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Soros advocates higher income tax rates on the wealthy. But he knows that a tax increase will have very little impact on him personally because he has almost no W-2 income. His income is mostly capital gains which is taxed at 15%, so no matter what the regular income tax rate goes to, Soros doesn't care. He just loves raising other people's taxes.
The hardworking families with high salaries are screwed as they have NO way to shelter income... they just have to pay high taxes.
"Federal income tax rates are progressive, but they are not shared equally among high earners. Federal income taxes fall disproportionately on those wealthy enough to face the highest income tax rates, yet not wealthy enough to draw a large proportion of their income from non-wage sources -- those filers making $100,000 to $200,000. "
Soros advocates higher income tax rates on the wealthy. But he knows that a tax increase will have very little impact on him personally because he has almost no W-2 income. His income is mostly capital gains which is taxed at 15%, so no matter what the regular income tax rate goes to, Soros doesn't care. He just loves raising other people's taxes.
The hardworking families with high salaries are screwed as they have NO way to shelter income... they just have to pay high taxes.
"Federal income tax rates are progressive, but they are not shared equally among high earners. Federal income taxes fall disproportionately on those wealthy enough to face the highest income tax rates, yet not wealthy enough to draw a large proportion of their income from non-wage sources -- those filers making $100,000 to $200,000. "
Soros advocates higher income tax rates on the wealthy. But he knows that a tax increase will have very little impact on him personally because he has almost no W-2 income. His income is mostly capital gains which is taxed at 15%, so no matter what the regular income tax rate goes to, Soros doesn't care. He just loves raising other people's taxes.
Roadking it's nice that you hate Soros, but perhaps you can think about things a little before you post. Yes, plenty of very wealthy Americans just incorporate themselves and use capitals gains for taxes. That's true. What you're saying though is that someone can't have a political opinion on an issue that doesn't apply to them. I think that almost everyone would disagree with you there.
Let me explain the implications of that. Take for instance you. What's your income? Repealing the Bush tax cuts on those with income over $250k will only really matter to those who make over $250k in AGI. Does this apply to you? By your own rationale, if your income isn't over $250k you shouldn't be making this thread.
As someone who does have income over that level, I can tell you that there are ways to shelter your own money. It's not a common problem for people at lower income levels as the government gives you plenty of ways to do this just with your standard 401(k) and housing interest deduction as well as a capital gains exemption on selling your own house. For income beyond that, you can create a corporation and enjoy all of the advantages that are enjoyed by Mr. Soros for the capital that you hopefully build.
The increase in income tax really doesn't hit someone until they are a lot over that $250k threshhold. It's an increase in marginal rates over that amount and thus only hits the income above $250k.
It's amazing to me how many people who live in a trailer park and make $15k a year care so much about the standard of living of high income earners.
Let me explain the implications of that. Take for instance you. What's your income? Repealing the Bush tax cuts on those with income over $250k will only really matter to those who make over $250k in AGI. Does this apply to you? By your own rationale, if your income isn't over $250k you shouldn't be making this thread.
As someone who does have income over that level, I can tell you that there are ways to shelter your own money. It's not a common problem for people at lower income levels as the government gives you plenty of ways to do this just with your standard 401(k) and housing interest deduction as well as a capital gains exemption on selling your own house. For income beyond that, you can create a corporation and enjoy all of the advantages that are enjoyed by Mr. Soros for the capital that you hopefully build.
The increase in income tax really doesn't hit someone until they are a lot over that $250k threshhold. It's an increase in marginal rates over that amount and thus only hits the income above $250k.
It's amazing to me how many people who live in a trailer park and make $15k a year care so much about the standard of living of high income earners.
There is certainly no excuse for your ignorance. You assume a lot about me, but know nothing.
I am quite well versed on our tax code. I know all about capital gains, 401k, interest tax deductions, etc.
And by the way, interest deductions are not sheltering income. That's spending income. And if you really knew about our tax code, you would know that interest deductions get phased out...so really high income people cannot deduct interest on their home loans.
I have looked for these supposedly "tax loopholes for the rich" for quite some time. I have a tax accountant and he doesn't have any legal loopholes for me. So tell me. How can I shelter income? I have a very high W-2 income, so tell me how to shelter this income....legally.
You make the same mistake that Obama, Soros and many others make. You lump everyone making over $250k into the same bucket. There is a huge difference between a family with W-2 income of $500k or $750k and the wealthy with millions of income, mostly from investments and businesses. A family with $500 or more of W-2 income is screwed. They probably pay a higher percent of their income in taxes than any other group.
I wouldn't say that if you're making $750,000/year you're screwed, per se, even with a family of 8.
From an income tax view you are. Obviously, that's a nice income. But you have none of the tax benefits that the rich have and also that lower income people enjoy.
Roadking it's nice that you hate Soros, but perhaps you can think about things a little before you post. Yes, plenty of very wealthy Americans just incorporate themselves and use capitals gains for taxes. That's true. What you're saying though is that someone can't have a political opinion on an issue that doesn't apply to them. I think that almost everyone would disagree with you there.
Let me explain the implications of that. Take for instance you. What's your income? Repealing the Bush tax cuts on those with income over $250k will only really matter to those who make over $250k in AGI. Does this apply to you? By your own rationale, if your income isn't over $250k you shouldn't be making this thread.
As someone who does have income over that level, I can tell you that there are ways to shelter your own money. It's not a common problem for people at lower income levels as the government gives you plenty of ways to do this just with your standard 401(k) and housing interest deduction as well as a capital gains exemption on selling your own house. For income beyond that, you can create a corporation and enjoy all of the advantages that are enjoyed by Mr. Soros for the capital that you hopefully build.
The increase in income tax really doesn't hit someone until they are a lot over that $250k threshhold. It's an increase in marginal rates over that amount and thus only hits the income above $250k.
It's amazing to me how many people who live in a trailer park and make $15k a year care so much about the standard of living of high income earners.
Why the amazement?
Taxes cause people to alter their behavior so as to avoid them.
If the person making $300k/yr operating a business sells off part of his or her enterprise and uses the money to buy stock because that's what the investment adviser said to do, the person in the trailer park is out of the only crappy job they had.
Other people may chose to shelter their money in various ways which take that money away from the uses it would see were it not for government interference thereby causing economic stagnation.
Even the person living in the trailer park knows government taxing other people's income at a higher rate doesn't mean an increase in federal revenue or an improvement of their lives.
There is certainly no excuse for your ignorance. You assume a lot about me, but know nothing.
I am quite well versed on our tax code. I know all about capital gains, 401k, interest tax deductions, etc.
And by the way, interest deductions are not sheltering income. That's spending income. And if you really knew about our tax code, you would know that interest deductions get phased out...so really high income people cannot deduct interest on their home loans.
I have looked for these supposedly "tax loopholes for the rich" for quite some time. I have a tax accountant and he doesn't have any legal loopholes for me. So tell me. How can I shelter income? I have a very high W-2 income, so tell me how to shelter this income....legally.
You make the same mistake that Obama, Soros and many others make. You lump everyone making over $250k into the same bucket. There is a huge difference between a family with W-2 income of $500k or $750k and the wealthy with millions of income, mostly from investments and businesses. A family with $500 or more of W-2 income is screwed. They probably pay a higher percent of their income in taxes than any other group.
My post was well thought out and nothing was wrong with the factual essence of what I presented. As such, calling me ignorant, is rather non-factual. You couldn't even say the same of my post. I wouldn't take offense if you insulted my post, but you insulted me personally which is rather sad.
I'd be happy to give you some tax advice, what you failed to do is answer my question. WHAT IS YOUR AGI? IS IT ABOVE $250K?
Also, you were too busy backpeddling on your opionions to answer the fist main point of my post. Should people have an opinion on things that don't impact them. I would think that basically everyone on this forum but you thinks that they should have an opinion on things like tax rates for the rich and corporations even if they don't make a lot of money or own stock.
In case you're not a fan of higher tax rates for the wealthiest Americans, you might want to spend some time in countries where there are bigger gaps between the rich and poor. I think you'll quickly find what the end result of that is and why it doesn't make for a great place to live.
Corporations also aren't tax shelters. They are legal tax institutions who have to report income to the IRS, file tax returns and pay taxes.
My post was well thought out and nothing was wrong with the factual essence of what I presented. As such, calling me ignorant, is rather non-factual. You couldn't even say the same of my post. I wouldn't take offense if you insulted my post, but you insulted me personally which is rather sad.
I'd be happy to give you some tax advice, what you failed to do is answer my question. WHAT IS YOUR AGI? IS IT ABOVE $250K?
Also, you were too busy backpeddling on your opionions to answer the fist main point of my post. Should people have an opinion on things that don't impact them. I would think that basically everyone on this forum but you thinks that they should have an opinion on things like tax rates for the rich and corporations even if they don't make a lot of money or own stock.
In case you're not a fan of higher tax rates for the wealthiest Americans, you might want to spend some time in countries where there are bigger gaps between the rich and poor. I think you'll quickly find what the end result of that is and why it doesn't make for a great place to live.
Corporations also aren't tax shelters. They are legal tax institutions who have to report income to the IRS, file tax returns and pay taxes.
You are quite skilled at veiled attacks, so cut out the "woe is me" krap.
I have not backpeddled on any opinion. Please be specific.
I never said corporations are tax shelters.
Let's assume I have a $500k W-2. Now tell me how to shelter that income.
And I'm not a fan of raising anybody's taxes. And I've traveled all over the world (there you go again with your veiled attack), so I've seen the gap between the rich and the poor.
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