for an 8 inch barrel.

Quote: JCW09

Sorry, not following your "it already has" comment.
Can you elaborate and I am not being snarky, I don't get what you are saying.

What would you claim the difference in this is

Quote:

A tax if 10 percent of the sales price is imposed on pistols and revolvers, and a tax of 11 percent of the sales price is imposed on other portable weapons (e.g., rifles and shotguns) and ammunition.

Vs. an additional tax for any other reason. Say the San Jose fee is 50 dollars a year? Why would that one be exceptionally prohibitive?

Evidently the rules on whether the benefits are taxable are "murky".
This is the NYT saying the outcome isn't clear and exceptions to taxation of the benefits exist.
So we're all to believe that with your vast background in finance and US Tax Law that you know it's bad?
I think you have an inflated image of your financial & tax capabilities.
But if you have some actual expertise, I'd love to hear about it. I won't hold my breath.

A Judge once said, ‘You can indict a ham sandwich in New York’. It is common practice for corporate executives to receive perks such as those described. The Manhattan D.A. and every other DA in NYC is provided with a car, garage space, a NYPD driver and a NYPD security detail. Much more costly than Weisselberg’s perks. Every Judge is provided with at least, a car. Hundreds of City department supervisors, managers and execs are provided with cars and garage space. Sometimes a driver as well. Gas and phone expenses are also covered. The Chancellor of the NYC Bd. of Ed., is provided with a multi-million dollar home to live in, rent free. Let's see their income tax forms.

Quote: rxwine

What would you claim the difference in this is

A tax if 10 percent of the sales price is imposed on pistols and revolvers, and a tax of 11 percent of the sales price is imposed on other portable weapons (e.g., rifles and shotguns) and ammunition.

Vs. and additional a tax for any other reason. Say the San Jose fee is 50 dollars a year? Why would that one be exceptionally prohibitive?

One is a sales tax/excise tax on the purchase. The other is a property tax on continued ownership. I think you can get away Constitutionally with one time taxes on transactions provided they are not egregious. Annual taxes on ownership and an insurance requirement (while I agree that every firearm owner that carries a weapon in public and doesn't have insurance is not being smart), is going to fall on the side of infringement. Particularly the insurance requirement for someone that owns a gun and never takes it out of their home except to the range.

A $50 annual tax on a pistol that costs $500 is an egregious amount. Imagine if you had to pay 10% of your car's value in annual registration fees. Sure you have to pay sales tax when you buy the car, but assessing that 7%-10% sales tax figure annually is ridiculous.

Quote: Tanko

A Judge once said, ‘You can indict a ham sandwich in New York’. It is common practice for corporate executives to receive perks such as those described. The Manhattan D.A. and every other DA in NYC is provided with a car, garage space, a NYPD driver and a NYPD security detail. Much more costly than Weisselberg’s perks. Every Judge is provided with at least, a car. Hundreds of City department supervisors, managers and execs are provided with cars and garage space. Sometimes a driver as well. Gas and phone expenses are also covered. The Chancellor of the NYC Bd. of Ed., is provided with a multi-million dollar home to live in, rent free. Let's see their income tax forms.

I don't know if this is correct, but what I heard is a few thousands dollars of perks only earns him a misdemeanor. But he is charged with over 1 million dollars, and that is possible imprisonment for up to 25 years.

Quote: JCW09

A $50 annual tax on a pistol that costs $500 is an egregious amount. Imagine if you had to pay 10% of your car's value in annual registration fees. Sure you have to pay sales tax when you buy the car, but assessing that 7%-10% sales tax figure annually is ridiculous.

I just read a gun costs a little north of $250 to produce.

Then I read this.

Quote:

An NYU report on U.S. margins revealed the average net profit margin is 7.71% across different industries. But that doesn't mean your ideal profit margin will align with this number. As a rule of thumb, 5% is a low margin, 10% is a healthy margin, and 20% is a high margin

Seems like someone is already ripping you off.

Quote: JCW09

I think you have an inflated image of your financial & tax capabilities.
But if you have some actual expertise, I'd love to hear about it. I won't hold my breath.

I have a Masters Degree in Accounting.

So you seem to not know what the difference between net and gross profit margin.
Also you evidently don't want to respond to the ridiculous proposal of 10% annual tax levy on a sample firearm.
Sounds like you're out of logical responses. Fair enough.
Insert Staples Button here: That was easy!