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Individuals who work and earn gross monthly income exceeding the SGA threshold are not considered disabled and are ineligible to receive benefits, unless they were working under special circumstances
Your business activity will be considered SGA if you:
provide significant services to the business and receive a substantial income from it (the SSA has specific guidelines for defining significant and substantial)
perform work that's comparable to the work of persons without disability in your community engaged in the same or similar businesses, or
perform work that's worth $1,040 per month in terms of its value to the business or what it saves you from having to pay an employee to do the work.
Don't forget Washington also takes 15.2% in Social Security and Medicare taxes (and calling 1/2 of it your "employer's share" doesn't change the reality). So you are okay with 33.3 to 37.3% sent to the Federal Government in Washington. Does nobody remember that the Founding Fathers wrote the Constitution to ensure that federal power was small and limited and virtually powerless--they specifically prohibited an income tax because it hands government infinite power and growth.
Then add the 10% average for state and local taxes, to provide the actual services in your community.
43.3% to 47.3% is FAR TOO MUCH to give government. American workers don't MAKE ENOUGH MONEY anymore to give half of it to a government that continues to grow and demand MORE.
As for me, I am NOT okay with someone who vacations half the time and is a celebrity the rest of the time getting $600,000 a year and paying 18%, when my family works incredible hours in very stressful jobs to make far under $200,000, but pays $22.3% (after hiring multiple CPAs to find deductions over many years).
Furthermore, what kind of hypocrite DEMANDS that working Americans pay higher taxes, when he uses deductions not available to any of us to make his tax rate LESS THAN people working 80 hours a week to earn just over $100,000?
Thats not true. Warren Buffet will tell you that he keeps his salary low in order to avoid taxes, and thats why he stopped paying dividens on his stocks.
He obtained wealth through stock ownership, and thats not taxed until its sold, and since they have donated it all to charity upon their deaths, it wont be paid then either.
The same is true for Gates, the Wal Mart family, etc..
I guess you could say "most wealth" as in for most people, but the truly wealthy obtained wealth by not paying taxes.
Gates and Buffett have sold billions in stock and paid the capital gains tax of 15% over the last decade. Gates discussed his diversification strategy and how he was taking advantage of low capital gains tax rates. Check out the SEC website for the data.
In the aggregate I agree with what you're saying but it's not cut and dry.
Their income might be low relative to their wealth, but they still have income. The Waltons earn close to a billion a year in dividends, all taxable. Their foundation also earns income, shielded from tax.
It's hard to have zero in taxable income when your portfolio is in the millions. Low yes, zero, no.
When I was working and running my business my salary paid the utilities and the grocery and all of the daily needs. I kept it as low as possible while still living a nice lifestyle. When we sold the business we were able to roll over a portion tax deferred and pay 15% on another portion. It seemed fair.
We might spend a few thousand a month these days unless we are traveling or the kids need help with a big ticket item. You have to live. I'm not giving up the nicer things to avoid taxes.
My car was a company car. I paid the tax on the value received using the lease value method. The company paid the bills and took the deductions. I paid the taxes on the value - I think it was tax on about $12,000 a year.
I used my company card to pay for just about everything. The accountants made sure to keep track of everything and include my personal items in my income as well as make sure the company didn't deduct the expense also.
I had some good accountants and could never get to zero. You're smarter than me.
Gates and Buffett have sold billions in stock and paid the capital gains tax of 15% over the last decade. Gates discussed his diversification strategy and how he was taking advantage of low capital gains tax rates. Check out the SEC website for the data.
In the aggregate I agree with what you're saying but it's not cut and dry.
Their income might be low relative to their wealth, but they still have income. The Waltons earn close to a billion a year in dividends, all taxable. Their foundation also earns income, shielded from tax.
It's hard to have zero in taxable income when your portfolio is in the millions. Low yes, zero, no.
When I was working and running my business my salary paid the utilities and the grocery and all of the daily needs. I kept it as low as possible while still living a nice lifestyle. When we sold the business we were able to roll over a portion tax deferred and pay 15% on another portion. It seemed fair.
We might spend a few thousand a month these days unless we are traveling or the kids need help with a big ticket item. You have to live. I'm not giving up the nicer things to avoid taxes.
My car was a company car. I paid the tax on the value received using the lease value method. The company paid the bills and took the deductions. I paid the taxes on the value - I think it was tax on about $12,000 a year.
I used my company card to pay for just about everything. The accountants made sure to keep track of everything and include my personal items in my income as well as make sure the company didn't deduct the expense also.
I had some good accountants and could never get to zero. You're smarter than me.
yes they have sold billions of dollars worth of stock and paid taxes on them, but they didnt need to in order to be classied as wealthy. Had they sold not one share of stock, they still would be rich, correct?
yes they have sold billions of dollars worth of stock and paid taxes on them, but they didnt need to in order to be classied as wealthy. Had they sold not one share of stock, they still would be rich, correct?
Correct. It's just hard to buy a personal Boeing 737 with just wealth. You kinda need some income along the way.
Only rich converatives are supposed to pay their "fair" share.
You forgot white. Rich, white conservatives.
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