I thought the Bush tax cuts only benefitte dthe rich?

[likwid]

Originally Posted by Jim in CT

Now we'll go to the rich guy making $250,000. Before the Bush cuts, my rate was 39.6 percent, so I paid $99,000. After the Bush tax cuts, my rate was 35 percent, so I paid $87,500.

Nobody who makes $250k pays that much in taxes, no matter how hard you spin it.

[Jim in CT]

Originally Posted by likwid

Nobody who makes $250k pays that much in taxes, no matter how hard you spin it.

OK, I see. Any irrefutable fact which prioves you wrong is "spin".

Likwid, what I posted is not "spin", it's irrefutable, mathematical fact. You dismiss it as "spin" because it doesn't support your agenda. Seems to me like you're pretty brainwashed.

[scottw]

Originally Posted by Jim in CT

OK, I see. Any irrefutable fact which prioves you wrong is "spin".

Likwid, what I posted is not "spin", it's irrefutable, mathematical fact. You dismiss it as "spin" because it doesn't support your agenda. Seems to me like you're pretty brainwashed.

you have successfully identified part of the problem

[likwid]

Originally Posted by Jim in CT

OK, I see. Any irrefutable fact which prioves you wrong is "spin".

Likwid, what I posted is not "spin", it's irrefutable, mathematical fact. You dismiss it as "spin" because it doesn't support your agenda. Seems to me like you're pretty brainwashed.

The issue is, you just look at the tax rate itself, you're stuck in the box of "they pay this much".

Well, I can tell you, even over 6 figures, with a halfway decent CPA you WILL get back 3/4 of that or more depending on how good they are and what they tell you to do with your money.

There's so many loopholes in the system that allow you to pay virtually nothing that you can scream and hollar about how much the rate is, but is completely irrelevant in the grand scheme of things.

I refuse to disclose my income because well, its none of your business, but I can tell you after taxes are done, I probably paid an actual amount of around 1/3 of my 'supposed' tax bracket.

[RIJIMMY]

Originally Posted by likwid

The issue is, you just look at the tax rate itself, you're stuck in the box of "they pay this much".

Well, I can tell you, even over 6 figures, with a halfway decent CPA you WILL get back 3/4 of that or more depending on how good they are and what they tell you to do with your money.

There's so many loopholes in the system that allow you to pay virtually nothing that you can scream and hollar about how much the rate is, but is completely irrelevant in the grand scheme of things.

I refuse to disclose my income because well, its none of your business, but I can tell you after taxes are done, I probably paid an actual amount of around 1/3 of my 'supposed' tax bracket.

dumb ass comment - research alternative minimum tax. No way around it.

[likwid]

Originally Posted by RIJIMMY

dumb ass comment - research alternative minimum tax. No way around it.

maybe you should research "alternative minimum tax loopholes" dumb ass.

[scottw]

Originally Posted by RIJIMMY

dumb ass comment - research alternative minimum tax. No way around it.

Jimmy is drinking the strong coffee this morning

[Jim in CT]

Originally Posted by likwid

I refuse to disclose my income because well, its none of your business, but I can tell you after taxes are done, I probably paid an actual amount of around 1/3 of my 'supposed' tax bracket.

Likwid, you whine that the rich use loopholes to avoid paying tax, then you admit you do the same thing. I'm confused...what is your beef, exactly, and who is it with?

I take it you don't get invited to too many MENSA picnics...

[likwid]

Originally Posted by Jim in CT

Likwid, you whine that the rich use loopholes to avoid paying tax, then you admit you do the same thing.

Would you like to point out where I 'whined' about the loopholes that rich people use? Please.

[buckman]

Originally Posted by Jim in CT

Likwid, you whine that the rich use loopholes to avoid paying tax, then you admit you do the same thing. I'm confused...what is your beef, exactly, and who is it with?

I take it you don't get invited to too many MENSA picnics...

Hypocrite....plain and simple. Everyone should pay more for the poor except me.

[RIJIMMY]

Originally Posted by likwid

Nobody who makes $250k pays that much in taxes, no matter how hard you spin it.

Quite possibly the MOST moronic statement I've seen. ever.
There is no spin, there are dollars. I dont make that much, but trust me, you'd puke if you saw how much my wife and I pay. If I was allowed to not pay just FED taxes in for 2 years. I'd pay both off my kids college expenses off in FULL. Never mind state taxes.
All of you clueless f;ers think you know so much. Research the Alternative Minimum Tax - there are no loopholes, no fancy deductions, no hiding, you get WHACKED regardless of your deductions. WHACKED. My dollars are real.

You want solutions to lowering the deficit. Here you go
- reduce ALL foreign aid (humanitarian and military) - 25%
That means we still give them 75% of our hard earned $
- eliminate all fed and state pensions - move to a 401k with a match
- Allow 529 contributions up to 3K a year to be PRE_TAX. That will push people to save for college and will pump more money into the stock market which will bump up the returns and thus cap gains tax to the govt.

theres a start.