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Old 05-27-2019, 11:02 PM
 
Location: Naples FL
602 posts, read 137,131 times
Reputation: 876

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Still waiting for just ONE loophole for me ...
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Old 05-27-2019, 11:35 PM
 
Location: Ruidoso, NM
5,416 posts, read 5,107,824 times
Reputation: 4457
Quote:
Originally Posted by Taksan View Post
Still waiting for just ONE loophole for me ...
You need to make more money first...
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Old 05-28-2019, 04:16 AM
 
Location: Naples FL
602 posts, read 137,131 times
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Quote:
Originally Posted by rruff View Post
You need to make more money first...
Guess that must be it
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Old 05-30-2019, 01:35 PM
 
4,841 posts, read 1,213,947 times
Reputation: 3726
Quote:
Originally Posted by RationalExpectations View Post
Please enlighten us: Please identify 5 tax loopholes.
Quote:
Originally Posted by rruff View Post
Then let's make sure we get the quote precisely correct: https://www.nytimes.com/2011/08/15/o...rich.html?_r=0

"OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

What I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent."
You and they don't understand how tax brackets work. In order to be paying 33 to 41 percent effective rates, you would have be making well over $500k. It would be hard to pay 41 percent since the highest bracket is now 37 but when you add in Obamacare taxes, you can pay more than 37%. But these are LARGE incomes. I assure you, the people you work with, unless you are talking about the CEO of Disney or the like, are not paying anywhere near 41%.
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Old 05-30-2019, 01:53 PM
 
1,149 posts, read 525,030 times
Reputation: 1231
Quote:
Originally Posted by Grlzrl View Post
You and they don't understand how tax brackets work. In order to be paying 33 to 41 percent effective rates, you would have be making well over $500k. It would be hard to pay 41 percent since the highest bracket is now 37 but when you add in Obamacare taxes, you can pay more than 37%. But these are LARGE incomes. I assure you, the people you work with, unless you are talking about the CEO of Disney or the like, are not paying anywhere near 41%.
As I recall, Warren included Social Security and Medicare taxes in the rates to beef them up. Since he only draws a salary of $100k, including his payroll taxes had no impact on his effective tax rate.
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Old 05-30-2019, 02:30 PM
 
Location: On the road
5,930 posts, read 2,887,264 times
Reputation: 11341
Quote:
Originally Posted by SuiteLiving View Post
As I recall, Warren included Social Security and Medicare taxes in the rates to beef them up. Since he only draws a salary of $100k, including his payroll taxes had no impact on his effective tax rate.
How would that make his secretary's tax burden 36%?

6.2% + 1.45% = 7.65%, so we are to believe his secretary has a fed income tax level of over 28%? To put that in perspective, a single person making 100k pays less than 13k in fed income taxes, their effective rate (pre ssn+med) is less than 13%. A single person making 200k would pay 38.5k, for a 19+ tax rate. Now we're in the ballpark. How much is he paying his secretary?

Bottom line though, the out of context quote usually bandied about is that Warren Buffet pays less taxes than his secretary, which is a ridiculous notion.
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Old 05-30-2019, 03:13 PM
 
Location: Ruidoso, NM
5,416 posts, read 5,107,824 times
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Quote:
Originally Posted by lieqiang View Post
How much is he paying his secretary?

Bottom line though, the out of context quote usually bandied about is that Warren Buffet pays less taxes than his secretary, which is a ridiculous notion.
Probably over $200k/yr? If I was Warren Buffet I wouldn't cheap out on a personal assistant.

I think you might have just made up that 2nd paragraph. I've only seen it mentioned that his tax rate is less. A hell of a lot less in fact.
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Old 05-30-2019, 04:07 PM
 
1,149 posts, read 525,030 times
Reputation: 1231
Quote:
Originally Posted by lieqiang View Post
How would that make his secretary's tax burden 36%?

6.2% + 1.45% = 7.65%, so we are to believe his secretary has a fed income tax level of over 28%? To put that in perspective, a single person making 100k pays less than 13k in fed income taxes, their effective rate (pre ssn+med) is less than 13%. A single person making 200k would pay 38.5k, for a 19+ tax rate. Now we're in the ballpark. How much is he paying his secretary?

Bottom line though, the out of context quote usually bandied about is that Warren Buffet pays less taxes than his secretary, which is a ridiculous notion.
there you go using logic to shoot down a perfectly good rally cry for raising taxes.
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Old 05-30-2019, 07:03 PM
 
Location: Naples FL
602 posts, read 137,131 times
Reputation: 876
Quote:
Originally Posted by lieqiang View Post
How much is he paying his secretary?
My PA is about $170k ... she heads up a team of 3 people ... I’d imagine his would be double that at least.
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Old 05-30-2019, 10:55 PM
 
6,091 posts, read 2,820,672 times
Reputation: 6011
Quote:
Originally Posted by rruff View Post
I think you might have just made up that 2nd paragraph. I've only seen it mentioned that his tax rate is less. A hell of a lot less in fact.
The actual quote from Buffet was correct about it being the rate. However, secondary quoters regularly got it wrong, claiming he paid less in tax. Even Obama got it wrong. It made for some interesting discussions in my tax classes. The snowflake SJW’s in class were losing their collective minds.
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