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Scot,
I neither look down on a majority of society with contempt for, "those who
neither took the risk nor
the time to get educated nor worked to make the money." Education comes in
many forms not just books or school. I grew up in a VERY poor family.
Worked my way through a private high school and a private college. This is
the path I chose. There are those who helped me along the way. I in turn
have tried to help those who are working their way up and making an effort
to improve themselves. I do not look down on anyone nor do I choose to
spend my resources on people who are not making an effort for themselves.
If you have a question about my beliefs, ask. Don't assume I have no
compassion or care for those who REALLY are in need. I choose to spend my
time helping those who would try to help themselves by teaching adult
reading and math. I am also the technology coordinator at one of our local
schools. This is not about me so would like to get back to the issue of the
tax system.
Bottom line here is that regardless of the investment or how the income is
earned, it should not be taxed unless it is a profit. No unrealized profit
should be taxed whether futures, options, salary or what-ever the source of
earnings. Yes people should plan. It does not make the current system
appropriate or fair.
John
----- Original Message -----
From: "Scot Billington" <scot.billington@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Saturday, June 23, 2001 9:17 AM
Subject: Re: [RT] Tech workers upset that they owe taxes on underwater
options
> Below is exactly how futures are taxed. Open trade profits are taxed at
the
> end of the year.
>
> The companies should have known the tax laws and set things up to protect
> their people. I don't get a bailout if I make a mistake in my estate
> planning, business spending etc. Their are plenty of accountants/tax
> lawyers/financial planners who could have warned the option owners about
> their liability. Simply, they thought the stocks would continue to roar
> forever, so they did not plan. The options were given as a way to avoid
> taxation. Now that the worst has happened, they want to be bailed out by
> the American taxpayer. Mr. Hall has gone so far as to look down on a
> majority of society with contempt for, "those who neither took the risk
nor
> the time to get educated nor worked to make the money.", as though no one
> outside of technology, nor anyone without a college education works hard.
> Seems to me Mr. Hall and the like should have spent some of their 14 hour
> days learning the tax code or finding the telephone number of a competent
> accountant.
>
> I have sympathy for those who will be financially ruined by this.
However,
> I, unlike Mr. Hall, also have sympathy for those who do not receive a
> college education and for those who toil a lifetime in poverty.
> Nonetheless, I don't see how the taxpayer should be responsible for the
poor
> financial planning others. Mistakes were made and the price will be huge;
> unfortuately however, such is life.
>
> sb
>
> ----- Original Message -----
> From: "John Hall" <jrhall@xxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Saturday, June 23, 2001 10:33 AM
> Subject: Re: [RT] Tech workers upset that they owe taxes on underwater
> options
>
>
> > By-the-way Ira, if I follow your logic you should pay taxes each time a
> > trade you are in shows a profit before you have closed out the trade.
> This
> > is regardless of the final outcome of the trade. You can adjust the
taxes
> > after the trade is closed.
> >
> > "One of the option babies who isn't under water."
> > John
> >
> > ----- Original Message -----
> > From: "Ira Tunik" <irat@xxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Saturday, June 23, 2001 7:42 AM
> > Subject: Re: [RT] Tech workers upset that they owe taxes on underwater
> > options
> >
> >
> > > They couldn't even sell enough stock to cover the taxes. that is real
> > greed
> > > and now we are supposed to pay.
> > >
> > > Me wrote:
> > >
> > > > Driving the economy into recession and raising living costs to
insane
> > > > levels wasn't enough for the tech industry, now the option babies
are
> > > > upset because their stock options are underwater and they owe big
> > > > taxes. Sheese. I know people who have gotten into this situation
> > > > and it all occurred because they were greedy. They didn't sell
their
> > > > options at exercise time, instead choosing to hold onto the stock so
> > > > they would pay less taxes down the road. Will Congress succumb and
> > > > bail them out like AG has bailed out the big companies that made the
> > > > wrong decisions?
> > > >
> > > > The Valley's Tax Revolt
> > > > By Scott Harris
> > > >
> > > > Tech workers are taking a big tax hit on their stock options. Will
> > > > Congress come to the rescue?
> > > > http://www.thestandard.com/article/0,1902,27355,00.html?nl=int
> > > >
> > > > To unsubscribe from this group, send an email to:
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> > > >
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