9 Things The Rich Don't Want You To Know About Taxes

[guido911]

I'm curious Nate, what is the most you have ever paid in federal income tax? Is it in the six figure area? Doubtful since you are so quick to want to tax people even more who pay that in tax. Try something for me. Think about writing a 6 figure check to the U.S. Treasury not once, but every year you work through retirement. This is what many many people do--and they aren't earning millions a year in taxable income. Do you think that is fair?

I personally cannot fathom how someone could even think that another person that is already paying 5 to 10 times as much as you in fed taxes is not paying enough. The only conclusion I can reach is that sort of thinking is rooted in envy. Pretty sad.

[Cats Cats Cats]

So the poor people working through retirement because they can't make it on their 500-600kk a year?  I don't feel sorry for them.  If they can't make ends meet on 15-18 years of salary every year they need to reevaluate their spending.

[guido911]

So the poor people working through retirement because they can't make it on their 500-600kk a year?  I don't feel sorry for them.  If they can't make ends meet on 15-18 years of salary every year they need to reevaluate their spending.

It's not about whether the rich can "make it" or not. It's about people like you with your petty jealousy that honestly believe someone other than themselves should bear nearly all the government's financial burden.

Here's a thought, instead of thinking about how the rich should perhaps reevaluate their spending, how about thinking how the government could reevaluate its spending.

[Cats Cats Cats]

Your comment "work through retirement" generally applies a need to do so.  Do I feel bad Warren Buffett pays 2-3% more in his income in taxes than me?  Not really.  The amount of US spending is 26k per worker.  The average income is 33k.  If you want everybody to pay the same.  It isn't going to work.

[Teatownclown]

It's not about whether the rich can "make it" or not. It's about people like you with your petty jealousy that honestly believe someone other than themselves should bear nearly all the government's financial burden.

Here's a thought, instead of thinking about how the rich should perhaps reevaluate their spending, how about thinking how the government could reevaluate its spending.

We've been trying that method for way too long, Gwee. Too many lobbyists and bad politicians. The only way around that is to raise taxes back to where they were under Clinton. There may be some tax cuts but deduction limits....you know, enormously wealthy folks will no longer be able to get huge mortgage deductibility (and on second homes) that they don't need merely to leverage more unnecessary acquisitions of  stuff. Some other write offs may vanish that favor the oligarchy. You can bet corporate tax rates and breaks will remain. Lots of loophole closures and deduction stoppages. They won't touch your future Medicare benefits nor tax them. And your Social Security will remain a government program much to your chagrin.  But you have time until 2013 to absorb these low (local and state deductible for now) rates. Nothing much will happen until after the next election.

Tax reform is inevitable. Are you afraid to die as well?

[Cats Cats Cats]

Firing is the goal right?  So you don't have to pay any more taxes (unless you give over 1.1 million to one person)

[guido911]

The amount of US spending is 26k per worker.  The average income is 33k.  If you want everybody to pay the same.  It isn't going to work.

I know that. I am just fed up with those in that average income range demanding that others pay more. It makes no sense to me.

And I am sorry I pounced hard on you. You and a few others on the opposite side of me are quite reasonable and I did not take that into account.

[guido911]

We've been trying that method for way too long, Gwee. Too many lobbyists and bad politicians. The only way around that is to raise taxes back to where they were under Clinton. There may be some tax cuts but deduction limits....you know, enormously wealthy folks will no longer be able to get huge mortgage deductibility (and on second homes) that they don't need merely to leverage more unnecessary acquisitions of  stuff. Some other write offs may vanish that favor the oligarchy. You can bet corporate tax rates and breaks will remain. Lots of loophole closures and deduction stoppages. They won't touch your future Medicare benefits nor tax them. And your Social Security will remain a government program much to your chagrin.  But you have time until 2013 to absorb these low (local and state deductible for now) rates. Nothing much will happen until after the next election.

Tax reform is inevitable. Are you afraid to die as well?

Look at my question to Nate and answer it.

[Cats Cats Cats]

I know that. I am just fed up with those in that average income range demanding that others pay more. It makes no sense to me.

And I am sorry I pounced hard on you. You and a few others on the opposite side of me are quite reasonable and I did not take that into account.

I think that we need to look at REAL numbers to determine what can be done.  Obviously spending needs to be cut.  But when you throw in the FICA tax (which I know they aren't getting the SS benefits for it) people in the 28% range are paying 28% +16% FICA (assuming self employed).  People who make much more than 106k get to skip out on a huge amount of taxes.  income between 83k and 106k people are paying 28%+16% fica.  Of course the huge earners still pay that as well.  But once you hit a million, half on capital gains at 15% and you don't have to pay the 16% on top of that.  Your tax burden drops significantly (on the basis of percentage, not of actual taxes paid)  

[Teatownclown]

Look at my question to Nate and answer it.

Tax avoidance differs from tax cheating.....I degreed in finance.

Are they making 10-20 times more money to pay that 5-10 times more in fed taxes? And how much do they deduct for the ocean front second home mortgage?

And it is not envy but gluttonous and greedy that has caused the rift.

[guido911]

Tax avoidance differs from tax cheating.....I degreed in finance.

Are they making 10-20 times more money to pay that 5-10 times more in fed taxes? And how much do they deduct for the ocean front second home mortgage?

And it is not envy but gluttonous and greedy that has caused the rift.

I am not talking about those persons earning millions/billions of dollars. I am talking about small business owners, professionals, and others that are making, gulp, between $250,000.001 and let's say $500,000 that get lumped into the mega-wealthy category. Believe it or not, a large segment of our society falls in that range. Now, if you think those people are "greedy" because they don't want to pay an additional $15-20K more in taxes under the Clinton regimen, you really are a fool. Heck, that increase alone is probably more than most in this forum pay in total fed taxes. We do know that that increase is a sh!t ton more than those 47% that pay freakin nothing.

[Teatownclown]

That's weak. %47? Actually, wasn't the Clinton regiment the Bush read my lips tax structure?
Peeps making $250k-500k shouldn't be "grouped" in with with the mega wealthy just as those who earn less than $40,000 shouldn't be "grouped" in with the middle class.

[Red Arrow]

I think that we need to look at REAL numbers to determine what can be done.  Obviously spending needs to be cut.  But when you throw in the FICA tax (which I know they aren't getting the SS benefits for it) people in the 28% range are paying 28% +16% FICA (assuming self employed).  People who make much more than 106k get to skip out on a huge amount of taxes.  income between 83k and 106k people are paying 28%+16% fica.  Of course the huge earners still pay that as well.  But once you hit a million, half on capital gains at 15% and you don't have to pay the 16% on top of that.  Your tax burden drops significantly (on the basis of percentage, not of actual taxes paid)  

Social Security is a forced retirement program. (Kind of like Obamacare except they had the guts to call it a tax, avoiding the Commerce thing.)

If you want to tax all of a persons income without a cap for Social Security, are you willing to give them benefits based on that increased contribution?

[guido911]

That's weak. %47? Actually, wasn't the Clinton regiment the Bush read my lips tax structure?
Peeps making $250k-500k shouldn't be "grouped" in with with the mega wealthy just as those who earn less than $40,000 shouldn't be "grouped" in with the middle class.

I don't care whose idea it was, Clinton or GHWB. The W tax cuts are what is at issue. As for the grouping, that was not my idea, but unfortunately those at $250K are thrown in with the mega-wealthy as far as the "rich" people go.

As for the 47%, here's a link.

http://blogs.marketwatch.com/fundmastery/2010/04/08/47-of-americans-pay-no-income-taxes/

[Teatownclown]

I don't care whose idea it was, Clinton or GHWB. The W tax cuts are what is at issue. As for the grouping, that was not my idea, but unfortunately those at $250K are thrown in with the mega-wealthy as far as the "rich" people go.

As for the 47%, here's a link.

http://blogs.marketwatch.com/fundmastery/2010/04/08/47-of-americans-pay-no-income-taxes/

Ok. BTW, what portion of that %47 are never going to go without a meal?