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TAX MATH???

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Mike_Presta View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Topic: TAX MATH???
    Posted: Aug 14 2010 at 8:18am

Do the tax math!

How much “art” will our new starving artists have to sell just to pay back the taxpayers for Mr. Verdin’s $200,000 loan and $250,000 in improvements?

Let me save you the trouble!!! IF (and most of these are big “if’s”):
  1. All artists declare all sales.
  2. All artists file Middletown income tax forms.
  3. No sales are made over the internet.
  4. No work product is taken out of town and sold.
  5. Artists all fail to deduct their expenses.
  6. Our 0.0175% income tax manages to get collected.
Then ONLY a little over $25.7 MILLION dollars worth of art will have to be produced and sold out of the proposed PAC-Middletown for the taxpayers to get their CASH investment back!!! 
 
Such a deal!!!
 
Do City Council members realize that, no matter where it comes from (local, state, or federal), someone, somewhere actually has to WORK to get the money to pay the taxes that they are spending???  How long must YOU work to earn $450,000???
 
Will ALL of these artists at PAC-Middletown actually be doing this for a living???  Or for most, will it really be a hobby???
“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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Hermes View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hermes Quote  Post ReplyReply Direct Link To This Post Posted: Aug 14 2010 at 10:04am
Good points Mike....and considering that a starving artist sale usually garners $20-$50 bucks per painting I'd guess it will take 20 years to make that money back. Remember what Verdin said about the Cincinnati deal....it takes 20 years.
 
It only took Picasso,Rembrandt and all those guys a hundred years to turn a big profit.
 
But with the "behind closed doors" dealing I am assuming that this business may qualify for tax exemption ??
 
And another thing....where are these artist buying their supplies ? Do we have any art supply stores in town ? Will they purchase bulk off the web ? Spend their money in other cities at art supply stores ?
No more democrats no more republicans,vote Constitution Party !!
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Mike_Presta View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Aug 14 2010 at 7:12pm
Originally posted by Hermes Hermes wrote:

But with the "behind closed doors" dealing I am assuming that this business may qualify for tax exemption ??
 
Who knows???
 
In fact, who knows what surprise goodies might be included at the expense of of the hardworking taxpayers???
 
After all this time. here we are, as of the Friday before the meeting when this proposition is to be voted upon, with council members seeming to have no questions and being ready to enthusiastically pass this boondoggle, and mysterious Exhibits B and C are STILL being hidden from the public!!!
 
How can ANY council person vote for this IN THE BLIND and possibly say that they are representing the best interests of the city when they do not even know what they are voting for???
 
Or, could it be that they all already know what is in Exhibits B and C, and just want to keep THE BAG HOLDERS (the taxpayers) in the dark???
“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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Vivian Moon View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Aug 15 2010 at 11:06am

Mike
If we cut this deal for PAC you must ask yourself what kind of a deal is the City going to give the
Culinary School? Where will this money come from?

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Hermes View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hermes Quote  Post ReplyReply Direct Link To This Post Posted: Aug 15 2010 at 3:29pm
More than likely the money for the culinary school will come from the same place the money for the PAC came from....tax payers pocket.
 
It's a friggin shame they can afford to give away tax money for the PAC and then not do a damn thing for the cemetery. These people are fools or they think the people are.
No more democrats no more republicans,vote Constitution Party !!
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