IRS Data: Millionaires Pay 4X As Much As Middle Class In Taxes (wage, death)
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Those making $10 million or more earned nearly half of their income from capital gains and dividends.
That is why people are pi$$3d. On top of paying 15% on most of their income, most rich folks also run everything (yachts, planes, homes etc) through tax haven corporations, so their reported income is a load of BS. Everything is written off as a business expense. They are not paying their fair share because of cleaver accounting.
I'm not rich by any means, but I also write off everything, to the point I don't owe the IRS a dime.
If I see I'm going to have to pay the IRS after the 3rd quarter, I will stop working and go spend the money I would have had to pay the IRS and then write it off.
Saturday, I spent $15000 on a UTV for the farm. Now I don't owe IRS a dime once again. Now, will they send me another $3000 tax credit, I didn't ask for? I closed shop at the end of October, so I would not be in a higher tax bracket.
Last year I bought 3 long rifles, two tree stands and wrote them off my taxes! Wild Hog eradication from the farm!
Did I cheat on my taxes.... NO!
With two oil wells just now starting to produce, next year I will have to build a mansion, to write off as an office.
As you can see from the above posts, it's not how much the rich pay in taxes, it's how much they get to keep.
And these people think the rich get to keep too much.
So, it's not really a debate of how much to tax them. It's really a debate of how much to let them keep while handing all the rest over to Uncle Sam.
The rich are keeping too much money for the likes of the left.
In 1992, the tax paid by the 400 highest incomes in the United States (a different universe from the Forbes list) averaged 26.4 percent of adjusted gross income. In 2009, the most recent year reported, the rate was 19.9 percent. It’s nice to have friends in high places.
The group’s average income in 2009 was $202 million — which works out to a “wage” of $97,000 per hour, based on a 40-hour workweek. (I’m assuming they’re paid during lunch hours.) Yet more than a quarter of these ultrawealthy paid less than 15 percent of their take in combined federal income and payroll taxes. Half of this crew paid less than 20 percent. And — brace yourself — a few actually paid nothing.
We used to have much higher taxes on the wealthy and not only did we have wealthy people but the country was also better off.
I'm not really sure what your point is here. Some people choose to buy residences or property and pay property taxes directly. Some people choose to rent residences or property and pay property taxes indirectly. Either way the same amount of money is being paid to da gubment relative to the worth of the property.
Some poster, I deon't remembger who, but I thought it was you, was whining that these the "rich do/don't pay their fair share" threads, only take Income Tax into account, and should include all taxes, so I offered that if you do that beware that Property Tax, another large tax, hits the successful pretty hard, too.
We used to have much higher taxes on the wealthy and not only did we have wealthy people but the country was also better off.
Warren Buffet can talk all he wants about taxing the millionaires or even those making $200K per year.
He'll never get hit with it as he only takes $100K salary every year.
Then he has the nerve to say his secretary pays more taxes then he does.
Note that those who espouse higher taxes on the rich are rich themselves but have their wealth/assets hedged and are set up so that they will not be paying those higher taxes.
Warren Buffet can talk all he wants about taxing the millionaires or even those making $200K per year.
He'll never get hit with it as he only takes $100K salary every year.
Then he has the nerve to say his secretary pays more taxes then he does.
Note that those who espouse higher taxes on the rich are rich themselves but have their wealth/assets hedged and are set up so that they will not be paying those higher taxes.
Actually, if you bothered to read his op-ed you would know that Buffett is advocating raising his own taxes and is proposing a minimum tax on income -- not just ordinary income -- all income.
Quote:
I support President Obama’s proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 — maybe $500,000 or so.
Additionally, we need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that. A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours. Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy.
Some poster, I deon't remembger who, but I thought it was you, was whining that these the "rich do/don't pay their fair share" threads, only take Income Tax into account, and should include all taxes, so I offered that if you do that beware that Property Tax, another large tax, hits the successful pretty hard, too.
Someone, I don't remember who was very adamant about only talking about income taxes when assessing what is fair.
Well the wealthy can certainly avoid paying a large tax if they wanted to... Why not live in a luxury rental and pay less property taxes. Don't own yachts or other luxury items if you want to save money. If you really wanted to save money, then don't spend it as a manner of speaking.
It hits the successful hard because they voluntarily allow it to. Owning a house or property is not a right or something mandatory. Maybe try another example?
OP you failed to mention that those poor millionares can also HIDE alot of their money due to tax loopholes, something the middle class can't do
The middle class most certainly CAN take advantage of every tax loophole that a millionaire can. Please show me in the tax code where it states that a certain deduction is ONLY for the rich?
Those making $10 million or more earned nearly half of their income from capital gains and dividends.
That is why people are pi$$3d. On top of paying 15% on most of their income, most rich folks also run everything (yachts, planes, homes etc) through tax haven corporations, so their reported income is a load of BS. Everything is written off as a business expense. They are not paying their fair share because of cleaver accounting.
Please get your facts straight. They are paying 15% on their GAINS. They pay another rate on their INCOME. That money that they are earning in GAINS has already been taxed as INCOME, so it's being taxed twice.
As for business write offs - ANY business owner can write off expenses. It's not just the wealthy.
I notice that you're not pissed AT ALL about the 47% that don't pay their "fair share". Hypocrites...
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