T&T 30% Millionaire Tax

[rspann]

Elite auto, you hit the nail on the head. When some people see what politicians do with their hard earned taxes, they can get disillusioned and that can cause them to try to evade as much as they can. I have a question for you, do you think the sense of security in a government or public sector job could ever outweigh the rewards and sense of gratification one can get from being self employed? I am speaking about a driven individual, like you mentioned in your post.

[eliteauto]

Elite auto, you hit the nail on the head. When some people see what politicians do with their hard earned taxes, they can get disillusioned and that can cause them to try to evade as much as they can. I have a question for you, do you think the sense of security in a government or public sector job could ever outweigh the rewards and sense of gratification one can get from being self employed? I am speaking about a driven individual, like you mentioned in your post.

The security of tenure is a mental trap, its not security it's stagnation, it's what happens when you're afraid to take chances in life for something better, to be fair most people are conditioned to be afraid and seek security that's why taking the risk of giving that up isn't for everyone. It happens in the private sector to, you see it on this forum. For driven people the potential rewards and the freedom to be and do you far outweigh the sense of security

[desifemlove]

only when you get older you realise the benfits of some govt jobs if you willing to stick it out a lifetime

i have a padna doing basic clerical work in central bank, he is over 50 now and with the kind of
benefits he have and pension he can't afford to leave at all

I just cant deal with being trapped in one situation my whole life. I need to be self employed, stay home when i want.. sleep late when i want. Expanding and doing multiple things for money. My life philosophy just doesnt allow for me to hold one job for 40 yrs no way! that feels like jail the more i think about it. Hoping to enter a new tax bracket for 2017 but i dont see why someone making $100,000 a month would need to duck taxes. 70,000 is not enough for one human being???? Hommuch money yuh want so? Hommuch yuh need so??? What is yuh goal? To become fu man chu? 700,000 a year and the pride of having contributed 300,000 to society in taxes singlehandedly should be reward enough. wah you want so? A 30million dollar house? I doh know nah. But it does boil down to what ppl living this life for and what is their philosophy. I personally happy with just having no financial worries.

Whilst self-employment does offer a sense of freedom, successful self-employed people work harder than salaried people, they put in more (and odder) hours daily to become successful. Driven ppl who choose to operate in their chosen sphere know what it takes to earn the lifestyle they enjoy that's what drives them to be more guarded with their earnings, simply put they know the value of money and what it offers, so don't assume greed is the motive to "duck" taxes. Also I dunno how much "pride" one can feel in contributing taxes to a broken system which doesn't necessarily reinvest those taxes to address societal ills, hence many successful ppl directly contribute through charities, social clubs, sponsorship etc. Maybe when you enter your new bracket you will understand. The system is there for everyone some are upset they just don't know how to use it.

Depends on the business and industry, plus if s/he has kids, a family or similar commitments. I've seen self-employed for over a year and I work well for only 6 hours per day. I know a yoga teacher who works for few hours per day. it's something people have to figure out for themselves.

[desifemlove]

only when you get older you realise the benfits of some govt jobs if you willing to stick it out a lifetime

i have a padna doing basic clerical work in central bank, he is over 50 now and with the kind of
benefits he have and pension he can't afford to leave at all

I just cant deal with being trapped in one situation my whole life. I need to be self employed, stay home when i want.. sleep late when i want. Expanding and doing multiple things for money. My life philosophy just doesnt allow for me to hold one job for 40 yrs no way! that feels like jail the more i think about it. Hoping to enter a new tax bracket for 2017 but i dont see why someone making $100,000 a month would need to duck taxes. 70,000 is not enough for one human being???? Hommuch money yuh want so? Hommuch yuh need so??? What is yuh goal? To become fu man chu? 700,000 a year and the pride of having contributed 300,000 to society in taxes singlehandedly should be reward enough. wah you want so? A 30million dollar house? I doh know nah. But it does boil down to what ppl living this life for and what is their philosophy. I personally happy with just having no financial worries.

Whilst self-employment does offer a sense of freedom, successful self-employed people work harder than salaried people, they put in more (and odder) hours daily to become successful. Driven ppl who choose to operate in their chosen sphere know what it takes to earn the lifestyle they enjoy that's what drives them to be more guarded with their earnings, simply put they know the value of money and what it offers, so don't assume greed is the motive to "duck" taxes. Also I dunno how much "pride" one can feel in contributing taxes to a broken system which doesn't necessarily reinvest those taxes to address societal ills, hence many successful ppl directly contribute through charities, social clubs, sponsorship etc. Maybe when you enter your new bracket you will understand. The system is there for everyone some are upset they just don't know how to use it.

Depends on the business and industry, plus if s/he has kids, a family or similar commitments. I've seen self-employed for over a year and I work well for only 6 hours per day. I know a yoga teacher who works for few hours per day. it's something people have to figure out for themselves.

[Dizzy28]

only when you get older you realise the benfits of some govt jobs if you willing to stick it out a lifetime

i have a padna doing basic clerical work in central bank, he is over 50 now and with the kind of
benefits he have and pension he can't afford to leave at all

I just cant deal with being trapped in one situation my whole life. I need to be self employed, stay home when i want.. sleep late when i want. Expanding and doing multiple things for money. My life philosophy just doesnt allow for me to hold one job for 40 yrs no way! that feels like jail the more i think about it. Hoping to enter a new tax bracket for 2017 but i dont see why someone making $100,000 a month would need to duck taxes. 70,000 is not enough for one human being???? Hommuch money yuh want so? Hommuch yuh need so??? What is yuh goal? To become fu man chu? 700,000 a year and the pride of having contributed 300,000 to society in taxes singlehandedly should be reward enough. wah you want so? A 30million dollar house? I doh know nah. But it does boil down to what ppl living this life for and what is their philosophy. I personally happy with just having no financial worries.

Whilst self-employment does offer a sense of freedom, successful self-employed people work harder than salaried people, they put in more (and odder) hours daily to become successful. Driven ppl who choose to operate in their chosen sphere know what it takes to earn the lifestyle they enjoy that's what drives them to be more guarded with their earnings, simply put they know the value of money and what it offers, so don't assume greed is the motive to "duck" taxes. Also I dunno how much "pride" one can feel in contributing taxes to a broken system which doesn't necessarily reinvest those taxes to address societal ills, hence many successful ppl directly contribute through charities, social clubs, sponsorship etc. Maybe when you enter your new bracket you will understand. The system is there for everyone some are upset they just don't know how to use it.

So its okay to selectively choose to commit a crime because -
1. The system broken
2. You contributing charity??

There is no system - there are corrupt accountants who illegally sign off on false accounting statements for the benefit of their clients and themselves (in contravention of their profession's own accounting standards). Once again for the edification of the many who touting that businessmen can utilize the company for their personal benefits I implore you all to acquaint yourselves with the Income Tax Act, Corporation Tax Act and the Companies Act.

There was a nice brochure on the old BIR website detailing Benefits in Kind (BIK) and other allowances for Directors which isn't on the new site (Scribd has it but you have to pay to access it). It would clear up a lot of the misconceptions regarding eligible expenses for a company and an individual.

[dude2014]

The system has it perks, take Donald Trump and his twenty year write off of $1Billion loss.
Hiillie AND Billie wanted to close that tax benefit, see what happened?
Do we really care about tax avoidance or evasion and doing the right thing?
The norm seems to be to cheat the system and it will continue.
However when the small fishes starts to do their part, the big fishes will fall in line.

Once there is someone willing to tote the bag, there will always be corruption.
I am doing my part. I have not toted any bag and will not tote any, period.

If you cannot beat them, do not join them .........
Help win the war on lawlessness and do the right thing.

[De Dragon]

The system has it perks, take Donald Trump and his twenty year write off of $1Billion loss.
Hiillie AND Billie wanted to close that tax benefit, see what happened?
Do we really care about tax avoidance or evasion and doing the right thing?
The norm seems to be to cheat the system and it will continue.
However when the small fishes starts to do their part, the big fishes will fall in line.

Once there is someone willing to tote the bag, there will always be corruption.
I am doing my part. I have not toted any bag and will not tote any, period.

If you cannot beat them, do not join them .........
Help win the war on lawlessness and do the right thing.

Yes, I agree, there are always people trying to induce you into some underhanded thing.

[dude2014]

Thanks bros. Best behaviour and best 2017 ever has started ........