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So you are comparing a man who made 150 million in 2005 after writing off 100 million(supposedly) on a two page tax return to bernie Sanders taxes in 2014. yeah ok.
Or congress can allow it to adjust for inflation and heck even raise the limit by 50% that should help middle
Class avoid it all together but still allow people like Trump to pay more than 4%
Both Bernie Sanders and Barrack Obama tried to pass a law called the "Buffet Rule" and this law would have raised millionaires tax rates to 30%, but republicans in congress stopped the law from passing. https://en.wikipedia.org/wiki/Buffett_Rule
Sanders and Obama are both millionaires. How can you attack Sanders and Obama for paying low tax rates when they both tried to raise millionaires tax rates to 30%?
The proposed 'Buffett Rule' would have hit people with an INCOME of over 1 million USD per YEAR, not people with a net worth of 1 million USD or more.
Prior to the attempt to pass that legislation in 2011, Obama and Michelle periodically hit that threshold, but I don't believe Bernie and his wife ever had.
Yes, these figures are based on what? Taxes released by who? Authentic or made up BS released? Or do you just believe everything you find on the internet?
Find on the internet - it's been on every major news station.
Because that frigging tax was quite a surprise & no fun to pay. And I don't make a million dollars/yr. Finally gave ourselves a raise about 3 years ago, after a stagnant income for a good 7 years. Knew we had overpaid on our quarterly tax payments for the year. Was expecting to carry $7K over and apply it to the next year...NOPE! Thanks to Obama, we OWED 5K. AMT!
But what does he care? He was raking in millions right before he got elected.
Why should the federal government get 40% of what your "estate" is "worth" because you die? Why should your children have to sell everything their parents worked so hard for to pay the federal estate tax?
Really, explain WHY & HOW that is fair?
Quote:
Donald Trump campaigned on lowering American workers tax rates. But Trumps tax plan will raise low income workers after-tax income by 0.8%, raise middle class Americans after-tax income by 1.5%, and raise the richest 1% of Americans after-tax income by 13.5%. https://www.forbes.com/sites/janetno.../#78b7486465b9
Raising low-income/middle class tax payers income is a good thing. Isn't it?
Low and Middle don't earn as much or pay in as much as the "1%" in every way shape or form of any tax, why would you think or EXPECT the 1% wouldn't benefit MORE from a tax break? They earn MORE so of course they will end up with a higher "savings" from any income generated tax break.
Why is that a problem?
Last edited by Informed Info; 03-15-2017 at 09:28 PM..
Do you happen to know the why of it being adopted?
"The AMT was enacted in 1969 and is a backstop tax meant to ensure that well off Americans pay at least some minimal amount of income taxes no matter how many deductions and other breaks they find to reduce their income taxes under the regular rules."
The proposed 'Buffett Rule' would have hit people with an INCOME of over 1 million USD per YEAR, not people with a net worth of 1 million USD or more.
Prior to the attempt to pass that legislation in 2011, Obama and Michelle periodically hit that threshold, but I don't believe Bernie and his wife ever had.
I have paid an AMT tax for the past 3 years and I don't make anywhere near $1M.
Absolutely thought my accountant made a mistake the first year...nope.
The proposed 'Buffett Rule' would have hit people with an INCOME of over 1 million USD per YEAR, not people with a net worth of 1 million USD or more.
Prior to the attempt to pass that legislation in 2011, Obama and Michelle periodically hit that threshold, but I don't believe Bernie and his wife ever had.
I will skip explaining the reasons why I assumed those things, and instead just say you are correct.
I thought Bernie was a socialist? Why isn't he giving the government 100% of his income?
That's the real news.
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