Comments for The New American Dream | Eastern North Carolina Now

Talking points only, plus:

Commented: Wednesday, September 16th, 2015 @ 10:40 pm By: Stan Deatherage

I admit I too am fond of cliques.

Commented: Wednesday, September 16th, 2015 @ 9:02 am By: Bobby Tony

I am not a tea party member Gene, but I am a Conservative who can do math, with my eyes wide open.

You definitely are a Liberal, who knows all the talking points of their group think.

These are unmitigated facts.

Commented: Wednesday, September 16th, 2015 @ 8:23 am By: Stan Deatherage

Both Little D and Stan D are Tea Party Conservatives---who are nothing more than mules with blinders on so they won't eat the crop they are plowing . . .

Commented: Wednesday, September 16th, 2015 @ 7:04 am By: Gene Scarborough

GS, I was not aware I altered you statement, I thought I was just putting in into a factual context. You asked to see the IRS books and I complied with your request. It's the adjectives that lead us astray of the facts.

Commented: Tuesday, September 15th, 2015 @ 8:20 pm By: Bobby Tony

Bobby Tony, you are a naturally funny guy.

I enjoy your solid shtick more than 3/4 of the stand-up guys, and all your material is clean too. You are a rare find for BCN.

Thanks again Buddy.

Commented: Tuesday, September 15th, 2015 @ 2:03 pm By: Stan Deatherage

GS, Just some advice, refrain from making blanket statements that can be disproved with about three mouse clicks.
Most people keep two sets of books as well, even if they do not realize it. The two methods of accounting are Cash Accounting and Accrual Accounting.
When you go out to eat and pay cash you are On the Cash method. If you charge the meal you are on the Accrual method. If you do both in the same month, you are keeping two sets of books. The cash you spent and the Liability you incurred to be paid for later.
Companies are no different
One set of books is for the financial statements that are prepared according to GAAP (generally accepted accounting principles). The other set is the books they keep to pay their taxes to the IRS. The net result is the same after all is said and done and Depreciated assets are disposed of.
The government, it turns out, does not much care for “generally accepted” and is often only concerned with what actually happened. It usually does not want to hear about “estimates.” GAAP, on the other hand, actually requires management to make estimates of both revenues and expenses all the time.
Here is the extract of the audited financials.
Since I know you are too busy to read the whole 68-page report, I direct you to page 41. For 2015 the federal taxes paid is $8,169,000,000. In addition, you may note the two previous years. That is actual money spent. Their effective tax rate is 32.2%.(page 55).

Beaufort County Community College offers an Accounting Fundamentals course for $70. I would offer to pay for your tuition for this one course, but I no longer have confidence that you would learn anything.
The picture may not be too clear but the data is correct

Commented: Tuesday, September 15th, 2015 @ 1:14 pm By: Bobby Tony

"It is almost as good a the Walmart way of not paying a penny in Federal Taxes and hiding their assets and profits from the IRS and Stockholders with their Luxembourg Shell Corps formed in the last 2 years! Gene Scarborough"


From YAHOO FINANCE Walmart Income Statement
Numbers in thousands
Walmart paid $7,985,000,000 in Federal taxes in 2015
That is Billion not Million
They also took advantage of legal loopholes, so let us just be honest in our hyperbole.

Commented: Monday, September 14th, 2015 @ 9:11 am By: Bobby Tony