For all of you I PAY MILLIONS IN TAXES read this

[Cactus Cactus]

Did you know that ross perot pays less in taxes in terms of percentage of taxes to income than the average american household. "The Millionaire Next Door"

[jman220]

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Did you know that ross perot pays less in taxes in terms of percentage of taxes to income than the average american household. "The Millionaire Next Door"

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Why start like 4 threads on this? Yes, you can pay less in taxes if you are smart. Yes, the rich pay less than their fair share by exploiting the tax code. Yes, you should really really really see an accountant about your problems.

[UATrewqaz]

The top like 10% of wage earners pay like 70% of the total income tax taken in.... (or something approximately like this)

Sure if you make 10 billion and pay 5 billion in taxes you aren't exactly crying...

but that 5 billion you just paid is more than every garbage man and janitor will pay combined.

[Nepa]

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The top like 10% of wage earners pay like 70% of the total income tax taken in.... (or something approximately like this)

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Do you have a link for this?

You can also just say I liston to 'RUSH' why do I need a link he always tells the truth.

[jman220]

This thread needs to be moved to the politics forum...

[wmspringer]

I sure hope they pay most of the taxes...they have most of the money!

Have you ever noticed that the people arguing the rich pay too much tax, never give the figures for the total percentage of income a rich person pays vs a middle class person?

[NSchandler]

[url=http://www.taxpolicycenter.org/TaxFacts/Tfdb/TFTemplate.cfm?DocID=221&Topic2id=20&Topic3id=22[/url]

Here is the link for 2000 data.

The numbers, in summary (all 2000 numbers):

Top 1% of income earners paid 29.5% of all income taxes.
Top 5% of income earners paid 49.1% of all income taxes.
Top 10% of income earners paid 61.3% of all income taxes.

For those who want to claim that the rich don't pay their "fair share" of taxes, consider this:

Richest quintile paid 13.7% of their income in the form of income tax, poorest quintile "paid" -2.4%. Second lowest quintile paid only 0.8%. As a matter of fact, the bottom 40% of taxpayers did not pay any income tax as a whole.

I can't find more recent data off the top of my head, but I do know that actually following the Bush tax cuts, the rich pay a higher percentage of total income taxes. Yes, he cut taxes for the rich, but he cut taxes *more* for the poor (in percentage terms).

[captZEEbo1]

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As a matter of fact, the bottom 40% of taxpayers did not pay any income tax as a whole.

[/ QUOTE ]yeah, that included me working at mcdonalds with a year end total of like 4k

[TheHammer24]

Exactly how much did Ross Perot pay in terms of percent. Your point is kind of loss until you say that. You're basically implying he pays 10% while average americans pay 20%.

[NSchandler]

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As a matter of fact, the bottom 40% of taxpayers did not pay any income tax as a whole.

[/ QUOTE ]yeah, that included me working at mcdonalds with a year end total of like 4k

[/ QUOTE ]

The lowest quintile is indeed made up primarily of part-time workers and such, which is precisely why when people throw out numbers like "the richest quintile makes x times the poorest quintile," it is highly misleading. You're comparing professionals in their peak earning years to college and high school students.

So, I agree that most people in the bottom two quintiles aren't poor people at all, but rather high school or college students, or spouses working part-time. But, it still remains that those who *are* legitimately poor don't pay income tax.

[Gunny Highway]

[ QUOTE ]
Did you know that ross perot pays less in taxes in terms of percentage of taxes to income than the average american household. "The Millionaire Next Door"

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What's your point? /images/graemlins/confused.gif

[Wyers]

You have made several of these foolish posts and then contribute nothing to the ensuing discussion.

I smells me a troll.

[Guthrie]

Is this a great country or what!

When I filed my first income tax return from my paper route at 14, the top bracket was 92%. No, that's not a typo.

[SoftcoreRevolt]

Well Ross Perot pays less in taxes because if the government made him pay his share he'd reveal that aliens really did land in Roswell, and that he was their leader.

[Sponger15SB]

I haven't really ever looked in these threads, but do you people who pay taxes ever deduct the ammount you paid in rake as a business expense?

[captain_swing]

A great book about tax inequities is Take the Rich off Welfare by Mark Zepezauer:
http://www.amazon.com/gp/product/0896087...ks&v=glance (http://www.amazon.com/gp/product/0896087069/qid=1133458709/sr=8-1/ref=pd_bbs_1/102-8919412-4184137?n=507846&s=books&v=glance)

It talks about things like the second mortgage deduction is a larger subsidy to the affluent than the entire budget of HUD.

[cardcounter0]

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The top like 10% of wage earners pay like 70% of the total income tax taken in.... (or something approximately like this)

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And what is your point? That is the way numbers work.
The way income is distributed, if EVERYBODY paid a flat 10%, you would find that the top 10% of wage earners paid like 70% of the tax.

[TheMetetron]

I calculated the income tax I would owe on my taxes at the time a few months ago. At that point in time I had 108k in income (after 10k in expense deductions). On that... I owed 46k.

It seemed really screwed up to me at the time. /images/graemlins/frown.gif

[danzasmack]

This whole discussion is skewed with hard number arguments vs. percentages.

[Pokeraddict]

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I haven't really ever looked in these threads, but do you people who pay taxes ever deduct the ammount you paid in rake as a business expense?

[/ QUOTE ]

It is assumed rake is a business expense when you total your wins and losses so there is no need to write it off, as a pro you can just net it.

[BradleyT]

If I want to buy a $1000 computer as an individual I have to earn about $1300. My $1300 check is about $1000 take home.

If I want to buy a $1000 computer as a company I have to earn $1000.



Any person can form a company.

[Zetack]

[ QUOTE ]
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I haven't really ever looked in these threads, but do you people who pay taxes ever deduct the ammount you paid in rake as a business expense?

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It is assumed rake is a business expense when you total your wins and losses so there is no need to write it off, as a pro you can just net it.

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Sponger, there's nothing to deduct. In order to deduct it you would have to track it, add it in to your income, then deduct it. Kind of a waste of time. Its already factored into your declared winnings and itemized losses. If not your wins would be bigger and your losses would be smaller.

Imagine a home game with no rake. You have a winning session. You walk home with more money in your pocket than in you'd had the exact same hands/pots in a casino with a rake. Conversely if you have a losing session but you won some pots during it, there would've been no rake taken out so your loss would've ended up smaller.

The effect of the rake is already built into the amounts of winnings and losses you report.



It's like this, a movie theater takes 5 cents worth of popcorn kernals, oil, salt and container and sells you a box of popcorn for 3 dollars. They report 2.95 in profit. They don't then go in and say, hey wait a minute, can we deduct the nickel it cost to make it as business expense cause its already built in.

The example is for illustrative purposes only, since it obviously doesn't work exactly like that in real life.


--Zetack

[Kurn, son of Mogh]

The upper middle class pays the freight. Always has.

That being said, Mr. Perot earned his money, created an entire industry, and started at least two companies that between them employ tens of thousands of people. I for one don't begrudge him one penny of his fortune.

[TomCollins]

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Exactly how much did Ross Perot pay in terms of percent. Your point is kind of loss until you say that. You're basically implying he pays 10% while average americans pay 20%.

[/ QUOTE ]

I'm sure its some BS thing where he has investments in Tax-free Bonds or something, so therefore he doesn't pay taxes on that income.

[BradleyT]

It's really simple. Businesses get to spend money before uncle sam gets his share. Individuals don't. "Spending money" includes such things as buying new investments.

[PoBoy321]

Just out of curiosity, to give this a little perspective, could you find any data about relative incomes? My understanding is that the same top 1% of money earners earn more than 29.5% of all money earned in the United States, so they would still, relatively speaking, not be paying their fair share.

[Kurn, son of Mogh]

some BS thing where he has investments in Tax-free Bonds or something

Tax-exempt bonds are not some gimmick.

1) they pay a lower interest rates than taxable bonds (about 50% less)
2) they are from either government entities or from not-for-profit corporatrions
3) they are often not as stable as investments in for profit corporations