$447 bil

[shmike]

Originally Posted by fatbuckRTO

In PC's hypothetical, the CEO made $1 million but only claimed $250K on his taxes. He didn't claim that extra $750K and didn't pay the taxes on it. So he paid $62,500 (25% of $250K) vice $330,000 (33% of $1 million).

I'm not sure why the differences in percentages. Ed was working with 25%, PC with 33%.

Originally Posted by Papa_Complex

Tax options, investments, any number of ways that income can currently be 'legally hidden.'



No.

And I stepped on the crickets.



I presumed that Ed was stating tax on capital gains, while I was stating 33% income tax. At least that's what it was, for the top tax bracket, last year.

No, tell me where the money went.

You guys are great at making up theoretical examples of ways to hide 3/4 of a million dollars.

Give me example of these "numbers of ways" to not pay taxes.

Based on the drivel above, I'm fairly certain you can't give me real life case studies.

[goof2]

Originally Posted by pauldun170

http://news.yahoo.com/blogs/ticket/r...153305241.html

I can't say I'm a fan of the trend that people have to get sheepish about how much they make. Fleming's answer should have been closer to "Actually Chris I make closer to $X and if you work hard maybe you can too." or the one I prefer "Yes Chris, I make a lot of money and if you don't like it you can stick it right up your ass sideways".


On the whole "rich people don't pay taxes" thing, this AP article goes in to that a bit. While it does say that some people with incomes over $1 million didn't pay income tax in 2009, that group made up less than 1% of people with incomes that high. It also doesn't state why they can do that. My guess is those people lost their asses in the market in 08 and are writing off the losses. It also says that group averages a tax rate of just over 29%.

http://news.yahoo.com/fact-check-ric...070642868.html

[Papa_Complex]

Originally Posted by shmike

No, tell me where the money went.

You guys are great at making up theoretical examples of ways to hide 3/4 of a million dollars.

Give me example of these "numbers of ways" to not pay taxes.

Based on the drivel above, I'm fairly certain you can't give me real life case studies.

The latest trend seems to be giving up American citizenship. Investment losses, claimed against income, Seems to work. Capital losses, based on the devaluation of real estate holdings, is pretty popular this year. Purchasing real estate can result in deductions, for property that will almost certainly increase in value. And the usual moving of funds, to offshore tax havens is difficult, but possible.

[RACER X]

Originally Posted by Papa_Complex

No.

Wow really, I believe it's really alot when you have people in this country and maybe yours that don't pay a dime and generally use more social services.

So how is Canada's tax set up everybody pay a set %or ?

[Papa_Complex]

Originally Posted by RACER X

Wow really, I believe it's really alot when you have people in this country and maybe yours that don't pay a dime and generally use more social services.

So how is Canada's tax set up everybody pay a set %or ?

What can I say? I'm a believer in the basic social safety net. I'm not willing to throw my fellow citizens under the bus, for my own selfish ends.

Federal tax rates for 2011 are:
- 15% on the first $41,544 of taxable income, +
- 22% on the next $41,544 of taxable income (on the portion of taxable income between $41,544 and $83,088), +
- 26% on the next $45,712 of taxable income (on the portion of taxable income between $83,088 and $128,800), +
- 29% of taxable income over $128,800.

Ontario tax rates for 2011 are:
- 5.05% on the first $37,774 of taxable income, +
- 9.15% on the next $37,776, +
- 11.16% on the amount over $75,550

[RACER X]

Are there loopholes like deductions for kids and interest on homes?

W/o getting to personnal do you pay near 62k in taxes?

[Papa_Complex]

Originally Posted by RACER X

Are there loopholes like deductions for kids and interest on homes?

W/o getting to personnal do you pay near 62k in taxes?

Kids and spouse, yes. Home ownership, no.

I'm somewhere over half that sum, in income taxes.

Do you?

[RACER X]

Me, no
We, yes

Then there's $ 8-9k in property tax +tax on stuff...

[fatbuckRTO]

Originally Posted by shmike

Give me example of these "numbers of ways" to not pay taxes.

Based on the drivel above, I'm fairly certain you can't give me real life case studies.

Can't do it. Guess I know too many poor people and not enough rich people.

Originally Posted by RACER X

Wow really, I believe it's really alot when you have people in this country and maybe yours that don't pay a dime and generally use more social services.

Social services like national defense? Because that's the biggest ticket item coming out of your income tax. Social security and Medicare, the next closest, are covered from separate deductions. In fact, the totals of all the "social services" that low income people are using* don't even match defense spending.


*supposedly more than high income people

[RACER X]

So if a person doesn't pay taxes how do they pay for the military that defends them? Let Alone welfare and such.

Arguing about where the money goes is a diff topic entirely