Should the United States go back to a top federal tax rate of 70%?

[Mikeoxenormous]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

I finally earned $10 million last year, then I lost it in a poker game to a Lumbee Indian. (he cheated)

Did he look like this?

 

[Toddsterpatriot]

How do you pay 5% tax on your dividends?

I do it every year...and not with the 1040ez

How? Nothing I've seen shows the dividend rate is that low. What's your secret?

Okay, there is one rule of thumb for low dividend tax rates. You must hold the stocks over a long period of time. If you day trade, you wont get the tax break.

Dividends that qualify for the lower long-term capital gains tax rates are called qualified dividends.
Qualified dividends were taxed at rates of 0, 15 or 20 percent through 2017, depending on your tax bracket. Then the Tax Cuts and Jobs Act (TCJA) came along and changed things up somewhat. The rates are still set at 0, 15, and 20 percent, but now long-term capital gains have their own tax brackets—at least through 2025 when the TCJA potentially expires.

Okay, there is one rule of thumb for low dividend tax rates. You must hold the stocks over a long period of time.

Only if you consider 60 days to be long-term.

The rates are still set at 0, 15, and 20 percent,

Yup. Still no mention of 5% rates on $440,000.
You want to modify your story?

I have had Home Depot stock since 1987 very long term making 2.2% dividend income but only cost me $2.00 a share. I have been buying other stocks like Boeing in 1991 holding that dividend about 2.55% still long term. I have stocks that I bought just after the crash of 2007 but the average of all the dividends is around 5% taxes that was what I paid last year. Talk to a CPA if you want more understanding...

Long term capital gains are awesome.
Which has nothing to do with your (faulty) claim that you regularly pay a 5% tax rate on your $440,000 in annual dividends. I don't need to talk to a CPA to see your error.

Try again?

 

[Anathema]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

I don’t make that much ninety, but I still don’t believe ANYONE should be paying anywhere near that percentage in taxes. 5% fine. 7-8% okay. 10% maybe. Anything mire than that - to much. Oh, and no deductions or minimum income levels either.

 

[jasonnfree]

Oh, I know!!!

Let's take money from people who know how to make it and turn it over to an entity that loses $1,000,000,000,000 annually!

They also encourage politicians to 'see things their way' with donations. Used to be a crime to bribe politicians, but no more since politicians were bribed into making bribery of that sort legal.

 

[SassyIrishLass]

How do you pay 5% tax on your dividends?

I do it every year...and not with the 1040ez

How? Nothing I've seen shows the dividend rate is that low. What's your secret?

Okay, there is one rule of thumb for low dividend tax rates. You must hold the stocks over a long period of time. If you day trade, you wont get the tax break.

Dividends that qualify for the lower long-term capital gains tax rates are called qualified dividends.
Qualified dividends were taxed at rates of 0, 15 or 20 percent through 2017, depending on your tax bracket. Then the Tax Cuts and Jobs Act (TCJA) came along and changed things up somewhat. The rates are still set at 0, 15, and 20 percent, but now long-term capital gains have their own tax brackets—at least through 2025 when the TCJA potentially expires.

Okay, there is one rule of thumb for low dividend tax rates. You must hold the stocks over a long period of time.

Only if you consider 60 days to be long-term.

The rates are still set at 0, 15, and 20 percent,

Yup. Still no mention of 5% rates on $440,000.
You want to modify your story?

I have had Home Depot stock since 1987 very long term making 2.2% dividend income but only cost me $2.00 a share. I have been buying other stocks like Boeing in 1991 holding that dividend about 2.55% still long term. I have stocks that I bought just after the crash of 2007 but the average of all the dividends is around 5% taxes that was what I paid last year. Talk to a CPA if you want more understanding...

Looks like 5% is plausible. I'm not sure of the validity of this site but it's possible


‘ Long-term capital gains tax applies to assets that are held for longer than 1 year before being sold. Those who are in the 10% and 15% tax brackets must pay 5% capital gains tax anyone who falls outside those brackets must pay 15% capital gains tax (for most taxpayers).

Capital Gains Tax Rates

 

[Hossfly]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

I finally earned $10 million last year, then I lost it in a poker game to a Lumbee Indian. (he cheated)

Did he look like this?

Like this.

 

[Mikeoxenormous]

I do it every year...and not with the 1040ez

How? Nothing I've seen shows the dividend rate is that low. What's your secret?

Okay, there is one rule of thumb for low dividend tax rates. You must hold the stocks over a long period of time. If you day trade, you wont get the tax break.

Dividends that qualify for the lower long-term capital gains tax rates are called qualified dividends.
Qualified dividends were taxed at rates of 0, 15 or 20 percent through 2017, depending on your tax bracket. Then the Tax Cuts and Jobs Act (TCJA) came along and changed things up somewhat. The rates are still set at 0, 15, and 20 percent, but now long-term capital gains have their own tax brackets—at least through 2025 when the TCJA potentially expires.

Okay, there is one rule of thumb for low dividend tax rates. You must hold the stocks over a long period of time.

Only if you consider 60 days to be long-term.

The rates are still set at 0, 15, and 20 percent,

Yup. Still no mention of 5% rates on $440,000.
You want to modify your story?

I have had Home Depot stock since 1987 very long term making 2.2% dividend income but only cost me $2.00 a share. I have been buying other stocks like Boeing in 1991 holding that dividend about 2.55% still long term. I have stocks that I bought just after the crash of 2007 but the average of all the dividends is around 5% taxes that was what I paid last year. Talk to a CPA if you want more understanding...

Long term capital gains are awesome.
Which has nothing to do with your (faulty) claim that you regularly pay a 5% tax rate on your $440,000 in annual dividends. I don't need to talk to a CPA to see your error.

Try again?

You are like the guy that said that I couldn't change my mortgage from a 30 year fixed monthly payment to a 30 year fixed bi-monthly payment that turned the 30 years into a 22 year mortgage. When my bank and I set up the arrangement, I did just that, because most of the interest paid on the monthly is from day 15 to day 30/31. When you pay 1/2 in first 15 days and the other 1/2 in the last 15/16 the compounded daily resets at 15 and you save a ton on interest. Oh well, you go ahead and tell me it cant be done, I will gladly take my 5% tax and just do fine with the legal loophole..

 

[Hutch Starskey]

Sure it does, silly.

The wealthy spread the cash amongst themselves. Rich folks sell to rich folks.
The guy I bought my Maserati from lives two doors down.

Working folks certainly never get a taste. It doesn't circulate their way.

Dumbass, the guy you BOUGHT the Maserati from may be rich, but unless he built that bad boy with his own two hands, there were a whole lot of other people getting paid throughout the creation of it, and most of them were probably poorer than he is.

In the real world, rich people engage in commerce with poor people all the time.

Yes. In Italy, fool.

And? What does location have to do with the current discussion? You said "The wealthy spread cash among themselves. Working folks never get a taste." You never specified rich or working in a specific country.

Besides, I'm guessing that the guy you bought your Maserati from ALSO employs quite a few less-rich people in his dealership, as well, unless he's filing his own paperwork and moonlighting as a mechanic.

Read the thread before jumping in, dope.
We're talking about the US economy which should be obvious in a thread about US tax rates.

Read the thread, dolt. Doesn't change a ******* thing I said, nor does it make a convincing backpedal for you.

Let me break it down for you, since you want us to believe you became "rich" without ever having clue one how the most basic things work.

Presuming that your Maserati dealer friend didn't build the car in his backyard and, in fact, got it the normal way a dealer acquires cars (and leaving aside the fact that YOU, not me, digressed from discussions of US taxes to rant about rich elitism):

While Maserati is, indeed, an Italian-based car manufacturer, they do employ Americans. Like most corporations in this global age, they have divisions in more than one country, complete with employees.

Furthermore, dimwit, the act of bringing the car to the US for you to buy it provides employment for all manner of not-rich Americans. Or did you think Maserati employed wizards to just wave their wands and POOF the car to the dealership?

And finally, as I mentioned and you conveniently "missed", your friend's dealership employs any number of not-rich Americans, unless he's working 40-hour days to do it all himself.

Read the thread, dolt. Doesn't change a ******* thing I said, nor does it make a convincing backpedal for you.

It absolutely does.
A car manufactured in Italy does nothing for workers in America, dope

Yikes.

 

[Hutch Starskey]

Those who over the last forty years who have pulled an obscene amount of money out of circulation.

Durr!

Moron.

This guy is a total idiot. They actually believe they are pulling money out of circulation....... Public schools man...... Public education showing through.

You're right of course. My third house just added it's 100th employee and announced profit sharing for this year!

So you say something completely disconnected from the point at hand.

Do you, or do you not, believe that money is somehow removed from circulation? If you do... you are an idiot. Nothing you posted there, contradicts that fact.

The point was the money is tied up in the house and is not benefitting anyone except me and my lender. Rich folks own a lot of real estate.
Great returns if done well. They also have accounts around the world.

Maybe you should explain why you believe the cash I spent for my home in Tuscany is still in circulation in the American economy.

There is no such thing as "money tied up". Ridiculous.

So apparently you have no concept of how wealth is created or destroyed.

No money is tied up. When you buy a house, the money doesn't magically go into the house and stay there. It is used to buy lumber, materials, electrical cords, and everything else that goes into a house. That results in value of those materials increasing in value.

The raw cost of materials is lower, than the value of the house. The house is worth more money, than the sum total value of the individual materials.

This is how wealth is created. This is how a poor nation becomes a rich nation.

But the money doesn't dissolve into the house. The money goes to the suppliers and builders, who then pay their employees, or pay their suppliers.... and so on.

It is a benefit to the economy. There is no money 'out of circulation'. That is ridiculous.

Maybe you should explain why you believe the cash I spent for my home in Tuscany is still in circulation in the American economy.

Of course it is. Of course that money is circulating in the US economy right now.

LOL.....

What do you think they did with it? You think that they paid their Italian workers with US dollars, that they can't use to pay their bills or buy food or products with? Of course not.

The only place that US dollars are usable in, are the United States, or in the very few areas that circulate US dollars.

All money spent abroad, comes back to the US. It has to, because the French don't pay their workers in USD.... the Chinese don't pay their workers in USD. What do you think those people are doing with US dollars? Sleeping on them?

Yes, absolutely your US money that you spent elsewhere in ther world, all comes back to the US. The people who have those dollars must spend them in the US somewhere. The only alternative is to buy US government bonds with them, but then the US government has that money and spend it in the US. So all US dollars come back, one way or another.

You do realize that FIAT bought out Chrysler, correct? Where did they get the US dollars to buy a US company with? ....... think about it.....

The point was the money is tied up in the house and is not benefitting anyone except me and my lender. Rich folks own a lot of real estate.

Again money is not tied up. You paid someone for that house. The money went to whomever you paid.

Additionally, you are actually incorrect. Your house benefits everyone. As in everyone.

A rich person who builds a house, means there is another house that exists in the market. Basic concept of supply and demand is, if supply increases, prices go down. If the price of homes go down, then that makes it easier for the lower and middle class to own a home.

This is true, even if the house a rich person builds, is a home that only a rich person could afford. Because even if they move into a $1 million dollar home, that means they are not living in a $500,000 home, or a $200,000 home, or a $100,000 home. Every single home that is built, increases the over all supply in the market, that allows the lower and middle class to have homes to live in.

So you are incorrect. Building a home benefits everyone.

Buying a home does nothing but liquidate the previous owner's investment, fool.

 

[miketx]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

*crickets*

Traitor liar.

 

[Bootney Lee Farnsworth]

By Christian ethics the answer is yes.

That is death-penalty levels of wrong.

Jesus (assuming such a person ever existed) never advocated for stealing and redistributing.

Also, **** CHRISTIANITY.

I worship THOR!!!

 

[Dragonlady]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

Only if it is "EARNED" income. Dividend and capital gains wont fall into the earned income part, and most people who make over $10 million get it through options again not getting taxed as earned income. So this is all smoke and mirrors but supposed to make the petulant impoverished welfare queens and queers feel like she is working for them....


My earned income is around 30 thousand dollars a year. I have dividends coming in around $440,000 a year I only am taxed about $22,000 on that dividend income and $6,000 on the earned income.....See the difference?

You have $20+ million in stocks? I highly doubt that.

 

[Bootney Lee Farnsworth]

ndependence, strength, self reliance and survival are all attributes celebrated in the Germanic/Anglo Saxon tradition.

Which is why I worship THOR!!!

Valhalla, I am coming!!!

 

[Thinker101]

Apparently Jeff Bezos doesn't want to pay 70% so he's going to give away half his money.

 

[Mikeoxenormous]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

Only if it is "EARNED" income. Dividend and capital gains wont fall into the earned income part, and most people who make over $10 million get it through options again not getting taxed as earned income. So this is all smoke and mirrors but supposed to make the petulant impoverished welfare queens and queers feel like she is working for them....


My earned income is around 30 thousand dollars a year. I have dividends coming in around $440,000 a year I only am taxed about $22,000 on that dividend income and $6,000 on the earned income.....See the difference?

You have $20+ million in stocks? I highly doubt that.

just got over 11 million and 2 of my stocks pay a dividend over 11%. Doubt all you want, I love it when you do, because you can stay a victim of liberalism and be miserable and poor, you just deserve it...

 

[presonorek]

ndependence, strength, self reliance and survival are all attributes celebrated in the Germanic/Anglo Saxon tradition.

Which is why I worship THOR!!!

Valhalla, I am coming!!!

Is Thor easy to worship?

 

[HenryBHough]

Would seem a 70% rate as outlined would kick the living shit out of Hillary and Billary.

I'm beginning to see an upside to all this crap!

 

[Mikeoxenormous]

Apparently Jeff Bezos doesn't want to pay 70% so he's going to give away half his money.

Yea, to his other half who married the cheating son of a *****, just like Bill Clinton and Harvey Weinstein. Liberals they are all the same....


Bwaaaahhhhhaaaa. and I just thought how liberals say we are the immoral people.....

 

[Bootney Lee Farnsworth]

ndependence, strength, self reliance and survival are all attributes celebrated in the Germanic/Anglo Saxon tradition.

Which is why I worship THOR!!!

Valhalla, I am coming!!!

Is Thor easy to worship?

Pretty much.

No stupid rules. Murder is legal. Kill your enemies. Die with a sword/gun in your hand. Fight battles over and over in Odin's hall. ****. Drink. Feast. **** some more.

(Actually, I only say that when I am forced to state a religious affiliation)

 

[Thinker101]

ndependence, strength, self reliance and survival are all attributes celebrated in the Germanic/Anglo Saxon tradition.

Which is why I worship THOR!!!

Valhalla, I am coming!!!

Is Thor easy to worship?

Pretty much.

No stupid rules. Murder is legal. Kill your enemies. Die with a sword/gun in your hand. Fight battles over and over in Odin's hall. ****. Drink. Feast. **** some more.

(Actually, I only say that when I am forced to state a religious affiliation)

Dang, where do I sign up?