Donate Just One
Each Month if You Will
Posted on 08/11/2011 10:28:50 PM PDT by americanophile
Southern California has more millionaires than just about anywhere else in the nation, with L.A. coming in at No. 1, Orange County at No. 4, and San Diego ranking No. 6 in cities with the most seven-figure-plus households in 2008.
So maybe we should feel a little guilty, especially as President Obama and the GOP are headed toward draconian federal cuts, the United States' credit rating is down a notch, and the stock market is diving like a conservative congressman in a bathroom stall.
Because many millionaires and billionaires, it was revealed today, don't pay taxes like you and me:
In fact, many don't pay taxes at all. Now, those familiar with the Mack-truck sized loopholes written into the tax code (example: the wealthy who make their money off capital gains only pay a 15 percent tax rate, if that) shouldn't be surprised.
According to a recently released IRS report (PDF), 1,470 millionaires and billionaires paid zero taxes in 2009.
The report states that donations to charity, investment in government bonds, and taking cash from overseas operations has resulted in a legit, $0-tax bill for these high rollers.
Of course, some Democrats in congress have been trying to eliminate tax loopholes and discounts as part of the debt ceiling debate. But while Republicans are gung-ho to cut federal largess in the name of a solvent Republic, they've been quick to protect those who live largest.
(Excerpt) Read more at blogs.laweekly.com ...
And if they had paid 50% of their income in taxes it would have gone down the same sheetHole that my taxes went down. So, how would that have made the country or me better off?
Oh, the old “misery loves company” play!? Yeah, have the sheep fight amongst themselves to see who the wolves eat last.
And to think that this tactic actually plays with some people.
And what is to be done with the politicians they paid to put those loopholes in the law?
With 235,000 millionaires in the nation this represents about 6/10ths of 1% of the ‘rich class.’ Is it possible that they took losses in other areas?
That seems to be a very low percentage to me.
Why is the hatred and envy being promoted?
You're right.
It's the leviathan PROGRESSIVE tax code that we want to dismantle. Just listen to talk radio, look at GOP debates in the past 20 years.
You hear about replacing the tax code with a "flat" or "fair" tax over and over. Why? There's no where to hide in those proposals. We know the current code is corrupting. We know it's unfair. We want it GONE.
The Left want the existing monstrous progressive tax code because it affords them control, the class-warfare talking point and opportunities for graft.
Some of the candidates on the Iowa debate stage Thursday, like Herman Cain, want a "fair tax."
Almost-was candidate Mitch Daniels wanted to replace the tax code entirely too.
At the barest minimum you hear about massive simplification by removing loopholes and lowering rates as Reagan did so people actually pay the rate they're in and don't waste money on compliance or avoidance.
Democrats defend the code we have. They keep wanting to "tweak" with "higher rates" and "closing loopholes" that they'll just open up elsewhere in exchange for campaign cash and other favors. Look at Obama's "corporate jets" attack line--his own stimulus created it, now he runs against it blaming Republicans!
There's so much theatrics like calling for a "fair share" and "shared sacrifice" in higher taxes on "millionaires and billionaires" (making $200K+) when, as millionaires themselves, they avoid taxation like the plague!
The "rich" are not paying that 35% top rate we have now. They won't be paying at 38% or 90% either.
I've said this for years and I will keep on saying it, "LIBERALS ARE AFTER YOUR ENTIRE WEALTH! IRAs, 401Ks, private pensions, annuities, savings and anything else they can get your hands on."
They will have to do this for health care, medicare, medicaid, SSI and the like. It is the only way they can forestall the final devolution of this country for a few decades.
The bottom rate for the 'progressive' tax code is 15%, if that. We never hear this, do we? We also don't hear much about how EITC effectively turns that 15% into nothing. Hell! not even nothing! It's something because when EITC is finished, they get money back they never even paid in! Oh, wait....it's for the 'pooooorr'....
Yeah....pooorr....a country where 40+ million are on EBT livin the Wally World shopping spree extravaganza (no worries here, I got's the card), a country where 25% of all SS outlays are for SSI and disability (you know, the disability all those lawyers on afternoon TV that say they can help you get it?), a country where upwards of 40% are on the EITC payback program, AFDC, WICs, SCHIP, a country where a large percentage of these 'poor' are on Section 8 housing (where they pay only 25% of their available income for rent? and available don't include EBT, etc)...and on and on and on and on.
And, they want even more.
So if I have $100 million in antiques, art work, real estate, etc., and don't work at all, I should pay income taxes?
Wait. What?
And that's only if it's corporate profits; personal income from ANY source worldwide must be reported and is fully taxable, with at best a credit for the first ~$15,000 in taxes paid overseas (meaning if you paid taxes on the first $100,000 then you don't need to pay US taxes as well).
Uncle Sam demands a chunk of every dollar you personally earn, anywhere in the world, even if you never set foot in the US for the year.
Heck, if you spent more than 183 days over a 2 year period as a VISITOR to the US - not even a worker - then the IRS wants a cut of your income. Even if you're not a US citizen or legal resident!
No doubt about it, Dennis Romero is a Democrat and
he can,t stand to be “Left Out” !!!
So, “Republicans” are “protecting” these 1,470 people?
I want to see names and political affiliations.
And political donations.
How many of the 1,470 millionaires who did not pay taxes are basketball players, rappers, or actors?
No body I now know or have ever known pays no federal taxes. They even tax unemployment payments. I can only assume these no tax people are welfare cheats and food stamp thieves that declare no income thus getting -earned income-refunds. Which bringws to mind the question of how do you get an earned income income when you had no income?
Assuming they mean “income taxes”, there is no indication whether these millionare/billionares were actually WORKING. They may be retired, they may work for free with charity or their church. If they invested in government bonds, they don’t pay tax until they collect the interest, so it would be easy not to pay income tax, if you HAVE NO INCOME.
Fortunately, we don’t yet have a federal WEALTH tax which would drain your savings. It bugs me that newspapers are willing to deceive their own readers like this, and not fully explain the situtaion.
That’s bound to happen when we tax income, not wealth. If the left were truly interested in “taxing the rich” then they would just confiscate saved wealth (investments). Of course, their true interest is in preventing the growth of the wealthy class, and these class envy folks are just useful idiots.
“It is based on income taxes... of course, if you earn your living from capital gains, you don’t have income taxes- a complete different game.. “
True, and I would like to add that if you do earn through investments (resulting in capital gains) then you have already paid the income tax at the time the money was earned as regular income. The 15% is a tax on earnings that use money that was already taxes as the baseline.
The key is “personally earn”, these people don’t personally earn it.
They setup a shell corporation which earns the money and they only take out of the shell what they need.
There isn’t anyway to stop this practice, there is no way to hold an individual personally liable for the earnings of a foreign corporation.
Both you and I know that it is a 60-40 mix, 60% of the income is Dem and 40% is Republican.
I am sure Al Gore is on the list though.
You got it right....that is exactly what they are saying
2. Those filing million-dollar-plus tax returns are different people every year.
3. Many who did not owe taxes had large offsetting losses and legal deductions.
4. Screw you, you Commie bastards.
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