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04-27-2011, 12:45 PM | #1 | ||
Elitist
Join Date: Nov 2008
Location: SF Bay Area
Moto: Gix 750
Posts: 11,351
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Quote:
And my point was, plenty of "rich" people could easily bring their effective rate down below mine, by using creative deductions. The more assets you own, and the more business endeavors you're involved in, the more likely you or your accountant will be able to dream up "creative" deductions. Quote:
Bottom line is, I don't feel sorry for rich people. They have more freedom & opportunity to GET rich in this country than practically any other. Last edited by Homeslice; 04-27-2011 at 12:54 PM.. |
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04-27-2011, 12:54 PM | #2 | ||
Follower
Join Date: Nov 2008
Posts: 5,549
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Quote:
To get below the 28% bracket, your AGI would have to be below $82,400 (Single, year 2010). Deductions, creative accounting, etc., your average $1mil plus earner is not paying taxes on $82k or less of income. Quote:
Same goes for poor people. Ain't this country great?
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Racing For Smiles |
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04-27-2011, 12:59 PM | #3 |
Elitist
Join Date: Nov 2008
Location: SF Bay Area
Moto: Gix 750
Posts: 11,351
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IIRC, they pay 33% on anything above $175K, and 35% on everything above $360K. It isn't like they are paying those rates on their entire income.
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04-27-2011, 12:56 PM | #4 | |
Ride Like an Asshole
Join Date: Feb 2008
Moto: nothing...
Posts: 11,254
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Quote:
For me, it comes down to this... it's unfair to FORCE people to pay more, just because they have more. Asking is one thing... Stealing is another. |
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04-27-2011, 01:01 PM | #5 | |
Nomadic Tribesman
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Location: Brampton, Canada
Moto: '09 ER-6n
Posts: 11,150
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Quote:
http://www.truthandpolitics.org/top-rates.php
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"Everything's better with pirates." - Lodge, "Dorkness Rising" http://www.morallyambiguous.net/ |
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04-27-2011, 01:06 PM | #6 | |
WERA White Plate
Join Date: Nov 2008
Location: Austin, TX
Moto: '01 Aprilia Falco
Posts: 1,041
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Quote:
The government shouldn't have the ability to enforce current tax laws (however unfair they may seem)? Because that seems to be all that's happening. Don't like the laws? Work to change them. |
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04-27-2011, 01:06 PM | #7 | |
AMA Supersport
Join Date: Feb 2009
Posts: 4,756
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Quote:
The somewhat more relevant number is your effective tax rate, the percentage of taxes you paid out of your taxable income, and that isn't perfect either. Compare two people with the same family situation and income. Dude 1 (D1) contributes nothing to his 401k while Dude 2 (D2) contributes 10% of his pre-tax income. D1 will have a higher effective tax rate due to his own decision. Say D1 also rents while D2 bought real estate through a mortgage. D1 can't deduct anything while D2 can deduct the interest, property tax, and some other expenses he pays. Those to factors alone, and there are a ton of them, can affect the taxable income between the two by $10,000, $20,0000, or even more despite their gross income being the same. Additionally that money will be taxed in the top one or two brackets they are subjected to, meaning it will make the largest difference in their effective tax rates. In the above scenario D1 isn't getting screwed by the government. He can end up with significantly more tax liability than D2 and has nothing to blame other than his own decisions. |
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04-27-2011, 01:16 PM | #8 | |
Elitist
Join Date: Nov 2008
Location: SF Bay Area
Moto: Gix 750
Posts: 11,351
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Quote:
The idea that someone should buy a home just because of the deduction opportunities is rather lacking (although I doubt that's what you actually think). I see your point about 401k's though. Those contributions, along with the standard deduction and personal deduction, are going to be a much bigger benefit to a middle class person than they would to a rich person. Last edited by Homeslice; 04-27-2011 at 01:19 PM.. |
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04-27-2011, 01:27 PM | #9 | |
Ride Like an Asshole
Join Date: Feb 2008
Moto: nothing...
Posts: 11,254
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Quote:
I don't like the laws and I will continue to vote for folks who I feel will provide the best opportunity to change them... Income taxes, by definition is theft. You take something that isn't yours, without permission... actually by force... that's the definition of stealing. Laws or no laws. |
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04-27-2011, 01:50 PM | #10 | |
AMA Supersport
Join Date: Feb 2009
Posts: 4,756
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Quote:
I also don't care about whether "the rich" own homes or not. I was simply trying to point out the futility of judging the tax system through "I paid this much in taxes" anecdotes. |
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