djAdvocate
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Post by djAdvocate on Jul 8, 2011 17:29:54 GMT -5
i am not an HR person. i am the CFO. and i know this guy's situation because he is one of my business partners, and a close personal friend. but let's turn this around- you seem to be insisting that there is no possible way that a person making $60k is paying FIT. what makes you so certain? Nobody said that everyone making 60K is paying 0 in income taxes, that would be stupid. All I am saying is that it seems ridiculous to me that anyone making 60K can get a negative tax liability & it isn't like my situation is unusual - I have 2 kids & pay a lot for health insurance. ok, sorry. i misunderstood you. i thought you were saying that nobody who made this much paid FIT.
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rovo
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Post by rovo on Jul 8, 2011 17:49:11 GMT -5
To support Angel's comments about not having a tax liability with 60K gross income, I can make up to 80K without any Federal Income Tax liability. I don't know all of the details but this is what my tax accountant tells me.
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Post by BeenThere...DoneThat... on Jul 8, 2011 17:51:11 GMT -5
To support Angel's comments about not having a tax liability with 60K gross income, I can make up to 80K without any Federal Income Tax liability. I don't know all of the details but this is what my tax accountant tells me. ...earn those dollars overseas, and I'll see your $80k and raise you another $9k with the form 2555... ETA: whoops... it's up to $91.5k... I've been out of the game too long... lol...
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Post by privateinvestor on Jul 8, 2011 17:52:29 GMT -5
Warren Buffett said the top 400 richest of the rich should pay more taxes because they are earning more now and paying less in taxes.. but something tells me @399 of these so called richest of the rich would like Old Warren to shut the hell up.......... Taxes Buffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes (due to their being from dividends & capital gains), while his employees paid 33% of theirs, despite making much less money.[130] “How can this be fair?” Buffet asked, regarding how little he pays in taxes compared to his employees. “How can this be right?” He also added: “There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”[131][132] Buffett favors the inheritance tax, saying that repealing it would be like "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics".[133] In 2007, Buffett testified before the Senate and urged them to preserve the estate tax so as to avoid a plutocracy.[134] Some critics have argued that Buffett (through Berkshire Hathaway) has a personal interest in the continuation of the estate tax, since Berkshire Hathaway has benefited from the estate tax in past business dealings and had developed and marketed insurance policies to protect policy holders against future estate tax payments.[135] Buffett believes government should not be in the business of gambling, or legalizing casinos, calling it a tax on ignorance.[136]en.wikipedia.org/wiki/Warren_Buffett P.I. (NOT in the Richest 400 Club)
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skweet
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Post by skweet on Jul 8, 2011 18:15:31 GMT -5
"Warrent Buffett said the top 400 richest of the rich should pay more taxes because they are earning more now and paying less in taxes.. but something telsl me @399 of these so called richest of the rich would like Old Warren to shut the hell up.........." For the most part, the super-rich are divided politically much like the make-up of the rest of the nation. At the point of success at which these become the wealthiest they typically have learned that taxes are paid by the consumer, and that the rich are just a conduit to get the consumer's money, without them knowing it. A higher tax rate on them doesn't really affect their purchasing power, in the end. In fact they often skew left, as many are the beneficiary of a great number of corporate welfare and subsidy programs. Take Buffet, Emmelt (via GE), and Soros (via the world). None of the above operates their companies in a fashion that shows any ideologically left stratagies. They do support (or did last election, anyway) democrats and socialists that put more money in their pocket. Buffet got the health care bill for his support. GE got corporate welfare in media, electronics and financial sectors. Soros gets a monetary policy that he will exploit for economic gain. They could give a rat's ass about the downtrodden, but care deeply about getting the upper hand in the game of the world economy. I would guess that the top 400 supported both parties, until a winner was decided, then most supported Obama.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jul 8, 2011 20:10:46 GMT -5
Anyone who refers to the opposing political party as terrorists is not worth the bandwidth that this post took up. Yep. Especially when it's clear the real terrorists are the Democrats who are promising to spend the country into bankruptcy, which of course means the inevitable default they are ranting and raving like lunatics about. A temporary default NOW to fix the root problem, which is overspending- is far better than the REAL and PERMANENT default later. When the left and Democrats are the most scared and crazy talking- that's when you know the country is on the verge of a big win. It's the GOP that needs to stand firm.
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djAdvocate
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Post by djAdvocate on Jul 8, 2011 21:22:26 GMT -5
Anyone who refers to the opposing political party as terrorists is not worth the bandwidth that this post took up. Yep. Especially when it's clear the real terrorists are the Democrats. by your own standards, paul, you just earned being ignored by everyone. you are aware of that, right?
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ameiko
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Post by ameiko on Jul 8, 2011 22:04:49 GMT -5
Buffet is a dying man who is trying to buy his way into heaven by siding with the liberals. He is also a complete hypocrite: if HE thinks that the rich should be paying more, then why is he NOT doing voluntarily what he would FORCE others to do AT THE POINT OF A GUN?!?!?!
Also, the Buffet attempt to show how taxes is unfair is riddled full of holes.
1. He has gamed the system to maximize his tax benefit, the secretary chose not to. Should the rich be punished for her laziness or stupidity? Heck, at least put something into that 401k!
2. His employees are most definitely NOT paying 33% of their income to the federal government, even taking into account Social Security.
3. On the subject of Social Security, that tax is only on earned income rather than capital gains on the like (as far as I know). Even if we included the capital gains, it still maxes out around 110K or so. Now we COULD raise the cap but would we also not have to raise the payout in the name of basic fairness? Does anyone really want to see the government writing 100K ss checks to Tiger Woods and Bill Gates?
4. A big reason why Gates avoids taxes is through the use of tax free muni bonds? Should we make them illegal? Also, does this not mean that to be competitive that the interest rate must be raised and thus there is greater expense to the tax payer?
5. Are we to raise the capital gains tax to 35+% which even the Clintons acknowledge would hurt the economy?
What are his solutions? None except steal the wealth from a dead man's hands. Again, Warren can go to blazes for that: if I earned that money and was taxed as I earned it and taxed as I spent it (and taxed again on the property and vehicles I bought with it), why must I be taxed yet again because Warren thinks the government should have it rather than my kids.
That old SOB can't die fast enough.
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ameiko
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Post by ameiko on Jul 8, 2011 22:06:13 GMT -5
Regarding the death tax, I MIGHT support it if it also breaks open the trusts of the Kennedies and other wealth Democrats. Come on libs, put your money where your huge yapping mouth is!
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formerexpat
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Post by formerexpat on Jul 8, 2011 22:20:05 GMT -5
Federal withheld does not equal federal owed at the end of the year. Unless you know this persons entire tax picture, then you have no clue whether they owe or receive money each year. Couple kids with the $1k credit knock that down straight away. Couple more various tax deductions & credits and a family of 4 easily gets away with zero federal tax liability.
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formerexpat
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Post by formerexpat on Jul 8, 2011 22:22:28 GMT -5
Social security is just a forced savings account for the poor & lower middle class that is subsidized by the rich. It's welfare for retirees.
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Post by BeenThere...DoneThat... on Jul 9, 2011 9:56:48 GMT -5
...I'd still oppose it on principle if it WERE a forced savings account, but it wouldn't be as odious if it were...
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Value Buy
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Post by Value Buy on Jul 9, 2011 10:40:47 GMT -5
I agree angle, yet no one offer to raise taxes on those making less than 200,000 per year. We need Serious Targeted spending cuts and across the board tax increases, we could start with the EITC Reduce EITC, reduce the child tax credit, cut the home mortgage deduction & raise tax rates on the high earners a few %. raising taxes on people who have seen no increase in income seems pretty cruel to me. raising taxes on people whose income has doubled in the last 15 years seems more than fair to me. We are not talking about a huge tax raise on middle class or lower earners. But, I find it ridiculous that someone with a 60K income & a few kids not only pays 0 in taxes, they actually have a negative tax liability. Are we actually to believe someone making 60K can't afford to pay $500 or $1000 in taxes? Careful there, Angel D. You could be charged as a heartless God fearing Conservative, slipping to the "darkside" by your fellow posters here with a statement like this. In fact, this conservative agrees with you so a "k" for you. I also believe everyone has to pay something, and I would settle for a quarter of what she is suggesting for anyone under the $40,000 range.
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Deleted
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Post by Deleted on Jul 9, 2011 10:51:15 GMT -5
If you actually listened... many of the 'liberals' here are not exactly fans of EITC, etc.
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Value Buy
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Post by Value Buy on Jul 9, 2011 10:56:09 GMT -5
If you actually listened... many of the 'liberals' here are not exactly fans of EITC, etc. Ah, I never listen to them, but I do read their statements Usually liberals do not attack any of the Federal giveback programs, and I apoligize if I have offended any liberal who has defended, the fight to obliterate these progerams. I will not ask for references, or proof and will assume you are correct.
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Value Buy
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Post by Value Buy on Jul 9, 2011 10:57:48 GMT -5
oped, it is Saturday morning. We have to lighten up for the weekend a little bit, imo
Work weekdays seem to be when it gets down and dirty around here.
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Deleted
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Post by Deleted on Jul 9, 2011 10:58:36 GMT -5
The point is... many people, myself included, get branded as liberals, but actually do support moderate views... its just that, anymore, if you aren't an ultraconservative, then you must be a liberal.... as if there were only two choices...
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Post by Deleted on Jul 9, 2011 11:00:23 GMT -5
Is it Saturday? ...
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Value Buy
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Post by Value Buy on Jul 9, 2011 11:03:05 GMT -5
The point is... many people, myself included, get branded as liberals, but actually do support moderate views... its just that, anymore, if you aren't an ultraconservative, then you must be a liberal.... as if there were only two choices... Well, if one is an ultra Conservative (I am not) they do see everyone else as a liberal....... The difference is, Liberals will accept moderates. Up to a point, if it serves their goals. Ultra Conservatives will not do this. It is their way or the highway.
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Value Buy
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Post by Value Buy on Jul 9, 2011 11:04:25 GMT -5
Oh, I hope so, otherwise I am in real deep trouble. It is SATURDAY, ISN'T IT?
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Post by BeenThere...DoneThat... on Jul 9, 2011 11:07:47 GMT -5
...what's your time zone? ;D
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Post by Deleted on Jul 9, 2011 11:12:03 GMT -5
Its summer... husband went to work today... we're headed to the pool... seems like any other day to me
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cereb
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Post by cereb on Jul 9, 2011 11:16:14 GMT -5
"Yep. Especially when it's clear the real terrorists are the Democrats "
Thanks for proving my point.
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Value Buy
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Post by Value Buy on Jul 9, 2011 11:20:13 GMT -5
Its summer... husband went to work today... we're headed to the pool... seems like any other day to me Okay, back on subject. Hopefully your husband will be heavily taxed today. Maybe we should implement a "weekend income tax" for the poor souls that work on the weekend, rather than spend their money at the mall.
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Post by privateinvestor on Jul 9, 2011 11:23:25 GMT -5
"The quickest way to double your money is to fold it and put it back into your pocket " Will Rogers
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djAdvocate
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Post by djAdvocate on Jul 9, 2011 11:30:58 GMT -5
Warren Buffett said the top 400 richest of the rich should pay more taxes because they are earning more now and paying less in taxes.. but something tells me @399 of these so called richest of the rich would like Old Warren to shut the hell up.......... i doubt very much it is that high.
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djAdvocate
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Post by djAdvocate on Jul 9, 2011 11:32:59 GMT -5
Reduce EITC, reduce the child tax credit, cut the home mortgage deduction & raise tax rates on the high earners a few %. We are not talking about a huge tax raise on middle class or lower earners. But, I find it ridiculous that someone with a 60K income & a few kids not only pays 0 in taxes, they actually have a negative tax liability. Are we actually to believe someone making 60K can't afford to pay $500 or $1000 in taxes? Careful there, Angel D. You could be charged as a heartless God fearing Conservative, slipping to the "darkside" by your fellow posters here with a statement like this. how so? she is suggesting that people that make $60k should pay MORE taxes. i don't know any conservatives that are currently suggesting that.
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Post by Deleted on Jul 9, 2011 11:35:30 GMT -5
He doesn't work all Saturdays... generally its just the ones in which i suggest... 'how about we take the kids to the pool'...
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djAdvocate
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Post by djAdvocate on Jul 9, 2011 11:36:04 GMT -5
The point is... many people, myself included, get branded as liberals, but actually do support moderate views... its just that, anymore, if you aren't an ultraconservative, then you must be a liberal.... as if there were only two choices... actually, i did a study a few years ago. the further a person is from the political center, the more likely they are to identify centrists as being either "left" or "right". in other words, a left wingnut will typically misidentify a centrist as a rightie, and a right wingnut will typically misidentify a centrist as a leftie. it has nothing to do with political affiliation, per se, but extremism.
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djAdvocate
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Post by djAdvocate on Jul 9, 2011 11:37:19 GMT -5
"Yep. Especially when it's clear the real terrorists are the Democrats " Thanks for proving my point. some people make it far too easy.
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