Barry is raking it in..

[Si modo]

Yeah, I mean, from my understanding, that couldn't happen. I don't see how it could, mathematically. But tax code is so convoluted and confusing that I don't doubt what you're saying.

I wish I could do them myself. And, I am not all that stupid, TBH. THIS fact alone makes me favor tax reform with the first thing on the agenda - KISS.

But if taxes were simple, CPAs would all lose their jobs.

Think of the CPAs.

Who are they?

 

[WillowTree]

This is exactly why being President shouldnt pay well. Save the taxpayers money since we know whoever has the office will be beyond wealthy with book deals.

A true patriot would serve for no salary especially since he knows we are in a recession. look how many people could go to the doctor on his dime..

 

[theDoctorisIn]

I wish I could do them myself. And, I am not all that stupid, TBH. THIS fact alone makes me favor tax reform with the first thing on the agenda - KISS.

But if taxes were simple, CPAs would all lose their jobs.

Think of the CPAs.

Who are they?

Certified Public Accountants

 

[Si modo]

But if taxes were simple, CPAs would all lose their jobs.

Think of the CPAs.

Who are they?

Certified Public Accountants

Yes, they are. Rarely pay attention to them, except when one calls me.

 

[EriktheRed]

White House: Obamas earn $5.5 million in 2009

Over 5 mill for bamboozling the public, not bad.

So much fun to watch ODS sufferers come up with the most pathetic shit to bash the Prez with.

 

[Ravi]

See, that's the beauty of using the, IMO, unfair progressive tax. IF that $100 donation gets the taxable income into a lower bracket, the savings is sometimes larger than the donation.

You don't seem to know how tax brackets work.

Here are the tax tables, as of 2009.

2009 Tax Brackets Announced

The marginal rate refers to only income between those tax brackets.

The highest marginal tax rate is 35%, which kicks in only for income OVER $372,950. So, if I made $500,000 dollars last year, I would pay the following amount in taxes:

For the first $8350 dollars, I would be taxed 10% = $835
For the next $25600 dollars, I would be taxed 15% = $3840
For the next $48300 dollars, I would be taxed 25% = $12075
For the next $89300 dollars, I would be taxed 28% = $25004
For the next $201400 dollars, I would be taxed 33% = $66462
And for the remaining $127050 dollars, I would be taxed 35% = $44467.50

My total income tax, without any deductions would be $152683.5, which according to my math is about 30%.

Please show me a scenario in which someone could have a net savings by donating to charity.

By donations alone, if one is near the dividing line of a bracket on their taxable income, donations can bump one lower. However, as I said, and perhaps that wasn't clear, IF making a donation puts one in a lower bracket, sometimes that donation is quite desirable. I know, I've done it. One year the money I saved in paying taxes by making a donation was more than the donation. This was in the 90s.

You remember wrong.

 

[Si modo]

You don't seem to know how tax brackets work.

Here are the tax tables, as of 2009.

2009 Tax Brackets Announced

The marginal rate refers to only income between those tax brackets.

The highest marginal tax rate is 35%, which kicks in only for income OVER $372,950. So, if I made $500,000 dollars last year, I would pay the following amount in taxes:

For the first $8350 dollars, I would be taxed 10% = $835
For the next $25600 dollars, I would be taxed 15% = $3840
For the next $48300 dollars, I would be taxed 25% = $12075
For the next $89300 dollars, I would be taxed 28% = $25004
For the next $201400 dollars, I would be taxed 33% = $66462
And for the remaining $127050 dollars, I would be taxed 35% = $44467.50

My total income tax, without any deductions would be $152683.5, which according to my math is about 30%.

Please show me a scenario in which someone could have a net savings by donating to charity.

By donations alone, if one is near the dividing line of a bracket on their taxable income, donations can bump one lower. However, as I said, and perhaps that wasn't clear, IF making a donation puts one in a lower bracket, sometimes that donation is quite desirable. I know, I've done it. One year the money I saved in paying taxes by making a donation was more than the donation. This was in the 90s.

You remember wrong.

Whatever you say, ravi. You ARE the expert on my life experiences.

 

[Ravi]

By donations alone, if one is near the dividing line of a bracket on their taxable income, donations can bump one lower. However, as I said, and perhaps that wasn't clear, IF making a donation puts one in a lower bracket, sometimes that donation is quite desirable. I know, I've done it. One year the money I saved in paying taxes by making a donation was more than the donation. This was in the 90s.

You remember wrong.

Whatever you say, ravi. You ARE the expert on my life experiences.

No...I just know it isn't possible.

 

[Si modo]

You remember wrong.

Whatever you say, ravi. You ARE the expert on my life experiences.

No...I just know it isn't possible.

You argue when I tell you whatever you say as you are the expert on my life experiences?

 

[Ravi]

Whatever you say, ravi. You ARE the expert on my life experiences.

No...I just know it isn't possible.

You argue when I tell you whatever you say as you are the expert on my life experiences?

I don't need to know your life experience to know that you are wrong.

In the 90s the highest bracket was 39.6%. If you made $371,050 you'd pay $125,948.50 in taxes.

If you donated $100,000 to charity and bumped yourself down to the next bracket (36%), you'd pay $86,368.50 in taxes. You gave away $100,000 to save $39,580 in taxes.

 

[theDoctorisIn]

No...I just know it isn't possible.

You argue when I tell you whatever you say as you are the expert on my life experiences?

I don't need to know your life experience to know that you are wrong.

In the 90s the highest bracket was 39.6%. If you made $371,050 you'd pay $125,948.50 in taxes.

If you donated $100,000 to charity and bumped yourself down to the next bracket (36%), you'd pay $86,368.50 in taxes. You gave away $100,000 to save $39,580 in taxes.

Also, you're numbers are just wrong in general. Tax brackets affect only the income between the brackets - for instance, if the cut-off between the tax brackets is 371,050, you only get taxed 39.6% on income OVER 371,050.

 

[Ravi]

You argue when I tell you whatever you say as you are the expert on my life experiences?

I don't need to know your life experience to know that you are wrong.

In the 90s the highest bracket was 39.6%. If you made $371,050 you'd pay $125,948.50 in taxes.

If you donated $100,000 to charity and bumped yourself down to the next bracket (36%), you'd pay $86,368.50 in taxes. You gave away $100,000 to save $39,580 in taxes.

Also, you're numbers are just wrong in general. Tax brackets affect only the income between the brackets - for instance, if the cut-off between the tax brackets is 371,050, you only get taxed 39.6% on income OVER 371,050.

I took that into account.

$371,050 income = $86,348.50 plus 39.6% over $271,050 (39,600) Total tax due $125,948.50

$371,050 income, $100,000 to charity = adjusted gross income of $271,050 = $33,664.50 plus 36% of amount over $124,000 (52,704) Total tax due $86,368.50

 

[Ravi]

btw, the 39.6 % kicked in at over 271K not 371K.

 

[Ravi]

I think Xeno owes Obama an apology.

 

[theDoctorisIn]

btw, the 39.6 % kicked in at over 271K not 371K.

Oh, Ok. I didn't know the marginal rates in the 90s, I was just guessing.

 

[theDoctorisIn]

I don't need to know your life experience to know that you are wrong.

In the 90s the highest bracket was 39.6%. If you made $371,050 you'd pay $125,948.50 in taxes.

If you donated $100,000 to charity and bumped yourself down to the next bracket (36%), you'd pay $86,368.50 in taxes. You gave away $100,000 to save $39,580 in taxes.

Also, you're numbers are just wrong in general. Tax brackets affect only the income between the brackets - for instance, if the cut-off between the tax brackets is 371,050, you only get taxed 39.6% on income OVER 371,050.

I took that into account.

$371,050 income = $86,348.50 plus 39.6% over $271,050 (39,600) Total tax due $125,948.50

$371,050 income, $100,000 to charity = adjusted gross income of $271,050 = $33,664.50 plus 36% of amount over $124,000 (52,704) Total tax due $86,368.50

You're right.

 

[Ravi]

btw, the 39.6 % kicked in at over 271K not 371K.

Oh, Ok. I didn't know the marginal rates in the 90s, I was just guessing.

I didn't either, but I googled it up. I love google!

 

[theDoctorisIn]

btw, the 39.6 % kicked in at over 271K not 371K.

Oh, Ok. I didn't know the marginal rates in the 90s, I was just guessing.

I didn't either, but I googled it up. I love google!

I would have, but I'm at work and I've been too busy running around the office.

In fact, gotta run right now.

 

[Ravi]

I have to say, I see no real unfairness in the progressive tax system (unless you think it is unfair that some people at lower incomes pay no tax) but I'm not sure that it is needed.

It would be unfair to lower the top earners from 35 to 28 for a charity write offs, though, unless the earners in the other tax brackets had the same percentage lowered.

 

[bodecea]

I think Xeno owes Obama an apology.

Oh my goodness. DO you really expect That to Happen?