Do The Wealthy Even Pay Taxes?

[edthecynic]

All those gains will get used eventually so they will be taxed then

No they won't. If money is suddenly needed it will be borrowed using the gains as collateral. Eventually the gains will be passed tax free to their children.

If money is suddenly needed it will be borrowed using the gains as collateral.

And when you sell any to pay back the loan, you're taxed on it.

At a lower rate than wages minus any interest.

 

[edthecynic]

How fruitful is it to talk about taxes with Progressives who never even filled out a 1040EZ?

Pure projection.
Get a job you lazy fuck!

 

[Toddsterpatriot]

All those gains will get used eventually so they will be taxed then

No they won't. If money is suddenly needed it will be borrowed using the gains as collateral. Eventually the gains will be passed tax free to their children.

If money is suddenly needed it will be borrowed using the gains as collateral.

And when you sell any to pay back the loan, you're taxed on it.

At a lower rate than wages minus any interest.

Yes, capital gains rates are lower than income tax rates.

So we're worried that the ultra wealthy never pay taxes on their wealth, because they never spend any of their wealth, because if they did, they'd have to pay taxes, and they never pay taxes.

Does that sum it up?

 

[edthecynic]

All those gains will get used eventually so they will be taxed then

No they won't. If money is suddenly needed it will be borrowed using the gains as collateral. Eventually the gains will be passed tax free to their children.

If money is suddenly needed it will be borrowed using the gains as collateral.

And when you sell any to pay back the loan, you're taxed on it.

At a lower rate than wages minus any interest.

Yes, capital gains rates are lower than income tax rates.

So we're worried that the ultra wealthy never pay taxes on their wealth, because they never spend any of their wealth, because if they did, they'd have to pay taxes, and they never pay taxes.

Does that sum it up?

It sums up your stupidity perfectly.
Thank you.

Any money the truly wealthy spend generates tax deductions so that no matter how much they realize from selling capital assets, their adjusted taxable income is always zero.

 

[boedicca]

There is a lot of talk on the news about taxing the rich. But do they even pay taxes? How would you know. Any information you hear comes from them! As for what any government agency may have to say, we all know what a revolving door it is between the private sector (the wealthy) and the political sector. And of course, the politicians that run the government agencies I mentioned are part of that.

Also, there are banks all over the world where the wealthy can deposit anonymously. Thereby avoiding taxes. Also, tax laws themselves are written by and for the wealthy. The wealthy can also afford to hire tax lawyers to find any of what are probably zillions of loopholes written into those tax laws. On top of all that, every year there are many companies that pay no taxes at all. Which I call corporate welfare.

On top of all that, back in the 60's, the average salary for a company executive was around 25 times what the average worker made. Today, it is around 250 times that. And not all that long ago, it for closer to 400 times what the average worker made! And the wealthy complain about being taxed too much?! Boo fukin Hoo!!!

Considering the plethora of federal, state, local income, sales, property, excise and other embedded taxes, everything we purchase contains TAXES.

Yes, the wealthy paid taxes. I suggest you also take a look at historical income tax tables when adjusted for inflation.

 

[edthecynic]

Considering the plethora of federal, state, local income, sales, property, excise and other embedded taxes, everything we purchase contains TAXES.
Yes, the wealthy paid taxes.

If they pay taxes, they are not truly wealthy.

June 14, 2007
RUSH: -- a lot of people, a lot of people wealthy people set up foundations and they do this to keep the government from getting the money.

 

[boedicca]

Considering the plethora of federal, state, local income, sales, property, excise and other embedded taxes, everything we purchase contains TAXES.
Yes, the wealthy paid taxes.

If they pay taxes, they are not truly wealthy.

June 14, 2007
RUSH: -- a lot of people, a lot of people wealthy people set up foundations and they do this to keep the government from getting the money.

They set up foundations for their wealth to keep the government from seizing most of it when they die. They still spend money on their lifestyles and other activities bub.

 

[rightwinger]

They pay the vast majority of them.

Top 20% of Earners Pay 84% of Income Tax

Shows where the income is concentrating

 

[Toddsterpatriot]

All those gains will get used eventually so they will be taxed then

No they won't. If money is suddenly needed it will be borrowed using the gains as collateral. Eventually the gains will be passed tax free to their children.

If money is suddenly needed it will be borrowed using the gains as collateral.

And when you sell any to pay back the loan, you're taxed on it.

At a lower rate than wages minus any interest.

Yes, capital gains rates are lower than income tax rates.

So we're worried that the ultra wealthy never pay taxes on their wealth, because they never spend any of their wealth, because if they did, they'd have to pay taxes, and they never pay taxes.

Does that sum it up?

It sums up your stupidity perfectly.
Thank you.

It was your claim, so okay.
You're welcome.

 

[rightwinger]

They pay the vast majority of them.

Top 20% of Earners Pay 84% of Income Tax

Wall Street Journal, gee, they couldn't have a dog in that fight could they.

High-income Americans pay most income taxes, but enough to be ‘fair’?

the Constitution says we cant discriminate against the rich so why do we let liberals get away with it?

Where does it say that?

 

[edthecynic]

Considering the plethora of federal, state, local income, sales, property, excise and other embedded taxes, everything we purchase contains TAXES.
Yes, the wealthy paid taxes.

If they pay taxes, they are not truly wealthy.

June 14, 2007
RUSH: -- a lot of people, a lot of people wealthy people set up foundations and they do this to keep the government from getting the money.

They set up foundations for their wealth to keep the government from seizing most of it when they die. They still spend money on their lifestyles and other activities bub.

They set up foundations to control their monopolies and generate tax deductions. They "donate" their stock to endow the foundation they CONTROL and get a tax deduction for the stock and STILL get to vote the proxies. And they have a foundation for everything.

 

[edthecynic]

No they won't. If money is suddenly needed it will be borrowed using the gains as collateral. Eventually the gains will be passed tax free to their children.

If money is suddenly needed it will be borrowed using the gains as collateral.

And when you sell any to pay back the loan, you're taxed on it.

At a lower rate than wages minus any interest.

Yes, capital gains rates are lower than income tax rates.

So we're worried that the ultra wealthy never pay taxes on their wealth, because they never spend any of their wealth, because if they did, they'd have to pay taxes, and they never pay taxes.

Does that sum it up?

It sums up your stupidity perfectly.
Thank you.

It was your claim, so okay.
You're welcome.

No it wasn't!
It was YOUR Straw Man YOU created because you can't rebut any of my claims.

 

[boedicca]

Considering the plethora of federal, state, local income, sales, property, excise and other embedded taxes, everything we purchase contains TAXES.
Yes, the wealthy paid taxes.

If they pay taxes, they are not truly wealthy.

June 14, 2007
RUSH: -- a lot of people, a lot of people wealthy people set up foundations and they do this to keep the government from getting the money.

They set up foundations for their wealth to keep the government from seizing most of it when they die. They still spend money on their lifestyles and other activities bub.

They set up foundations to control their monopolies and generate tax deductions. They "donate" their stock to endow the foundation they CONTROL and get a tax deduction for the stock and STILL get to vote the proxies. And they have a foundation for everything.

If you oppose this, then you should oppose the Big Government Cronyism sponsored in DC. Descoping and downsizing the illegal fourth branch (permanent adminstrative bureaucracy) is the only way to get ris of the problem.

 

[Skull Pilot]

So you are saying that the money that IRS is getting from them is in fact fake?

And now the dumb act!
The IRS collects money from WAGE earners, not the truly wealthy who do not work for wages.

The Truth About Taxes
August 6, 2007
RUSH: I've told you before: the income tax is designed to keep people like his [Buffett's] secretary from becoming wealthy! There is no "wealth" tax. So this is a big misnomer. ...

But there's no tax on wealth. There is a tax on income, and the tax on income is designed to keep everybody who is not wealthy from getting there.

I'm talking about genuine wealth, not the way Democrats define "rich."

January 09, 2013
RUSH: I very cogently and timely reminded people that there are two kinds of rich. There are the income rich and the asset rich, and the asset rich are the people that you think about when you think of the rich.

The Bill Gateses and the Warren Buffetts and the Jeffrey Immelts and the Hollywood people -- the Wall Street people, the hedge fund people -- those are the asset wealthy, and they don't pay income taxes.

Actually wealth is taxed when it is sold off.

If you live off of a portfolio every time you cash out you get taxed on the gain

So basically you are saying that wealth is like an unlimited IRA, growing tax free with no early withdrawal penalty and taxed when realized at a lower rate than wages.

All those gains will get used eventually so they will be taxed then

What does it matter if the growth is not taxed until it is used?

Do you want to pay more income tax every time your house increases in value?

And in case you didn't know all the gains in a traditional IRA or your 401k are taxed as regular income instead of the lower capital gains rates. This is the government screwing you not the rich.

So you admit that wage earners are screwed even in their IRAs, but the wealthy have tax advantages that surpass even special programs set up for wage earners, but you probably didn't mean to admit it.

They are screwed because of the governemnt not any rich guy. The tax penalty and required minimum distribution schedule was designed by the government to squeeze every tax dollar possible out of people who save in IRAs and other retirement plans

And capital gains are not a special treatment only for the rich it also applies to your home sale if you realize a profit over 250K and anyone who can buy a stock or a mutual fund gets the same tax rate as the rich guys when they realize a profit

 

[Skull Pilot]

All those gains will get used eventually so they will be taxed then

No they won't. If money is suddenly needed it will be borrowed using the gains as collateral. Eventually the gains will be passed tax free to their children.

It depends on how much there still is an inheritance tax.

 

[Skull Pilot]

Considering the plethora of federal, state, local income, sales, property, excise and other embedded taxes, everything we purchase contains TAXES.
Yes, the wealthy paid taxes.

If they pay taxes, they are not truly wealthy.

June 14, 2007
RUSH: -- a lot of people, a lot of people wealthy people set up foundations and they do this to keep the government from getting the money.

since when is Rush limbaugh a tax expert?

 

[edthecynic]

anyone who can buy a stock or a mutual fund gets the same tax rate as the rich guys when they realize a profit

Except they are few and far between among wage earners.

Concentration of stock ownership by wealth class in the United States

Wealth class Percent of all stock owned

Top 1% 33.5%

Next 19% 55.8%

Bottom 80% 10.7%

 

[edthecynic]

All those gains will get used eventually so they will be taxed then

No they won't. If money is suddenly needed it will be borrowed using the gains as collateral. Eventually the gains will be passed tax free to their children.

It depends on how much there still is an inheritance tax.

Not for the truly wealthy. The children inherit the CONTROL of the foundations and thus inherit CONTROL of their monopolies tax free. If you own it you pay taxes on it, the foundations own everything for the truly wealthy.
For example, they get their estate declared a "historical site" and set up a foundation, that they and only their family can head, to maintain the historical site. They donate their estate to the foundation stipulating that the head lives at the historical site, then every household expense, including things like heating the swimming pool, becomes a tax deduction offsetting any capital gains tax they incur from realizing their gain. When they die the next family member becomes the head and inherits tax free control over their financial empire.

"Own nothing. Control everything"
John D Rockefeller

 

[Skull Pilot]

anyone who can buy a stock or a mutual fund gets the same tax rate as the rich guys when they realize a profit

Except they are few and far between among wage earners.

Concentration of stock ownership by wealth class in the United States

Wealth class Percent of all stock owned

Top 1% 33.5%

Next 19% 55.8%

Bottom 80% 10.7%

It's not out of reach people don't do it because politicians tell them the stock market is the same as gambling and they'd rather get 1% guaranteed interest than the growth found in the market

If you invested 100 a month from the time you were 18 until age 68 and assumed a very conservative rate of return of 8% you would have nearly 800K which is enough to provide you with over 5000 a month income for 20 years in retirement and no one will tell you you have to take required distributions and pay the higher regular income tax rates.

Anyone can invest and take advantage of the capital gains tax rate you are confusing don't and won't with can't

 

[Skull Pilot]

All those gains will get used eventually so they will be taxed then

No they won't. If money is suddenly needed it will be borrowed using the gains as collateral. Eventually the gains will be passed tax free to their children.

It depends on how much there still is an inheritance tax.

Not for the truly wealthy. The children inherit the CONTROL of the foundations and thus inherit CONTROL of their monopolies tax free. If you own it you pay taxes on it, the foundations own everything for the truly wealthy.
For example, they get their estate declared a "historical site" and set up a foundation, that they and only their family can head, to maintain the historical site. They donate their estate to the foundation stipulating that the head lives at the historical site, then every household expense, including things like heating the swimming pool, becomes a tax deduction offsetting any capital gains tax they incur from realizing their gain. When they die the next family member becomes the head and inherits tax free control over their financial empire.

"Own nothing. Control everything"
John D Rockefeller

One's personal wealth is not a monopoly