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    Default No More Personal Exemption On U.S. Income Tax

    (if this has been posted before my apologies--but I wasn't able to locate it on the forum)

    I am wondering why no one seems to be talking about the people's loss of the personal income tax exemption. My tax person is absolutely blown away by it.

    I have been searching high and low to read something about the IRS taking away the personal exemption on the Income Tax, other than from the mainstream media's usual matter of fact, or yes they're taking away this, but you get a bigger bla bla instead line.

    Are you aware of any enlightening articles by independent journalists on this huge burden now placed on the taxpayers? Did the IRS give any reason why or is it just that the Rothschilds want a much larger tribute from us all?

    Thanks for any information you can post.
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    Default Re: No More Personal Exemption On U.S. Income Tax

    Wait. I could have sworn when we filed this year, that the CPA said the personal exemption had been raised. I'm sure that's what he told me.

    Are you talking about for this year, 2019, as regards filing for next year?
    "The only true currency in this bankrupt world is what we share with someone when we are uncool." From the movie "Almost Famous""l "Let yourself stand cool and composed before a million universes." Walt Whitman

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    Default Re: No More Personal Exemption On U.S. Income Tax

    Quote Posted by Valerie Villars (here)
    Wait. I could have sworn when we filed this year, that the CPA said the personal exemption had been raised. I'm sure that's what he told me.

    Are you talking about for this year, 2019, as regards filing for next year?
    Trump doubled the personal exemption. Don't know where the OP is getting that info. Probably from a fake news site.

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    Default Re: No More Personal Exemption On U.S. Income Tax

    When the govt wants more money from the middle class, they raise the personal exemption. That means that it does you no good to itemize deductions unless they add up to the new, higher, threshold. People think they've been given a raise, but it's the govt that gets the raise. The govt will say, "but look, you automatically get this higher exemption!" But no, they raised the tax rate in other ways to surpass any benefit to the tax payer. When everyone gets the exemption, nobody gets the exemption. Except business owners or the wealthy, who have enough expenses to lower their taxable income. So what the govt is really saying is "no deductions for you!"
    Last edited by TomKat; 30th March 2019 at 00:38.

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    Default Re: No More Personal Exemption On U.S. Income Tax

    https://www.cbsnews.com/news/9-tax-d...ir-2018-taxes/

    "Lawmakers say that the doubling of the standard deduction effectively replaced this exemption – but that's not exactly true.

    Take an individual filing in 2017. She could have taken her standard deduction of $6,350 and a personal deduction of $4,050, totaling $10,400.
    Under the new tax law, her personal deduction is zero in 2018 and her standard deduction is $12,000. In this example, the single taxpayer has a larger deduction in 2018.
    Families are in a different situation. In 2017, a family of four would have enjoyed a personal exemption of $16,200 ($4,050 x 4) and a standard deduction of $12,700, totaling a combined deduction of $28,900.
    But in 2018, they can no longer claim the personal deduction, and their standard deduction is $24,000, or lower than the deduction they enjoyed in 2017. "

    https://www.savingtoinvest.com/losin...tions-in-2018/

    "As part of the GOP tax reform bill to support President Trump’s tax reform agenda the Personal exemption is being fully eliminated in 2018. This will be reflected when you file your taxes in 2019. The $4,050 personal exemption in 2018 (which was unchanged from 2017) can be taken for yourself, your spouse, and your eligible dependents, will be scrapped. This could mean that single parents or families with lots of dependents could see a higher tax bill as a result, while higher income filers with no kids/dependents will likely fare much better due to their ineligibility for this exemption (income limits) under current law and from the other offsetting tax breaks in the new tax bill."

    (read the comments at this url --very interesting)
    https://www.savingtoinvest.com/losin...tions-in-2018/
    Last edited by frankstien; 30th March 2019 at 01:32.
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    Default Re: No More Personal Exemption On U.S. Income Tax

    Quote Posted by Valerie Villars (here)
    Wait. I could have sworn when we filed this year, that the CPA said the personal exemption had been raised. I'm sure that's what he told me.

    Are you talking about for this year, 2019, as regards filing for next year?
    Valerie,
    I am talking about filing this year for 2018.
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    Default Re: No More Personal Exemption On U.S. Income Tax

    Quote (read the comments at this url --very interesting)
    https://www.savingtoinvest.com/losin...tions-in-2018/
    Some the comments are very interesting. Here's one:

    Quote The purpose of eliminating the personal exemption was to find $1 Trillion of tax revenue that could be redistributed to partially help pay for the reduction of the corporate income tax to 21% from 35% and reduction of the higher income tax brackets. The total redistribution of tax revenues was closer to $4 trillion (eliminating personal exemptions, SALT, etc.) .. Congress had to borrow close to $2 Trillion to cover the rest. Many other items were on the table also, but thankfully not passed (i.e. elimination of 401k benefits, tax-free gain on sale of home, etc., but expect those to be on the table on the next round of tax cuts. Don’t expect corporations to beg for elimination of their tax benefits, only individuals must suffer).

    The voting public didn’t fully grasp the purpose of the tax cuts as a redistribution of wealth from the individual taxpayers to corporations and wealthy individuals.

    Personal Opinion: Money doesn’t care whether a person is republican or democrat. So always follow the money to the individuals responsible. Unfortunately the IRS doesn’t care either, they are funded by Congress.
    Borrow and spend is apparently an accepted way to cut taxes.

    When Ronald Regan did his famous tax cut I noticed my next check was lower because my taxes had been increased but exactly 30%. My pay was just over minimum wage and the cut was not welcome. However I was thrilled for the wealthy folks that had a generous boost to their income.

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    Default Re: No More Personal Exemption On U.S. Income Tax

    Quote Posted by frankstien (here)
    https://www.cbsnews.com/news/9-tax-d...ir-2018-taxes/

    "Lawmakers say that the doubling of the standard deduction effectively replaced this exemption – but that's not exactly true.

    Take an individual filing in 2017. She could have taken her standard deduction of $6,350 and a personal deduction of $4,050, totaling $10,400.
    Under the new tax law, her personal deduction is zero in 2018 and her standard deduction is $12,000. In this example, the single taxpayer has a larger deduction in 2018.
    Families are in a different situation. In 2017, a family of four would have enjoyed a personal exemption of $16,200 ($4,050 x 4) and a standard deduction of $12,700, totaling a combined deduction of $28,900.
    But in 2018, they can no longer claim the personal deduction, and their standard deduction is $24,000, or lower than the deduction they enjoyed in 2017. "
    You'd have to be a mind-reader to know what exact motivations the people who wrote the bill had, but one explanation I heard that makes sense is that it cuts back on fraud and waste from people claiming lots of dependents, some of whom don't even live in the United States.

    People have been complaining for years that immigrants paying taxes often claim all kinds of people as dependents, who aren't living in the US and can't be verified. I don't know what the limit is, but whatever that limit is/was, you can be sure that people would push the system as far as possible to avoid paying as much as possible.


    Related satire from 1991.

    No more extra deductions for the "fourteen kids"!

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    Default Re: No More Personal Exemption On U.S. Income Tax

    Quote Posted by neutronstar (here)
    Quote Posted by Valerie Villars (here)
    Wait. I could have sworn when we filed this year, that the CPA said the personal exemption had been raised. I'm sure that's what he told me.

    Are you talking about for this year, 2019, as regards filing for next year?
    Trump doubled the personal exemption. Don't know where the OP is getting that info. Probably from a fake news site.
    Trump doubled the standard deduction--he took away the personal exemption.


    Why Trump's Doubled Standard Deduction Won't Do You As Much Good As You Think
    https://www.fool.com/taxes/2017/10/0...t-do-yo-2.aspx

    "Two other aspects of the tax reform framework will water down higher standard deductions.
    With the release of the latest framework for tax reform from congressional Republicans and the Trump administration, taxpayers are finally starting to get a better sense of how the federal government will respond to their call for a simpler, fairer tax system. Key planks of the proposal, such as the decline in corporate tax rates and the reduction in the number of tax brackets, have gotten plenty of attention for policy makers. Yet for most individual taxpayers, the proposal's plan to nearly double the standard deduction is one of its most attractive features.

    Most taxpayers already use the standard deduction, saving themselves the trouble of having to itemize deductions that in many cases would turn out to be less than the standard deduction anyway. A higher standard deduction will allow even more people to use this simplified way of calculating their taxable income. However, the elimination of certain other tax benefits is likely to water down the favorable impact of an increased standard deduction. Two things in particular could detract from the measure's positive impact: the disappearance of personal exemptions and the elimination of many itemized deductions.

    Why losing personal exemptions could leave some families behind

    The proposed tax framework touts the increase in the standard deduction as a way of extending what amounts to a zero tax bracket. Single filers will see their standard deduction rise from $6,350 to $12,000 under the proposal, while joint filers would get a boost from $12,700 to $24,000. The proposal doesn't list any special amount for those who qualify for head of household status, raising the possibility that their boost might be to $12,000 as well, leaving them with just a $2,700 increase.

    However, the proposal specifically takes away personal exemptions, which currently amount to $4,050 per person. It justifies the move by saying that "this change is fundamental to a simpler, fairer system." Yet the consolidation of personal exemptions into the standard deduction dramatically reduces the beneficial impact. Currently, single taxpayers can claim a total of $10,400 in standard deductions plus personal exemptions. The boost to $12,000 will still lead to a reduction of $1,600 in taxable income, but that's a whole lot less than what the near-doubling language would suggest.

    Some families could even get hurt by the proposal. For a married couple with two children, the current standard deduction of $12,700 and four personal exemptions totaling $16,200 add up to $28,900 in reductions to taxable income. A new standard deduction of $24,000 for that family would increase taxable income by $4,900 -- adding to tax burdens rather than taking away from them. "
    Last edited by frankstien; 30th March 2019 at 17:10.
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    Default Re: No More Personal Exemption On U.S. Income Tax

    Quote Posted by frankstien (here)
    Quote Posted by neutronstar (here)
    Quote Posted by Valerie Villars (here)
    Wait. I could have sworn when we filed this year, that the CPA said the personal exemption had been raised. I'm sure that's what he told me.

    Are you talking about for this year, 2019, as regards filing for next year?
    Trump doubled the personal exemption. Don't know where the OP is getting that info. Probably from a fake news site.
    Trump doubled the standard deduction--he took away the personal exemption.


    Why Trump's Doubled Standard Deduction Won't Do You As Much Good As You Think
    https://www.fool.com/taxes/2017/10/0...t-do-yo-2.aspx

    "Two other aspects of the tax reform framework will water down higher standard deductions.
    With the release of the latest framework for tax reform from congressional Republicans and the Trump administration, taxpayers are finally starting to get a better sense of how the federal government will respond to their call for a simpler, fairer tax system. Key planks of the proposal, such as the decline in corporate tax rates and the reduction in the number of tax brackets, have gotten plenty of attention for policy makers. Yet for most individual taxpayers, the proposal's plan to nearly double the standard deduction is one of its most attractive features.

    Most taxpayers already use the standard deduction, saving themselves the trouble of having to itemize deductions that in many cases would turn out to be less than the standard deduction anyway. A higher standard deduction will allow even more people to use this simplified way of calculating their taxable income. However, the elimination of certain other tax benefits is likely to water down the favorable impact of an increased standard deduction. Two things in particular could detract from the measure's positive impact: the disappearance of personal exemptions and the elimination of many itemized deductions.

    Why losing personal exemptions could leave some families behind

    The proposed tax framework touts the increase in the standard deduction as a way of extending what amounts to a zero tax bracket. Single filers will see their standard deduction rise from $6,350 to $12,000 under the proposal, while joint filers would get a boost from $12,700 to $24,000. The proposal doesn't list any special amount for those who qualify for head of household status, raising the possibility that their boost might be to $12,000 as well, leaving them with just a $2,700 increase.

    However, the proposal specifically takes away personal exemptions, which currently amount to $4,050 per person. It justifies the move by saying that "this change is fundamental to a simpler, fairer system." Yet the consolidation of personal exemptions into the standard deduction dramatically reduces the beneficial impact. Currently, single taxpayers can claim a total of $10,400 in standard deductions plus personal exemptions. The boost to $12,000 will still lead to a reduction of $1,600 in taxable income, but that's a whole lot less than what the near-doubling language would suggest.

    Some families could even get hurt by the proposal. For a married couple with two children, the current standard deduction of $12,700 and four personal exemptions totaling $16,200 add up to $28,900 in reductions to taxable income. A new standard deduction of $24,000 for that family would increase taxable income by $4,900 -- adding to tax burdens rather than taking away from them. "
    I am not going to get into a debate because I don't do a lot of research on taxes, but I pay less taxes now that Trump is in office. That is all that really matters to me. I do my own taxes so I know.

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    Default Re: No More Personal Exemption On U.S. Income Tax

    I paid less of a tax to the Federal Government this year due to the new tax law. Got less of a return, of course, but paid less to the USG during the year, so the return was less. Itemization was a bit of a wash with regard to the doubling of the Personal Exemption.

    That said, Income Taxes are actually a form of Behavior Control, so this jinking the rates back and forth sort of begs the question.

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    Default Re: No More Personal Exemption On U.S. Income Tax

    Quote Posted by frankstien (here)
    However, the proposal specifically takes away personal exemptions, which currently amount to $4,050 per person. It justifies the move by saying that "this change is fundamental to a simpler, fairer system." Yet the consolidation of personal exemptions into the standard deduction dramatically reduces the beneficial impact. Currently, single taxpayers can claim a total of $10,400 in standard deductions plus personal exemptions. The boost to $12,000 will still lead to a reduction of $1,600 in taxable income, but that's a whole lot less than what the near-doubling language would suggest.

    Some families could even get hurt by the proposal. For a married couple with two children, the current standard deduction of $12,700 and four personal exemptions totaling $16,200 add up to $28,900 in reductions to taxable income. A new standard deduction of $24,000 for that family would increase taxable income by $4,900 -- adding to tax burdens rather than taking away from them. "
    I wonder what it would be for claiming 10 dependents?

    I gave you a plausible explanation, but I guess you just didn't like to hear it. "Fairer" to me sounds like "cutting back on abuse," which has been problematic in this country for decades.

    Since you have a Canadian flag on your profile, I can't help but wonder if you are complaining because you've been claiming dependents in Canada on your US taxes or something like that.

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    Default Re: No More Personal Exemption On U.S. Income Tax

    Income tax is a fraud.
    Eustace Mullins never paid such taxes, claiming the IRS is an illegal entity, and got away with it.
    Why keep paying to thieves?

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    Default Re: No More Personal Exemption On U.S. Income Tax

    Quote Posted by Didgevillage (here)
    Income tax is a fraud.
    Eustace Mullins never paid such taxes, claiming the IRS is an illegal entity, and got away with it.
    Why keep paying to thieves?
    You're right, but the IRS has fired its own lawyers before for pointing this out to them. They don't care.

    Mullins probably only got away with it because he didn't make enough money to make it a fight the IRS was willing to take on. Many people commit some kind of tax fraud in the US, probably millions of people. The US was born on fighting taxation, and where I live there's still a strong tradition of people working only for cash to avoid income taxes. They can't go after everybody so they just pick the biggest fish to fry.

    But if you make enough money, and the IRS knows about it, they'll come after you, whether it's constitutional or not (and it's not -- never even ratified properly).

    Turning around and spending American tax dollars to subsidize the lives of foreigners is just adding insult to injury.

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    Default Re: No More Personal Exemption On U.S. Income Tax

    Au contraire, he had a lot of money.
    It's a matter of calling a thief a thief and courage to do so.
    He always sued government agencies for any wrongdoing and they got tired of it

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    Default Re: No More Personal Exemption On U.S. Income Tax

    Quote Posted by A Voice from the Mountains (here)
    Quote Posted by frankstien (here)
    However, the proposal specifically takes away personal exemptions, which currently amount to $4,050 per person. It justifies the move by saying that "this change is fundamental to a simpler, fairer system." Yet the consolidation of personal exemptions into the standard deduction dramatically reduces the beneficial impact. Currently, single taxpayers can claim a total of $10,400 in standard deductions plus personal exemptions. The boost to $12,000 will still lead to a reduction of $1,600 in taxable income, but that's a whole lot less than what the near-doubling language would suggest.

    Some families could even get hurt by the proposal. For a married couple with two children, the current standard deduction of $12,700 and four personal exemptions totaling $16,200 add up to $28,900 in reductions to taxable income. A new standard deduction of $24,000 for that family would increase taxable income by $4,900 -- adding to tax burdens rather than taking away from them. "
    I wonder what it would be for claiming 10 dependents?

    I gave you a plausible explanation, but I guess you just didn't like to hear it. "Fairer" to me sounds like "cutting back on abuse," which has been problematic in this country for decades.

    Since you have a Canadian flag on your profile, I can't help but wonder if you are complaining because you've been claiming dependents in Canada on your US taxes or something like that.
    I see. You need affirmation. Okay, I read your explanation, but didn't have a particular opinion on it, so I didn't comment.
    I am single, no dependents, nor did I ever claim any.
    Last edited by frankstien; 13th April 2019 at 22:57.
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    Default Re: No More Personal Exemption On U.S. Income Tax

    From what you posted above, that should mean that your taxable income has decreased. You asked for a rationale for the change, the government already provided one (a fairer system), I provided you one example of how fairness could in fact be increased by reducing government revenue lost to fraud and abuse, but it seems to me you are either asking rhetorically or looking for some other ulterior motive.

    The new tax reform brought in record revenue to the US government, despite lowering rates, because of closing loopholes and taking stronger action against fraud and abuse. Even though I don't think the federal income tax is constitutional, the fact is that since FDR, we have had a bunch of socialist programs whose costs have ballooned massively, while the debt continues to skyrocket as we have to borrow that money (at interest) from private banks. Who would have thought that "free money" isn't actually "free" after all?

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    Default Re: No More Personal Exemption On U.S. Income Tax

    Quote Posted by A Voice from the Mountains (here)
    From what you posted above, that should mean that your taxable income has decreased. You asked for a rationale for the change, the government already provided one (a fairer system), I provided you one example of how fairness could in fact be increased by reducing government revenue lost to fraud and abuse, but it seems to me you are either asking rhetorically or looking for some other ulterior motive.

    The new tax reform brought in record revenue to the US government, despite lowering rates, because of closing loopholes and taking stronger action against fraud and abuse. Even though I don't think the federal income tax is constitutional, the fact is that since FDR, we have had a bunch of socialist programs whose costs have ballooned massively, while the debt continues to skyrocket as we have to borrow that money (at interest) from private banks. Who would have thought that "free money" isn't actually "free" after all?
    Ulterior motive? My motive was stated at the start of this thread.
    I am paying more taxes this year than ever before. The new tax changes won't work to everyone's advantage, especially some seniors and the poor. The articles I posted above and this one below mention this.

    https://www.businessinsider.com/trum...duction-2017-9

    "Currently, you get to take the personal exemption even if you also itemize deductions, but you get to take the standard deduction only if you forego itemized deductions. Combining these provisions into a single, standard deduction would mean itemizers lose their personal exemption and get nothing back — meaning they'll typically pay tax on an extra $4,050 of income if they're single, or $8,100 if they're married. "
    Last edited by frankstien; 1st April 2019 at 01:32.
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    Default Re: No More Personal Exemption On U.S. Income Tax

    Economist Dr. Michael Hudson, being interviewed by The Real News Network, has this to say about the new tax plan.

    https://michael-hudson.com/2017/10/what-tax-plan/
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    Default Re: No More Personal Exemption On U.S. Income Tax

    Taxpayers' money is the definition of an overworked term. We could teach Herr Goebbels a thing or two!

    When all the writers refer to "taxpayers' money," they think that our taxes are "taxpayers' money" and they are trying to tell the public that the government "wastes taxpayers' money." What's more, they actually believe this nonsense.

    Now to set this illusion in concrete, the Internal Revenue Service (IRS) does reduce the numbers (money) in our checking accounts when we authorize them to do so via our 1040 tax return. But no one ever asks where the numbers (money) go when deleted from our checking accounts.

    These numbers (money) do not go to Washington as taxes to pay anything. They go into the cyberspace of the IRS computers. All this is Orwellian doublethink.

    Fact: The dollar is a myth. Oh, I know that we have green strips of paper in our pockets that we believe are dollars. The numbers on the green strips of paper are our "dollars." So what we "spend" every day are the numbers or the symbols on our green strips of paper.

    Now if the government "wastes our tax dollars," what do they waste? Do they waste the numbers or computer symbols called dollars? How is it possible in the realm of reality to spend or waste numbers that can be created to infinity? What absurd nonsense!

    Please, we should memorize this! Anything that can be created to infinity cannot be "spent" or "wasted." To spend or to waste implies to exhaust or use up. These money symbols (numbers) that we think of every day as money have no substance in reality. We as individuals do "spend" numbers, but ours are limited. Therefore, we can use the term spend or debt as it relates to anything except the federal government and their symbiotic partners, the banks.

    So what does the IRS do? They reduce our consumption by reducing the numbers in our checking accounts. It is a system of economic regulation to conceal the fraud that modern money is numbers created without limit by government/bankers.

    What else does this Orwellian system do? It transfers wealth to the "money creators." How does a government make war on its own people? We said that modern money is numbers or symbols which can be created to infinity. Hold on to your hat! Theft through fiat occurs when the volume of numbers (money) exceeds the production of goods and services. This is called inflation. So, the government makes war on its own people by increasing the volume of money.

    Individuals, cities, counties and states cannot increase their money supply (more numbers) by creating more. Only the federal government in symbiotic relationship with the banks has this monopolistic power. When this monopoly creates inflation, it reduces the exchange value of all "dollars" in savings and circulation. Where does this reduction in savings and dollar assets go? It goes to the money creators, the people who increased the volume of money (numbers) into the system. Nobody controls the volume of money except the money creators.

    How do they get away with this? The answer is the ignorance of the people. Through the manipulation of economic classes and racial conflict and the military industrial complex, the money creators generate a constant clamor for higher volumes of money, small percentages of which are dispensed back to the poorer classes. The poor people get a crumb and they are happy.

    Social Security and Medicare are created with excess money (numbers) volume. They are Ponzi schemes.

    What makes this system work even for a day? It's a confidence system. Most people still believe that it is honest and that it will last even though their store of value and the purchasing power of their "money" decrease constantly.

    The other reason that the system of fiat works for periods of time is that the volume of money is regulated through taxation. Estate taxes, income taxes and all other taxes reduce the volume of money which extends the system. When the volume of money is expanded, there must be a serious way to keep reducing the volume. Taxes and wars extinguish the excess volume of money. Do we have taxes? Do we have perpetual wars? Wars don't cost money; they extinguish surplus volumes of money. Wars would not be possible without fiat.

    Modern money is witchcraft, but it can be understood in terms of volume whether it is gold or fiat.

    President James A. Garfield said, "Whoever controls the volume of money in any country is absolute master of all industry and commerce."

    Yours for the truth,


    Bob Livingston
    Editor, The Bob Livingston Letter™
    The quantum field responds not to what we want; but to who we are being. Dr. Joe Dispenza

  31. The Following 4 Users Say Thank You to conk For This Post:

    A Voice from the Mountains (3rd April 2019), frankstien (4th April 2019), Franny (5th April 2019), Jax_realm (17th April 2019)

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