It is not about making money , the graduated tax system was supposed to tax the wealthiest the most and work it’s way down so the least pays the least.
We now have a 2 tiered system where the wealthy pay no taxes and the middle pays it all and the poor pay none . Our tax code is so complicated in order to hide all the breaks the wealthy get . It is no accident it is engineered
I like that Pitt and the libtards , sounds like a big hair band back in the 80s
[quote]pittbulll wrote:
It is not about making money , the graduated tax system was supposed to tax the wealthiest the most and work it’s way down so the least pays the least.
We now have a 2 tiered system where the wealthy pay no taxes and the middle pays it all and the poor pay none . Our tax code is so complicated in order to hide all the breaks the wealthy get . It is no accident it is engineered
I like that Pitt and the libtards , sounds like a big hair band back in the 80s[/quote]
The middle class pays a lot in taxes, that I’ll agree with. So do the wealthy. Like millions a year in taxes.
[quote]pittbulll wrote:
It is not about making money , the graduated tax system was supposed to tax the wealthiest the most and work it’s way down so the least pays the least.
We now have a 2 tiered system where the wealthy pay no taxes and the middle pays it all and the poor pay none . Our tax code is so complicated in order to hide all the breaks the wealthy get . It is no accident it is engineered
I like that Pitt and the libtards , sounds like a big hair band back in the 80s[/quote]
The middle class pays a lot in taxes, that I’ll agree with. So do the wealthy. Like millions a year in taxes.
[/quote]
If you go to the top tier and you add all the write offs they get to their taxable income , their tax rate plummets
[quote]pittbulll wrote:
It is not about making money , the graduated tax system was supposed to tax the wealthiest the most and work it’s way down so the least pays the least.
We now have a 2 tiered system where the wealthy pay no taxes and the middle pays it all and the poor pay none . Our tax code is so complicated in order to hide all the breaks the wealthy get . It is no accident it is engineered
I like that Pitt and the libtards , sounds like a big hair band back in the 80s[/quote]
The middle class pays a lot in taxes, that I’ll agree with. So do the wealthy. Like millions a year in taxes.
[/quote]
If you go to the top tier and you add all the write offs they get to their taxable income , their tax rate plummets
[/quote]
[quote]pittbulll wrote:
the graduated tax system was supposed to tax the wealthiest the most and work it’s way down so the least pays the least. [/quote]
And it does.
So utterly false I can’t even begin to describe the height of the pile of bullshit…
Correct. In fact they tend to average negative tax bills, which means they get money “back” they never paid in.
Complicated? Yes. In order to hide “breaks”? No, not even in the fantasy land you live in is that true.
[quote]pittbulll wrote:
If you go to the top tier and you add all the write offs they get to their taxable income , their tax rate plummets
[/quote]
Jeez, with all this wondrous knowledge of a subject you have zero training, understanding or education in, you sure seem to know a significant amount more than those of us that do.
Itemized Deductions. The limitation for itemized deductions ? the Pease limitations, named after former Rep. Don Pease (D-OH) ? claimed on individual returns for tax year 2014 will begin with incomes of $254,200 or more ($305,050 for married couples filing jointly). The Pease limitations were slated to be reduced beginning in 2006 and eliminated in 2010; as with the other tax cuts, the elimination was extended through the end of 2012. The limitations were brought back in 2013 at the original thresholds, indexed for inflation. The result of those changes is basically an increase in the top marginal tax rates.
Personal Exemptions. The personal exemption amount is $3,950 in 2014, up from $3,900 in 2013. Phase-outs for personal exemption amounts (sometimes called ?PEP?) begin with adjusted gross incomes (AGI) of $254,200 for individuals and $305,050 for married couples filing jointly; the personal exemptions phase out completely at $376,700 for individual taxpayers ($427,550 for married couples filing jointly.)
Alternative Minimum Tax (AMT) Exemptions. The AMT exemption amount for tax year 2014 is $52,800 for individuals and $82,100 for married couples filing jointly. That compares to $51,900 and $80,800, respectively for 2013. In years past, the AMT was subject to a last minute scramble by Congress to ?patch? the exemption but as part of the American Taxpayer Relief Act of 2012 (ATRA), the AMT is permanently adjusted for inflation ? that?s why you see it in this list.
The Alternative Minimum Tax (AMT) is an income tax imposed by the United States federal government on individuals, corporations, estates, and trusts. AMT is imposed at a nearly flat rate on an adjusted amount of taxable income above a certain threshold (also known as exemption). This exemption is substantially higher than the exemption from regular income tax.
Regular taxable income is adjusted for certain items computed differently for AMT, such as depreciation and medical expenses. No deduction is allowed for state taxes or miscellaneous itemized deductions in computing AMT income. Taxpayers with incomes above the exemption whose regular Federal income tax is below the amount of AMT must pay the higher AMT amount.
There are lots of ways the super rich–not the regular rich, the super rich–avoid taxes. Some are legal, some are not so legal. One way is not showing any “income.” There are lots of legal ways to do this and still be super rich.
Also, 6 people in 2009 showed an AGI of around $200,000,000 and didn’t pay any income tax.
[quote]jjackkrash wrote:
There are lots of ways the super rich–not the regular rich, the super rich–avoid taxes. Some are legal, some are not so legal. One way is not showing any “income.” There are lots of legal ways to do this and still be super rich.
Also, 6 people in 2009 showed an AGI of around $200,000,000 and didn’t pay any income tax.
If it’s illegal, they should go to jail for tax evasion.
Charitable contributions are something anyone can take. If you make $80K and want to pay less in tax go ahead and give $40K to charity. No one is stopping you.
“On Schedule A I donated half of my earnings - $101 million (maximum allowable) - to charitable organizations. I also deducted $12 million in state income taxes.”
If you pay foreign tax you may not be paying federal income tax, but you are still paying taxes.
“So I went back to Schedule A and removed the deduction for the legal fees I had paid to protect my investments. After all, this is one of those â??preferenceâ?? items that will kick in the AMT. The result was a tax liability of $31,117,282, not that much higher really than the AMT. But at least I didnâ??t have AMT to worry about. And a tax rate of 15.4%. By adjusting the foreign tax credit to reflect that amount, I ended up with a tax liability of zero.”
