Obama Lays-Out $1.5T in New Taxes

[ceo]

So it's more than a concept really. What about inheritance taxes? Taxing stuff that's already been taxed?

They tax it when you make it, they tax it when you save it, they tax it when you spend it, and they tax it when you die.

 

[ceo]

and still our credit gets downgraded!!!




(lol @ people avoiding that comment - poosies)

 

[75th]

isn't the top tax bracket right now 35%? So 25% sounds like a tax cut?

Effective tax rate. Technically although their tax rate is 35%, via loopholes, deductions, making $ off of carried interest, etc the average million dollar + earner paid an effective tax rate of 16.5% (thereabouts) in 2009.

All that The Buffet Rule is saying is that if your tax rate is 35% and youre going to take advantage of all the deductions and loopholes that are out there (which one is free to do), you should at least pay 25% instead of 16.5%.

I dont see how anybody could argue against that. Logically, at least.

 

[75th]

If it's on income that's already been taxed, then a 25% (or 20% or 15%) double tax is insanely too high. We need to dispense with the ridiculous concept of taxing something that's already been taxed.

Who's talking about taxing income thats already been taxed?

You understand that nobody is proposing an additional 25% tax on top of income that you've already paid taxes on, right?

 

[75th]

So it's more than a concept really. What about inheritance taxes? Taxing stuff that's already been taxed?

I'm torn on the estate tax. I dont have a problem with it existing, but if it does I would prefer it being at a higher level. Having a tax on estates valued at over $1 million, for instance, is way too much. These days, depending on where you live, simply owning your primary residence will get you 50-75% of the way there.

 

[kx250rider]

You do realize that, right now, the GOP wants to increase taxes on the middle class (via expiration of the payroll tax cut) whereas Obama only wants to raise taxes on those with income over $1 million, and even then he simply wants to make sure they pay at least 25%.

Is a 25% effective tax rate too much for someone who makes more than $1 million annually?

Yes, it's too much. 25% of take-home money maybe, but not 25% gross. A private investor, such as a landlord or anyone who uses his/her money to make money as a career, is being raped by today's tax schedule. A sole proprietorship, as most small businesses are, is taxed on gross income just like s wage earner. So if a grocery store owner or an insurance agent makes $1 million, and is taxed 25% on that million, that's totally a ripoff. If he/she is only pocketing $35K, that's what should be taxed at 25%, and even then I think a 10% flat tax on everybody from Buffett to the local church janitor. Yes there are writeoffs for the costs of operating the business, but it's tiny amounts, and capped off very low. Maybe 10c on the dollar up to $1K, say. There are hundreds of different tax rates, and only a CPA can figure it out, so I'm just giving hypotheticals here.


Oil companies pay tax three or more times on the same income too. It amounts to about 85% total of original gross value. Just a little factoid there... Bottom line, if someone is smart enough, and courageous enough to stick his/her neck out, potentially losing everything with one mistake, they deserve to keep the rewards, and not be punished for doing that.

Charles

 

[youpissmeoff]

Effective tax rate. Technically although their tax rate is 35%, via loopholes, deductions, making $ off of carried interest, etc the average million dollar + earner paid an effective tax rate of 16.5% (thereabouts) in 2009.

All that The Buffet Rule is saying is that if your tax rate is 35% and youre going to take advantage of all the deductions and loopholes that are out there (which one is free to do), you should at least pay 25% instead of 16.5%.

I dont see how anybody could argue against that. Logically, at least.

Those are Obama's numbers. Unfortunately, the treasury department does not calculate it the same.

I hate it when facts get in the way of a good story.

 

[TableFun]

Those are Obama's numbers. Unfortunately, the treasury department does not calculate it the same.

I hate it when facts get in the way of a good story.

Your third post in a couple years. Funny this thread attracts you...

 

[digimon7068]

California taxes your state income tax refund as income.

only if you took a deduction for those taxes on the return that you filed the year before...if you take a deduction for state income taxes that saves you taxes, then any state tax refund you get is included in your taxable income...that one actually kinda makes sense to me.

 

[miplank]

Your third post in a couple years. Funny this thread attracts you...

it's really not that funny