Posts Tagged ‘irs’

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Laurie Anderson: Art as Hobby

Posted by admin on Wednesday, January 5, 2022

Laurie Anderson Money Quote saying she didn’t have hobbies, but the IRS said you gotta call it a hobby because you aren’t earning from it. Laurie Anderson said:
 
I've never really had a hobby, unless you count art, which the IRS once told me I had to declare as a hobby since I hadn't made money with it Quote
 

“I’ve never really had a hobby, unless you count art, which the IRS once told me I had to declare as a hobby since I hadn’t made money with it” — Laurie Anderson

 

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This quote from artist Laurie Anderson suggests that while art may be a deeply meaningful creative pursuit, it is not always financially lucrative. The best interpretation is that the IRS did not consider Anderson’s art a true profession since she had not derived taxable income from it at that point.

However, to Anderson, her art was clearly much more than just a casual hobby or pastime. The quote highlights the challenge many artists face in having their vocation recognized as real work even if it does not immediately generate earnings.

It also comments on the sometimes arbitrary nature of designating an endeavor as an occupation versus an avocation based solely on its profitability rather than the passion, effort and importance involved. So in essence, the quote speaks to the difficulty of reconciling artistic passion with practical financial realities.

Abigail Disney: Government Taking

Posted by admin on Friday, July 16, 2021

Abigail Disney Money Quote saying the Disney family trusts were structured to keep the government from taking any of the funds. Abigail Disney said:
 
prevent the government from taking any of the money he wanted to leave to his family that he created generation-skipping trusts to end-run the IRS Quote
 

“My grandfather Roy O. Disney, who co-founded the Walt Disney Company with his brother Walt, was a fervent believer in this idea. He was so determined to prevent the government from taking any of the money he wanted to leave to his family that he created generation-skipping trusts to end-run the IRS. What he did back then was so effective that most of it is illegal today” — Abigail Disney

 

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In this quote, Abigail Disney seems to be reflecting on her grandfather Roy Disney’s motivations for establishing complex family trusts to pass down wealth between generations. Specifically:

  • She notes Roy Disney was a “fervent believer” in preventing the government from collecting inheritance or estate taxes on money he wanted to leave to subsequent family members.
  • Disney relays that her grandfather created “generation-skipping trusts” as a legal strategy to circumvent paying taxes to the IRS upon his death and each following generation.
  • She states these trusts were so effective that Congress later made many of the loophole techniques Roy Disney employed through trusts illegal going forward.

The best interpretation is that Disney is conveying her grandfather’s strong determination to ensure his accumulated wealth was fully inherited by descendants private of any public claims to it through taxation, to such an extent that he utilized trust structures now disallowed precisely because they eliminated intergenerational taxes too successfully according to Disney’s perspective on Roy Disney’s motivations for establishing such trusts as a means of tax avoidance and preservation of family assets across generations according to the laws and norms of his time.

Brian Cohen: Post Office Secure

Posted by admin on Monday, August 10, 2020

Brian Tyler Cohen Money Quote saying dozens of high-value documents, credit cards, tax forms are sent through the mail, but the Trump administration doesn’t believe ballots should be put at risk there. Brian Tyler Cohen said:
 
The post office is secure enough for millions of Americans to send taxes to the IRS every year, secure enough for stimulus checks, secure enough to send credit cards and passports and drivers licenses ... but not secure enough for ballots Quote
 

“The post office is secure enough for millions of Americans to send taxes to the IRS every year, secure enough for the government to mail out $1,200 stimulus checks, secure enough to send credit cards and passports and drivers licenses … but not secure enough for ballots. Got it” — Brian Tyler Cohen

 

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Brian Tyler Cohen is arguing that the postal service is secure enough to handle sending important documents like tax forms, stimulus checks, credit cards, and identification cards through the mail. However, he says that some claim it is not secure enough to handle mailing ballots, which he disagrees with.

The quote is criticizing the argument that voting by mail is insecure when the postal service is trusted with sending many other important and sensitive documents. Cohen is implying that claiming ballots cannot be mailed securely but these other items can be is an inconsistent position.

Michael Cohen: Millions Tax Refund

Posted by admin on Wednesday, February 27, 2019

Michael Cohen Money Quote saying during congressional testimony on February 27 that President Trump told him in 2008 that the government was stupid for refunding him $10 Million on his taxes. Michael Cohen said:
 
in 2008 that he was cutting employees' salaries in half – including mine – he showed me what he claimed was a $10 million IRS tax refund, and he said that he could not believe how stupid the government was Quote
 

“When telling me in 2008 that he was cutting employeessalaries in half – including mine – he showed me what he claimed was a $10 million IRS tax refund, and he said that he could not believe how stupid the government was for giving “someone like him” that much money back” — Michael Cohen

 

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In this quote, Michael Cohen is describing an interaction he had with Donald Trump in 2008. Some key points:

  • Trump was cutting the salaries of his employees, including Cohen’s, in half due to financial difficulties at the time.
  • Trump then showed Cohen what Trump claimed was a $10 million tax refund he had received from the IRS.
  • Trump expressed disbelief and contempt and called the government “stupid” for giving “someone like him” such a large tax refund.
  • This implies Trump felt he did not deserve the refund or that it was too generous, even as he was reducing his employees’ pay.

Cohen’s anecdote portrays Trump as a boss who was willing to cut his workers’ salaries deeply but also critical of and benefited greatly from tax policies that returned millions to him personally at the same time. It provides Cohen’s perspective on Trump’s attitude toward his own wealth versus that of his employees during a challenging economic period.

Richard Painter: 7 Billlion Tax Bill

Posted by admin on Monday, May 1, 2017

Richard Painter Money Quote saying about Robert Mercer that he got Trump elected and asking whether that will lead to a IRS commissioner that will pursue existing 7 billion dollar taxes case against Mercer. Richard Painter said:
 
the IRS who aggressively enforces the law and takes good cases to Tax Court or (somebody who) just throws away tax cases so billionaires don’t have to pay their taxes and the rest of us can pay more taxes? Quote
 

“Are we going to have a commissioner of the IRS who aggressively enforces the law and takes good cases to Tax Court or (somebody who) just throws away tax cases so billionaires don’t have to pay their taxes and the rest of us can pay more taxes?” — Richard Painter

 

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Richard Painter is raising concerns about whether the new commissioner of the Internal Revenue Service (IRS) will fairly enforce tax laws.

Painter questions if the commissioner will aggressively pursue tax cases against wealthy individuals and large corporations in Tax Court to ensure they pay what they owe, or will dismiss valid cases so that billionaires do not have to pay their fair share of taxes. This would mean the tax burden shifts more to average citizens.

By framing it as a choice between fair enforcement or letting some avoid taxes, Painter appears to believe the IRS commissioner should apply tax laws equally and without favoritism, regardless of a taxpayer’s wealth or influence.

Ron Paul: Bad Income Tax Year

Posted by admin on Thursday, April 13, 2017

Ron Paul Money Quote saying he’s opposed to any year that has anything to do with taxes and suggests the IRS makes 1913 unlucky. Ron Paul said:
 
1913 wasn't a very good year. 1913 gave us the income tax, the 16th amendment and the IRS Quote
 

“1913 wasn’t a very good year. 1913 gave us the income tax, the 16th amendment and the IRS” — Ron Paul

 

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In this quote, Ron Paul is expressing his negative view of the year 1913 in U.S. history. The best interpretation is:

  • 1913 saw the passage of the 16th Amendment, which established Congress’ power to impose and collect income taxes from U.S. citizens.
  • This led to the creation of the Internal Revenue Service (IRS) to administer the collection of income taxes.
  • Paul believes these developments marked a significant expansion of federal power over citizens that has had long-lasting negative impacts.
  • He sees the income tax and the IRS as burdensome institutions that give the government intrusive oversight into Americans’ financial lives and earnings.
  • The overall message is Paul’s libertarian perspective that 1913 ushered in oppressive taxation policies and a powerful tax collection agency that undermine individual economic freedom and privacy according to his view.

Donald Trump: ‘I Win’ One Page Tax Form

Posted by admin on Sunday, October 4, 2015

Donald Trump Money Quotation saying in his tax plan, those living below poverty level will owe no taxes. Donald Trump said:
 
Donald Trump They get a new one page form 1040 to send the IRS saying, 'I win,' those who would otherwise owe income taxes will save an average of nearly $1,000 each quote
 

“They get a new one page form 1040 to send the IRS saying, ‘I win,’ those who would otherwise owe income taxes will save an average of nearly $1,000 each” — Donald Trump

 

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In this quote, Donald Trump is touting a key aspect of his proposed tax reform plan at the time, which involved simplifying the federal income tax form to a single page and allowing many taxpayers to write “I win” on it. Some key points in interpreting his perspective:

  • He portrays the simpler form and anticipated $1,000 average tax savings per taxpayer as a positive outcome of the planned changes.
  • Trump aims to frame the proposal as a victory for everyday Americans that will put more money in their pockets each year.
  • However, without more details about the specific plan and its potential impacts, it’s difficult to independently verify his claims or assess trade-offs.
  • A balanced interpretation acknowledges both the goals Trump expresses as well as the need to carefully evaluate any significant tax legislation through nonpartisan analysis.

Overall, the quote reflects Trump’s promotion of the proposal but a full understanding would require examining actual legislative language alongside expert scoring of its projected budgetary effects, economic impacts, and treatment of various populations across all income levels over both short and long timeframes. Both the perspectives expressed as well as counter-perspectives merit consideration.

form 1040 Postcard
 

Dave Barry on IRS Tax Tips

Posted by admin on Thursday, April 3, 2014

Dave Barry Money Quotation saying tax advice from the IRS is obvious and they, oddly, don’t want help you avoid paying taxes. Dave Barry said:
 
Print neatly. That's the kind of advice that the IRS considers a 'dynamite' tax tip. If you ask them a real tax question, such as how you can cheat, they're useless Quote
 

“Print neatly. That’s the kind of advice that the IRS considers a ‘dynamite’ tax tip. If you ask them a real tax question, such as how you can cheat, they’re useless” — Dave Barry

 

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This is another humorous quote from comedian Dave Barry about taxes and the IRS. Specifically:

  • He jokes that the IRS considers basic tips like “Print neatly” on tax forms to be “dynamite” or extremely helpful advice for taxpayers.
  • However, if a taxpayer were to actually ask the IRS for advice on illegal tax evasion tactics (“how you can cheat”), he says they would be “useless” in providing that kind of harmful information.

Overall, the quote is using sarcasm to point out that while the IRS provides straightforward filing guidelines, their role is to enforce tax laws, not enable or turn a blind eye to tax fraud. Barry aims to get a laugh from taxpayers’ frustrations with the IRS through this exaggerated perspective.

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