Government and taxation

[Cowboysrock55]

Yes sir i used to be a banker and understand the qualifications. Admittedly it has been a few years since i was in the business but not having a lot of credit will not disqualify anyone in itself. If the income is sufficient and the equity position is within limits generally it is a go. In your personal situation i would say that your business had not been established long enough to actually produce a qualifying P and L history.

A bunch of the regulations changed starting in 2014.

 

[Cowboysrock55]

So the oil industry is not productive?
.

Or Boeing.

Are we calling tax breaks subsidies? I don't consider them the same thing at all. A tax break allows you to keep more of the money you earned. A subsidy is given to someone without earning it.

 

[L.T. Fan]

Are we calling tax breaks subsidies? I don't consider them the same thing at all. A tax break allows you to keep more of the money you earned. A subsidy is given to someone without earning it.

I dont think you can by fiscal standards. There is no appropriated expenditure involved. It is lowerind the amount that would otherwise be collected.

 

[skidadl]

I think his point is that he isn't able to get a housing loan do to credit.

Housing loans are actually becoming much more difficult to get. I had a lot of trouble purchasing my house even though I have a great income. My problem was that I had quit my job working for another lawyer and instead now run my own law firm. Banks basically refuse to loan to business owners unless you have been running the business for years successfully. Eventually I was able to get a loan but it was a huge pain and really a joke considering the monthly profits I was showing as a business.

That's one of the advantages of having a C corp. I'm a W-2 employee of my corporation. I never fill out any application as self-employed. Things just get more complicated for no apparent reason.

 

[L.T. Fan]

That's one of the advantages of having a C corp. I'm a W-2 employee of my corporation. I never fill out any application as self-employed. Things just get more complicated for no apparent reason.

Im familiar with a sub chapter S Corporation but what is a C Corp?

 

[skidadl]

Im familiar with a sub chapter S Corporation but what is a C Corp?

It is another copy structure that is mostly used by larger companies. There are great advantages for a small company to have a C corp. Depending on the way you run your biz.

 

[L.T. Fan]

It is another copy structure that is mostly used by larger companies. There are great advantages for a small company to have a C corp. Depending on the way you run your biz.

That must be something that came along since my law classes in college. Having said that a lot has come along since my college studies.

 

[Jiggyfly]

Are we calling tax breaks subsidies? I don't consider them the same thing at all. A tax break allows you to keep more of the money you earned. A subsidy is given to someone without earning it.

I agree with this definition but LT was the one who said if you are subsidized you cannot be productive.

Hence the use here.

 

[L.T. Fan]

I agree with this definition but LT was the one who said if you are subsidized you cannot be productive.

Hence the use here.

By math you cant be. To be productive you have to create more of something than you require. If you are being subsidized that is an impossibility.

Tax subsidies are not expenditures.

 

[L.T. Fan]

I agree with this definition but LT was the one who said if you are subsidized you cannot be productive.

Hence the use here.

Tax breaks do not require expenditures from appropriated funds.

 

[VA Cowboy]

Yeah, I get it. The country is full of greedy cunts. They don't have to pay anyone anything more than minimum so they can live large.

I hope God is real and they have to answer for their greed one day.

People may have to answer for their envy one day too.

 

[boozeman]

My wife moved out of her parents house into mine so everything's been in my name, so we're being told it doesn't matter how much money she's making or how long she's had her job because she doesn't have any credit. I don't have much credit either because I don't like going into debt. The only thing I've ever owed money for is my student loans.

This country is built on credit.

Are you a commie?

 

[Clay_Allison]

I am sure alll of us had to take out amortage to buy a house at one time. If you want to own a house thats what you will have to do as well.

What is amortage?

 

[L.T. Fan]

What is amortage?

A mortgage.

 

[Clay_Allison]

A mortgage.

Yeah, I want one of those. The current bullshit credit system that rewards people for irresponsible use of credit card didn't exist when your first mortgage was carved into an oak tree back when Oklahoma was still Indian Territory.

 

[L.T. Fan]

Yeah, I want one of those. The current bullshit credit system that rewards people for irresponsible use of credit card didn't exist when your first mortgage was carved into an oak tree back when Oklahoma was still Indian Territory.

Little testy today?

 

[skidadl]

Yeah, I want one of those. The current bullshit credit system that rewards people for irresponsible use of credit card didn't exist when your first mortgage was carved into an oak tree back when Oklahoma was still Indian Territory.

Get a credit card, use it, pay it off every month, be resposible...yeah that seems terrible.

Fyi, usage and available credit is one of the biggest factors in your scores. I don't know if you care though because you seem like you are more interested in complaining about the system of everything instead of improving your situation.

1. The state screwed me
2. The education system screwed me
3. The banking system screwed me
4. Can't get a mortgage because their system is dumb
5. I don't own a house because the middle class is poor

Such a victim mentality, dude. Screw all of those people. Just make life better and work around things to accomplish what you want. We are still free enough that we can make the system work for us.

 

[Newt]

Tell us how you really feel, Skid.

 

[skidadl]

Tell us how you really feel, Skid.

I know that was terrible to say. I probably shouldn't have said it at all.

Dang though, some people complain that everyone is constantly screwing them. While that is going on millions of people in Clay's situation or worse or sitting in the house that they own. I've screwed so many things up myself, so I can't be too harsh. The thing is though, I'm not looking to make it someone else's fault.

 

[Rev]

Lol. Dang, skid.

Clay, use the first sentence and you will be able to get your credit going.