They Don’t Pay Their Fair Share

[McDad]

Our household income percentage is listed on table. It is to the left of 50%.

We pay less than the average for our column. For years, we have aggressively planned to pay as little tax as possible.

 

[Vol8188]

Here’s a serious question what good is wealth if it does not generate income? It seems the only real issue should be that, the income.

If I had a lot of wealth and no money for example, what example, what benefit is that (other than the enjoyment of people like yourself hating on me)?

Bump for @luthervol

 

[McDad]

The top 1% of income earners, about 1.4M households, paid a total of $615,716,445,381 in 2018.

Over 600B dollars.

 

[VolStrom]

Our household income percentage is listed on table. It is to the left of 50%.

We pay less than the average for our column. For years, we have aggressively planned to pay as little tax as possible.

So you cheat on your taxes like Trump huh?

 

[McDad]

So you cheat on your taxes like Trump huh?

I am sure there are some who consider what I do to be cheating.

 

[VolStrom]

I am sure there are some who consider what I do to be cheating.

Me too. I take every single deduction I'm entitled to. If lower income people can get a bigger refund than they pay in to the government, then I can not pay a single dime more than I have too.

 

[AshG]

I like having an accountant.

 

[McDad]

The top 1% income earner is making just over 1M income. That is a lot of money but that is not Kennedy, Pelosi, Bloomberg, Soros, or Rockefeller money.

 

[SpaceCoastVol]

How about 40% of their capital gains?

No. 28% is too high.

 

[VolStrom]

No. 28% is too high.

I thought capital gains were capped at 20%?

 

[SpaceCoastVol]

????????
There's no contradiction in the least Slick.

Oh there absolutely is. 8188 asked if a business owner should be taxed on the value of that business instead of the $60K/year that he took home (essentially). You responded that 'there wasn't enough information. Were you not conflating wealth (the value of the company) with income (the $60K he took home) your response would have been a resounding 'NO'. but it wasn't. Which absolutely means you don't know the difference.

 

[SpaceCoastVol]

I thought capital gains were capped at 20%?

The dimwits want to take it to 28%. But yes I think it is currently 20% for long term.

 

[McDad]

I thought capital gains were capped at 20%?

There are different percentages for both long term and short term capital gains.

Both Biden and House Democrats have pushed for an increase to capital gains. Biden wants almost 50% on dividend, 40+% on assets, and Ds are wanting it increased to 28+%

 

[SpaceCoastVol]

@Vol8188

The first question I have about your OP is how do those who use the phrase "fair share" define the phrase? What is the percentage of income or amount which puts one's taxes into the fair share range?

The leftists won't ever define that. Fair share would mean that errybody pays the same percentage of their income though. ALL sources included and no deductions. Constitutional amendment.

 

[VolStrom]

There are different percentages for both long term and short term capital gains.

Here is what the IRS says about it. Few and far between pay more than 20% for long term capital gains. Short term is pretty much taxed as income.

Topic No. 409 Capital Gains and Losses | Internal Revenue Service

 

[SpaceCoastVol]

Here is what the IRS says about it. Few and far between pay more than 20% for long term capital gains. Short term is pretty much taxed as income.

Topic No. 409 Capital Gains and Losses | Internal Revenue Service

Short term is too high. All Cap Gains should be at 20%

 

[McDad]

Here is what the IRS says about it. Few and far between pay more than 20% for long term capital gains. Short term is pretty much taxed as income.

Topic No. 409 Capital Gains and Losses | Internal Revenue Service

Your residence is exempt up to a point and if married or single.

Those exemption amounts are in desperate need of increasing.

 

[SpaceCoastVol]

Gaaaaaaaaah the more I read this thread the more I hate the federal government.

Buncha ****ing thieves.

 

[McDad]

Short term is too high. All Cap Gains should be at 20%

I'm not so sure about that. I would like to see if people sell assets more rapidly at lower rates. It might be true that lowering the percentage would actually increase the revenue produced from cap gains.

 

[VolStrom]

Your residence is exempt up to a point and if married or single.

Those exemption amounts are in desperate need of increasing.

Is the McMansion getting too highly valued?

 

[McDad]

Is the McMansion getting too highly valued?

Yessir.

 

[McDad]

Is the McMansion getting too highly valued?

$250,000 in 1997 is equivalent in purchasing power to about $432,940.81 today,

Values should be $425k if single and $850K if married.

 

[Vol8188]

Here’s a serious question what good is wealth if it does not generate income? It seems the only real issue should be that, the income.

If I had a lot of wealth and no money for example, what example, what benefit is that (other than the enjoyment of people like yourself hating on me)?

Anyone want to explain this one?

 

[SpaceCoastVol]

I'm not so sure about that. I would like to see if people sell assets more rapidly at lower rates. It might be true that lowering the percentage would actually increase the revenue produced from cap gains.

I must admit that I am biased. I made almost 1800 trades last year.

 

[SpaceCoastVol]

Anyone want to explain this one?

Looter?