Looking ahead

I don't think most people here look at things that way. Most people wonder if they, and their kids, will be somewhat better off or somewhat worse off.

I do like the saying as it is kind of profound and I thhink it is true in ways...

In my case, I would like to retire some day. All I really have is my business which might be sold at some time. I had to look up what the "one percent" consisted of since, in the USA at least, one presidential candidate (Bernie Sanders) would like to tax that one percent at 92%.... From what information I could find, the one percent makes about $8.5 million and greater. If my company were to sell and I got say, $9 million, then I would have about $720,000 to retire on. That's not enough if I am going to live another 20 to 25 years. As it is now, at say, 40% tax, I would get $5.4 million which would be pretty good for me and the government which is going to piss most of it away, anyway.

I think that what would happen if that 92% tax were to be implemented is that the rich guys who also employ a LOT of people would just find a way to leave the country and take their money with them. I can't vote for a self-proclaimed socialist for these reasons.

But on the surface, that is a neat saying with a lot of truth to it. boB

Heck, I would be happy if the 1% paid their fair share of tax !!

The USA has I think the world's 2nd highest corporate income tax rate. Add California's 10%, and you have a red carpet laid out from the US to Ireland or Aruba. They'll take their jobs with them.

I always get scared when people say "fair share."

Most of that 1% don't have bars of gold in the basement, they have stock shares.

The biggest, fattest, greediest monolopy in the world is the US Federal government.

I worked for a large US corporation that made tape backup devices. The difference in the way they were advertised was curious.

In the US the adverts had a picture of a man screaming because he hadn't used the product.

In Europe the adverts had a picture of a baby sleeping soundly.

US: fear sells. Europe: comfort/safety sells.

Hmm, I thought the US ad would have a babe in a bikini.

it seems to me that you could claim the business as a $9 million loss on the same form and come out even and pay no tax on that transaction. I mean, after selling it you haven't still got it...

Ahhh.... I LIKE it ! But wouldn't they see through a cheap trick like that ?

boB

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)

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

Social security will be solvent, however with a few changes.

You will pay alot more off the top, instead of splitting 16 % with your employer it will be more like 28. And then when you retire you only get like $300 a month, and a loaf of bread will be ten bucks.

There are only a scant more than 100 million actual taxpayers in this country if that. EVERYONE else lives off them.

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

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

Oh... that's been tried.

And then when you retire you only get like $300 a month, and a loaf of bread will be ten bucks.

But, I think that will take twenty years, I'll be half way through collecting by then. I hope they don't means test, I've been a saver, I'd get burned because I saved, vs those that spent all their money.

Mikek

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

Except that "we" decide what you need.

Forget then! Mikek