BIGUN 1,317 #126 January 21, 2012 QuoteQuote People who make that much in speaking fees usually don't have dumb stuff to say. That's why they get paid that much. Did he just say $374,327 was "not very much." Yeah that's dumb and stuff and he said it. I could do a much better job for $300k! Hell I'll even bring my own lunch! And yeah sadly I only make $100k and have an MBA and a condo so....my taxes will always be in the high 20's low 30's But thats because god hates me You have an MBA and don't know how to offset your taxes with a small start-up company that will offset your taxes for awhile (adjusted gross income), help you build it into making more than your current salary and perhaps someday, 1) live off the 15% capital gains and 2) have built an organization in which you are a commodity on the speaking circuit? Are you a Phoenix?Nobody has time to listen; because they're desperately chasing the need of being heard. Quote Share this post Link to post Share on other sites
kallend 2,027 #127 January 21, 2012 QuoteQuoteQuote People who make that much in speaking fees usually don't have dumb stuff to say. That's why they get paid that much. Did he just say $374,327 was "not very much." Yeah that's dumb and stuff and he said it. I could do a much better job for $300k! Hell I'll even bring my own lunch! And yeah sadly I only make $100k and have an MBA and a condo so....my taxes will always be in the high 20's low 30's But thats because god hates me You have an MBA and don't know how to offset your taxes with a small start-up company that will offset your taxes for awhile (adjusted gross income), help you build it into making more than your current salary and perhaps someday, 1) live off the 15% capital gains and 2) have built an organization in which you are a commodity on the speaking circuit? Are you a Phoenix? It's amazing, don't you think, that despite the big tax advantages already given to small businesses, they are, according to the IRS, also the biggest tax cheats.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
BIGUN 1,317 #128 January 21, 2012 QuoteQuoteQuoteQuote People who make that much in speaking fees usually don't have dumb stuff to say. That's why they get paid that much. Did he just say $374,327 was "not very much." Yeah that's dumb and stuff and he said it. I could do a much better job for $300k! Hell I'll even bring my own lunch! And yeah sadly I only make $100k and have an MBA and a condo so....my taxes will always be in the high 20's low 30's But thats because god hates me You have an MBA and don't know how to offset your taxes with a small start-up company that will offset your taxes for awhile (adjusted gross income), help you build it into making more than your current salary and perhaps someday, 1) live off the 15% capital gains and 2) have built an organization in which you are a commodity on the speaking circuit? Are you a Phoenix? It's amazing, don't you think, that despite the big tax advantages already given to small businesses, they are, according to the IRS, also the biggest tax cheats. According to the IRS - everyone is a tax cheat for avoiding taxes... http://www.alternet.org/newsandviews/article/551168/10_of_the_biggest_corporate_tax_cheats_in_america/ Nobody has time to listen; because they're desperately chasing the need of being heard. Quote Share this post Link to post Share on other sites
kallend 2,027 #129 January 21, 2012 QuoteQuoteQuoteQuoteQuote People who make that much in speaking fees usually don't have dumb stuff to say. That's why they get paid that much. Did he just say $374,327 was "not very much." Yeah that's dumb and stuff and he said it. I could do a much better job for $300k! Hell I'll even bring my own lunch! And yeah sadly I only make $100k and have an MBA and a condo so....my taxes will always be in the high 20's low 30's But thats because god hates me You have an MBA and don't know how to offset your taxes with a small start-up company that will offset your taxes for awhile (adjusted gross income), help you build it into making more than your current salary and perhaps someday, 1) live off the 15% capital gains and 2) have built an organization in which you are a commodity on the speaking circuit? Are you a Phoenix? It's amazing, don't you think, that despite the big tax advantages already given to small businesses, they are, according to the IRS, also the biggest tax cheats. According to the IRS - everyone is a tax cheat for avoiding taxes... http://www.alternet.org/newsandviews/article/551168/10_of_the_biggest_corporate_tax_cheats_in_america/ That's corporations, not everyone.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
marks2065 0 #130 January 21, 2012 QuoteQuoteQuoteQuoteQuoteQuote People who make that much in speaking fees usually don't have dumb stuff to say. That's why they get paid that much. Did he just say $374,327 was "not very much." Yeah that's dumb and stuff and he said it. I could do a much better job for $300k! Hell I'll even bring my own lunch! And yeah sadly I only make $100k and have an MBA and a condo so....my taxes will always be in the high 20's low 30's But thats because god hates me You have an MBA and don't know how to offset your taxes with a small start-up company that will offset your taxes for awhile (adjusted gross income), help you build it into making more than your current salary and perhaps someday, 1) live off the 15% capital gains and 2) have built an organization in which you are a commodity on the speaking circuit? Are you a Phoenix? It's amazing, don't you think, that despite the big tax advantages already given to small businesses, they are, according to the IRS, also the biggest tax cheats. According to the IRS - everyone is a tax cheat for avoiding taxes... http://www.alternet.org/newsandviews/article/551168/10_of_the_biggest_corporate_tax_cheats_in_america/ That's corporations, not everyone. Aren't most corporations just small businesses run by one or a couple people? Quote Share this post Link to post Share on other sites
billvon 2,997 #131 January 21, 2012 >There has been a continued perception that MItt/Buffet have a 15% income tax rate by > many people, that's not true. The 15% figure is from money made on investments. >Dividends, cap gains etc. Yes, that is total tax. But keep in mind that he made $375,000 last year from speaking fees; that's ordinary income. He managed to pay 15% on all his income as a whole, including that third of a million in income. No doubt legally, by deducting the costs of his clothing, meals, airplane flights, haircuts, personal female assistants, hotel rooms, entertainment, cologne, jewelry etc. Quote Share this post Link to post Share on other sites
rehmwa 2 #132 January 21, 2012 Quote> legally, by deducting the costs of his clothing, meals, airplane flights, haircuts, personal female assistants, hotel rooms, entertainment, cologne, jewelry etc. who do you know that wouldn't take every legal deduction? isn't this whole thing the equivalent of Obama's birth certificate? just the people changed sides? what a waste ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
billvon 2,997 #133 January 21, 2012 >who do you know that wouldn't take every legal deduction? ?? Most people would try. There are a lot of gray areas (like what the definition of a "lavish meal" is, or whether travel from your home office to your regular office is a business trip or a commute) but by pushing them you could probably get tax on your regular income down to 15% - even if that's $375,000 in regular income. You'd need a very good accountant and a very good tax lawyer, but $375,000 buys a lot of talent. And there's nothing illegal about that. However, that 15% was NOT just "investments. dividends, cap gains etc" as the poster I replied to claimed - it was also his regular income tax, reduced via the above means. Quote Share this post Link to post Share on other sites
kallend 2,027 #134 January 21, 2012 QuoteQuote> legally, by deducting the costs of his clothing, meals, airplane flights, haircuts, personal female assistants, hotel rooms, entertainment, cologne, jewelry etc. who do you know that wouldn't take every legal deduction? isn't this whole thing the equivalent of Obama's birth certificate? just the people changed sides? what a waste Have you tried deducting cologne and female assistants on your tax return?... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
billvon 2,997 #135 January 21, 2012 >Have you tried deducting cologne and female assistants on your tax return? No, and most people don't. However it is entirely legal to deduct business expenses on your taxes. And I don't have a problem with that. Heck, I wish I made enough money that hiring a good tax lawyer to find all those deductions made economic sense. However it does kind of clash with the "I'm unemployed just like you are" angle that he's been taking. Quote Share this post Link to post Share on other sites
kelpdiver 2 #136 January 21, 2012 Quote>There has been a continued perception that MItt/Buffet have a 15% income tax rate by > many people, that's not true. The 15% figure is from money made on investments. >Dividends, cap gains etc. Yes, that is total tax. But keep in mind that he made $375,000 last year from speaking fees; that's ordinary income. He managed to pay 15% on all his income as a whole, including that third of a million in income. No doubt legally, by deducting the costs of his clothing, meals, airplane flights, haircuts, personal female assistants, hotel rooms, entertainment, cologne, jewelry etc. Now on what information are you making this statement, Bill? His return has not been released, and he said it was 'close to the 15% level, not that it was exactly such. For a guy with a couple hundred million in assets, you'd expect a few million in income at the 15% level, thus any income at 35% for a few hundred thousand is going to be averaged away, with or without a lot of deductions. Quote Share this post Link to post Share on other sites
rehmwa 2 #137 January 21, 2012 QuoteQuoteQuote> legally, by deducting the costs of his clothing, meals, airplane flights, haircuts, personal female assistants, hotel rooms, entertainment, cologne, jewelry etc. who do you know that wouldn't take every legal deduction? isn't this whole thing the equivalent of Obama's birth certificate? just the people changed sides? what a waste Have you tried deducting cologne and female assistants on your tax return? how about deoderant and tipping the waitress when on travel? ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
billvon 2,997 #138 January 22, 2012 >Now on what information are you making this statement, Bill? His statements. Let's assume he's telling the truth and it is really close to 15%. Capital gains tax is 15% for individuals whose highest tax bracket is 15% or more. It's a very safe bet that he is in that bracket or higher based on his stated income from speaking engagements. So let's take your assertion that he makes "a few million" (say three) in income at 15%, and his total tax rate is less than 16%, then his effective tax rate on his income has to be less than 24% - which means that his taxable income after all his deductions has to be around $150,000. That means that well over half of his income was deducted, which is certainly doable but pretty high. (Again, not illegal; you can pull this off if you're careful and have good assistance.) Quote Share this post Link to post Share on other sites
kelpdiver 2 #139 January 22, 2012 Quote So let's take your assertion that he makes "a few million" (say three) in income at 15%, and his total tax rate is less than 16%, then his effective tax rate on his income has to be less than 24% - which means that his taxable income after all his deductions has to be around $150,000. That means that well over half of his income was deducted, which is certainly doable but pretty high. (Again, not illegal; you can pull this off if you're careful and have good assistance.) This would get into the question of AMT and possible phase out of deductions, an area I don't know very well. Is the 10% church tithing based on his total income? That would be 300k already. Then add the usual like mortgages and possible state income taxes. He might eliminate the traditional income altogether. Quote Share this post Link to post Share on other sites
billvon 2,997 #140 January 22, 2012 >Is the 10% church tithing based on his total income? That would be 300k already. I don't know. Another factor is whether he meant "all federal taxes" instead of "federal income taxes." If that's the case his declared income would be closer to $50,000 a year. Or he could have ten million dollars a year of capital gains income in which case he could have declared mostl of that $375,000 he made from his speaking engagements. We'll only find out for sure if he releases his tax returns but overall I don't think that's important; it's not like he's breaking the law or anything. In any case I don't think his "I'm unemployed just like you are, so I know what it's like!" thing is going to get much traction. Quote Share this post Link to post Share on other sites
riddler 0 #141 January 23, 2012 Truthfully, it does not matter how much Romney abused our criminal tax code. What matters is that 22% of the American populace will not vote for a Mormon. Simple poll statistic. And unlike some prejudices, it cannot be changed by a simple PR campaign. Religious intolerance is taught from the beginnings of faith. If the Republicans want to win, they will not put Romney up against Obama, based solely on the fact that Romney wears funny underwear.Trapped on the surface of a sphere. XKCD Quote Share this post Link to post Share on other sites
normiss 801 #142 January 23, 2012 What really matters is that the American populace doesn't elect the president anyway. Quote Share this post Link to post Share on other sites
