James the guy on Jeopardy
had just crossed winning $2 million. He gives his occupation as a professional
gambler. You have to like somebody who is proud that they make their living
gambling. It’s a profession the IRS approves of. Well maybe not the slots or
the craps table or betting on sports or horses. But the IRS wants you to gamble…
on business and the stock market. The poor hard working wage earner is scorned
by the tax laws. He has no wiggle room on his tax return and these days loses
even some of his former precious deductions. But to be a gambler like James the
Jeopardy guy casting fate to the wind investing your last red cent in a
business where the odds of failure are about 75% or on an IPO that is destined
to flop makes the IRS happy. Where would we be if we were simply a country of
drones trudging off to some citified cubicle trading one’s precious life for an
hourly or weekly wage. The innovators, the doers and the shakers that’s what
the tax law loves. Just take a look at all of the juicy tax deductions on an
individual schedule C for an unincorporated business or a corporate tax return
of any variety or how capital assets get breaks when you win or lose in the
stock market.. That’s where the gold be, Jim Hawkins! And the best part of it
is while you gamble those drones are covering your losses. As long as the
working class never gets to understand just how bad they have it under our tax
laws the racket for “business” people will continue. So what have you gambled
on lately?
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