Featured House Votes To Repeal Tax On Richest 0.2 Percent Of Americans

Do you know how much a secretary would have to be paid in order to advance high in the tax bracket? Entry level work for a secretary checks in around $34,000 per year ($16.35 per hour based on a 40 hour work week). The top marginal tax rate at that level would be 15%, and that's not accounting for the plethora of deductions available. That rate would place her equal to Buffett, as capital gains and dividends are taxed at 15% or so. Plus, she's a secretary. How many secretaries are reporting their income as "capital gains?"

Beyond that, when Barack Obama used her as an example during a State of the Union speech several years ago, he basically presented the nation with a math problem whose only answer was "D. Not Enough Information." Is Buffett's secretary married? Does she jointly file? Does she have children who are dependent on her? Is she paid income or in stock options? Using IRS data based solely upon income, you can easily find out that, in order to pay a higher income tax rate (approximately 34%) than Buffett (who claims to pay only 17% or so income tax), the secretary would have to make between $200,000 and $500,000 per year. Not exactly the 'little fish fighting the giant shark' of a tax code, eh?

 

Warren Buffett's Secretary Likely Makes Between $200,000 And $500,000/Year
http://www.forbes.com/sites/paulrod...y-likely-makes-between-200000-and-500000year/

 

The ignorance was found in the article of which I read. When you have nothing else you pull this garbage.

 

You're missing the point Crabby. She was touted as some kind of "little guy" being taken advantage of by our tax system. If she's making over $200,000 per year, that's not a "little guy."

So let's just skip the nonsense:
What would you, Crabtownboy, do about our tax system to alleviate this 'injustice' that so disturbs you?

 

Yea you got nothing which is on display for everyone to see.

 

Just stop, you got caught lying once again in this thread and now you want to deflect your false assertion. If you want some wisdom stop being a far left extremist liberal. That alone will give you more wisdom than anyone can asked for in a single moment of life.

 

From the article:

Democrats were harshly critical of the bill, saying that it showed Republicans were being hypocritical with their recent expressions of concern for the widening income inequality gap in America.

Hey Democrats! It's not income! It's saved money, it's property, it's real estate. It's an inheritance, for heaven's sake!

Also, a tax break is not a "cost", as the article states. Furthermore, any loss of revenue from this tax break would not be annually, it would be in total, moving forward, and depends on when wealthy people die (article puts a 10 year window on the $269B).

And I've got news for you. Everybody else enjoys what is known as a "step-up" in basis for inherited assets. That is, the person that inherits the asset does not pay tax on the capital gains it has accrued while the owner was alive. So if the deceased had bought a house for $100,000 in 1960 and it is sold for $500,000, there would be a $400,000 capital gain to the property owner. But now that he's died, the person that inherits the house gets to reset the cost basis of the house to $500,000 and not pay that capital gain tax.

This bill would simply give the top 0.2 percent the same "zero basis" for inherited assets that everyone else enjoys. In other words it's a loophole that is being closed, but a loophole that penalized the wealthy.

Further, it's immoral to tax people on their life savings when they die. They've already paid a myriad of taxes on their accumulations be it income taxes, capital gains taxes, property taxes, sales taxes, etc. Now for the government to say, "hey we're going to tax you from the grave", it's just plain wrong.

 

Thank you. Nice analysis.

 

All the money, and everything on earth is God's so they are in effect taxing God in the blessing He gives to all. Think about it! Do you believe God should be taxed for His great wealth? How He chooses to bless people is how He chooses to do it. Just because He blesses some more than others doesn't mean they should be taxed more than others.

God laid out a tax for Israel to pay, the first 10% of the living, many call that a tithe now days, but it for Israel a tax in order to keep the tabernacle/temple updated. Why should man tax people more than God taxes them? God made it an equal tax for everyone, 10%. Why not just do a 10% tax across the board. Do away with the IRS and several government agencies. The super wealthy should not need to pay different taxes than the poor it should all be one equal percentage.

 

You simply can't be honest can you CTB. The house voted to repeal the inheritance tax. That applies to everyone with an estate large enough to be taxed and can ruin many small businesses, farms, etc.

Following is some information on which political party the richest people in the country gave money:

Note the 3 richest people in the country, Gates, Buffett, and Ellison are all democrats.

So Crabbie, as usual, you are taking the modified Marxist line, dictatorial rule by the oligarchy, or the bureaucracy, or any leftist; but keep everyone else on the plantation!

 

It seems that you think that it is okay to try to evade taxes yourself but you don't want the Clintons to evade death taxes when they leave their 100 to 200 million dollars to Chelsea. The Clintons have already paid taxes on their 100 to 200 million dollars and you want to tax it again while trying to evade additional taxes yourself--what's fair about that?

 

No. And there's a difference between tax evasion and tax avoidance.

 

OK, you are trying to avoid taxes--why don't you just pay them? Don't you think that the Clintons have the moral right to avoid paying taxes a second time on their income? It seems to me that you should sympathize with your class.

 

Not at all.

But this does serve as an example of adjusting your finances to minimize the effect tax laws.

So in the end it really doesn't matter what happens with the tax laws because people with money will find a legal way within the regulations to minimize their taxes.

 

Yeah, the bourgeoisie have their tax exemptions so that the secretary probably pays more than the person with the tax-exempt investments.

In the case of the Clintons, they left the White House flat broke, not knowing how they were going to pay the mortgages on their houses and send Chelsea to college. They paid their taxes and made it to the 1% and now Uncle Sam is hanging around the funeral home trying to get the last dime by taxing again money that was previously taxed. It is immoral.

The death tax should be repealed. Chelsea should get to keep every last dime that her mom and dad made after the terrific sacrifices that they made in public service that left them flat broke and forced to steal the White House silverware.

 

You forget that the Clintons did not earn their millions or billions. They were gifts from various and sundry wealthy people and organizations around the world and the US taxpayer. Hillary racked up 1,000,000 flying miles, at taxpayer expense, as bag lady for the two of them. $200,000-300,000 for a half hour speech is a gift not earned income!