When will neos admit that the wealthy are only taxed on 40 to 60% of their true income?

Question

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My buddy's wed recept was about 20k. He promoted his business throughout and now writes the whole thing off.

Wealthy writeoff and shelter approx 40 to 60% of their true income. Huffington (Cali) sold a mill copies of a book one year and reported no income for that year???

I am not against the wealthy, I just want honest discussion about taxes.

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John (below) - Thanks for the suggestion. Can you spell "trust fund"? How about "auto lease"? Errr "travel expense writeoff" (Go to Australia, do two hours of business and writeoff the three weeks in costs)?

I guess idlebud (below) Wanted to rant rather than address the issue. I didn't moan about two Americas. I simply pointed out that although the wealthy are in higher tax brackets, they receive nearly half of their income TAX FREE. Telling the truth makes you a blind sheep in his eyes.

Answer 1

A vacation as a business expense,,, yay....tax right-off....
all the alcohol you can drink,,,,,, same thing,,,,,

it is odd that we do not police the upper class like we do the lower class.......

John doesnt understand that 500 an hour should be taxed 250 dollars and a 5 dollar an hour person should not be taxed anything,,,,,

the 500 is made on the backs of the 5 dollar an hour guy,,,,,,

also the links he posted are not accurate assesments of tax distribution, it only posts the percentage paid by each socioeconomic class

this is from the link idlebud sent

Even venerable legal scholars like Judge Learned Hand have expressed amazement and frustration with the complexity of the U.S. income tax laws. In an article called Thomas Walter Swan, 57 Yale Law Journal No. 2, 167, 169 (December 1947), Judge Hand wrote:

In my own case the words of such an act as the Income Tax . . . merely dance before my eyes in a meaningless procession: cross-reference to cross-reference, exception upon exception — couched in abstract terms that offer [me] no handle to seize hold of [and that] leave in my mind only a confused sense of some vitally important, but successfully concealed, purport, which it is my duty to extract, but which is within my power, if at all, only after the most inordinate expenditure of time. I know that these monsters are the result of fabulous industry and ingenuity, plugging up this hole and casting out that net, against all possible evasion; yet at times I cannot help recalling a saying of William James about certain passages of Hegel: that they were no doubt written with a passion of rationality; but that one cannot help wondering whether to the reader they have any significance save that the words are strung together with syntactical correctness.

too funny,,,, idlebud understands taxes clearly.... while judge hand is lost....

Answer 2

The percentage of the federal budget spent on individual benefits has doubled form 30% in 1970 to 60% in 2004.

The liberals call this "entitlements" - the conservatives call it "income redistribution."
I call it "insanity."

Remember the great push for tax reform - it was going to "simplify" the FIT. The resulting tax code that came out of it was a book almost 7" thick - it was so full of special interest exemptions and loop holes that it insulted even my meager intelligence. It was passed into law and remains in effect today.

This is how our politicians responded the last time we demanded reform - we had better not request any more "reforms" or we'll all be selling pencils on the street corner - and, because we can't afford a strong lobbyist - we'll be selling them at a lost when we fill out our 1040.

Answer 3

Congratulations!

You are validating the Democrats think tank conclusion that class warfare and dividing America between haves and have nots, rich and poor will lead to a resounding victory for their side.

They're counting on you to listen to their sound bites and then develop a visceral dislike for the "privileged rich"...your tormentors.

Next, they expect you to toe the line and vote as instructed. They'll smile at you, then pat you on the back and promise you that the government under their stewardship will punish those greedy bastards and improve your life.

Looks like you're following instructions perfectly.

Now one more time. Tell us all again WHO in America is playing you for a patsy?

Roll over. Good boy...here's a bone!

Edit:

Here you go...read up on our income tax structure (see link below) and then come back and tell us all which of the current income exclusions and deductions you want to repeal.

Be sure to include in your in-depth analysis the effects on our economy and working Americans if you remove credits or favorable treatment of legitimate business expenses, dividends, capital gains and employer paid benefits such as health insurance (to name a few).

Go ahead, Swami...take a crack at rewriting the tax code.

And oh, by the way, your buddy's wedding is NOT a legitimate business expense. You could have obtained a reward from the IRS for reporting him.

But then again I doubt seriously if it ever actually happened...it just made your "rant" sound a little better.

http://en.wikipedia.org/wiki/Income_tax_in_the_United_States

Answer 4

DO SOME SERIOUS RESEARCH. THAT IS SUCH AN OLD FALLACY. WHATS THE DIFFERENCE BETWEEN WEALTH AND WHATS INCOME. THE 10 % HIGHEST WAGE EARNERS PAY 60% OF THE INCOME TAXES (FACT). 35 TO 40 % OF BOTTOM WAGE EARNER IN THIS COUNTRY PAY NO WAGE TAX AT ALL. WE ARE ALL OVERTAXED STILL BUT THE ONES THAT COMPLAIN THE LOUDEST TEND TO HAVE NO CONCEPT OF BASIC ECONOMICS.

Answer 5

It should be considerably less or else you Libs will never have an employer.

Answer 6

have no idea

Answer 7

Please do some research before posting

http://www.ntu.org/main/page.php?PageID=6
http://www.house.gov/jec/publications/109/2003taxshares.pdf