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Nope, if your employer is amenable they might rather then paying you that 500K pay you less and allow you to purchase treasury stock (or non-voting preferred stock) at book value. That way you can hang on to it and sell it at capital gains rates, or you can collect dividends if it is participating. I knew someone who got this, it was pretty awesome.
Wrong again my friend.....I don't know too many employers who will do that...and these were companies with as many as 100,000 employees.....I, like most, was exposed....no where to run or hide...just pay.
You just don't get it.....because they can afford it.....for the record,300k is not all that much....i gre up thinking it was but, it's not....for those that earn millions, the taxation is simply brutal
You'll never convince these fools. All they can do is yammer on about how percentage is more important than dollars paid. I wouldn't even waste your time.
Quote:
Originally Posted by Caleb Longstreet
Wrong again my friend.....I don't know too many employers who will do that...and these were companies with as many as 100,000 employees.....I, like most, was exposed....no where to run or hide...just pay.
That's another one they love to throw out there. "But, but those making 6-7 figures a year don't pay taxes. They take deductions, hide money off-shore Blah..blah..blah".
Wrong again my friend.....I don't know too many employers who will do that...and these were companies with as many as 100,000 employees.....I, like most, was exposed....no where to run or hide...just pay.
At the very least many companies are willing to give stock options which are another convenient way get it done. I mean to an extent you are at the mercy of your employer.
People still wonder why folks who have that 10 million dollar job or more are leaving the country, why business is leaving the country, why folks are giving up and going on the dole. Why work when your earnings are stolen by the government and then you turn around and watch it wasted on things like Solyndra, Amtrack blowing 800 millioin on hamburgers and coke, Medicaid fraud in the billions, IRS tax cheats stealing billions not to mention GM, Fannie Freddie on and on I could go.
Okay, real world example. Me. I had the good fortune to earn 525k one year and only one year. At that time (1999), I paid 168k in federal, 31k in state, and a few more.......with that income, mortgage deduction was gone, having 4 kids didn't help so for me, when all was said and done, I kicked in about 40 %.
And I never called the police, and I never had a fire. Not fantasy. Real. Was that fair? I humbly offer...no.
Look, I don't look at taxes as being fair or unfair. I would even say I would support not taxing income at all.
So was it "fair" yes if that was what you owed based on the law. Is it fair to you or is it fair based on some standard of fairness, I don't know.
Based on your numbers you still had $326,000 dollars left after taxes and that is a lot of money.
You just don't get it.....because they can afford it.....for the record,300k is not all that much....i gre up thinking it was but, it's not....for those that earn millions, the taxation is simply brutal
Yeah, it might not be much after you spend it. Jesus Christ. $300,000 is a lot of money to anyone. That's post taxes, by the way. You could buy a house in cash. For ****s sake. You know what isn't a lot of money? $15,000 pre-tax that minimum wage earns, and yet your very party is claiming that you could live a decent life on that.
For ****s sake.
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Originally Posted by LordSquidworth
It's not that simple.
We have tiers. Say 1-10,000 is 5%. 10,001 - 20,000 is 10%. 20,001 - 30,000 is 15%.
That first 10,000 is at 5%. 10,001 - 20,000 is charged 10%. Etc.
So if someone is making 30,000, they're total taxes are $3000. So they're taxed 10%.
But on topic...
50% of 1 million is high. Which is why we simply need more tiers. Let Bush tax cuts expire so the top rate is 38%. Have that tier go to... 5 million. After that it's 45%. After 10 million its 55%.
Remember above, the tiers. I didn't do all the math, but with the above, someone making 20 million would have a tax rate lower than 50%. It would be 55% of the 10,000,001 - 20,000,000.
Our top tier being 35% is a joke in my opinion (though we could use some redoing of the tiers). Taxes have been far higher in the past, so nobody gets to complain about high taxes. Taxes only stop the lazy from trying to make more. No matter my tax rate, I'm always working to increase my income. The country needs to raise taxes on some, stop wasteful wars, and start rebuilding decaying portions of this country.
This is a really silly argument because you refute it the very next line.
Nobody, especially if they're lazy, is sitting down to figure out how much they can make just to stay in a lower tax bracket so they don't pay more money in taxes, while still having a higher income. We're always going to work more to make more, regardless of that tax rate. NOBODYis going to suddenly call it quits because their tax rate went up three percent.
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Originally Posted by 01Snake
So your okay with the amount of taxes this fellow paid in his example?
His example of 67%? It's a bogus example devoid of current reality. But we're talking about .2% of the population making $1,000,000+ incomes. It'd be smarter to tax capital-gain rates higher, which is where most of the income of the top tier is received. It isn't taxed as normal income, despite being used as such, and its the reason why people like Warren Buffet can pay an effective rate of 18% despite their actual rate being north of 35%.
I have no problem with paying taxes. Part of being wealthy is understanding your responsibility towards the nation in which your wealth was developed. You don't make little Susie Krumpet pay the mortgage with her lemonade stand, why are people attacking the underclass for not paying their "fair share?"
Okay, real world example. Me. I had the good fortune to earn 525k one year and only one year. At that time (1999), I paid 168k in federal, 31k in state, and a few more.......with that income, mortgage deduction was gone, having 4 kids didn't help so for me, when all was said and done, I kicked in about 40 %.
And I never called the police, and I never had a fire. Not fantasy. Real. Was that fair? I humbly offer...no.
It also has to be pointed out that federal income taxes have decreased since 1999.
Based on your numbers you still had $326,000 dollars left after taxes and that is a lot of money.
So that makes it okay to have the rest taken from you?
I wonder how many people who make these asinine comments have ever brought home six figures or more. If you have, your outlook on this subject would likely be vastly different.
(waiting for the "I want to pay more taxes" Warren Buffet take)
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