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?
House Votes To Repeal Tax On Richest 0.2 Percent Of Americans
Discussion in 'Political Debate & Discussion' started by Crabtownboy, Apr 17, 2015.
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InTheLight Well-Known MemberSite Supporter
http://www.forbes.com/sites/paulrod...y-likely-makes-between-200000-and-500000year/ -
Revmitchell Well-Known MemberSite Supporter
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Crabtownboy Well-Known MemberSite Supporter
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Crabtownboy Well-Known MemberSite Supporter
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So let's just skip the nonsense:
What would you, Crabtownboy, do about our tax system to alleviate this 'injustice' that so disturbs you? -
Revmitchell Well-Known MemberSite Supporter
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Crabtownboy Well-Known MemberSite Supporter
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Revmitchell Well-Known MemberSite Supporter
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InTheLight Well-Known MemberSite Supporter
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. -
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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. -
Following is some information on which political party the richest people in the country gave money:
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! -
church mouse guy Well-Known MemberSite Supporter
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Crabtownboy Well-Known MemberSite Supporter
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InTheLight Well-Known MemberSite Supporter
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church mouse guy Well-Known MemberSite Supporter
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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. -
church mouse guy Well-Known MemberSite Supporter
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. -
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