51% of Americans pay no Fed income tax

#26
#26
VolDad said:
Money put in offshore accounts would have already been taxed when received as income. The Alternative Minimum Tax negates shelters and deductions.
Click to expand...

1302180065.jpg


Good read.
 
#27
#27
oklavol said:
I listened to a Warren Buffet interview, where he said it was very easy to pay zero income tax for people in his income bracket. he said you setup a company to loan money from a holding company to your company and you could always show a loss. I'm paraphrasing here, he said he didn't do it because he thought it was ethicly wrong, but he said it was perfectly legal.
Click to expand...

buffett is full of it. what % of billionares or teh ultra rich have 95% of their net worth tied up in a public, not private, company they themselves control. i bet a very small percentage. his tax rate is so low because he never sells any of his stock and dividends are taxed at 15%. arguing this is normal for rich people is absurd.
 
#28
#28
rjd970 said:
I don't know...offshore accounts, tax shelters, deductions. I'm not rich enough to know how it works.
Click to expand...

tax shelters are generally something from the 80s that don't exist anymore. reagan basically put the tax shelters out of business. real estate is really the only legal way to avoid taxes because of the deprication and 1031 exchanges, unless you count muni bonds. personally i'm all in favor of changing those rules. i've never understood while real estate gets these advantages.
 
#29
#29
milohimself said:
Good read.
Click to expand...

I read. He said, "I seriously doubt most of those in the top quintile actually pay the top rate".

My guess is that most in the top quintile get hit with the Alternative Minimum Tax and don't have the resources for Skyscraper Shuffle, The Venti, The Bountiful Loss, etc.
 
#31
#31
oklavol said:
I listened to a Warren Buffet interview, where he said it was very easy to pay zero income tax for people in his income bracket. he said you setup a company to loan money from a holding company to your company and you could always show a loss. I'm paraphrasing here, he said he didn't do it because he thought it was ethicly wrong, but he said it was perfectly legal.
Click to expand...

You are citing the Buffets of the world. Most rich do not fall in that category. Obama classifies the rich as those earning $250,000 or more.
 
New posts
You must log in or register to reply here.

VN Store



Back
Top