A simple economic lesson... raise capital gains to 43% will do what?

[john doe 101]

What about the guy that is making $400k per year from his job/business and paying income tax. Is he paying his fair share? IMO, he is paying more than his fair share.

If a guy is making $400k a year from his business, he either is A. Self-employed in which he can write off everything under the moon or B. Has his company structured ie a LLC in such a way where HE controls how much he pays himself. Dont need all that money you made this year? DONT PAY IT TO YOURSELF. Now if you do need $400k to survive off of and have to take it just to pay the bills on your multi-million dollar home, your $100k sportscar, and your 2nd home at the lake you could take it as pass through income where up to 20% can be deducted if you set up your corp correctly.

Listen man I'm not going to sit here and go through every single tax loop hole rich people can use to get out of paying their fair share in taxes. But you see that is why people making $400k+ a year can have such a low effective tax rate. So you can keep blathering on and on about how bad the poor guy who makes $400k a year has it, but we all know what is really going on.

 

[Blues Man]

You are speaking of people with money. Do I believe people should think about the future? Sure but that's not really the topic.

The topic boils down to the idea that we are $30 trillion in debt and I'm asking why those who make their money on labor should be the only ones largely responsible for that. Why shouldn't all?

No I am talking about everyone regardless of income.

I've seen people making MW smoke 2 packs a day and buy 3 or 4 coffees a day not to mention eating breakfast and lunch at some fast food shit joint.

And it's the fucking government that's responsible for our debt.

 

[pknopp]

No I am talking about everyone regardless of income.

I've seen people making MW smoke 2 packs a day and buy 3 or 4 coffees a day not to mention eating breakfast and lunch at some fast food shit joint.

And it's the fucking government that's responsible for our debt.

We elect the government.

 

[john doe 101]

Everyone can afford an IRA, because it often reduces your taxes by more than you put in.
It is free money that almost everyone should take advantage of.

Easy for you to sit there and say that. If you can barely pay the bills from your salary, please tell us ALL how EVERYONE can afford an IRA.

 

[Blues Man]

We elect the government.

But we don't get to vote on the spending bills.

We don;t get to fight is so called "wars" for the past 50 years to the tune of trillions of dollars spent and hundreds of thousands of Americans dead for no reason.

You are deluded if you think we actually have any control over the fucking government or that the government actually listens to the people

 

[john doe 101]

I've seen people making MW smoke 2 packs a day and buy 3 or 4 coffees a day not to mention eating breakfast and lunch at some fast food shit joint.

Yes this entire problem can be boiled down to people having to eat and buying an extra cup of coffee per day. I think you fucking figured it all out!

 

[rightwinger]

I've seen people making MW smoke 2 packs a day and buy 3 or 4 coffees a day not to mention eating breakfast and lunch at some fast food shit joint.

I have seen that…
I have also seen the them buying fresh lobster and caviar while the wealthy guy on line behind me is buying Spam

 

[Blues Man]

Easy for you to sit there and say that. If you can barely pay the bills from your salary, please tell us ALL how EVERYONE can afford an IRA.

I have never met anyone with a job that didn't waste money on some stupid shit.

Everyone can find 10 bucks a week to start an IRA with

 

[pknopp]

But we don't get to vote on the spending bills.

We don;t get to fight is so called "wars" for the past 50 years to the tune of trillions of dollars spent and hundreds of thousands of Americans dead for no reason.

You are deluded if you think we actually have any control over the fucking government or that the government actually listens to the people

We keep on re-electing those we complain are failing us because we are so afraid "the other guy" will win. It has to be paid off and it should be evenly.

 

[john doe 101]

I have never met anyone with a job that didn't waste money on some stupid shit.

Everyone can find 10 bucks a week to start an IRA with

You are full of shit. But I know how people like you think. "****I**** can afford it, so everybody else can. STop having so many kids, get rid of your cell phone and cable TV. You must NOT have any enjoyment in life because you need to be able to put $10 a week in an IRA". How about this. Companies pay people more. How about that? Wages for the average joe have remained virtually stagnant since the mid 70's. And you're out here telling people not to drink a cup of coffee to solve the problem.

You, dumbass, ARE the problem.

 

[Blues Man]

Yes this entire problem can be boiled down to people having to eat and buying an extra cup of coffee per day. I think you fucking figured it all out!

Yes it does,

And it's not eating it's eating food you don't prepare at home.

$8 a day for lunch at Mc Donalds that's 40 a week

at my local market a lb of ham costs 3.99 and bread is on sale 2 for $5 so for the price of one shit meal at the Mc whatever you can eat a ham sandwich for lunch every day for a week and still have bread leftover for the next week.

Let's do coffee you can get 30 cups of coffee or more from a pound. At Walmart I can get a 42 oz can of Maxwell House coffee for 8.99 that will make at least 75 cups of coffee

So yeah the little things matter because pennies make dollars

 

[colfax_m]

Everyone can afford an IRA, because it often reduces your taxes by more than you put in.

Uh, what?

No. It reduces your taxable income by the amount you put in. In order to reduce the taxes by more than you put in, you’d have to have a tax rate over 100%.

 

[Blues Man]

We keep on re-electing those we complain are failing us because we are so afraid "the other guy" will win. It has to be paid off and it should be evenly.

YOU might. I don't vote for Republicans or Democrats.

 

[john doe 101]

Yes it does,

And it's not eating it's eating food you don't prepare at home.

$8 a day for lunch at Mc Donalds that's 40 a week

at my local market a lb of ham costs 3.99 and bread is on sale 2 for $5 so for the price of one shit meal at the Mc whatever you can eat a ham sandwich for lunch every day for a week and still have bread leftover for the next week.

Let's do coffee you can get 30 cups of coffee or more from a pound. At Walmart I can get a 42 oz can of Maxwell House coffee for 8.99 that will make at least 75 cups of coffee

So yeah the little things matter because pennies make dollars

Ok I get it. You've skimped your entire life saving a penny here and a dollar there.

BUT YOU WOULDNT HAVE TO DO THAT IF YOU WERE PAID WHAT YOU SHOULD BE PAID!

 

[john doe 101]

No. It reduces your income by the amount you put in. In order to reduce the taxes by more than you put in, you’d have to have a tax rate over 100%.

I didnt even have the patience to address that one. Congrats for being able to do so.

 

[Rigby5]

You are speaking of people with money. Do I believe people should think about the future? Sure but that's not really the topic.

The topic boils down to the idea that we are $30 trillion in debt and I'm asking why those who make their money on labor should be the only ones largely responsible for that. Why shouldn't all?

Of course those benefiting the most from the current government advantages should pay the most and are able to pay the most.

 

[g5000]

so married couple can file separately if either income is more than 250 K and avoid the higher rate

Quite possibly, yes. I'm not sure how the IRS deals with "married filing separately".

 

[Rigby5]

I didnt even have the patience to address that one. Congrats for being able to do so.

Not correct.
You can reduce your income by putting money into the 401k exemption until you reach the level of income at which you pay no taxes at all.
The point being that reducing your income with a 401k deduction, reduces the rate of all of your income tax.
You are not just saving the amount of tax you would have paid on the amount sheltered in the 401k.
The rate you pay on the rest of it is what you want to decrease.
Although that is just by using the tax tables, and maybe I am not fully understanding how the tax tables are calculated?

 

[john doe 101]

You can reduce your income by putting money into the 401k exemption until you reach the level of income at which you pay no taxes at all.

Huh? Max contribution to a 401k $19,500 + $6,500 for a catchup. What in the hell are you talking about?

 

[Rigby5]

If a guy is making $400k a year from his business, he either is A. Self-employed in which he can write off everything under the moon or B. Has his company structured ie a LLC in such a way where HE controls how much he pays himself. Dont need all that money you made this year? DONT PAY IT TO YOURSELF. Now if you do need $400k to survive off of and have to take it just to pay the bills on your multi-million dollar home, your $100k sportscar, and your 2nd home at the lake you could take it as pass through income where up to 20% can be deducted if you set up your corp correctly.

Listen man I'm not going to sit here and go through every single tax loop hole rich people can use to get out of paying their fair share in taxes. But you see that is why people making $400k+ a year can have such a low effective tax rate. So you can keep blathering on and on about how bad the poor guy who makes $400k a year has it, but we all know what is really going on.

What my more wealthy friends tell me is that once incorporated and selling shares to the public, you can pay yourself in stock options, so then only pay capital gains rate on all income.