Looking ahead

That's assuming that the 92% bracket goes all the way down to an income of $0.

Which would apply the 92% to everybody. There's something called a graduated tax. At worst, the amounts in the lower brackets would be taxed at a lower amount, not to mention income averaging.

Mark Zenier snipped-for-privacy@eskimo.com Googleproofaddress(account:mzenier provider:eskimo domain:com)

istensen

s-javid

avoidance-claims

Company owners & the wealthy are major wealth creators. Does a country want more or less of them? Tax on the wealthy provides a very small percentage of total tax revenue. Most people want the wealthy to pay far more tax than everyone else, but it only results in less wealth all round. Hence the loo pholes.

NT

anymore.

re unmarried women, people of color, and millennials (according to a new po ll from Democracy Corps). They could well comprise the majority of actual v oters in the 2016 election. A recent Pew poll shows most of them feel the g ame is rigged against them, that the government works only for the wealthy, and that billionaires are buying elections. They want fundamental politica l reform.

Americans believe campaign financing needs to change, and 85 percent belie ve the system needs fundamental change or to be rebuilt completely.

Not going to happen:

But small business, the folks who create jobs, pay the full costs. 40+ percent tax on profits, FICA, workman's comp insurance, unemployment insurance, property tax, medical coverage, and a zillion other licenses and fees. That's why hardly anything at the hardware store, or at Digikey, is made in the USA.

There are now 1.8 government employees per manufacturing employee in the USA, and the ratio will increase without limit.

for all I know there's some other tax you will need to pay, but it's probably not income tax.

AFAIK that's how you're supposed to do it. this being usenet I will likely be corrected by someone with more experience if I am drastically wrong,

For the straight dope ask a tax lawyer.

That's the crux of the problem, we need a lawyer to keep us from committing a crime. The tax code is so complicated it takes 75,000 pages to explain it. It so complicated the IRS agents often don't get it right. On the other hand, I take advantage of several so called loopholes like, a couple pf SEP's, an HSA, college credits, 1/2 my FICA, which keeps my federal tax very low, now that darn 15.2% FICA is the tough one. I expect to live long enough that the younger generation will be paying for my SS check with their money instead of money I paid in. There is always that minor chance the congress will make the cuts necessary to fix SS. :-) Probably half way through my retirement, I'll be able to shake my cane at them. Mikek

ant more or less of them? Tax on the wealthy provides a very small percenta ge of total tax revenue. Most people want the wealthy to pay far more tax t han everyone else, but it only results in less wealth all round. Hence the loopholes.

Country shooting self in foot. In a more sensible world they wouldn't pay t hat tax on profit. There would then be many more jobs.

NT

Income averaging went away many years ago. Wish it hadn't. It was very beneficial for consultants with yo-yo incomes ;-)

...Jim Thompson

Is that an effort to justify a 92% income tax? Mikek

I think he was just pointing out some errors.

Dan

Let's tax everybody and every company at 100%, and then just give people what they need.

Oh... that's been tried.

I could retire tomorrow, I like your plan! :-)

About $430k to be a 1%-er in 2013. (See F34 in the spreadsheet.)

Your wish is our command...

You cannot simply declare an offsetting loss if you sell something for a capital gain. They'll put you in prison for that.

Cheers, James Arthur

Except that "we" decide what you need.

If someone can't sleep for not using a product? That's fear.

Backup is a fear-based product.

Cheers, James Arthur

Forget then! Mikek

one

end

and

te anymore.

are unmarried women, people of color, and millennials (according to a new poll from Democracy Corps). They could well comprise the majority of actual voters in the 2016 election. A recent Pew poll shows most of them feel the game is rigged against them, that the government works only for the wealth y, and that billionaires are buying elections. They want fundamental politi cal reform.

of Americans believe campaign financing needs to change, and 85 percent bel ieve the system needs fundamental change or to be rebuilt completely.

While they're busy decreeing lower drug-prices (hiked by Obamacare), could they declare pi=3, chocolate a 'right,' and pass a law turning gravity down a smidge?

Cheers, James Arthur

The US has state taxes too- for example California charges up to

China is in the middle of that range at 45% top personal rate. Most OECD countries are a bit higher than the US- but that generally includes an acceptable level of health care, so again pretty comparable.

Why are taxes so high in, say, Germany, with so very little in the way of wars to show for it?

--sp

The U.S. tax load is more progressive than Europe's, and our upper-incomes pay a larger share of it than similarly-situated persons in Europe.

VAT's a further factor, IIRC, which in Europe places a heavy load on the poor which in the U.S. they do not bear.

Cheers, James Arthur