The truth about what the Super Rich pay in taxes

[The Rabbi]

Define "super rich."

Anyone earning over $255,000 a year. lol.

 

[Crackerjack]

Define "super rich."

Anyone earning over $255,000 a year. lol.

I'd define that as at the ass end of rich, but that's probably a lot more money than these OWSers will ever make living in their parents' basement.

 

[The Rabbi]

Define "super rich."

Anyone earning over $255,000 a year. lol.

I'd define that as at the ass end of rich, but that's probably a lot more money than these OWSers will ever make living in their parents' basement.

Depending on where they live I wouldn't call that rich at all.
For starters, "rich" is an aspect of wealth, not income. I think anyone with a $5M net worth is rich.

 

[MikeK]

Define "super rich."

The upper end of super-rich is around $50 billion. Where super-rich begins and just plain rich ends is debatable. I would say it's around $50 million.

What are your thoughts?

 

[Crackerjack]

Define "super rich."

The upper end of super-rich is around $50 billion. Where super-rich begins and just plain rich ends is debatable. I would say it's around $50 million.

What are your thoughts?

Net worth or income?

 

[Billy000]

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.

I don't know why some are obsessed with the rich er super rich..

I really don't care what someone else makes...

I'm not asking for a free handout

No one is asking for a free hand out. The middle class and lower class aren't reaping the full fruits of their labor. The rich can stay rich with that compromise.

 

[Billy000]

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.

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.

People with lower income levels don't pay income tax, fuckwit. They do, however, pay state taxes. And during the Truman/Eisenhower years the deductions you could take were enormous, so the effective rate was much lower.
Some people just want to stick it to whitey, no matter how stupid it is.

Yeah, they probably shouldn't pay federal taxes. However, the rich can afford to pay a hell of a lot more in taxes than they are now.

 

[The T]

You're an idiot.
That ought to be the end of the discussion.

And a class Warfare asswipe that should worry about himself rather than others and what they are doing...seeing it isn't his money...nor the Governments.

I suggest the OP get a real life/job or both and mind his own fucking business.

 

[Billy000]

You're an idiot.
That ought to be the end of the discussion.

And a class Warfare asswipe that should worry about himself rather than others and what they are doing...seeing it isn't his money...nor the Governments.

I suggest the OP get a real life/job or both and mind his own fucking business.

Don't you get tired of that same ole republican rhetoric? I make a thread about taxation and you automatically assume I am a bum. Opening your mind up just a little isn't going to cause any brain leakage (provided there is something in there to leak)

 

[Mr.Nick]

Except for the "super rich" who are never taxed enough for some fuckwits, apparently.

I don't know why some are obsessed with the rich er super rich..

I really don't care what someone else makes...

I'm not asking for a free handout

No one is asking for a free hand out. The middle class and lower class aren't reaping the full fruits of their labor. The rich can stay rich with that compromise.

Then what the fuck is your beef??

I'm not rich.......... I'm only 31 so it's certainly a goal....


I do understand economics tho - you and the rest of the sheeps demands are economically illogical...

People are out there breaking their asses off just to get by and OWS brats are out there making demands???

Of course they act like they're the only ones struggling....

 

[The T]

You're an idiot.
That ought to be the end of the discussion.

And a class Warfare asswipe that should worry about himself rather than others and what they are doing...seeing it isn't his money...nor the Governments.

I suggest the OP get a real life/job or both and mind his own fucking business.

Don't you get tired of that same ole republican rhetoric? I make a thread about taxation and you automatically assume I am a bum. Opening your mind up just a little isn't going to cause any brain leakage (provided there is something in there to leak)

I'm Independent Conservative...Old School Classical LIBERAL...

Now do try again and stop with the class warfare nonsense...and get a fucking JOB. Get off the fucking dole...moocher.

 

[Billy000]

And a class Warfare asswipe that should worry about himself rather than others and what they are doing...seeing it isn't his money...nor the Governments.

I suggest the OP get a real life/job or both and mind his own fucking business.

Don't you get tired of that same ole republican rhetoric? I make a thread about taxation and you automatically assume I am a bum. Opening your mind up just a little isn't going to cause any brain leakage (provided there is something in there to leak)

I'm Independent Conservative...Old School Classical LIBERAL...

Now do try again and stop with the class warfare nonsense...and get a fucking JOB. Get off the fucking dole...moocher.

You just don't pay attention to anything I say, do you?

 

[Luddly Neddite]

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:



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.

Actually those who make under 20 pay nothing in taxes (hence their tax refund check) and those who have dependents and make less than 40k pay little to nothing in taxes.

In reality taxation is difficult because every family or individual is in a unique position as far as what they're taxed..

I'm not a bum either. Started my first job at 13 and have earned everything I have and yes -- I'm comfortable.

But, damn - when are the pubs/bags gonna get it that its NOT about INCOME TAX?

It has never been about INCOME TAX and it never will be about INCOME TAX.

 

[Mr.Nick]

PolitiFact | Warren Buffett says the super-rich pay lower tax rates than others


What we all already know:




Here are the most telling pieces of the article, IMO:



Hmm...



Discuss.

Actually those who make under 20 pay nothing in taxes (hence their tax refund check) and those who have dependents and make less than 40k pay little to nothing in taxes.

In reality taxation is difficult because every family or individual is in a unique position as far as what they're taxed..

I'm not a bum either. Started my first job at 13 and have earned everything I have and yes -- I'm comfortable.

But, damn - when are the pubs/bags gonna get it that its NOT about INCOME TAX?

It has never been about INCOME TAX and it never will be about INCOME TAX.

Maybe you're just too snug....

 

[Billy000]

PolitiFact | Warren Buffett says the super-rich pay lower tax rates than others


What we all already know:




Here are the most telling pieces of the article, IMO:



Hmm...



Discuss.

Actually those who make under 20 pay nothing in taxes (hence their tax refund check) and those who have dependents and make less than 40k pay little to nothing in taxes.

In reality taxation is difficult because every family or individual is in a unique position as far as what they're taxed..

I'm not a bum either. Started my first job at 13 and have earned everything I have and yes -- I'm comfortable.

But, damn - when are the pubs/bags gonna get it that its NOT about INCOME TAX?

It has never been about INCOME TAX and it never will be about INCOME TAX.

They say all of this information is false, yet they seem unable to come up with anything of substance to counter it besides callng me an idiot and implying that I am some dirty hippie.

 

[Billy000]

It's not your money.

Just because they make it, it doesn't mean they earn it.

There, see. That's all the proof anyone needs that your a rank continental-class moron. Thanks for providing this.

The proof is in last link of my signature. The downside of a free-market system, I'm afraid.

 

[The T]

Don't you get tired of that same ole republican rhetoric? I make a thread about taxation and you automatically assume I am a bum. Opening your mind up just a little isn't going to cause any brain leakage (provided there is something in there to leak)

I'm Independent Conservative...Old School Classical LIBERAL...

Now do try again and stop with the class warfare nonsense...and get a fucking JOB. Get off the fucking dole...moocher.

You just don't pay attention to anything I say, do you?

You intent and Thread title ferret YOU out.

 

[Mr.Nick]

Actually those who make under 20 pay nothing in taxes (hence their tax refund check) and those who have dependents and make less than 40k pay little to nothing in taxes.

In reality taxation is difficult because every family or individual is in a unique position as far as what they're taxed..

I'm not a bum either. Started my first job at 13 and have earned everything I have and yes -- I'm comfortable.

But, damn - when are the pubs/bags gonna get it that its NOT about INCOME TAX?

It has never been about INCOME TAX and it never will be about INCOME TAX.

They say all of this information is false, yet they seem unable to come up with anything of substance to counter it besides callng me an idiot and implying that I am some dirty hippie.

No you just don't want to learn...

Are you capable of learning???

 

[logical4u]

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.

quote]

• the income between $0 and $17,000 is taxed at 10 percent; $1,700 at high end
• the income between $17,000 and $69,000 is taxed at 15 percent; $10,350 at high end
• the income between $69,000 and $139,350 is taxed at 25 percent; $34,837 at high end
• the income between $139,350 and $212,300 is taxed at 28 percent; $59,444 at high end
• the income between $212,300 and $379,150 is taxed at 33 percent; $125,119.5 at high end
• the income above $379,150 is taxed at 35 percent.

$132,702 at low end

So why aren't people paying their "fair share"? If 2 people are similar in appearance and intelligence, why don't they have to pay the same tax? Why do those that earn the most lose 1/3rd of their income to taxes while those that are low achievers only lose 1/10th?

 

[Mr.Nick]

Actually those who make under 20 pay nothing in taxes (hence their tax refund check) and those who have dependents and make less than 40k pay little to nothing in taxes.

In reality taxation is difficult because every family or individual is in a unique position as far as what they're taxed..

I'm not a bum either. Started my first job at 13 and have earned everything I have and yes -- I'm comfortable.

But, damn - when are the pubs/bags gonna get it that its NOT about INCOME TAX?

It has never been about INCOME TAX and it never will be about INCOME TAX.

They say all of this information is false, yet they seem unable to come up with anything of substance to counter it besides callng me an idiot and implying that I am some dirty hippie.

What the fuck are you talking about - care to list an example???