Suppose I won lotto and after the taxes were taken out I received a 10 million cash pay out.(conservative by today's standards)
I'm 56yo, and have never seen much more than 40K in a fiscal year. 10mil would easily raise my standard of living to 5 times that and I'd likely die long before the cash ran out. I'm single, divorced, NO kids.
A very successful and now retired tax attorney told me that the IRS would demand a voluntary tax filing each year even if I put the whole 10Mil in a NON interest bearing checking account and NEVER earned a penny of "income" again.
Question! Is it an "INCOME TAX", or a SAVINGS tax?
What of my 5th Amendment "RIGHT" against SELF incrimination?
It could prove very entertaining using some of that theoretical 10 Million to prosecute a counter suit naming any individual IRS agents and their supervisors for criminal denial of my Constitutional 5th Amendment Right as well as professional malfeasance for seeking to harass and tax me erroneously. ( OK OK; I’m sure IRS agents and such are protected under some government exclusionary/protection law; but you can see from whence my argument and indignation comes).
...if your income is less than $9,500 as a single man under 65, but do you really want to fuck with the IRS just to prove a point?
Thanks for the $9,500 figure. It certainly is much greater than $0.00
I certainly would remove and bury most of the money from the bank before starting MY counter suit. But YES! With that kind of money at my disposal I could think of nothing more cathartic or patriotic than pouring a tractor-trailer load of sand into the "systems" gears. And I'd make sure MY attorney quashed any motions for "Media black-out" sequestered courtrooms, or sealed transcripts.
A fair and transparent legal battle between government & citizen; what a brilliant fucking concept!
How Much Tax Will You Owe On $640 Million Jackpot?
http://www.forbes.com/sites/janetnovack/2012/03/30/how-much-tax-will-you-owe-on-540-million-jackpot/
Taxes and the Lottery (Motley Fool)
Taxes and the Lottery
Mega Millions Jackpot Analysis
http://www.usamega.com/mega-millions-jackpot.asp
"the IRS would demand a voluntary tax filing"?
That does not make a lot of sense, does it? Either a tax return is required or it is not. As far as the minimum income required for filing a return, you have to look at the tax code each year and the bottom number for many years has been is $400, not $9000, if you are self-employed -the type of income changes the threshold.
And IRS agents have immunity for penalizing you for not filing a tax return if you are required under the law to do so, so give up on that countersuit..
I'm 56yo, and have never seen much more than 40K in a fiscal year. 10mil would easily raise my standard of living to 5 times that and I'd likely die long before the cash ran out. I'm single, divorced, NO kids.
A very successful and now retired tax attorney told me that the IRS would demand a voluntary tax filing each year even if I put the whole 10Mil in a NON interest bearing checking account and NEVER earned a penny of "income" again.
Question! Is it an "INCOME TAX", or a SAVINGS tax?
What of my 5th Amendment "RIGHT" against SELF incrimination?
It could prove very entertaining using some of that theoretical 10 Million to prosecute a counter suit naming any individual IRS agents and their supervisors for criminal denial of my Constitutional 5th Amendment Right as well as professional malfeasance for seeking to harass and tax me erroneously. ( OK OK; I’m sure IRS agents and such are protected under some government exclusionary/protection law; but you can see from whence my argument and indignation comes).
I just couldn't see the reason for me having to annually tell them I’m only spending, and to look for people in-taking money.
Filing is still promulgated "voluntary" IT MUST BE! Or else it would be in direct contradiction to the Bill of Rights making it un-enforceable. They do however take personal umbrage if you chose not to volunteer, and have devised a biblically sized myriad of obfuscators (and tax lawyers) to keep you volunteering.
That does not make a lot of sense, does it? Either a tax return is required or it is not. As far as the minimum income required for filing a return, you have to look at the tax code each year and the bottom number for many years has been is $400, not $9000, if you are self-employed -the type of income changes the threshold.
And IRS agents have immunity for penalizing you for not filing a tax return if you are required under the law to do so, so give up on that countersuit..
I'm 56yo, and have never seen much more than 40K in a fiscal year. 10mil would easily raise my standard of living to 5 times that and I'd likely die long before the cash ran out. I'm single, divorced, NO kids.
A very successful and now retired tax attorney told me that the IRS would demand a voluntary tax filing each year even if I put the whole 10Mil in a NON interest bearing checking account and NEVER earned a penny of "income" again.
Question! Is it an "INCOME TAX", or a SAVINGS tax?
What of my 5th Amendment "RIGHT" against SELF incrimination?
It could prove very entertaining using some of that theoretical 10 Million to prosecute a counter suit naming any individual IRS agents and their supervisors for criminal denial of my Constitutional 5th Amendment Right as well as professional malfeasance for seeking to harass and tax me erroneously. ( OK OK; I’m sure IRS agents and such are protected under some government exclusionary/protection law; but you can see from whence my argument and indignation comes).