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Episode-2114- Listener Calls for 11-16-17

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jackspirkoToday on The Survival Podcast I take your calls on guns, ammo, reloading, economics, water systems, water storage, taxes and more.

Remember to be on a show like this one just pick up your phone and call 866-65-THINK.

The best way to improve your chances of being on the air is ask your question or make your point up front, then provide details.

Also please do your best to call from a quiet area with a good connection and speak up so you can be well heard.

While I can’t put all calls on the air but I do my best to get as many of them on as I can.

Join Me Today As I Respond to Your Calls and Discuss…

  • Another child of the 30-06 – the 50 BMG
  • Uses for an old septic tank
  • Understanding global debt to global gdp is a 1:1 ratio
  • Thoughts on a lever action 7.62×39
  • Scoping the 450 Bushmaster
  • A great storage option for 2 liter bottles
  • The concept of property tax on cars and the current tax bill

Resources for today’s show…

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Comments

Episode-2114- Listener Calls for 11-16-17 — 13 Comments

  1. Hey Jack, this is Jacob in Michigan. Just want to add a few details to my call about a scope for a .450 Bushmaster. I agree completely with your points, but for one reason with going with a .450 is that where I’m at in the middle of Michigan, I’m south of the rifle zone, so we can only legally hunt deer with shotguns, muzzleloaders, and pistols and rifles in calibers with a diameter greater than .35 caliber and a straight walled case less than 1.8 inches in length, so as much as I love the AR-10, I can’t carry my FAL without having a visit from the Fish Cops.

    Sadly where I’m at here, the only thick woods are on public land, I mostly only deer hunt on my family’s 500 acre farm, or on neighbors land, so much of the land is cleared farm land, so I’ll have open land and visibility for 5-600 yards from my blind, (I know that’s a shot I’ll never take, but does open up opportunities for 2-250 yard shots).

    On the caller looking to build a lever action 7.62×39, the closest thing to the Savage 99 out there now is the Henry Long Ranger, it’s available in .223, .243 and .308.

    • As for your comments about the side flip scope mounts, Jack, I guess you could argue that the modern swing out red dot magnifiers is the modern evolution of that idea.

    • I heard your call and wondered.

      None of my business but where are you using the 450? My in laws are in the UP… always fun to go up there for deer season and be able to really reach out if needed. We hunt a pipeline up there.

      From a curious TSP’r fron Allegan County.

      Best of luck!

      • I’m in Clinton County, so I’m just south of 57 and the “Rifle Line”. I’m looking to the .450 since I already have an AR lower with a match trigger to put it on, plus it’s good for deer, boar, could be pressed to be used for elk, beer, cars, low flying aircraft, etc.

  2. I like the Seagull analogy.

    It got me thinking that both government and employment structures are both made up of seagulls who are both cooperating with each other both internally and externally while also competing with each other to rob our pietsas.

  3. Jack, I have to correct you in something you state often. Apple is not sheltering money in China. These sources: https://www.nytimes.com/2017/11/06/world/apple-taxes-jersey.html
    https://www.theverge.com/2017/11/6/16614158/apple-jersey-offshore-tax-shelter-ireland
    https://arstechnica.com/tech-policy/2017/11/when-apple-soured-on-irish-tax-laws-it-turned-to-a-tiny-english-channel-island/
    which state several primary sources and Apple itself: https://www.apple.com/newsroom/2017/11/the-facts-about-apple-tax-payments/
    all point to Apple subsidiaries in Ireland being where it has traditionally held its overseas revenue. It is now moving those to the isle of Jersey since Ireland has changed their tax laws.
    Apple actually is having issue not paying taxes in China: http://money.cnn.com/2015/09/11/technology/apple-china-taxes/index.html

    Thanks for all you do,

    John

  4. Missouri assess property tax on vehicles and equipment as well. I question whether the caller is upset about the $ amount or more about principal. I am curious to see total property tax bill he has.

    Mine for house, 4 vehicles, tractors, livestock, sawmill, equipment etc., about $350 annually. Do I object to property taxes? Yes. Do I pay it? Absolutely, but I sure grumble about it a few weeks. 😉

  5. So here in sunny “Taxachusetts” we have a yearly tax on cars, though it’s called an excise tax, and it’s paid to the town that you live at a rate of $25 per $1000 of assessed value of the vehicle (in my town anyhow, not sure if this varies by town or is set by the state).

    So for instance, for our brand new 2017 Chrysler Pacifica, which is a lease by the way paid for by my company (thanks for the recommendation Jack), our first excise bill was a whopping $852.50.

    Meanwhile my 2011 Jetta TDI (thanks again for the recommendation Jack, couldn’t be happier!) had a most recent excise tax bill of $61.25. So, although it’s not much fun to pay, it does at least go down pretty drastically after a couple of years.

    It’s not enough that I’d go out of my way to purchase a crummy car that had a super low cost, nor be cause in and of itself to drive me out of the state (got family here), but I don’t exactly like having to pay it either.

  6. Spirko,

    I enjoyed and agree with most of your 20 minutes about the proposed tax cut bill explanation. People are misinformed about it, and you’re trying to help. However, you left out a couple of KEY points about the proposed legislation that are causing your analysis to be slightly off target.

    1. The offset for losing State deductions is NOT a lower C-corp tax rate.

    The offset for losing State deductions is a doubling of the Standard Deduction. They are taking away your ability to itemize to simplify, and most will benefit from this, but some will not.

    2. There is a proposed 25% cap to Pass-through income for S-corp & LLC.

    While this is not as good as the proposed 20% tax rate on C-corps, it is an improvement to the 39% current maximum. Small businesses with lower profits will not benefit, high profit small business will pay less.

    In addition, I want to say that I believe the rationale for lowering corporate (all kinds) tax rates is not to reduce the 9% but rather it is a sales pitch to companies who have been driven out by high taxes and regulation that they can come back to the U.S. and start rebuilding our manufacturing base again. Return to the days of being an Exporting nation with the added benefit of adding new jobs at those manufacturing plants.

    • Bennett,

      In regard to item one I NEVER SAID that the corporate deduction for state tax was an offset, please quote where I did if you want to make this claim. What I said is some are objecting to the fact that companies keep the deduction while individuals lose the deduction. That is a fact dude, and I don’t even think I ever once used the word offset. Quote me a time stamp if I did and lets find context for it. There is a lot of hocus pocus bullshit in this so called offset, I didn’t go into it because it just isn’t that solid in actually reducing anyone’s taxes in the long run. When they say they are simplifying they mean they are fucking you.

      On the pass though again it is mostly a fuck job UNLESS they give you an either or option. Here is why, say they do that for me, they say look Jack all your LLC income is flat 25%. Oh joy! Save that last year thanks to not being a dumb fuck and employing a CPA that also is a Tax attorney my “effective final tax rate” was about 18.5%. Thanks for the tax increase jerks!

      Proposals are also meaningless. When something is written in for a vote only then does it matter.

      Again I am back to Corporate taxes are 11% of government revenue, 11%. Cutting the corporate tax rate and saying you are “closing loopholes” means you are fucking the very small business people you claim to help. The big companies do not use these “loop holes” as so called “loop holes” are simply deductions. The big corps pay almost no taxes, never have, never will the tax rate is meaningless to them. They cut their own back door deals, always have and always will.

      You want to get the American economy booming? Eliminate the national income tax completely, implement a national sales tax of 10% on all goods and services only at final point of sale and only on new goods, not resold goods. At that rate you’d have to keep SSI, (and its off shoots) which is really government run insurance only. For corporations charge them a flat tax also 10% with zero loop holes, strait of the P&L. On capital gains also 10% flat rate, for short, long, mid term holdings, nothing different all 10% this would fund government at current levels.

      This is not the so called fair tax, because this is actually fair, nothing the government calls something is what they call it, affordable care act, patriot act, freedom act, fair tax, etc. all fucking bullshit.

  7. What you said was, “what we’re supposed to be getting out of this…” and you said it around the 1 hour mark. The context was you discussing the state income, sales, and property taxes you currently deduct.

    I never claimed that you used the word offset, otherwise like I did above, I’d have used quotation marks. I used the word offset because that’s the term for what they are giving you in return for taking away itemization.

    People choose now whether to itemize or take the standard deduction. If they have enough expenses that qualify for itemization and their total amount exceeds the amount of the standard deduction they list them and get to deduct them from their AGI. By doubling the standard deduction amount, they will greatly reduce the amount of people who would benefit from itemization in the first place. Most people will have a lower AGI by taking the double standard deduction. The benefit is the time saved by not having to save all your receipts and update the database. Most people will have to do less work and pay less taxes. Your mileage may vary.

    I agree that less choice for the filer is generally a bad thing… and they are somethings that I would also do differently. But, not mentioning the doubling of the standard deduction is a huge oversight that needed corrected.

  8. I don’t believe that the pass-through rate cap will benefit many small businesses, but it will benefit people who are in certain years facing a greater than 25% rate for some reason. However, not mentioning it at all can (unintentionally I’m sure) be misleading to people whom you are attempting to educate about this bill.

    You seem a bit defensive about my pointing out those two parts of the tax cut bill that you didn’t address. I meant no offense by what I thought was a constructive comment.

    I don’t know whether (and don’t endorse) the plan that lower corp tax rates will actually help bring back manufacturing jobs and domestic tax revenue. If I appeared to be advocating it, I was not. I was merely pointing out that that is the justification being used by the bill’s proponents.

    From your comments, you’d prefer other methods of stimulating the economy. I like the idea of eliminating the personal income tax and understand why you might advocate replacing it with something else as it does make up about 50% of the government revenue. I’m not sure that a national sales tax is the best way to go, but that’s a whole separate discussion.

    Here’s hoping that whatever bill gets passed will lower your personal/business tax burden so that at least the seagulls will be fighting over less of OUR french fry. Have a good evening.

    • Because there is NO LEGISLATION WITH THAT PROPOSAL WRITTEN RIGHT NOW, it is a thing one senator wants.

      What ever they pass will not benefit the average person. Its a trap, you “simplify” (eliminate deductions) then lower the rates to compensate. Later you just raise the rates.

      There is nothing misleading about how I covered it and ya you inferred as much so yea I am defensive about it. What one person wants is not a serious proposal and until it gets written into something is not worth considering in the impact of something.

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