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oh so when we are going to say what we pay, we are now going to include what the employeer pays???
nice moving the goalposts
how
simple those numbers were for a single zero dependant
she is married has 1 child and is a home owner...she pays nearly zero in taxes...same as me I make 60k and pay zero in federal taxes
I will make an attempt to cut the chase short. Please provide proof that Buffett lied and that his secretary does not pay the claimed 30% or so in taxes. And no "assumptions".
You should know, I get a chuckle every time you cry about "name-calling". ?
Why? I didnt call you a name.. I called you Einstein.. Isnt that your name? . you cant remember what your name is?
Quote:
Originally Posted by EinsteinsGhost
And a laugh every time you extend an invitation to join your ways. Lately, that would be pretty much every post of yours.
No such invitation was extended.. Now you have to resort to pretending things are there that arent..
Quote:
Originally Posted by EinsteinsGhost
Anyway, didn't I say "is taxed at a special rate"?
Being taxed at a "special rate" doesnt mean they arent taxed. Either it is, ir it isnt taxed. If you ask me, the special rate should be the normal rate.. Theres no reason for many americans to pay half their income for taxes... its beyond ridiculous.
The question you have to answer on your schedule is, "Was all of the investment at risk"
If yes, there is no problem.
This is all about the buffet and his secretary. You make it sound like a after work business could be started by a secretary and generate large enough losses every year in order to keep her taxes down very low.
My point is one, unless she has enough money to buy a legitimate business that losses money, she will be doing Amway or something like that. If that is the case you can't take large losses for ever.
I will make an attempt to cut the chase short. Please provide proof that Buffett lied and that his secretary does not pay the claimed 30% or so in taxes. And no "assumptions".
no assupmtions
buffett lied
he said his secretary pays 30% in federal taxes
if she is single/renter
this would be the number
That would give her taxable income of $50,250 ($60,000 less 1 exemption @ $3,400 and a standard deduction of $5,360) and a federal income tax liability of $8,986.25 – $4,386.25 + 25% of the excess over $31,850. So, the secretary’s effective Federal income tax rate is only 15% ($8,986.25 / $60,000). Hmmmm.
Well, maybe Buffet is throwing in payroll taxes for Social Security and Medicare. OK, add on 7.65% — 6.2% for Social Security and .1.45% for Medicare. That gets the secretary up to 22.65%.
so FACT is that she would only be rated at 15% for INCOME...if you want to throw in payroll, (which is not income tax) it still only brings her up to 22%...certainly not the 30% that buffett lied about
other FACTS:we're talking about a married secretary, with a stay-at-home spouse. They file jointly, pay a home mortgage and have two kids under the age of 17. They place $4,000 in an IRA and itemize $15,000 in deductions. Here the tax picture changes dramatically. Taxable income drops to $27,800 -- the 15 percent tax bracket. With child tax credits, secretary now pays $1,419 in federal taxes, or 2.4 percent of $60,000. Add in another 2 percent for $1,218 in state taxes, and secretary pays a grand total, state and federal, of 4.4 percent on the $60,000-a-year salary.
meanwhile buffett paid over 8 million in taxes
buffett want the rates (for ALL) to be higher,, because it wont effect him, but it will hurt his competition....those are facts
This is all about the buffet and his secretary. You make it sound like a after work business could be started by a secretary and generate large enough losses every year in order to keep her taxes down very low.
My point is one, unless she has enough money to buy a legitimate business that losses money, she will be doing Amway or something like that. If that is the case you can't take large losses for ever.
That would give her taxable income of $50,250 ($60,000 less 1 exemption @ $3,400 and a standard deduction of $5,360) and a federal income tax liability of $8,986.25 – $4,386.25 + 25% of the excess over $31,850. So, the secretary’s effective Federal income tax rate is only 15% ($8,986.25 / $60,000). Hmmmm.
Well, maybe Buffet is throwing in payroll taxes for Social Security and Medicare. OK, add on 7.65% — 6.2% for Social Security and .1.45% for Medicare. That gets the secretary up to 22.65%.
so FACT is that she would only be rated at 15% for INCOME...if you want to throw in payroll, (which is not income tax) it still only brings her up to 22%...certainly not the 30% that buffett lied about
other FACTS:we're talking about a married secretary, with a stay-at-home spouse. They file jointly, pay a home mortgage and have two kids under the age of 17. They place $4,000 in an IRA and itemize $15,000 in deductions. Here the tax picture changes dramatically. Taxable income drops to $27,800 -- the 15 percent tax bracket. With child tax credits, secretary now pays $1,419 in federal taxes, or 2.4 percent of $60,000. Add in another 2 percent for $1,218 in state taxes, and secretary pays a grand total, state and federal, of 4.4 percent on the $60,000-a-year salary.
meanwhile buffett paid over 8 million in taxes
buffett want the rates (for ALL) to be higher,, because it wont effect him, but it will hurt his competition....those are facts
You're working on assumptions. Could you calculate my taxes too, if I just told you my income, and getting it down to a minimum?
You're working on assumptions. Could you calculate my taxes too, if I just told you my income, and getting it down to a minimum?
I could but, would have to ask a million questions.
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. you cant remember what your name is? 
