# Most recents (24)

He has BLOCKED me but @profholden once asked for a “formal theory” of MMT. Well here it is.
The model examines two claims of Modern Monetary Theory: 1) The government determines the price level through the prices it pays when it spends. 2) Deficient demand results when the government does not supply enough currency to meet private demand. #MMT 🏛️💸
The model builds a "monopoly money" framework where the government sets the "price of money" through its spending. While private actors recirculate government currency, they depend on the government as the monopoly supplier. #MonopolyMoney 💰📈
#LoanOfficers and #Realtors continue to butcher the #TaxSavings conversation regarding having a mortgage. When they do, they usually make it appear bigger than it really is which misleads the buyer.

You might want to bookmark this!

Here is how the calculation really works:
The Standard Deduction means you do NOT pay income tax on the first \$13,850 earned as a single taxpayer or \$27,700 for a married couple.

An easy way to calculate the mortgage deduction is to deduct the SALT (State and Local Tax) limit of \$10k from the standard deduction. SALT is essentially your state income tax and property tax. In high-cost markets, you can assume the \$10k will be met with those two fees.
Most employees don't really know why they get a tax refund when they add to an RRSP.

They understand that they do get one, and that it's "good" but really they don't understand the mechanics.

It's actually so simple.

🧵
Your employer is estimating how much tax you'll owe based on how much they're paying you.

If you add to a personal RRSP, your employer doesn't account for that in their estimate.

When you put money into an RRSP, the CRA won’t charge you income tax on the amount you put in.
If your employer estimated that you'd owe money on that, they paid that amount to CRA on your behalf.

This is your "withholding tax". It's meant to ensure CRA gets their due.

Withholding tax is just an advance payment of your annual income tax.
How do the #Courts decide #maintenance when the income of the #parties is not clear? And cannot apply any formula to the income.

The courts consider the following #aspects.

1. CAPACITY
The presumption that every able-bodied person must earn and maintain their #wife and #children is not accounted for by courts in India.
Courts assume that the family has sufficient means to #support the #husband and provide income based on lifestyle.
2. INCOME OF PARTIES
The courts are mindful of deductions on which parties have #nocontrol, such as Contribution to Provident Fund and other direct #taxes. ..
#ChatGPT on #gormint and #taxes

Oh, how I love to pay my taxes
To the government that never relaxes
They take a chunk of my hard-earned money
And spend it on things that are not so funny

/1
Like wars and bailouts and subsidies
And salaries for their cronies and buddies
They say it's for the common good
But I wonder if they really understood

#gormint #taxes #ChatGPT
/2
What it means to live on a budget
And not to waste or fudge it
And when I dare to ask them why
They tax me so much and make me cry

#gormint #taxes #ChatGPT
/3
Here is this Week’s Market Wrap

'The Times Get Taxing' written by @shyamsek

#tax #investing #taxbenefits #marketwrap
Investment decisions can be taken based on tax implications. There is a natural tendency among investors to be drawn to investments where they feel taxes are lower. (2/n)

#taxes #investments #investors
When the tax concessions are withdrawn for certain investments, they tend to look less attractive to investors. (3/n)

#taxconcession #investing
Confused about tax filing in India?

Don't worry, you're not alone!

#1 Be On Time

Remember to file your tax returns on time. This can help you avoid penalties and legal issues with the Income Tax Department.

The deadline for filing taxes in India is usually July 31st. (2/n)

#taxreturns #taxes #incometax #directtax
#2 Disclose Necessary Infomation

Remember to disclose all your sources of income, including salary, rental income, interest, and capital gains while filing your tax returns to avoid penalties. (3/n)

#tax #salary #rentalincome #interest #capitalgains
Entrepreneurs, are you tired of paying hefty taxes?

Don't worry! We got you covered!

#entrepreneurs #taxes #taxsavings #taxtips
#1 Hire Family Members & Relatives:

You can reduce your tax liability by paying salaries to family members, which are tax-deductible. Their income may also be below the taxable threshold. (2/n)

#tax #taxexemption #taxliability
#2 Deduct Business Expenses for Travel & Accommodation:

Business travel expenses such as tickets and accommodation can be deducted from your taxable income, thus reducing your tax liability.
(3/n)

This is a threaded version of Chapter 22:

“Better Off Than Fifty Years Ago?

“Rules Made to Benefit the Wealthy Are Now More Important Than Life”

of *Culture War, Class War 2022: Truth & Generations

CW22 22/1
“[*Chapter 22 text begins:*] So these days you have the attitude, “A dollar laid is a dollar played”; people’s suffering is irrelevant to the game.”

THREAD wp.me/p1C4cs-2HP #history #Blue #economics #Reagan #80s #politics #resist #Republicans #Reaganomics #60s

CW22 22/2

“*Obvious “Truths”:*

“*Reagan “saved” America.* [untrue truism]

“*Reagan rescued Americans from an oppressive tax burden.* [untrue truism]

CW22 22/3
#Government is necessary they say. #Taxes are necessary to live in a civilized society, they say. There wouldn’t be good roads, railways, infrastructure, rule of law or good governance they say without governments.

Too many governments and politicians have come and gone with too… twitter.com/i/web/status/1…
(1/3) A corporate tax is a tax levied on the profits of a company/firm, and is paid on a company’s taxable income. Corporate taxes are collected by the government as a source of income.
(2/3)These taxes are based on taxable income, after expenses have been deducted.
Corporation Tax is an appropriation out of profits from business, interest on securities and dividends of the company.
Chapter 21 is titled

“There Was a Time When Kindness Was a Noble Thing; Nightmare Apparent”

of *Culture War, Class War 2022: Truth & Generations*

CW22 21/1
“[*Chapter 21 text begins:*] “You don’t know what I’m getting at. But this is the indicator of the gradual change in our country that would be missed by those younger than myself.”

THREAD… wp.me/p1C4cs-2HP #Blue #compassion #MeanSpiritedness #FBR #Republicans

CW22 21/2
“I only see this glaring discrepancy because of having lived many years in an America whose values were different, and who thought differently, more compassionately than today.”

CW22 21/3
For those who are attacking OPEC. Hear me out:
1-9 I am a strong believer in free markets. Yet, natural resource economics dictate that natural resources need market management

2-9 Where did the idea of #OPEC come from?
#Oil #OOTT
3-9 Just so you know in case you have no idea, Oklahoma and Texas used the armed national guards to occupy privately owned oil fields so both states can manage the oil market! This happened in the United States of America!
4-9 Has the US federal government managed the oil market? Yes, and for a long time via different means. For example, the US federal government adopted a communist-style price control that controlled all energy prices throughout the 1970s.
cato.org/commentary/rem…
.@billmaher starts off with Colorado Governor @jaredpolis who espouses more #freedom and lower #taxes, a winning combination in my mind and a massive outlier in the Democratic Party. He was also more hands-off during #COVID than other leaders...

On @RealTimers
.@jaredpolis believes parents, not government, should be making the decisions for how closely to monitor your children. Refreshing! On @RealTimers w/@billmaher...
.@jaredpolis explains how his beliefs are similar to #libertarianism and gives a nod to his former colleague in the #Liberty Caucus, @justinamash.

On @RealTimers w/@billmaher
Do we have to pay #taxes on the gifts we received on #Diwali ?

Diwali fever has passed. Everyone loves gifts. Each of us receives gifts from our loved ones, friends, clients, and bosses.

Keep in mind that not all gifts are tax-free. Some are taxed 🤯 Let's understand 🧵
Generally gifts are in form of Cloths, Sweets, Cash, Bonus, Vouchers, Cards, Gold, Shares, Securities, Jewellery, Bullion, and Virtual Digital Assets. #Crypto

As per @IncomeTaxIndia provisions, gifts of items defined as "movable property" are only subject to tax.
Gifts covered in definition of Movable Property are-

Cash, Diwali Bonus, Gift Vouchers, Gift Cards, Gold, Shares, Securities, Jewellery, Archaeological collections, Drawings, Paintings, Sculptures, Any work of Art, Bullion, and Virtual Digital Assets like #Bitcoin #NFTs
8 ways to save taxes on your Salary🤑

#stocks #taxes
Be it taxes on salary, bonus or business income, nobody likes paying a part of their income to govt. So, here are some of the ways through which you can save your taxes⤵️
▣ Interest on Savings Account:

Section: 80TTA

Interest on savings accounts held in post offices, banks, etc is taxable under “income frm other sources”, but no TDS is deducted.

The max of Rs 10k can be claimed as a deduction.
I did a comparison of tax systems in Europe/USA for in near venture/startup community of @aabulkhairov (uklad.vc).

Useful when you're doing a global #startups
A few highlights in the thread!

First, the salaries themselves vary greatly between continents 🚀
For the U.S. I used #California median salaries (source @talentdotcom), and for Europe I used Portuguese salaries (median too from google first). In Europe, salaries are the same for ease of comparison taxes.

#salary #startups
— Residency is implied everywhere
— Also Single for US (different income tax for married)
— Typical staffing for #salary dispersion
Chapter 17: “A Matrix of Misinformation:

“The Lies Themselves...When Did the People Themselves Become a “Special” Interest?”

complete chapter

- from *Culture War, Class War 2020: Truth & Generations*

CW22 17/1
[*Chapter 17 text begins:*] “With corporations firmly backing Republicans, the Democrats in every election that I can recall—especially in the presidential elections—always were way underfunded.”

THREAD… wp.me/p1C4cs-2HP #Midterms #Blue #MAGAts #ClassWar #FBR

CW22 17/2
“*The Money Changing Everything—The Planting of Lies*

“Meanwhile the GOP is consistently overfunded because the Rich-publicans are carrying the wishes of those corporations into the board rooms of Congress along w their huge amounts of money.”

CW22 17/3
Chapter 16

of *Culture War, Class War 2022: Truth & Generations*

“Power Versus Passion, Money Versus Authenticity—Opposing Ways of Changing America”

CW22 16/1
“[*Chapter 16 text begins:*] In the last sixty years, Americans have experienced unprecedented changes in their lives, their lifestyles, in what it means to be alive & human in America in these times.”

THREAD wp.me/p1C4cs-2HP #Midterms #Blue #MAGAts #ClassWar

CW22 16/2
“Rarely have societies experienced this kind of change. What is even more astounding is the way the changes send us shooting dramatically in one way & then in the other direction.”

CW22 16/3

“The Wealthy Are the Creative Sector...

"Creative in Devising Schemes Putting *Our* Money in *Their* Pockets”

Fr *Culture War Class War 2022: Truth & Generations*

(publ'd 10/2022)

sillymickel.blogspot.com/2017/10/cultur…

CW22Q 24/1

From *Culture War Class War 2022:

*Truth & Generations*

(available on website, as well as a free pdf file, & on Amazon in print & ebook, as of Oct 2022)

READ &/or dwnld entire BOOK free AT SITE... wp.me/p1C4cs-2HP

CW22Q 24/2
[*Quotes/highlights:*] “…when you hear the same things again & again, even black-and-white facts can be put up for dispute.” []

READ/DWL BOOK drive.google.com/file/d/1ySbhcO… #BlueWave #Midterms #Matrix #ClassWar #Democrats #FilthyRich #taxes #resist #Republicans #healthcare

CW22 24/3
Chapter 22, titled, “Better Off Than Fifty Years Ago?

“Rules Made to Benefit the Wealthy Are Now More Important Than Life”

Fr *Culture War Class War 2022: Truth & Generations*

(published 10/2022)

sillymickel.blogspot.com/2017/10/cultur…

CW22Q 22/1

Fr *Culture War Class War 2022:

*Truth & Generations*

(available on website, as wells as a free pdf file, & on Amazon in print & ebook, as of Oct 2022)

READ &/or dwnld entire BOOK free AT SITE...

wp.me/p1C4cs-2HP

CW22Q 22/2
“[*Quotes/highlights:*] “…these days you have the attitude, ‘A dollar laid is a dollar played’; people’s suffering is irrelevant to the game.” []

CW22 22/3
Ch 21, titled, “The Great American About Face:

“There Was a Time When Kindness Was a Noble Thing; Nightmare Apparent”

From *Culture War Class War 2022: Truth & Generations*

(published 10/16/2022)

sillymickel.blogspot.com/2017/10/cultur…

CW22Q 21/1

From *Culture War Class War 2022:

*Truth & Generations*

(available on website, as wells as a free pdf file, & on Amazon in print & ebook, as of Oct 2022)

READ &/or dwnl entire BOOK free AT SITE... wp.me/p1C4cs-2HP

CW22Q 21/2
[*Quotes/highlights:*] “You don’t know what I’m getting at. Yet this is the indicator of the gradual change in our country that would be missed by those younger than myself.” []