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Cash vs annuity, another factor to consider?

Topic closed. 35 replies. Last post 4 years ago by mightwin.

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rdgrnr's avatar - walt
Way back up in them dadgum hills, son!
United States
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Posted: February 13, 2013, 6:36 pm - IP Logged

mediabrat!  i had no idea that you had joined the 'we love ridge' fanclub!  i am a member as well!!!

 

**HUGZ out to RIDGE!!!**  (giggle)

"**HUGZ out to RIDGE!!!**  (giggle)"

And HUGZ back, MAX!!!...LoveWink

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    Japan
    Member #131605
    August 14, 2012
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    Posted: February 13, 2013, 7:55 pm - IP Logged

    Many builders there have been
    Since the world began,
    Palace, cottage, mansion, inn
    They have built for man.
    Some were small and some were tall,
    Long or wide or low...
    But the best one of them of the all
    Jack built long ago.
    Was built in bygone days,
    Yes, millions sing its praise

      msharkey2001's avatar - Trek startrek.gif
      New Hampshire
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      Posted: February 13, 2013, 8:02 pm - IP Logged

      Yes Floyd, and the income tax passed in 1913 was indeed a temporary tax to finance WW I.

      I don't think your answer above considered the government is spending like it's never spent before and a few other things going on.

      Nice answer, but you might want to consider a certain manifesto that is the current regimes' playbook. Has a lot to so with a steadily progressive tax system that eventually wipes out the middle class.

      If I recall my US History courses prior to 1913 federal income taxes were used to help finance wars and were indeed temporary. The 16th amendment was passed in 1913 allowing for the first permanent income tax.

       

      WW1 was not a factor. The war didn't even start until 1914, and the US didn't enter it until April of 1917.

        Coin Toss's avatar - shape barbed.jpg
        Zeta Reticuli Star System
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        Posted: February 14, 2013, 12:43 am - IP Logged

        Prior to the 16th amendment there was no permanent income tax. In fact there headn't been income tax since after the Civil War.

        The first federal income tax was adopted as part of the Revenue Act of 1861.[94] The tax lapsed after the American Civil War. Subsequently enacted income taxes were held to be unconstitutional by the Supreme Court because they were not given to the states. In 1913, the Sixteenth Amendment was ratified, permitting the federal government to levy an income tax without giving all of it to the states.

        U.S. federal government tax receipts as a percentage of GDP from 1945 to 2015 (note that 2010 to 2015 data are estimated).

        The federal income tax enacted in 1913 included corporate and individual income taxes. It defined income using language from prior laws, incorporated in the Sixteenth Amendment, as “all income from whatever source derived.” The tax allowed deductions for business expenses, but few non-business deductions. In 1918 the income tax law was expanded to include a foreign tax credit and more comprehensive definitions of income and deduction items. Various aspects of the present system of definitions were expanded through 1926, when U.S. law was organized as the United States Code. Income, estate, gift, and excise tax provisions, plus provisions relating to tax returns and enforcement, were codified as Title 26, also known as the Internal Revenue Code. This was reorganized and somewhat expanded in 1954, and remains in the same general form.

        Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

        Lep

        There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

          mightwin's avatar - questns

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          Posted: February 15, 2013, 7:44 pm - IP Logged

          Michigan is 6%, on everything except food.

          I believe that's sales tax, income tax is either 4.25 or 4.35% am I wrong?

            mightwin's avatar - questns

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            Posted: February 15, 2013, 7:50 pm - IP Logged

            Good grief, ANOTHER thread complaining about taxes?!??!  Are you people always this miserable?

            Yes we complain about taxes and the amount of $ we would be giving up if we win. Its because we know that the $ they take isn't getting spent wisely.  If it was being spent wisely we wouldn't have to pay in as much as we do and things would be way way better.