Billionaires with 1% tax rates

[DaGoose]

Last year, 4,000 households with incomes over a million dollars owed no federal income tax whatsoever, according to Tax Policy Center estimates.

What's more, of the top 400 federal tax returns with the highest adjusted gross incomes in 2008, 30 had an effective tax rate of less than 10%, noted Mark Luscombe, the principal federal tax analyst at CCH.

The difference is that the rich use a broader array of tax-preferred investments, such as partnerships. Or they may invest in dividend-paying foreign stocks and can claim a foreign tax credit for the tax withheld from them by the foreign government.

Billionaires with 1% tax rates - Yahoo! Finance

 

[driveby]

Ask Michael Moore about it, he's an expert in this area........

 

[Mad Scientist]

Confiscating all the wealth of all billionaires wouldn't pay for gov't. So why do Liberals think a tax hike will?

 

[LordBrownTrout]

Reduce taxes for everyone. Why do you continually segregate?

 

[Jarhead]

Confiscating all the wealth of all billionaires wouldn't pay for gov't. So why do Liberals think a tax hike will?

Because it is not a matter of the advantages of taxing the wealthy.

It is a matter of "fuck the rich"

It is a jealousy thing.

 

[JDzBrain]

Yeah, and nearly half of ALL Americans pay ZERO tax...what the hell is the point?

Every damn fool with a brain knows the tax code needs to be trashed...all 57 THOUSAND pages and replaced by a single, no exemptions, no exceptions, no protected classes rate on GROSS INCOME to make the tax code EQUAL for all and make it so everyone has skin in the game!

A flat 6-8% tax on GROSS income is EQUAL for all. If you earn a dollar IN this country or FROM this country...you pay 6 cents in tax on that dollar.

Companies like GE, you know, the company whose CEO is Obama's Job Czar, who earned 5 BILLION dollars inside the US and 9 BILLION overseas and payed ZERO in tax would have paid 840 MILLION in tax.

This country was founded on EQUAL protections and the principle that all men are created EQUAL. On the principle that we all have equal opportunities and protections...whatEVER those opportunities and protections are. Not fair or any such nonsense!

The current tax code is unconstitutional, immoral and so corrupted that the only option is to trash it and start over. If you are so damn concerned...educate your self what America's founding principles REALLY are and elect representatives that support those principles.

Otherwise, your just another whining, petulant child looking for something for nothing!

 

[Claudette]

If Barry were really after revenue he'd go after the middle class. Thats where the money is as there are hundreds of thousands in that class. ChaChing.

There just aren't enough rich folks to make a difference.

Barry can't run on his sucky record so class warfare is the only way for him to go.

 

[syrenn]

Last year, 4,000 households with incomes over a million dollars owed no federal income tax whatsoever, according to Tax Policy Center estimates.

What's more, of the top 400 federal tax returns with the highest adjusted gross incomes in 2008, 30 had an effective tax rate of less than 10%, noted Mark Luscombe, the principal federal tax analyst at CCH.

The difference is that the rich use a broader array of tax-preferred investments, such as partnerships. Or they may invest in dividend-paying foreign stocks and can claim a foreign tax credit for the tax withheld from them by the foreign government.

Billionaires with 1% tax rates - Yahoo! Finance

Just wondering:

And what is the percent that pay 0% federal tax?

 

[Remodeling Maidiac]

So youre gonna jump on Obamas bandwagon about this despite the Whitehouse admitting they have no stats or proof to back up this claim?

Silly lemmings

 

[DaGoose]

Yeah, and nearly half of ALL Americans pay ZERO tax...what the hell is the point?

Every damn fool with a brain knows the tax code needs to be trashed...all 57 THOUSAND pages and replaced by a single, no exemptions, no exceptions, no protected classes rate on GROSS INCOME to make the tax code EQUAL for all and make it so everyone has skin in the game!

A flat 6-8% tax on GROSS income is EQUAL for all. If you earn a dollar IN this country or FROM this country...you pay 6 cents in tax on that dollar.

Companies like GE, you know, the company whose CEO is Obama's Job Czar, who earned 5 BILLION dollars inside the US and 9 BILLION overseas and payed ZERO in tax would have paid 840 MILLION in tax.

This country was founded on EQUAL protections and the principle that all men are created EQUAL. On the principle that we all have equal opportunities and protections...whatEVER those opportunities and protections are. Not fair or any such nonsense!

The current tax code is unconstitutional, immoral and so corrupted that the only option is to trash it and start over. If you are so damn concerned...educate your self what America's founding principles REALLY are and elect representatives that support those principles.

Otherwise, your just another whining, petulant child looking for something for nothing!

I have no problem with a flat tax as long as it applies to ALL income, including capital gains, with NO loop holes.

 

[DaGoose]

Last year, 4,000 households with incomes over a million dollars owed no federal income tax whatsoever, according to Tax Policy Center estimates.

The difference is that the rich use a broader array of tax-preferred investments, such as partnerships. Or they may invest in dividend-paying foreign stocks and can claim a foreign tax credit for the tax withheld from them by the foreign government.

Billionaires with 1% tax rates - Yahoo! Finance

Just wondering:

And what is the percent that pay 0% federal tax?

Ask the Tax Policy Center. They're the ones who make the claim.

 

[Remodeling Maidiac]

Obama’s Kansas speech: some suspect facts - The Washington Post

An administration official conceded the White House had no actual data to back up the president’s assertion, but argued that other reports showed that some of the wealthy pay little in taxes.

 

[syrenn]

Billionaires with 1% tax rates - Yahoo! Finance

Just wondering:

And what is the percent that pay 0% federal tax?

Ask the Tax Policy Center. They're the ones who make the claim.

Then i guess there is nothing to whine about over billionaires paying 1%.

1% of billions is still more then 0% from slackers.

 

[kiwiman127]

Just wondering:

And what is the percent that pay 0% federal tax?

Ask the Tax Policy Center. They're the ones who make the claim.

Then i guess there is nothing to whine about over billionaires paying 1%.

1% of billions is still more then 0% from slackers.

So, people who are working but don't make enough to be taxed are slackers?

 

[syrenn]

Ask the Tax Policy Center. They're the ones who make the claim.

Then i guess there is nothing to whine about over billionaires paying 1%.

1% of billions is still more then 0% from slackers.

So, people who are working but don't make enough to be taxed are slackers?

If 1% is considered "slacking" and not paying enough in federal taxes, than less then 1% i sure would call slacking off paying taxes too.

Again 1% off of billionaires is more then 0% from a whole lot more who pay nothing.

 

[JDzBrain]

....replaced by a single, no exemptions, no exceptions, no protected classes rate on GROSS INCOME

I have no problem with a flat tax as long as it applies to ALL income, including capital gains, with NO loop holes.

That's why I said no exemptions, no exceptions, no protected classes, Goose.

No more deductions for overhead or charity, no exceptions for how the income is earned, no exemptions for religious income...just 6 cents on the dollar and NO PROTECTED CLASSES!

And eliminate ALL OTHER federal taxes as the unconstitutional punitive tax they are. Not only would it generate almost the exact same amount of revenue the government collects now, but it would reduce a HUGE government overhead in the form of the IRS AND increase the tax base as Americans are a lot more willing to participate in a system they don't think is RIGGED!

So revenue goes up, fraud down and everyone has skin in the game and the class warfare goes away!

Win, win! ;~)

 

[DaGoose]

....replaced by a single, no exemptions, no exceptions, no protected classes rate on GROSS INCOME

I have no problem with a flat tax as long as it applies to ALL income, including capital gains, with NO loop holes.

That's why I said no exemptions, no exceptions, no protected classes, Goose.

No more deductions for overhead or charity, no exceptions for how the income is earned, no exemptions for religious income...just 6 cents on the dollar and NO PROTECTED CLASSES!

And eliminate ALL OTHER federal taxes as the unconstitutional punitive tax they are. Not only would it generate almost the exact same amount of revenue the government collects now, but it would reduce a HUGE government overhead in the form of the IRS AND increase the tax base as Americans are a lot more willing to participate in a system they don't think is RIGGED!

So revenue goes up, fraud down and everyone has skin in the game and the class warfare goes away!

Win, win! ;~)

Sounds good but I'd be shocked if 6% would be sufficient to fund our nation.

 

[JDzBrain]

Sounds good but I'd be shocked if 6% would be sufficient to fund our nation.

LOL...well, it won't at the current Obama rate of 3.2 Trillion, but it would at the 1.2 Trillion or so rate it was in '09 and would ABSOLUTELY have had a surplus at the rate of the budget in Bush's last year!

And even if it had to be adjusted up to 8% or so...that's STILL better than the 28% average it is now...for MOST of us. AND if the jackwagons we elect as representative to our government can't figure out how to live on that...we need to make sure they get a NEW JOB! ;~)