The Message Forum is an ongoing dialogue among classmates. The goal is to encourage friendly interaction, including interaction among classmates who really didn't know each other. Experience on the site has revealed that certain topics tend to cause friction and hard feelings, especially politics and religion. 

Although politics and religion are not completely off-limits, classmates are asked to be positive in their posts and not to be too repetitive or allow a dialog to degenerate into an argument. 

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David Cordell

Sandra,

Again, I wasn't making fun of Biden for stuttering. If I had said that one side of his face was drooping, would you think I was making fun of his face, or suggesting a medical issue, like Bell's palsey, which my mother had. Medical issues in a president are important. (If I were going to make fun of something physical, it would be his hair plugs, which make the harvested area in the back look funny.)

Recall that JFK had Addison's disease.

Have you ever  seen in photos of FDR how he declined over time? He died when he was only 62

Do you recall the comments about Reagan --  that he was losing it? He was 77 when he LEFT office. Biden is 79.

These are stressful times for Biden (and lots of it from his own making). Are you aware that he had two brain aneurysms in 1988? As terrible as he is, he is certainly better than the person who would take his place..

Meanwhile, how about five years of making fun of Bad Orange Man? His waistline. His hair style. His skin tone. 

There were nasty comments about Barron Trump. And perhaps you have forgotten that there was plenty of picking on Bush 43's daughters, not to mention the comments about Amy Carter. Loved the SNL skit about Amy Carter in which the Secret Service agents were in her school classroom.

That said, I do think that children of politicians should be out of bounds.

Sandra Spieker (Ringo)

I was carbon copied on an email yesterday that, number 1, I don’t know how to respond to, and 2, can’t figure out why I would be carbon copied in the first place.

That being said, I read most of it.  All of which did not improve the outlook on my day one bit.

I do wish to point out a few takeaways from the email in general without specifically calling out anyone, or answering the email.

Telling anyone that they are going to hell is an insult.  It does not matter if it is part of your core religious beliefs or not.  It is hurtful and unproductive.  First off, hurling this insult assumes the insulter is without sin at all and will never go to hell, a prospect that is dubious at best.  It also assumes that the person to whom the insult is subject of is also guilty of whatever would have prompted such an accusation.  Lastly, you have to assume also that everyone actually believes there is a hell in the first place.  Also very dubious.  Bottom line, this does no one any good at all.  Only creates strife.

Secondly, insulting someone else’s family, whether it be their wife, husband or children is idiotic.  Children in particular are especially sacred.  It does not matter their faults, looks or anything else, they are your kids and most, if not all, parents will defend them at all costs.  A parent is well aware most times of these faults, but will remain proud of them all their lives, and will hold their offspring in the highest regard.  The best way to lose a friend is to confide to them your inner most thoughts on how you raised your kids or how they turned out.  This is just plain stupid.

Lastly, never speak ill of the dead.  It is an unwritten rule.  Our dearly departed are only to be remembered with the best of their deeds and actions.  Good memories.  This is true for everyone, except Hitler, and a few other notorious despots.

Lastly,

I did not know that Bush (which one I am not sure) had a facial deformity.  I even tried to look it up. 

Sandra Spieker (Ringo)

Kurt,

I looked it up and found a pretty good article on the Keystone XL pipeline project and where the oil would go after it was refined.  In general most of the oil refined in the gulf goes to Canada, France, and The United Kingdom.  It is also not just gasoline, it is petroleum products as well.  At any rate, it is a moot point.  At the time the project was offically cancelled it was only 8% complete.  It would take years to complete it if it was started up again today. 

Steve Keene

Lowell and supporters of the Houston Rodeo,

Please let me get this off my chest.  The Houston Rodeo performed this year at the NRG Stadium in Houston is billed as the grandest and largest most Cowboy themed Rodeo in the World to rival the Calgary Stampede in Calgary, Alberta, the National Finals Rodeo in Las Vegas and the Cheyenne Frontier Days put on by the PRCC in Cheyenne, Wyoming.  It's purpose is to display young people's rodeo talent in a "Big As Texas" format that is endorsed by the Oil and Gas Industry and Numerous Other Houston Businesses and operates with thousands of volunteers earning funds for numerous medical and philanthropic activites for the downtrodden, ill, poor and needy.

One of the events that has the youngest performers is the Mutton Bustin contest where you can only be 5 or 6 years old to compete.  Over two thousand applicants from across the state submit entries to be able to compete and the Commitee in Charge uses photos and brief biographies to narrow the participants down to about 500.  This years applicants were primarily from Houston, but included entries from Dallas, East Texas, South Texas and West Texas.  The idea is to get kids interested in the rodeo and Cowboy lifestyle at an early age.  Sunday my grandson Marcus and 14 other kids, both male and female were chosen from the pool to compete prior to the Brian Hunt Concert at the conclusion of the other Rodeo Events.  They lined the kids up and gave their names and hometowns and their response to a question "What do you want to be when you grow up?"  Cowboy, Policeman and Firefighter were the typical responses.

The entries have to hold onto a sheep and ride him from the bull chutes to the opposite end of the arena without falling off.  They are wearing safety helmets and thick vests and chaps for protection.  My grandson Marcus Zarate competed eleventh.  The first ten contestants were all dislodged and fell off the sheep at distances of two steps from the beginning to 80% of the arena.  Marcus rode all the way to the end and the Announcer remarked that they had to pry his fingers out of the sheeps's wool at the end and he was destiined to be a future bronc rider.  Every kid was applauded, but Marcus got a louder applause after his feat than George Strait or Brian Hunt.  Three more comtestants followed and failed to make the distance.  The last contestant was a long haired 6 year old girl that was almost one and a half times as big as Marcus.  She made it almost the whole distance but fell off and everyone gave her a nice applause because she was a girl and everyone felt sorry for her. 

Marcus raised his hands over his head in triumph and was so proud because he knew he was the only kid that made the distance.  The judging at this contest is subjective and includes both riding skill and audience applause.  Prior to the awarding of the winning diamond encrusted gold buckle and gold trophy they suddenly cut to a precanned feed where they interviewed the whole Brazeale family.  They own a ranch just outside of,Houston, so were local.  The husband had won the bronc riding contest 20 years before, the mother was a money winner in barrel racing over the years and each of the girl's three older siblings had won various events years before.  At the end of this pre canned interview of their entire family it was explained that they were on one of the fund raising committees and two of the volunteer activity committees for the Houston Rodeo.  She was awarded the gold buckle and interview and they handed Marcus a participation trophy and cheap silver metal buckle like every kid that showed up whether they competed or not.  When he saw he was not the winner, he broke down and cried.

I left the stands with a bad feeling that Marcus got robbed of his winning ride and I walked over and waited for the elevator.  The elevator came down and the guy next to me had a shirt on with a badge that said Chairman of the Calf Scramble Committee.  I told him what had happenned and asked if that was a political deal.  He said to me that they knew who they were going to give the winning buckle to from the beginning.  I was up against the Brazeale family who were Houston Rodeo Royalty and many of the Houston Rodeo people went out to their property to ride.  He said this happens almost every year.  That is why they ran the girl last so whatever she did she was going to get a nice applause for a good performance or a feel sorry applause so they can justify giving her the buckle.  This girl had competed the year before at 5 but was beat out by another Houston Rodeo Royalty family.

So this bunch of assholes use politics to reward daughters who are in the right clique to reward their family with one more of many awards and deprive a hard working talented kid of his dreams to the point of bringing him to tears under the pretense of benefiting the kids in Houston.  I would go to the Houston Chronicle with this travesty, but just like in national politics they are too compromised as the media with the advertising dollars of the community event.  If this is Houston's idea of being a Cowboy somebody like Boss on Open Range ought to not waste a bullet on the Chairman of the Rodeo who acts like this so some member of his enterage can get one more gold buckle.  The Houston Rodeo is a disgrace to everything good about being a Cowboy.

Thanks for letting me rant.  On a similar subject I understand that Barack Obama is being awarded the Nobel Prize in Medicine for Catching Covid-19.

Lowell Tuttle

Your grandson got gyped, but you all got a great moment with his wool grabbin.   Did you wear you duds?

Rodeo too much for me these days.   I stopped going to NRG area when the Astros moved out.   I still occasionally go to the auto show or the boat show...but their parking in and out was always so misreable, I quit.  Next time I will be parking in the med center and training down Fannin to the park entrance...then, probably, wheelchairing to the main entrance.  

The first event in NRG Center was the Stones concert in 2001 or 2000 (it was Reliant Stadium then,.   I attended alone for 100 bucks.  I sat next to a young couple from Waco who were impressed with the Stones and I advised I had never been disappointed.

Anyway.   Back when I gave a shit about going ot the Rodeo (ZZ TOP Willie Nelson and Bob Seger days) I was always only interested in the trade fair walk through...that's the only good thing they have other than the Scholarships.  Of course, the Astrodome was a lousy rodeo venue... Occasionally SW Bell Yellowpages had a BBQ booth and if my multi thousand dollar yellow page ad was big enough, I knew the sales manager for the area and I got invites...I hate wearing Cowboy boots, so alway felt out of place...My feet are 13 1/2 and they don't make em that big unless you go customized.   You can pay 20 or so to go to the BBQ, but then you cant get in the private parties....just a chopped beef sandwich and a bud light, yuch.  

you gotta be on the inside to get good seats, good event results, good BBQ, etc...Folks think it's great, but after years of going it's tiresome.   I am guessing San Antonio, Ft. Worth, Las Vegas, Calgary, folks have similar experiences to yours and mine.

Get your grandson a gold/diamond belt buckle IRA...Save a copy of the video of him riding that EWE.

I feel for you dude.   

With your oilfield contacts, you could get on the inside, volunteer, rise up to judge status, go into the back room and steal one of those badges...

Good rant...

Steve Keene

Kurt,

A little of both, however it is my understanding that it is mostly for the domestic diesel, fuel oil, road base, shingles and plastic markets.

Steve Keene

Lowell,

You are right about the difficulty of parking at the event,  I have been down there a time or two for the Nape conferences where all the deal makers go to look at deals, show their  prospects and get smoozed and treated to all sorts of goodies by the Oilfield Service Companies.  I always stay across the street at the Double Tree in a suite and valet parking is five dollars.  This time I could not get a room anywhere close so I drove in that morning and parked a half mile away on Kirby across from Pappas Steakhouse.  Parking was $40, a ride on a bicycle transport shared cost me $20 each way and the seat was $200.00 on Stubhub.Then I tipped a security guard $20.00 after he helped me figure out how to download the AXS app and QR code to my phone after buying the ticket on my home computer.  It took the two of us one hour to figure it out.  The Vendor Aisle is Cavenders with the prices tripled for stupid people that forgot to get their kids a hat or cowboy shirt before they got there.  I paid $10 for popcorn and $5 for coke zero.   Despite using every elevator and escalator available my step count was 3/4 of a mile before I got back to the truck according to my i-phone 8 pro.  That is considerably more than I use to go to the Suite at Texas Stadium in Arlington. By the time I took my family home to Dallas and returned to Hillsboro that night I was beyond tired and got home at 2:30 in the morning. 

I can't wear Cowboy boots either because I dropped a post hole auger on my arch and none will fit.  I would get custom boots but my feet swell with salt or sugar intake and there is no telling what size they will be on any particular day.  I have a 9 to 9.5 wide foot size.

I wore a Resistol Cattlemen's Cowboy hat that I purchased at the Stetson Resistol Outlet in Garland and a light blue Pendleton wool shirt that I purchased at the Pendleton Outlet in Bend, Oregon on sale when I went to vist Steve Gardner.  I know where all the best Cowboy duds are but you have to travel a long ways and catch them on sale.

David Cordell

You're An EXTREME Redneck When

1. You let your 14-year-old daughter smoke at the dinner table in front of her kids.  

2. The Blue Book value of your truck goes up and down depending on how much gas is in it.  

3. You've been married three times and still have the same in-laws.  

4. You think a woman who is out of your league bowls on a different night.  

5. You wonder how service stations keep their rest-rooms so clean.  

6. Someone in your family died right after saying, 'Hey, guys, watch this.' 

7. You think Dom Perignon is a Mafia leader.  

8. Your wife's hairdo was once ruined by a ceiling fan.  

9. Your junior prom offered day care.  

10. You think the last words of the Star-Spangled Banner are 'Gentlemen, start your engines.'  

11. You lit a match in the bathroom and your house exploded right off its wheels.  

12. The Halloween pumpkin on your porch has more teeth than your spouse.  

13. You have to go outside to get something from the fridge.  

14. One of your kids was born on a pool table.  

15. You need one more hole punched in your card to get a freebie at the House of Tattoos.  

16. You can't get married to your sweetheart because there's a law against it.  

17. You think loading the dishwasher means getting your wife drunk.  

David Cordell

It heard that 89 Democrat Congressmen signed a letter to Biden, stating climate change is the greatest threat to the world. It reminded me of this George Carlin Hippy Dippy Weatherman routine. Watch to the end. It's only 1 1/2 minutes.

Wayne Gary

David, Steve

 I just watched this and about midway are the Texas and Tech scores.  Very funny

Steve Keene

David and other friends,

There is a rumor going round that Me, Tommy, Lance and Hull are going to share the thousand acres I want to buy in New Mexico and own 250 acres each.  Lance and Tommy seem to be the main proponents and supporters of this deal.  Hull needs another ranch like he needs a hole in the head.

I am willing to hike the treacherous steep trails with only a walking stick to fend off packs of wolves, grizzlies, and mountain lions.  I can even face the rattlesnakes. However, having neighbors like Lance and Tommy is more than I could bear.  I predict a sharp increase in hunting accidents in the area if that were to occur.

Kurt Fischer

I have a general question for the forum.

After a year of retirement, it looks like I will go back to work for a local bank to help a friend in IT Compliance.  I would be a "1099" contractor (ie., I would invoice based on hours and they would pay me, but would not address any taxes).

I got a bit ahead of myself when I set my rate and only now am realizing the tax implications.  First, I'll have the self-employment tax (15.3%).  Second, I'll have normal taxes on my wages.  Third, if I make over $44k, 85% of my social security benefit will be subject to income tax.  All in all, I'm guessing between 35 and 40% of my wages will be going to taxes on these items.

My question is whether you are familiar with the benefits of an LLC and whether it would help out.  From what I've read, any payments to the LLC that pass through to me would simply be taxed as if they were paid directly to me.  In that case, it wouldn't appear to be advantageous.  However, others I have talked to tell me that the LLC provides a number of tax advantages.  Obviously the LLC would provide additional benefits in terms of limited liability.

Any thoughts?

Thanks.

Wayne Gary

Kurt,

if you have Turbotax or other tax program you can estimate a 1099 income iand see what the tax change would be.  I do not think you will have to pay the standard taxes if you were under 66 and not getting SS. Over 70 you do not loose any SS for wprking.

Lowell Tuttle

The payroll you pay yourself is only taxed at regular rate, and at your age no tax on social security, is what I understand.  (your social security benefit is added to your income and taxed at whatever income level you end.) Profits (retained earnings or shareholder distributions) are capital gains.   There is some secret formula on how much you have to pay yourself as an LLC or an S corp.   You may also have business income taxes.

So you pay yourself as little as possible (whatever the IRS or your CPA says is acceptable for what yo do and th hours you work,) you pay the 15.3% of that  as SS/medicare.   I would expect an It consulting specialist to be able to earn maybe 40.00 an hour?  So, on hours, if you say you can get your job done in a few hours a week, you escape the 15.3%....

Still beats earning nothing.  You also have taxes eventually on your IRA distributions...unless you converted all to Roth.

I could be wrong here.   I am not my own CPA.   Back to me with errors, please.

I have to admit is is weird taking social security benefits and also paying social security taxes at double and taking medicare and paying medicare premiums and medicare taxes at double.

Am I wrong about the 44000 and getting cut on SS benefits?   I thought after full retirement age, it was earn and earn and get SSI with no penultive tax....like from 62 to 66...

Hollis Carolyn Heyn

Kurt Fischer

Wayne and Lowell:

I think your advice to use Turbo Tax to model the tax impact of working while on Social Security is a good one.  I'll try it out today.  Thanks..

Steve Keene

Kurt,

I have just set up some LLC's and I registered them in Delaware.  Then I had to get a registration for them to do business in Texas.  The annual cost for each entity was almost $6000 per year and you will probably need to use an attorney so you get a book to hold your annual meetings of the partners.  It is best to put the LLC's in Delaware because they have more favorable laws protecting the LLC where they make it tough to pierce the corporate veil to identify the owners.  You need to have a LLC that you use for all your activites that have liability like your consulting.  My insurance is paid for through that entity.  Then you need a separate entity that takes in the money with multiple partners like you and a family trust.   That way if you get sued they can only bankrupt the LLC with only minimum operating funds and your money is untouchable in a different LLC.  All the entities need a bank account and minimum balances need to be maintained to keep you from being overcharged with bank fees.  The beauty of setting up the entities is you can park cash in there in interest bearing accounts with the stated intent in your bylaws to use those funds for expansion or property purchases or to grow your business in other ways.  I have multiple LLC's that operate under a holding company that operate in different Railroad Commission Districts.  You need to set up a trust so all these accumulated funds can be passed through just like a Roth or 401K bypassing your children and then benefiting your grandchildren.  You need to be the manager of the trust fund so you can receive a management fee for managing the trust taxed at ordinary income rates until you die.  Then your children become the manager for your grandchildren's trust so they can collect a management fee.  Do not put your wife on the trust or the damn thing could and from my experience always would be directed into her family's control rather than your progeny when you pass.  It is expensive and complicated, so get professional advice from a trust attorney.  After adding in all this, you are definitely selling yourself under the market.  To further avoid taxes give an amount to charity each year from the Trust that is identical to the management fee you receive.  The charitable deduction will insure that no tax is due on your management fee income.

This information is not to be construed as legal advice.  I am not an attorney.  I only play one when I lease land, write and draft contracts or represent clients before the RRC as an expert witness.  This  information is from experience and is to be used as reading material only.  Please do your own due diligence and contact your financial advisor or tax and trust attorney before taking action. Your exact financial needs should to be molded to your own particular case.

David Cordell

Kurt,

Forget all the LLC stuff, and just be proud of your excellent contribution to the nation's coffers!! 

For extra earnings, you might want to sign up for duty on the (soon to be) SRK Ranch. Just head west to Lubbock. Stop for a few minutes to see your old dorm, then get back in the car and head farther west. You're bound to run into it eventually. He'll probably try to pay you in rubles, but stand your ground.

Question: What's the difference between a dollar and a ruble?

Answer: A dollar.

Kurt Fischer

I appreciate the advice I've received from you all.

I went ahead and used Turbo Tax to model several scenarios.  Perhaps the results might be helpful.

As background, my current retirement income comes from Social Security and an IRA distribution plus earned dividends and interest.

What I learned:

• Even if you are over 70, if you earn more than $44,000, then 85% of your Social Security payments become taxable.
• The IRA distribution, dividends and interest all count towards the $44,000.
• In my case, once I earn more than $10,000 from my consulting job, the trigger is pulled on taxing my Social Security payments.
• Based on the above scenario, I will pay 35-37% tax on every dollar I earn.  (Self employment plus tax on the earnings plus tax on Social Security)

Much bigger bite than I anticipated.

Janalu Jeanes (Parchman)

Yeah, the government's bite of the derriere always surprises, doesn't it?

Steve Keene

Janalu,

Fortunately if you go down to the IRS office and look at the quality of the union government workers with no business experience except selling drugs in the urban jungle, it doesn't take a genius to baffle them with BS and get them to approve your taxes.  Most of them have to be schooled on the difference between a deduction and an income item.  Write them a small check and let your accountant sign off and they are relieved to get onto a taxpayer that files a short form not a 20 page document with multiple schedules and exhibits.

Janalu Jeanes (Parchman)

Steve,

I once considered working at the IRS as Christmas was around the corner, and I wanted to earn some money for gifts, just working for a few months.  When I went there to take an entry test with lots of other people who were scheduled to be in the same group, the various folks gathered around me were a very  'eclectic' and quite interesting group of hippies, upwardly mobile college kids just out of their last semester's business classes, or teacher's instruction classes, or young ladies who were tired of waitressing, or newlyweds needing apt. rent money, or folks who were tired of their former office jobs, or pet-sitters looking for more cash, etc.

It was a job I decided against in the long run.  I came up with homemade gifts instead, and the recipients seemed pleased with the personal touch.  At least that was what they told me.  Ha!

Have you heard that Saudi Arabia is considering letting China buy oil from them with the Chinese yuan?  I've heard several smart fellas say this, and they are worried that if that actually starts happening, the US dollar could be in big time trouble, as well as all of our citizens standing around not knowing what to do.  I've also heard that it is probably wise to buy gold coins, keeping them in a safe at one's home, since it seems we are headed for a recession and some tough times rather soon.  Do you agree?

I've also heard that the deal Biden and his 'advisors' are allowing to be written with Iran's mullahs, by way of Russians speaking and dealing for us in ways that seem extremely risky to me, is a deal that will be horrible for us in SO many ways, not to mention insanely dangerous for Israel and all peoples Iran considers as enemies.  How could it be that this deal is progressing?  It is said to be the most idiotic deal ever concocted, by our country's worst president ever, and it is being hushed up by most of our media.

Steve Keene

Janalu,

The Biden Administration has made Saudi Arabia so angry over the Iran giveaway.  They will not even meet with the U .S. Negotiators.  I have heard they are determined to punish the Biden Administration for allowing their rival Middle East dictator to get nuclear weapons.

it is encouraging to know that millennial kids who could not make it as waitresses or fast food drive in wAges will be added to the list of geniuses checking my returns.  I have found that they last at least three months at any one endeavor.

David Cordell

David Cordell

Just an FYI -- 

The Edmondson wildfire in West Texas has hit part of Hull Barbee's ranch near Sterling City. Looks like it is under control, but a lot depends on the wind direction.