TOP 400 earn $135 billion, pay 18% income tax

Discussion in 'News / Current Events' started by billwald, May 17, 2011.

  1. billwald

    billwald
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    http://www.alternet.org/story/15095...hing_in_taxes?akid=6972.85218.LIm1-Q&rd=1&t=8

    Gives new meaning to "graduated income tax." Any of you pay an 18% or less marginal tax rate?

    (Formatting on chart will probably be messed, sorry. If total family income is over 69K you are paying 25% marginal tax rate)


    Married individuals filing joint returns and surviving spouses

    If Taxable Income Is: The Tax Is:
    Not over $17,000 10% of the taxable income
    Over $17,000 but not over $69,000 $1,700 plus 15% of the excess over $17,000
    Over $69,000 but not over $139,350 $9,500 plus 25% of the excess over $69,000
    Over $139,350 but not over $212,300 $27,087.50 plus 28% of the excess over $139,350
    Over $212,300 but not over $379,150 $47,513.50 plus 33% of the excess over $212,300
    Over $379,150 $102,574 plus 35% of the excess over $379,150
    Standard deduction $11,600
     
  2. Salty

    Salty
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    Bill,

    I am the type of person who likes to look at all three sides of an issue.

    Now you contend that of the top 400 wage earners (at an average of $ 340 million ) only pays 18% tax.

    I will be glad to answer that as soon as you answer two simple questions of the average millionaire/billionaire

    1. How much did they donate to charity?

    2. How many employees did they have during the entire tax year?
     
  3. targus

    targus
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  4. billwald

    billwald
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    Targus

    Your reply contains insufficient info to relate your tax rate to your comment about vacation homes.
     
  5. targus

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    My marginal tax rate is below 18% and my income is sufficient to enable me to own a relatively expensive vaction home.
     
  6. billwald

    billwald
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    To purchase or to pay the taxes on?
     
  7. targus

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    What difference does it make?

    You asked about marginal income tax rates.

    I answered.

    What's your point - if any?
     
  8. Salty

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    Bill thinks that if you can afford a vacation home, then you should pay more taxes so the goverment can buy a small vaction home for a poor person.
     
  9. billwald

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    The point is that Targus likes to brag but always in generalities.

    Maybe he inherited his million dollar vacation place. The taxes on such a place might be $5,000. No big deal for most people.
     
  10. targus

    targus
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    There is no secret here.

    I've told my story several times here on the board before.

    I left the farm to attend highschool in the innercity of Detroit.

    I put myself through college.

    Passed the CPA exam.

    Bought a failing business which I grew and sold for a gain.

    Worked - worked - and worked.

    My inheritance from my parents was $8,000

    Your attitude towards those who have found success through hard work and risk taking says volumes about the path that you chose of hiding in the briar patch all of your career.

    BTW - since you seem to enjoy my "bragging" - my youngest son is receiving his Masters degree from Cornell (ever heard of it?) at the end of the month and my oldest son who is in his second year of Law School at the University of Michigan has already received three very good job offers upon graduation.
     
  11. Salty

    Salty
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    Well there is your problem - don't you feel guilty for receiving an inheritance when many poor people never receive one:smilewinkgrin:

    Let your son know, if he comes up to Syracuse (just a hop skip and jump) to stop off and we will have a cup of coffee.
    Wait, are you coming to the graduation?....
     
  12. targus

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    You know that I wouldn't miss it!!

    As to a cup of coffee...

    We are taking the in-laws and some other family with us and they have already cast a veto against a couple of other side trips that I was interested in. :laugh:
     
  13. billwald

    billwald
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    "Far above Cayuga's waters, there's a awful smell.
    "Some say it's Cayuga's waters, we say it's Cornell.

    Bill Wald, '62, Clarkson University nee College of Technology

    Good for you. I have nothing against hard work, only unnecessary work. My kids are also doing fine. Good for yours.
     
  14. Chessic

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    As a disabled person with less than $500 per month income, I approve of this thread! I'll be closing on my new summer home in Aspen next week, right after I visit the local food pantry.
     
    #14 Chessic, May 19, 2011
    Last edited by a moderator: May 19, 2011
  15. rbell

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    We don't agree on much, but I'm genuinely glad to hear that.:thumbsup:
     
  16. billwald

    billwald
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    I would like to live in San Francisco but would have to take a hit in standard of living. (And The Wife would not move away from the grandkids) People on welfare can live wherever they want. Bums in Arizona spend winters in Phoenix and summers in Flagstaff. This also works for disabled people? <G>
     
  17. Salty

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    Actually, Bill I am upset the rich are paying 18% of their income to the GOVT.

    NO ONE should pay more than a penny over TEN PER CENT!!!
     

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