I’m still burned about the Beach Co / City Marina heist. IMO thats what it is, a heist. That money should be going to projects like Bushy Park (or it’s replacement)
2000 SeaPro 180CC w/ Yammy 115 2 stroke
1966 13’ Boston Whaler w/ Merc 25 4 stroke “Flatty”
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Splitting hairs indeed. I was trying to keep it as simple as possible. Company B would be purchasing the product for $1 from the importer of a product made in China. Bottom line is Company B pays much less FET. Please explain, though, on how you came up with 9.09% for a domestically made product. If Company A sells a product for $6 that was made here, then it owes $.60 in FET…period. No tax is paid on a domestically made product before the first point of sale. All tackle manufacturers go through an audit and receive a Form 637 for tax exempt status on the components. There IS NO tax on a tax.
quote:
Originally posted by The Dudequote:
Originally posted by RADDADDYDirectly- Meaning the retailer would pay the IRS and file a form 720 for 10% of sales from the consumer at the retail price. This is incorrect and misleading, but I know we are on the same side as far as where the money goes and how manufacturers get punished with higher Federal Excise Taxes by producing things here in the USA. I posted this earlier, but I think it’s important for ALL fishermen to understand; All fishing products are taxed 10% at the first point of sale that goes to the Wildlife Fund. As an example, a fishing widget retails for $10. It would whole sale at around $6. If Company A makes said widget in the USA and sells it to Bass Pro Shops, Wal-Mart, Haddrell’s, etc. at $6, then Company A would pay $.60 per unit in FET. If company B imports the same widget from China at a manufacturing cost of $1 per unit, then it only pays $.10 per unit because importing represents the first point of sale. This is wrong and backwards! How the government allocates these FET funds is even more screwed up.
While we’re sp
quote:
Originally posted by RADDADDYSplitting hairs indeed. I was trying to keep it as simple as possible. Company B would be purchasing the product for $1 from the importer of a product made in China. Bottom line is Company B pays much less FET. Please explain, though, on how you came up with 9.09% for a domestically made product. If Company A sells a product for $6 that was made here, then it owes $.60 in FET…period. No tax is paid on a domestically made product before the first point of sale. All tackle manufacturers go through an audit and receive a Form 637 for tax exempt status on the components. There IS NO tax on a tax.
quote:
Originally posted by The Dudequote:
Originally posted by RADDADDYDirectly- Meaning the retailer would pay the IRS and file a form 720 for 10% of sales from the consumer at the retail price. This is incorrect and misleading, but I know we are on the same side as far as where the money goes and how manufacturers get punished with higher Federal Excise Taxes by producing things here in the USA. I posted this earlier, but I think it’s important for ALL fishermen to understand; All fishing products are taxed 10% at the first point of sale that goes to the Wildlife Fund. As an example, a fishing widget retails for $10. It would whole sale at around $6. If Company A makes said widget in the USA and sells it to Bass Pro Shops, Wal-Mart, Haddrell’s, etc. at $6, then Company A would pay $.60 per unit in FET. If company B imports the same widget from China at a manufacturing cost of $1 per unit, then it only pays $.10 per unit because importing represents the first point of sale. This is wrong and backwards!
It still has to be dredged first. Everything takes money and permits plus time.
Just wait for the next wayward manatee to make it’s way up the Cooper and shoot it in the middle of Bushy Park. All the tears from the bleeding hearts around here will wash it out a good 6 feet deep.
… The Cross of Christ is the anvil upon which the hammer of evil wore itself out.