mirage62 0 #76 January 12, 2015 I have no problem saying that three million is rich, I also have no problem acknowledging the fact that the person that makes three million a year will pay a BOAT load more taxes than the "35% more in a year than the average household makes in a their lifetime" comment. I know here that everyone wants to talk about how people that make all there money off capital gains.... and I believe that Warren Buffet SHOULD pay more - a lot more but truthfully someone that's making one million is doing WELL and if its earned income (S-corp) they'll pay around $350,000. Isn't that enough?Kevin Keenan is my hero, a double FUP, he does so much with so little Quote Share this post Link to post Share on other sites
billvon 2,990 #77 January 12, 2015 >and I believe that Warren Buffet SHOULD pay more - a lot more but truthfully someone >that's making one million is doing WELL and if its earned income (S-corp) they'll pay >around $350,000. Isn't that enough? They will actually pay around $250,000, after the usual deductions, tax tricks etc. But I agree - $350,000 is pretty reasonable. You'd need a tax bracket around 50% to get to that $350,000 number, based on what people actually pay. However I don't think it needs to be that high to solve a lot of our debt problems. (Average tax rate peaks at about 25% for people making between $1.5 million and $2 million, then declines. Over $10 million it's down to about 20%.) Quote Share this post Link to post Share on other sites
Anvilbrother 0 #78 January 12, 2015 Try this out, it made my cry a little inside. http://pennystocks.la/warren-buffett/ Quote Putting this all in perspective. Warren spending $700k is the equivalent of you buying a donut. Postes r made from an iPad or iPhone. Spelling and gramhair mistakes guaranteed move along, Quote Share this post Link to post Share on other sites
Anvilbrother 0 #79 January 13, 2015 No I wish I was that smart and knew what he knew when he started! I love cash too! Postes r made from an iPad or iPhone. Spelling and gramhair mistakes guaranteed move along, Quote Share this post Link to post Share on other sites
kelpdiver 2 #80 January 13, 2015 mirage62I have no problem saying that three million is rich, I also have no problem acknowledging the fact that the person that makes three million a year will pay a BOAT load more taxes than the "35% more in a year than the average household makes in a their lifetime" comment. not as much as you think, since that single year at 3M only involves paying SS once for $7600, while 45 years of 51k translates to 142k in payments (just the 6.2% side, though it's more honest to calculate including the employer side, imo). Add in 5k/year in income taxes and that's up to 370k. Quote Share this post Link to post Share on other sites
mirage62 0 #81 January 13, 2015 Quote not as much as you think, since that single year at 3M only involves paying SS once for $7600 ROTFLOL.....your kidding right? This mythical person is smart enough, capable enough, lucky enough to make 3M in a year.... and your suggesting that he never makes anything again? I'm sorry I lost you.Kevin Keenan is my hero, a double FUP, he does so much with so little Quote Share this post Link to post Share on other sites
