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Income taxes. Federal income taxes are progressive, which means your income is taxed at higher rates as you make more money. Let's take a married couple filing jointly as an example. In 2011, after deductions and exemptions:
• the income between $0 and $17,000 is taxed at 10 percent;
• the income between $17,000 and $69,000 is taxed at 15 percent;
• the income between $69,000 and $139,350 is taxed at 25 percent;
• the income between $139,350 and $212,300 is taxed at 28 percent;
• the income between $212,300 and $379,150 is taxed at 33 percent;
• the income above $379,150 is taxed at 35 percent.
The tax rates on investments tend to be lower than taxes on regular income. If you make money buying and selling stocks or receiving dividends from stock ownership, those earnings are generally taxed at 15 percent, the rate for long-term capital gains and qualified dividends.
Some hedge fund managers and other finance-sector executives get taxed at this rate on their earnings because their compensation is classified as "carried interest" and taxed as a capital gain. (The Wall Street Journal breaks down how carried interest works.) In fact, some economists believe that the lower rates for capital gains actually encourages tax dodges, because it motivates high earners to look for ways to classify normal income as capital gains. Defenders say the lower tax rate helps the economy because it rewards investors for risk-taking and entrepreneurship. They also argue that taxing dividends amounts to double taxation because corporations pay taxes on their income before investors are paid dividends. We won't settle the argument here, but there's no doubt that investors get lower tax rates on their income than workers.
So when it comes to Buffett's statement, there are two categories: the rich and the really rich. And the evidence tends to point to the conclusion that the really rich pay less in taxes as a percentage of income then their merely well-to-do counterparts -- if their income comes primarily from investments. Overall, we rate Buffett's statement True.
Wait...for....it.....
Cue, the "it's THEIR money" in 3....2.....1....
You're an idiot.
That ought to be the end of the discussion.
You're an idiot.
That ought to be the end of the discussion.
I can't possibly be offended when a narrow-minded bigot calls me an idiot - especially when he doesn't have an argument that supports his claim.
Nice try though.
You're an idiot.
That ought to be the end of the discussion.
I can't possibly be offended when a narrow-minded bigot calls me an idiot - especially when he doesn't have an argument that supports his claim.
Nice try though.
Anyone reading your posts would find adequate support for my claim.
I can't possibly be offended when a narrow-minded bigot calls me an idiot - especially when he doesn't have an argument that supports his claim.
Nice try though.
Anyone reading your posts would find adequate support for my claim.
You have a hard time digesting facts, don't you?
PolitiFact | Warren Buffett says the super-rich pay lower tax rates than others
What we all already know:
Income taxes. Federal income taxes are progressive, which means your income is taxed at higher rates as you make more money. Let's take a married couple filing jointly as an example. In 2011, after deductions and exemptions:
the income between $0 and $17,000 is taxed at 10 percent;
the income between $17,000 and $69,000 is taxed at 15 percent;
the income between $69,000 and $139,350 is taxed at 25 percent;
the income between $139,350 and $212,300 is taxed at 28 percent;
the income between $212,300 and $379,150 is taxed at 33 percent;
the income above $379,150 is taxed at 35 percent.
Here are the most telling pieces of the article, IMO:
The tax rates on investments tend to be lower than taxes on regular income. If you make money buying and selling stocks or receiving dividends from stock ownership, those earnings are generally taxed at 15 percent, the rate for long-term capital gains and qualified dividends.
Some hedge fund managers and other finance-sector executives get taxed at this rate on their earnings because their compensation is classified as "carried interest" and taxed as a capital gain. (The Wall Street Journal breaks down how carried interest works.) In fact, some economists believe that the lower rates for capital gains actually encourages tax dodges, because it motivates high earners to look for ways to classify normal income as capital gains. Defenders say the lower tax rate helps the economy because it rewards investors for risk-taking and entrepreneurship. They also argue that taxing dividends amounts to double taxation because corporations pay taxes on their income before investors are paid dividends. We won't settle the argument here, but there's no doubt that investors get lower tax rates on their income than workers.
Hmm...
So when it comes to Buffett's statement, there are two categories: the rich and the really rich. And the evidence tends to point to the conclusion that the really rich pay less in taxes as a percentage of income then their merely well-to-do counterparts -- if their income comes primarily from investments. Overall, we rate Buffett's statement True.
Discuss.
Wait...for....it.....
Cue, the "it's THEIR money" in 3....2.....1....
Wait...for....it.....
Cue, the "it's THEIR money" in 3....2.....1....
It's not your money.
Wait...for....it.....
Cue, the "it's THEIR money" in 3....2.....1....
It's not your money.
Just because they make it, it doesn't mean they earn it.
So I guess you need to give back all those Christmas gifts.Wait...for....it.....
Cue, the "it's THEIR money" in 3....2.....1....
It's not your money.
Just because they make it, it doesn't mean they earn it.
PolitiFact | Warren Buffett says the super-rich pay lower tax rates than others
What we all already know:
Income taxes. Federal income taxes are progressive, which means your income is taxed at higher rates as you make more money. Let's take a married couple filing jointly as an example. In 2011, after deductions and exemptions:
the income between $0 and $17,000 is taxed at 10 percent;
the income between $17,000 and $69,000 is taxed at 15 percent;
the income between $69,000 and $139,350 is taxed at 25 percent;
the income between $139,350 and $212,300 is taxed at 28 percent;
the income between $212,300 and $379,150 is taxed at 33 percent;
the income above $379,150 is taxed at 35 percent.
Here are the most telling pieces of the article, IMO:
The tax rates on investments tend to be lower than taxes on regular income. If you make money buying and selling stocks or receiving dividends from stock ownership, those earnings are generally taxed at 15 percent, the rate for long-term capital gains and qualified dividends.
Some hedge fund managers and other finance-sector executives get taxed at this rate on their earnings because their compensation is classified as "carried interest" and taxed as a capital gain. (The Wall Street Journal breaks down how carried interest works.) In fact, some economists believe that the lower rates for capital gains actually encourages tax dodges, because it motivates high earners to look for ways to classify normal income as capital gains. Defenders say the lower tax rate helps the economy because it rewards investors for risk-taking and entrepreneurship. They also argue that taxing dividends amounts to double taxation because corporations pay taxes on their income before investors are paid dividends. We won't settle the argument here, but there's no doubt that investors get lower tax rates on their income than workers.
Hmm...
So when it comes to Buffett's statement, there are two categories: the rich and the really rich. And the evidence tends to point to the conclusion that the really rich pay less in taxes as a percentage of income then their merely well-to-do counterparts -- if their income comes primarily from investments. Overall, we rate Buffett's statement True.
Discuss.
Except for the "super rich" who are never taxed enough for some fuckwits, apparently.In reality taxation is difficult because every family or individual is in a unique position as far as what they're taxed..
Except for the "super rich" who are never taxed enough for some fuckwits, apparently.In reality taxation is difficult because every family or individual is in a unique position as far as what they're taxed..
I'm sure Warren Buffett, who is one of the wealthiest men in the world, will be crushed to learn Crusader Frank from the Internet thinks he's stupid.Yes, rates on ordinary income need to come way down. Thank you Warren for highlighting it. Also, Warren, I recommend you get check your water supply because you've taken a hard left turn into stupidland
I'm sure Warren Buffett, who is one of the wealthiest men in the world, will be crushed to learn Crusader Frank from the Internet thinks he's stupid.Yes, rates on ordinary income need to come way down. Thank you Warren for highlighting it. Also, Warren, I recommend you get check your water supply because you've taken a hard left turn into stupidland
Not only do the lower income tax brackets need to be reduced the upper brackets need to be significantly increased. To derive an actual 35% revenue payment to the IRS by the super-rich the topmost progressive rate would need to be 91% -- as it was during the Truman & Eisenhower years. Because these high-rollers are able to afford the kind of accountants and tax lawyers who enable corporations like Exxon/Mobil, with $40 billion profit margins, to pay zero tax in addition to receiving federal subsidies.
Meanwhile, the lower level incomes with their 15% rate are lucky to get away with one or two percent in deductions -- if that much. So it typically works out with the highest bracket paying at the same rate as the lowest -- if not lower.
