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The federal taxes were over 90% on them at one point and over 70% not too long ago. I'd say they're doing fine at 39.6%. Hell, the super wealthy pay less than 15% right now. That's insanity.
That's totally different. They pay "less than 15%" on corporate gains, just like a poor person would pay on their investments, if they had them. I'm pretty sure that its at 15%. Warren Buffet pays a lower % on taxes than his secretary. The fact is that most rich people pay a lower % on taxes because most of their income comes from investments. That's not a tax loophole that is a nation wide tax bracket that applies to anyone that makes money on investments. 15% applies to everyone, no matter how rich or poor they are.
I don't know when they "were over 90% or over 70% at one point" but that is insanity. Get real, dude. Nobody should be asked to pay more than the average person. Since when did being rich and successful become a bad thing?
At that time we you had a ton of deductions, including Credit card interest. So yes, the rate was 90% but you could write off a lot.
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Phil is now worried about taxes? He should have thought about that when he couldn't drag himself out of Las Vegas a few years back. Word is he lost about $60 mil in about 18 months at the card table. That kinda change will pay a lot of taxes.
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It's amazing that so few people understand how marginal tax rates work.
Also, if Phil is paying a rate remotely close to what he said he does, he has the worst accountant / business manager ever born. This is just another example of an athlete spouting off about something they obviously know nothing about.
Everyone should pay the same percentage regardless of income. Rich, poor, middle class....should not matter. This is America. We should all be treated equally.
This post was edited by BabyrayS2k 15 months ago
percentage isn't exactly equal. a guy making 1 million a year pays more in taxes a year than someone making 50k does their entire lifetime. and they both are given equal rights and benefits of being an american. then the person making less gets mad at the person making more for "not paying his fair share". its complete bs.
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I agree. Everyone should pay the same %
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Good to see at least one person here knows more about Phil's money than Phil does.
always one in the bunch..
When you factor in the non-progressive taxes such as sales tax, property tax, employment taxes, etc., the overall effective tax rates become pretty close. People think only about income taxes too much, but there are many others. Just take employment taxes as an example. Someone making $110,000/year will pay approximately $8,400 per year in employment taxes, approximately 7.65% of their income (ignoring the employer paid portion). A person whose salary is $500,000 pays approximately $14,000 per year, approximately 2.8% of their income. The more you make, the less of a percentage you pay. It applies the same way on sales tax and other regressive tax structures. These help even out progressive structure of the income tax code.
In all honesty though, even those rules only apply to poor suckers who the system is designed to work against. A hedge fund manager making $2,000,000 per year from managing investments will just take a carried interest, pay $0 in employment taxes, approximately 0% of his or her income, then take the position those earnings are subject to capital gain rates rather than ordinary income rates, thus cutting his or her tax bill in half, the percentage also.
This post was edited by CockAtLaw 15 months ago
You may run like Hayes, but you hit like $*!#
Except when most of these people own businesses and they are the employer. Then you pay that portion of the taxes too.
True, but 2 points to make there. First, the self-employed get an income tax deduction for what would otherwise be the employer paid portion of employment taxes. Second, any person who is the owner of an incorporated business (even an S corporation) rarely will pay themselves a normal or reasonable salary for the work being performed or the income otherwise attributable to services. The owner will pay themselves a smaller salary, thus resulting in lower employment tax payments, and simply pay themselves a dividend at the end of the year. As a dividend, the payment is not "wages" as defined in the employment tax code and not subject to employment taxes at all.
I believe John Edwards did this at his law firm. The partner at his law firm was a wholly-owned S corporation of which he was the sole employee. He would generate millions of dollars a year in legal fees, pay himself a $300,000 salary out of the S corp and take the rest as a dividend, bypassing the uncapped medicare portion of employment taxes.
This the kind of bs that makes it clear that there are a bunch of right wing whackos on this board that will choose stupid ideology over facts every time.
^^^^This is how I interpreted your reply.
Haha. Where are the facts? I brought plenty. The people on your side don't bring any, ever.
This post was edited by Grand Slam 15 months ago
The 1940's 90% tax rate is a myth. The difference in tax deductions then and now is staggering. An effective 90% rate back then correlates to the same 35% most pay now.
Most don't pay that now. The effective tax rate is lower than 35%.
Yeah probay so but that whole 90% rate is a complete myth. Income was easily hidden back then. You could deduct almost anything. I think I've read that the "real" rate back then was around 28%.
percentage isn't exactly equal. a guy making 1 million a year pays more in taxes a year than someone making 50k does their entire lifetime. FACT
and they both are given equal rights and benefits of being an american. FACT
then the person making less gets mad at the person making more for "not paying his fair share". Not an absolute FACT but true in many, many cases.
its complete bs. OPINION that half the country agrees with
Would you like to disband the federal government?
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