hedge fund manager to pay HIGHER tax rate then plumber or teacher..!

healthmyths

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Obama said:
"I reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or a teacher is class warfare."

1) Hedge fund managers only pay 15% income tax.
http://www.crimeandfederalism.com/2010/04/hedge-fund-billionaires-pay-lowest-income-tax-rates.html

Which is higher 15% or 9.6% teachers paid or 5.6% plumbers PAID?
These are the REAL numbers...not guesses but exactly what was paid!

Download this .xls file for 2008 tax returns and the REAL amount paid in taxes.According to the IRS:
SOI Tax Stats - Individual Statistical Tables by Size of Adjusted Gross Income

The actual taxes paid by an average plumber in 2009 was 5.6% on $50,000
The actual taxes paid by an average teacher in 2009 was 9.2% on $52,000

Plumbers, Pipefitters, and Steamfitters

Teachers
There are a Total of : 1,485,600 Elementary School Teachers,
Their Mean Annual Wage: $54,330 per elementary teacher.

Plumbers:
According to the department of labor
There are total plumbers: 358,790 and
their Mean annual wage $50,360 per plumber.
 
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healthmyths

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All I did was look at this tax table of real taxes paid by real people!
SOI Tax Stats - Individual Statistical Tables by Size of Adjusted Gross Income
Deal with REAL facts.. and that is 15% is the rate fund managers paid if they made more then $1 million reported to IRS!
on incomes over $500,000 there were in 898,912 returns in 2008.
These returns paid $342 billion on the reported $1.265 trillion!
Any dummy can divide $342 billion in PAID taxes by $1.265 trillion and you find that those evil wealth fund managers included in making over $500,000.. PAID
27.09% taxes!
LOOK IT UP!
Like Obama you are looking at the tax tables..
LOOK at the reality of what was paid!!!
Go look up the tax tables instead of guessing or worse being so absolutely ignorant!
Make an effort and you won't look so stupid!
 

Charles_Main

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Obama said:
"I reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or a teacher is class warfare."

1) Hedge fund managers only pay 15% income tax.
http://www.crimeandfederalism.com/2010/04/hedge-fund-billionaires-pay-lowest-income-tax-rates.html

Which is higher 15% or 9.6% teachers paid or 5.6% plumbers PAID?
These are the REAL numbers...not guesses but exactly what was paid!

Download this .xls file for 2008 tax returns and the REAL amount paid in taxes.According to the IRS:
SOI Tax Stats - Individual Statistical Tables by Size of Adjusted Gross Income

The actual taxes paid by an average plumber in 2009 was 5.6% on $50,000
The actual taxes paid by an average teacher in 2009 was 9.2% on $52,000

Plumbers, Pipefitters, and Steamfitters

Teachers
There are a Total of : 1,485,600 Elementary School Teachers,
Their Mean Annual Wage: $54,330 per elementary teacher.

Plumbers:
According to the department of labor
There are total plumbers: 358,790 and
their Mean annual wage $50,360 per plumber.
The Hedge Fund Managers and ANYONE who has investments or is retired living of Capital Gains.

Even Buffet backed off the Buffet rule this week. he clarified and said he means we should raise Taxes only on the Super rich, He said 50 Million a year and Above. Said it would raise 20 Billion a year.
 

waltky

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Granny says, "Dat's right - lock him up an' throw away the key...
:clap2:
Hedge fund exec gets 11 years for insider trading
Thu Oct 13,`11 – Raj Rajaratnam, the hedge fund billionaire at the center of the biggest insider-trading case in U.S. history, was sentenced Thursday to 11 years behind bars — the stiffest punishment ever handed out for the crime.
"His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated," U.S. District Judge Richard J. Holwell said. "Simple justice requires a lengthy sentence." The 54-year-old founder of the Galleon Group hedge fund was also fined $10 million and ordered to forfeit $53.8 million in what the judge said were illicit profits from trading on confidential corporate information. Prosecutors said Rajaratnam made as much as $75 million in all by cultivating a network of friends, former classmates and other tipsters at various companies and investment firms who supplied him with early word on such things as mergers and earnings announcements. In return, they received kickbacks or a chance to get in on the action.

Among the companies he profited from were Google, IBM, Hilton Hotels, Intel, Advanced Micro Devices and Goldman Sachs. The sentencing was the last major act in a series of prosecutions that followed Rajaratnam's arrest in 2009, the same year he was ranked No. 559 by Forbes magazine among the world's wealthiest billionaires, with a $1.3 billion net worth. More than two dozen people were arrested in the investigation, nicknamed Perfect Hedge, and all were convicted. The scandal — along with the 2008 financial meltdown and the Wall Street abuses it exposed — stoked populist anger in the U.S. and complaints that the stock market is a sucker's game, rigged by insiders.

The judge called it "an assault on the free markets that are a fundamental element of our democratic society. There may not be readily identifiable victims, but when the playing field is not level, the integrity of the marketplace is called into question and the public suffers." Asked at his sentencing if he would like to speak, Rajaratnam responded: "No, thank you, Your Honor." The Sri Lanka-born Rajaratnam was ordered to report to a yet-to-be-designated prison Nov. 28. Until then, he must remain confined to his $10 million Manhattan condominium. His lawyers asked that he be sent to the medical facility at the federal prison in North Carolina where Bernard Madoff is serving his 150-year sentence. He has advanced diabetes and needs a kidney transplant, according to the judge.

The longest previous sentence in an insider-trading case was 10 years, given twice before, most recently last month to one of Rajaratnam's co-defendants. But Rajaratnam's punishment fell far short of the 24 1/2 years prosecutors had requested. Federal prosecutor Reed Brodsky said insider trading "makes a mockery of the principle that no one participant has an unfair advantage through thievery." He said Rajaratnam corrupted at least 20 fellow traders and insiders, and at least 19 public companies were victims of his crimes. "Today you sentence a man who is the modern face of illegal insider trading," Brodsky told the judge. "He is arguably the most egregious insider trader to face sentencing in a courthouse in the United States."

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healthmyths

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So you realize you are if you get registered investments tips from your brother-in-law liable just as this fund manager is to being convicted.

The laws were broken and the manager convicted. Great!
 

8537

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Obama said:
"I reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or a teacher is class warfare."

1) Hedge fund managers only pay 15% income tax.
http://www.crimeandfederalism.com/2010/04/hedge-fund-billionaires-pay-lowest-income-tax-rates.html

Which is higher 15% or 9.6% teachers paid or 5.6% plumbers PAID?
These are the REAL numbers...not guesses but exactly what was paid!

Download this .xls file for 2008 tax returns and the REAL amount paid in taxes.According to the IRS:
SOI Tax Stats - Individual Statistical Tables by Size of Adjusted Gross Income

The actual taxes paid by an average plumber in 2009 was 5.6% on $50,000
The actual taxes paid by an average teacher in 2009 was 9.2% on $52,000

Plumbers, Pipefitters, and Steamfitters

Teachers
There are a Total of : 1,485,600 Elementary School Teachers,
Their Mean Annual Wage: $54,330 per elementary teacher.

Plumbers:
According to the department of labor
There are total plumbers: 358,790 and
their Mean annual wage $50,360 per plumber.
The Hedge Fund Managers and ANYONE who has investments or is retired living of Capital Gains.

Even Buffet backed off the Buffet rule this week. he clarified and said he means we should raise Taxes only on the Super rich, He said 50 Million a year and Above. Said it would raise 20 Billion a year.
Hedge fund managers aren't living on capital gains. They are paid commissions etc...and they are not risking their own capital. Why should risking someone else's capital get you a lower tax rate?
 

editec

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The 2008 median salary (and bonuses) of the CEOs of the top ten Hedge fund firms on Wall Street was


$2,500,000,000

FYI that sum amounts to the 2011 median annual combined family income of more than

50,000 US FAMILIES
 
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