American household owes an extra 29,000

#4
#4
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#5
#5
myrobbins7 said:
What about the ones that dont pay any taxes, how much more do they owe?
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And how about the ones that maneuver through the loopholes their lobbyists have created such that their effective tax rate is infinitesimal relative to great wealth and annual income?
 
#6
#6
lawgator1 said:
And how about the ones that maneuver through the loopholes their lobbyists have created such that their effective tax rate is infinitesimal relative to great wealth and annual income?
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you mean like warren buffett?
 
#7
#7
lawgator1 said:
And how about the ones that maneuver through the loopholes their lobbyists have created such that their effective tax rate is infinitesimal relative to great wealth and annual income?
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how do lobbyists create loopholes that reduce tax rates?
 
#8
#8
lawgator1 said:
And how about the ones that maneuver through the loopholes their lobbyists have created such that their effective tax rate is infinitesimal relative to great wealth and annual income?
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with a smile on our freekn face there big guy!
lobbyist = loop holes ?????
 
#9
#9
lawgator1 said:
And how about the ones that maneuver through the loopholes their lobbyists have created such that their effective tax rate is infinitesimal relative to great wealth and annual income?
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yeah, how do lobbyist make loopholes, i didn't think they made the laws.

I do agree LG. this is why the government needs to stay away from making regulation after regulation, taxes after taxes. by giving loopholes to companies, they are essentially picking winners and losers. if they let business run without trying regulate, you would not have loopholes or regulation exemptions. you would not have any lobbyists.
 
#13
#13
lawgator1 said:
I believe I said "effective" tax rate.

Your apology is accepted.
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actually, he's not. You made a statement that is actually wrong. WB uses Capital Gains as a way to dodge normal taxes. This has nothing to do with what you said. He is a very unusual case that select people have where they can use this strategy.
 
#14
#14
You also don't pay state income tax living in FL. Are you dodging?
 
#15
#15
NEOCON said:
actually, he's not. You made a statement that is actually wrong. WB uses Capital Gains as a way to dodge normal taxes. This has nothing to do with what you said. He is a very unusual case that select people have where they can use this strategy.
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he's also used the insurance unit to shield other profits. yet he argues the rest of us should be paying higher taxes.
 
#17
#17
droski said:
he's also used the insurance unit to shield other profits. yet he argues the rest of us should be paying higher taxes.
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Its those dang lobbyists!!!!!
WB make me a ton of money......"you go Warren!"
 
#18
#18
droski said:
he's also used the insurance unit to shield other profits. yet he argues the rest of us should be paying higher taxes.
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Oh, the guy is scum in multiple areas. He formed Berkshire to basically get back at an individual. Not a big fan of the guy. I also agree with what you said but at the end of the day it comes down to tax laws. You can either be lazy and use them and get money for nothing or you can work hard, make alot of money and use them and avoid paying taxes legally. The sad part is it is the average guy making 55k to 150K that is getting squashed.
 
#20
#20
NEOCON said:
Oh, the guy is scum in multiple areas. He formed Berkshire to basically get back at an individual. Not a big fan of the guy. I also agree with what you said but at the end of the day it comes down to tax laws. You can either be lazy and use them and get money for nothing or you can work hard, make alot of money and use them and avoid paying taxes legally. The sad part is it is the average guy making 55k to 150K that is getting squashed.
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not if you have an accountant that knows anything about tax law
 
#22
#22
Chances are if you're making 150K you are a W2 worker and are paying the same amount a 300K a year business owner is making because the business owner is able to write off almost everything. There is a difference between between the two at the end of the day. On a side note, I don't think a person making 700K a year should be paying 198K a year in taxes either. There needs to be a fair tax that taxes the same across the board.
 
#23
#23
droski said:
unless you own a small business or real estate there's not much you can do. unless you want to risk an audit that is.
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a good accountant will prevent an audit that is caused by "red flags".....the random audit is just dumb bad luck
 
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#24
#24
NEOCON said:
Chances are if you're making 150K you are a W2 worker and are paying the same amount a 300K a year business owner is making because the business owner is able to write off almost everything. There is a difference between between the two at the end of the day. On a side note, I don't think a person making 700K a year should be paying 198K a year in taxes either. There needs to be a fair tax that taxes the same across the board.
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ding, ding, ding
 
#25
#25
You still can't write off the same amount as a 1099 worker. It isn't possible. Because of this the tax ratio will always be higher. You can also bleed the company and lower your tax rate again. There are a ton of legal tricks that can be down for 1099 workers as opposed to W2's.
 
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