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This assumes the earner is self employed and that somehow everything magically becomes a business expense. I don't think so.
Those high income corporate employees might have a total comp package of > $1M a year. That could be $100K in salary and the rest in uncertain incentive/bonus comp and not all of it is in cash.
MSM articles don't go into that level of detail and neither do politicians.
It's quite easy to find though but most Americans go by headlines and take that as the truth.
Many Americans equate high earners with just "big paychecks".
This assumes the earner is self employed and that somehow everything magically becomes a business expense. I don't think so.
Those high income corporate employees might have a total comp package of > $1M a year. That could be $100K in salary and the rest in uncertain incentive/bonus comp and not all of it is in cash.
I'm referring to the charity events in every town USA that are sponsored by business and attended by the social and corporate elite. Everything is a write off, even the sitter.
If the purpose is to raise money for a charity, why is the incentive a charity ball? Can't people just donate to their favorite charity and do without the dinner dance, golf tournament or polo match? It is a racket pure and simple.
Many of the people who are attending don't even want to be there. Been there, done that. And it had nothing to do with salary and everything to do with social events favored by the boss's wife.
How many tickets would be sold to any ballgame if there were not corporate buyers? Country club memberships, boats, vacation homes? I could go on and on. Everybody I know does it.
Anybody with a brain can set up a business for not much money. All you need to do is think like a Republican.
Those making $10 million or more earned nearly half of their income from capital gains and dividends.
That is why people are pi$$3d. On top of paying 15% on most of their income, most rich folks also run everything (yachts, planes, homes etc) through tax haven corporations, so their reported income is a load of BS. Everything is written off as a business expense. They are not paying their fair share because of cleaver accounting.
Those making $10 million or more earned nearly half of their income from capital gains and dividends.
That is why people are pi$$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.
No it's not BS. That's exactly what defines "rich people" because rich people don't get all their money via a paycheck. They invest their money to generate money.
If you rely on a paycheck then you aren't rich. And that's why I don't consider middle mgmt making $200K a year RICH. They lose their jobs and they ain't RICH anymore.
Rich people pay more in taxes and also take advantage of more from the government.
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