Beware the tax man

superheater · **Joined:** Sun Aug 22, 2004 11:54 pm **Posts:** 2605

"Anyway that's GAAP, or "dingbat accounting" as I like to call it…"

You don't get to call anything without a license.

robertmacdowell · **Posted:** Sat Jan 24, 2015 3:34 pm

Well if that offends you, maybe our accountants are not following GAAP. My apologies and I will edit my post.

dinwitty · **Joined:** Wed Oct 22, 2008 8:18 pm **Posts:** 2226

some of this is getting as crazy as putting licenses on swimming tire tubes in the water in Illinois...overregulation....means of raising funds....museums do not have the draw as like your movie theatre or sports...

rea_reefwagon · **Joined:** Mon Jan 27, 2014 3:52 am **Posts:** 39

Property taxation is the worst kind of taxation.

rock island lines · **Joined:** Mon Feb 17, 2014 4:20 pm **Posts:** 487

Randy Gustafson wrote:

...
Property taxes on railroad and/or museum property are highly variable by locality and state, but having nothing to do with taxable income, and for many organizations would be far more devastating than some kind of 'income' tax.

Below is a recent news article that mentions the Seashore Trolley Museum:

LePage tax overhaul: Property tax proposal 'would be devastating'
Feb. 26, 2015

Quote:

A proposal by Gov. Paul LePage to end property tax exemptions for many nonprofit organizations in Maine has raised deep concern among leaders at York County institutions including ... the Seashore Trolley Museum.
...
"The effects of this would be devastating," said Sally Bates, executive director of the Seashore Trolley Museum. "I have to believe, and I don’t mean ‘hope’, I mean believe that our legislators will realize this is not a good idea."

Full article: http://www.seacoastonline.com/article/2 ... /150229400

Dougvv · **Joined:** Sat Aug 21, 2004 10:52 pm **Posts:** 914

It is sad that prior to WWII, no income tax was in place EXCEPT for temporary ones during war situations - i.e. Abraham Lincoln and the Civil War.

Now if the politicians had been doing their job of running the economy instead of trying to give tax exemptions to buy votes, there would no need for income taxes.

Now is someone can figure out how to bring back jobs to the US after decades of sending jobs overseas or to non-US countries in the New World.

Oh well.

Where can I go to get off this merry-go-round?

Heavenrich · **Joined:** Mon Aug 23, 2004 11:07 am **Posts:** 630

Dougvv wrote:

It is sad that prior to WWII, no income tax was in place EXCEPT for temporary ones during war situations - i.e. Abraham Lincoln and the Civil War.

Say what?

Income tax has been around since the 16th Amendment was passed in 1913--- see for example,

http://taxfoundation.org/article/us-fed ... d-brackets

Also, what makes this property tax proposal even tougher is the fact the for profit businesses can deduct the property taxes they pay from their corporate income tax, but unless a non profit has to pay unrelated business income tax (UBI reported on a 990T) the deduction is worthless to them.

Bob H

Dougvv · **Joined:** Sat Aug 21, 2004 10:52 pm **Posts:** 914

HI,

Sorry about that, I knew it was about the time WWI (not WWII - key bounce) started.

Doug vV

Randy Hees · **Posted:** Mon Mar 09, 2015 8:33 pm

This thread had devolved into a political discussion... Either bring it back to railroad preservation or I will lock it.

Randy